Vikram Solar Q2FY26 Results: Module Sales Soared 189%, Revenue Surged 94%

The recently listed Vikram Solar share price is in focus on October 17, 2025, as the solar photovoltaic (PV) modules manufacturer in India announced its unaudited financial results for Q2FY26 and half-year ended September 30, 2025. The company has reported exceptional growth across key financial and operational metrics, reinforcing its leadership in the renewable energy sector.

Operationally, the company delivered strong performance during both Q2 and H1FY26. Module sales in Q2FY26 stood at 784 MW, marking a 189% YoY growth compared to 271 MW in Q2FY25. For the first half of the fiscal year, total module sales reached 1,548 MW, a 159% increase over 598 MW in the same period last year. Capacity utilisation remained high at 84% during Q2FY26, highlighting the company’s operational efficiency and growing demand for its products.

Vikram Solar Q2FY26 Earnings Highlights

During Q2FY26, Vikram Solar achieved a revenue of ₹1,109.9 crore, representing a robust 93.7% year-on-year (YoY) increase. EBITDA for the quarter stood at ₹235.0 crore, reflecting an impressive YoY growth of 225.9%. The company’s EBITDA margin also improved significantly to 21.17%, compared to 12.59% in Q2FY25. Profit After Tax (PAT) saw a remarkable jump of 1,636.5% YoY, reaching ₹128.5 crore, with PAT margins expanding to 11.58%.

Vikram Solar Order Book

As of September 30, 2025, Vikram Solar’s total order book stood at 11.15 GW. Of this, 85% was from the domestic market and the remaining 15% from exports. In terms of customer segmentation, 52% of orders came from Independent Power Producers (IPPs), followed by 20% from Commercial & Industrial (C&I) clients, 13% from distribution companies, 8% from government projects, and 7% from EPC contractors.

Also Read: Indian Overseas Bank Sees 58% YoY Rise in Q2 Profit to ₹1,226 Crore

Conclusion

Vikram Solar’s strong performance this quarter underscores its commitment to innovation, customer-centric solutions, and sustainable growth, further solidifying its position as a key player in the global solar energy landscape.

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