Vikram Solar Posts Nearly 80% Revenue Growth in Q1 FY26, Expands Project Pipeline

Indian solar module manufacturer Vikram Solar has reported strong financial results for the quarter ending June 30, 2025, with revenue rising 79.7% year-on-year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) surged 117.3% year-on-year to INR 2.42 billion (US$274 million), with margins improving to 21.4%. Profit after tax (PAT) jumped 483.9% compared to the same period last year, with PAT margins reaching 11.7%, reflecting both stronger sales and improved profitability.

As of Q1 FY26, Vikram Solar reported a project pipeline of 10.96GW. The company has signed several significant supply agreements in recent months, including a 336MW module deal with L&T Construction for the 2.3GW Khavda solar park in Gujarat. Under the contract, Vikram Solar will deliver its Hypersol G12R n-type modules.

In May, the manufacturer also signed an agreement with Gujarat State Electricity Corporation Limited (GSECL) to supply 326.6MW of modules to the same project. While a 2024 contract specified supply of 580Wp n-type TOPCon panels, Vikram Solar did not disclose the technology for the 2025 deal.

Commenting on the company’s growth strategy, Gyanesh Chaudhary, managing director of Vikram Solar, said: “On the capex front … we are scaling our manufacturing capacities by four times, supported by a buoyant demand environment. 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.”