Indian solar module manufacturer Vikram Solar reported a 79.7% year-on-year increase in revenue for the three months ending on 30 June 2025.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter rose 117.3% year-on-year to INR2.42 billion (US$274 million), with margins strengthening to 21.4%.
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Profit after tax (PAT) also saw significant growth, rising 483.9% year-on-year. PAT margins for Q1 FY26 stood at 11.7%, underlining the company’s improved profitability alongside top-line expansion.
As of the first quarter of its 2026 financial year, Vikram Solar reported a project pipeline of 10.96GW, and the company has signed a number of module supply deals recently, including a 336MW supply agreement with L&T Construction for the 2.3GW Khavda solar park in Gujarat. Under the deal, VIkram Solar will supply its Hypersol G12R n-type modules.
In May, Vikram Solar signed a deal with Gujarat State Electricity Corporation Limited (GSECL) to supply 326.6MW of modules to the same project. While a 2024 deals specified that Vikram Solar would provide 580Wp n-type tunnel oxide passivated contact (TOPCon) panels, the company did not disclose the technology for the 2025 deal.
“On the capex front … we are scaling our manufacturing capacities by four times, supported by a buoyant demand environment,” said Vikram Solar managing director Gyanesh Chaudhary. “Additionally, we are backward integrating into solar cell manufacturing, which gives us supply chain security and cost competitiveness and strengthens our position across the value chain.”
The company has also sought to expand its cell production facilities as part of this manufacturing growth.
In June, the firm received final approval from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), which includes INR793.36 crore (US$13 million) for a 3GW cell and module facility in Tamil Nadu, INR602.95 crore (US$72 million) for expanding its module plant from 3GW to 6GW, and the rest for general corporate purposes.
Kolkata-based Vikram Solar has 4.5GW of installed capacity across facilities in Kolkata and Chennai, with plans to scale to 10.5GW by the 2026 financial year and 15.5GW by the 2027 financial year. The firm recently expanded overseas through a joint venture with Phalanx Impact Partners and Das & Co. to set up a 6GW integrated solar manufacturing facility in Colorado, US.
