Vikram Solar Limited, one of India’s leading solar PV module manufacturers, has reported strong financial performance for the first quarter ended June 30, 2025. The company delivered its best-ever first-quarter results, achieving significant growth across revenue, profitability, and margins. Revenue rose by 79.7 percent year-on-year to ₹1,133.6 crore compared to ₹630.9 crore in the same period last year. Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 117.3 percent, reaching ₹242.2 crore, with EBITDA margins improving to 21.4 percent from 17.7 percent.
Profit after tax (PAT) recorded a sharp increase of 483.9 percent, standing at ₹133.4 crore against ₹22.8 crore in Q1 FY25, while PAT margins improved to 11.7 percent. Earnings per share also rose to ₹4.21 compared to ₹0.75 last year. As of June 30, 2025, the company’s order book stood at 10.96 GW, supported by a capacity utilization of 89.2 percent. Key developments during the quarter included securing a 250 MW solar module supply order from Bondada Group in Maharashtra, 326 MW orders from Gujarat Industries Power Company Limited (GIPCL), and 336 MW orders from Larsen & Toubro (L&T).
Vikram Solar also strengthened its industry standing by being recognized as Top Brand PV India 2025 by EUPD Research, achieving “Top Performer 2025” status in Kiwa PVEL’s PQP for the eighth time, and receiving an EcoVadis Platinum Medal, placing it among the top one percent of companies worldwide for sustainability performance. The company also launched its first-ever television ad campaign, ‘Khushiyon Wali Sunshine.’
Commenting on the results, Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar, said that FY26 has started on a strong note, with robust growth in revenue, profitability, and margins. He highlighted the company’s healthy order pipeline, expansion of manufacturing capacity, and backward integration into solar cell production, which will strengthen supply chain security and competitiveness. He further emphasized that industry tailwinds such as the Atmanirbhar Bharat initiative, policy support through PLI schemes, customs duties, and green hydrogen ambitions are creating the right environment for a self-reliant solar value chain in India.
Vikram Solar, headquartered in Kolkata, is one of India’s largest solar module manufacturers with a production capacity of 4.5 GW and a presence in 39 countries. The company has built a strong distribution network across India with more than 95 authorized distributors, 375 dealers, and 75 system integrators. Its consistent recognition as a Top Performer by PVEL and its inclusion in BloombergNEF’s Tier 1 list underline its global reputation for quality and reliability. With its Q1 FY26 performance, Vikram Solar has reaffirmed its commitment to delivering sustainable growth, creating long-term value for stakeholders, and contributing to India’s renewable energy goals.
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