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Vikram Solar Limited
(VIKRAMSOLR)
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Rating:66Neutral
Price Target:
₹164.00
▼(-51.02% Downside)
Action:Reiterated
Date:08/18/26
The score is primarily supported by strong fundamental improvement (rapid growth, improved profitability, and lower leverage). It is held back by weaker cash-flow quality (negative free cash flow) and a softer technical backdrop (below key longer-term moving averages with negative MACD). Valuation is reasonable at a ~18x P/E but lacks dividend support.
Positive Factors
Revenue and Profitability Turnaround
The shift from losses to solid profitability, combined with rapid revenue expansion and stronger gross and operating margins, indicates meaningful operating improvement. If the company sustains disciplined execution, this stronger earnings base can support reinvestment and improve competitive positioning over the next several quarters.
Negative Factors
Negative Free Cash Flow
Negative free cash flow means reported growth is currently requiring substantial reinvestment or absorbing cash through working capital. If this persists, the company may need additional financing or slower expansion, reducing the cash available to strengthen the balance sheet or fund shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Turnaround
The shift from losses to solid profitability, combined with rapid revenue expansion and stronger gross and operating margins, indicates meaningful operating improvement. If the company sustains disciplined execution, this stronger earnings base can support reinvestment and improve competitive positioning over the next several quarters.
Read all positive factors
Vikram Solar Limited (VIKRAMSOLR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹55.26B
Dividend YieldN/A
Average Volume (3M)152.74K
Price to Earnings (P/E)14.9
Beta (1Y)0.85
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees2,946
SectorGeneral
Sector StrengthN/A
IndustrySolar
Share Statistics
EPS (TTM)3.83
Shares Outstanding362,354,370
10 Day Avg. Volume108,290
30 Day Avg. Volume152,744
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.99
Price to Sales (P/S)1.31
P/FCF Ratio-68.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)10.14
Revenue Forecast (FY)₹90.77B
Vikram Solar Limited Business Overview & Revenue Model
Company Description
Established in 2005 and headquartered in Kolkata, India, Vikram Solar Limited operates as a prominent player in the global solar energy industry. The company is primarily engaged in the manufacturing and distribution of solar photovoltaic modules ...
How the Company Makes Money
Vikram Solar makes money primarily by selling solar photovoltaic products and related services to project developers, engineering-procurement-construction (EPC) companies, and end customers deploying solar power systems. Its core revenue stream is...
Vikram Solar Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.10B | 48.02B | 34.23B | 25.11B | 20.73B | 17.30B |
| Gross Profit | 2.89B | 14.68B | 8.41B | 8.10B | 4.43B | 3.29B |
| EBITDA | 2.51B | 9.70B | 4.93B | 3.71B | 1.82B | 515.34M |
| Net Income | 1.28B | 4.70B | 1.40B | 797.18M | 144.91M | -629.40M |
Balance Sheet | ||||||
| Total Assets | 48.09B | 57.28B | 28.32B | 25.85B | 24.76B | 22.37B |
| Cash, Cash Equivalents and Short-Term Investments | 17.75B | 13.31B | 391.57M | 89.49M | 16.31M | 188.68M |
| Total Debt | 2.62B | 6.45B | 2.72B | 8.54B | 7.92B | 7.49B |
| Total Liabilities | 18.59B | 25.61B | 15.90B | 21.40B | 21.11B | 18.86B |
| Stockholders Equity | 29.50B | 31.68B | 12.42B | 4.45B | 3.65B | 3.51B |
Cash Flow | ||||||
| Free Cash Flow | 3.72B | -925.45M | 1.52B | 804.27M | 640.46M | 555.86M |
| Operating Cash Flow | 5.13B | 6.30B | 2.99B | 1.52B | 1.95B | 2.01B |
| Investing Cash Flow | -6.43B | -17.48B | -1.69B | -636.91M | -1.11B | -1.55B |
| Financing Cash Flow | 12.06B | 11.15B | -997.18M | -810.26M | -1.02B | -362.18M |
Vikram Solar Limited Technical Analysis
Negative
334.80
Price Trends
167.83
Negative
182.65
Negative
197.18
Negative
Market Momentum
-4.32
Positive
27.17
Positive
8.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VIKRAMSOLR, the sentiment is Negative. The current price of 334.8 is above the 20-day moving average (MA) of 161.92, above the 50-day MA of 167.83, and above the 200-day MA of 197.18, indicating a bearish trend. The MACD of -4.32 indicates Positive momentum. The RSI at 27.17 is Positive, neither overbought nor oversold. The STOCH value of 8.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:VIKRAMSOLR.
Vikram Solar Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹29.57B | 4.16 | ― | 0.35% | 76.28% | 54.75% | |
66 Neutral | ₹55.26B | 14.94 | ― | ― | ― | ― | |
64 Neutral | ₹7.37B | 9.35 | ― | 0.08% | ― | ― | |
61 Neutral | ₹62.20B | 16.39 | ― | 1.61% | 11.07% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | ₹38.25B | -14.02 | ― | 3.25% | 3.19% | -362.93% |
* General Sector Average
IN:VIKRAMSOLR
Vikram Solar Limited
151.65
-171.85
-53.12%
IN:BORORENEW
Borosil Renewables Limited
450.75
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-25.40%
IN:SOLEX
Solex Energy Ltd.
690.85
-1,047.18
-60.25%
IN:SWSOLAR
Sterling And Wilson Renewable Energy Limited
172.50
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-27.61%
IN:WEBELSOLAR
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71.08
-46.59
-39.59%
Vikram Solar Limited Corporate Events
Vikram Solar Secures 1 GW Domestic Cell Supply from Avaada Electro to Bolster DCR Presence
Sep 15, 2026
Vikram Solar has signed a domestic solar cell supply agreement with Avaada Electro to procure 1 GW of ALMM-compliant, high-efficiency N-Type G12R TOPCon cells for its module manufacturing operations. Deliveries are set to begin in September 2026, ...
Vikram Solar Wins 124 MW Module Supply Order in Andhra Pradesh
Sep 11, 2026
Vikram Solar has secured a 124 MW order to supply high-efficiency G12R TOPCon solar modules for a utility-scale project in Anantapur, Andhra Pradesh, with deliveries beginning in October 2026. The deal highlights growing demand for its 620–6...
Vikram Solar Files Q1 FY2027 Investor Presentation with Indian Exchanges
Aug 6, 2026
Vikram Solar Limited has released its investor presentation for the quarter ended June 30, 2026, in compliance with disclosure regulations under SEBI’s Listing Obligations framework. The document, covering Q1 FY2027 performance, has been sub...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.