Highlights

• Q3FY26 revenue of VIKRAMSOLR rose 8% YoY to ₹1,106 crore, EBITDA increased 142% YoY to ₹205 crore, and PAT surged 416% YoY to ₹98 crore.
• Vikram Solar’s order book stood at 10.6 GW as of December 31, 2025.
• Module sales grew 35% YoY to 796 MW in Q3FY26 and 97% over nine months to 2,344 MW, with capacity utilization at 90%.

Despite a notable decline in its share price over the past year, Vikram Solar Ltd (NSE:VIKRAMSOLR) has drawn a positive rating from market analysts, signaling renewed investor interest. Prabhudas Lilladher (Pvt) Ltd has assigned a “buy” rating with a target price of ₹326 per share on this stock. This development has sparked discussions on the factors contributing to investor confidence amid stock price volatility.

Notably, the company, listed on NSE under the ticker VIKRAMSOLR, has demonstrated significant operational growth and profitability in its latest financial results

Key Financials

Vikram Solar, a leading manufacturer of solar PV modules in India,recently announced its un-audited financial results for the third quarter and nine months ending December 31, 2025. Revenue from operations for Q3FY26 rose to ₹1,106 crore, marking an 8% increase compared to the same period last year. The company’s EBITDA reached ₹205 crore, a 142% year-on-year jump, while EBITDA margins expanded to 19% from 8% in Q3FY25. Net profit after tax (PAT) surged to ₹98 crore, representing a 416% increase from Q3FY25, with PAT margins at 9%.

Order Book and Market Spread Indicate Robust Demand

The company’s order book stood at an impressive 10.6 GW as of December 31, 2025. Of this, 84% originated from domestic clients and 16% from exports. Breaking down customer contributions, 55% came from Independent Power Producers (IPPs), 21% from commercial and industrial clients, 13% from distribution companies, 6% from government projects, and 5% from EPC contracts.

Operational Metrics Reflect Increased Production

Vikram Solar reported operational growth in Q3FY26 and the nine-month period of FY26. Module sales reached 796 MW in Q3FY26, up 35% from 590 MW in Q3FY25. For the nine-month period, module sales surged to 2,344 MW from 1,188 MW, a 97% increase. Capacity utilization also remained high at 90% during Q3FY26.

Analyst Upgrade Signals Market Confidence

Despite a 43.18% drop in stock price over the past year and a 17.11% decline in the past month, Prabhudas Lilladher has issued a buy rating on Vikram Solar, with a target price of ₹326. Market watchers believe the rating is influenced by the company’s rising revenues, expanding margins, and increasing order book.

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