Vikram Solar Ltd Share Price – NSE /  BSE

Capital Goods - Electrical Equipment, Small Cap

Profit before tax fell 1.28% to Rs 139.04 crore in Q4 FY26 compared with Rs 140.85 crore posted in corresponding quarter last year.

EBITDA were at Rs 235 crore in Q4 FY26, registering a 5% increase from Rs 224 crore reported in the year-ago period. The EBITDA margin reduced to 16% in Q4 FY26 from 19% in Q4 FY25.

Order book stood at 8.2 GW as of 31st March 2026. Domestic operations accounted for 87% of total revenue, while exports contributed the remaining 13%.

The board of directors has approved the appointment and re-appointments of key managerial personnel and directors, based on the recommendation of the Nomination and Remuneration Committee, subject to shareholders? approval at the ensuing general meeting.

The company has appointed Sameer Nagpal as Whole-time Director and Chief Executive Officer (CEO) with effect from May 07, 2026. He will be liable to retire by rotation.

The board has also approved the re-appointment of Gyanesh Chaudhary as Chairman & Managing Director for a further term of three years with effect from September 28, 2026. He will continue to be liable to retire by rotation.

In addition, Ratnabali Kakkar has been re-appointed as an Independent Director for a second term of five consecutive years with effect from December 12, 2026.

The company has approved a capital expenditure of Rs 3,726 crore to set up a 6 GW backward-integrated wafer and ingot manufacturing facility at its Gangaikondan site in Tamil Nadu by FY29.

The project marks the first phase of the company?s planned 12 GW roadmap, which is targeted to be commissioned by FY30. The expansion is aimed at transforming the company from a component provider into a fully integrated solar manufacturing player. The initiative is also expected to support India?s push for supply chain indigenisation and reduce dependence on imports in the solar sector.

Vikram Solar manufactures solar PV modules and also provides EPC and O&M services.

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Net profit of Vikram Solar rose 21.86% to Rs 110.42 crore in the quarter ended March 2026 as against Rs 90.61 crore during the previous quarter ended March 2025. Sales rose 21.73% to Rs 1452.82 crore in the quarter ended March 2026 as against Rs 1193.52 crore during the previous quarter ended March 2025.

For the full year,net profit rose 236.42% to Rs 470.42 crore in the year ended March 2026 as against Rs 139.83 crore during the previous year ended March 2025. Sales rose 40.28% to Rs 4802.25 crore in the year ended March 2026 as against Rs 3423.45 crore during the previous year ended March 2025.

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Vikram Solar will hold a meeting of the Board of Directors of the Company on 7 May 2026.

Sameer Nagpal holds Post Graduate Diploma in Business Management from IIM Calcutta, Mechanical Engineering from Delhi College of Engineering (now DTU) and is also affiliated with multiple professional networks and brings a wealth of cross-industry leadership experience.

He brings over three decades of leadership experience across diverse industries, along with a proven track record of driving transformation, accelerating growth, and delivering sustained value creation in key leadership roles at Livguard Energy Technologies, Dalmia Bharat Group, Shalimar Paints, Ingersoll Rand, Zicom and Carrier Air Conditioning.

Sameer succeeds Krishna Kumar Maskara, who served as Interim CEO and played an instrumental role in steering the company through a critical phase of growth, including the successful public listing in August 2025. Maskara will now take on the roles of chief operating officer (COO) and chief risk officer (CRO), where he will focus on operational excellence across manufacturing and delivery, while also providing independent oversight of the enterprise risk management framework.

The company has outlined an ambitious growth roadmap to become a fully integrated energy solutions provider, targeting 15.5 GW of module manufacturing capacity, along with 12 GW of cell manufacturing capacity through backward integration. In parallel, it is expanding into energy storage with plans for 5 GWh BESS module manufacturing and 7.5 GWh battery cell manufacturing, with further scalability in the future.

Sameer Nagpal, CEO, Vikram Solar, said: I am excited to join Vikram Solar at a time when the global energy landscape is undergoing a fundamental shift, creating opportunities for companies that can combine scale with agility and innovation. Vikram Solar has built a strong platform to participate meaningfully in this transition. As we move forward, our focus will be on strengthening our market position, expanding our global footprint, and enhancing our integrated capabilities to better serve evolving customer and market needs. I look forward to leading the organisation in its next phase of growth and contributing to a more sustainable energy future.

Meanwhile, the board also noted the resignation of Anil Bhadauria from the position of executive vice president & head of manufacturing operations with effect from 31 May 2026.

Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 9.5 GW.

The company reported a 25.2% decline in consolidated net profit to Rs 96.1 crore on a 0.36% fall in revenue from operations to Rs 1,105.95 crore in Q3 FY26 over Q2 FY26.

The counter added 1.72% to close at Rs 192.45 on the BSE.

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