Vikram Solar FY26: Revenue up 41%, capex ₹3,726 cr

Board clears FY26 audited results

Vikram Solar Limited said its Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The board meeting was held on May 7, 2026, in line with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also announced a large capital expenditure approval tied to a backward integration project in Tamil Nadu. Alongside the financial and capex decisions, the board approved multiple management appointments and re-appointments, subject to shareholder approval at the ensuing general meeting. The announcements matter because they combine reported profitability improvements with a fresh manufacturing investment cycle. They also set out timelines linked to a future policy milestone relevant to solar manufacturing.

FY26 standalone: income rises, profit jumps

On a standalone basis, Vikram Solar reported revenue from operations of ₹4,803.43 crore for FY26. Standalone total income for FY26 stood at ₹4,861.87 crore, compared with ₹3,451.67 crore in FY25. The company reported standalone net profit of ₹469.06 crore for FY26, up from ₹139.10 crore in the prior year. This marks a sharp year-on-year improvement in profitability based on the figures disclosed with the audited results. The company also disclosed its capital structure and reserves position as of March 31, 2026. Paid-up equity share capital was ₹362.33 crore, and other equity was ₹2,810.60 crore. The results were approved by the board on May 7, 2026.

FY26 consolidated: profit growth with balance sheet expansion

On a consolidated basis, total income for FY26 was ₹4,860.78 crore, compared with ₹3,459.53 crore in FY25. Consolidated net profit for the year stood at ₹470.42 crore versus ₹139.83 crore in the previous year. The company also reported a substantial rise in consolidated total assets. As of March 31, 2026, consolidated total assets were ₹5,728.48 crore, up from ₹2,832.15 crore a year earlier. The asset increase indicates a meaningful expansion in the consolidated balance sheet over FY26, based on the reported numbers. The company did not provide further asset break-up in the provided information, but the year-on-year change was explicitly disclosed.

Auditor’s view and board meeting timeline

The statutory auditors, M/s GARV & Associates, Chartered Accountants (Firm Registration No. 301094E), issued an unmodified opinion on both standalone and consolidated financial results. The company disclosed the board meeting timing, stating it commenced at 2:00 PM and concluded at 8:00 PM. The results were described as audited and were approved for the quarter and year ended March 31, 2026. These disclosures typically form part of the compliance package for listed companies when they submit results and audit reports. The reference to the SEBI LODR regulation clarifies that the approval and disclosure are being made under the relevant listing compliance framework.

IPO proceeds utilisation: what was disclosed

Vikram Solar disclosed details of IPO proceeds utilisation, noting net proceeds of ₹1,414.49 crore after provisional expenses of ₹85.51 crore. In another disclosure within the provided text, the company said that as of December 31, 2025 it had deployed ₹222.64 crore towards Phase-I and Phase-II project investments and for general corporate purposes. It also stated that ₹1,191.85 crore remained available for future investments as of that date. These figures were presented as part of the company’s updates on how it was using IPO funds following its listing on August 26, 2025. The company framed the unutilised portion as providing headroom for future investments.

₹3,726 crore capex: 6 GW wafer and ingot facility

The board approved a capital expenditure plan of ₹3,726 crore for a 6 GW backward-integrated wafer and ingot facility. The project location was disclosed as Gangaikondan, Tamil Nadu. The company said this project represents Phase 1 of a broader roadmap targeting 12 GW by FY30. For Phase 1, the company disclosed a target commissioning timeline of on or before April 2028. The mode of financing was stated as internal accruals, debt and/or other financing arrangements. The company positioned the capex as a move to strengthen manufacturing capabilities and to shift its profile towards a more integrated solar manufacturing model.

Policy linkage: ALMM-3 timing referenced

Vikram Solar said the strategic move is timed to capitalise on the enforcement of ALMM-3 from June 2028. While the company did not provide more detail in the supplied text on what changes ALMM-3 would bring, it clearly linked the planned commissioning timeline to that enforcement date. The linkage suggests the commissioning window and the policy timeline are intended to align. For investors and customers, such linkages often matter because they can influence product eligibility and procurement decisions under evolving domestic sourcing frameworks. The company’s disclosure is limited to the timing reference and does not quantify expected benefits.

Subsidiary disclosure: VSL Green Power tagged material

The company stated that VSL Green Power Private Limited, a wholly owned subsidiary, has been noted as a material subsidiary. The basis cited was the thresholds prescribed under Regulation 16(1)(c) of the SEBI Listing Regulations. This disclosure is relevant from a governance and compliance perspective because material subsidiary status can trigger additional oversight, reporting, and approval requirements under listing rules. The company did not provide additional financial metrics for the subsidiary in the provided information, but it explicitly flagged the classification.

Management changes: CEO appointment and director re-appointments

The board approved key management appointments and changes, subject to shareholder approval at the ensuing general meeting. Mr. Sameer Nagpal was appointed as Whole-time Director and CEO (KMP) for a three-year term effective May 7, 2026. Mr. Gyanesh Chaudhary was re-appointed as Chairman and Managing Director for three years effective September 28, 2026. Ms. Ratnabali Kakkar was re-appointed as an Independent Director for five years effective December 12, 2026. Ms. Neha Agrawal was re-designated from Whole-time Director to Senior VP – Corporate Strategy (KMP) effective May 7, 2026. The company also said M/s Bhattacharya Roy & Associates, Cost & Management Accountants (FRN: 000184), were re-appointed as cost auditor for FY2026-27, subject to ratification of remuneration by shareholders at the forthcoming AGM.

Other operating context disclosed in the provided text

Separately within the supplied material, the company said it crossed 10 GW in cumulative global solar module deployments as of April 13, 2026. It also disclosed earlier operational and order book metrics in FY26 updates, including an order book of 10.6 GW as of December 31, 2025, and manufacturing capacity stated at 9.5 GW. In the same set of disclosures, the company reported Q2FY26 revenue of ₹1,109.9 crore and Q3FY26 revenue from operations of ₹1,106 crore in another report, with PAT of ₹98 crore cited for Q3FY26 in that specific update. These figures were presented as separate quarter disclosures and provide context on volumes and activity during the year, although the FY26 audited numbers above are the full-year audited figures approved on May 7, 2026.

Key facts at a glance

What investors will track next

The capex and senior management changes are subject to process milestones, including shareholder approvals at the ensuing general meeting and ratification items at the AGM for the cost auditor’s remuneration. The company has also provided a clear commissioning target for Phase 1 of the new facility, which sets a time-bound execution benchmark. The reference to ALMM-3 enforcement from June 2028 places the project within a policy-linked timeline. For FY26, the audited disclosures show higher income and a step-up in profit on both standalone and consolidated bases, alongside a sharp rise in consolidated total assets. The next set of updates investors will likely watch for will be disclosures on financing arrangements for the ₹3,726 crore project and progress toward the April 2028 commissioning target.