Vikram Solar Share Price Drops 10%; Reports 416% YoY Jump in PAT in Q3 FY26 Results

Vikram Solar Limited announced its un-audited financial results for the third quarter and nine months ended December 31, 2025.

Q3 FY26 Financial Performance

For Q3 FY26, Vikram Solar reported revenue from operations of ₹1,106 crore, reflecting an 8% year-on-year growth. EBITDA for the quarter stood at ₹205 crore, registering a sharp increase of 142% compared to the same period last year. 

EBITDA margins expanded significantly to 19% in Q3 FY26 from 8% in Q3 FY25, driven by improved operating leverage and better cost efficiencies. 

Profit after tax for the quarter surged 416% year-on-year to ₹98 crore, with PAT margins improving to 9%, highlighting strong profitability momentum.

Order Book and Market Mix

As of December 31, 2025, Vikram Solar’s order book stood at 10.6 GW, providing strong revenue visibility for the coming quarters. The order book remains largely domestic, with 84% contribution from India, while exports account for 16%. 

From a customer perspective, 55% of orders came from independent power producers, followed by commercial and industrial clients at 21%, distribution companies at 13%, government projects at 6%, and EPC players at 5%.

Operational Performance Highlights

Module sales during Q3 FY26 stood at 796 MW, up 35% compared to 590 MW in Q3 FY25. For the nine-month period, module sales reached 2,344 MW, nearly doubling from 1,188 MW in the corresponding period last year, reflecting a strong 97% year-on-year growth.

Commenting on the performance Mr. Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar Limited said, “Looking ahead, we remain focused on scaling the business in a disciplined, capital-efficient manner while strengthening our manufacturing footprint, product portfolio, and execution capabilities. With a strong order book, expanding capacities, and supportive industry tailwinds, we are optimistic about the opportunities ahead and confident in our ability to deliver sustainable, long-term value for all stakeholders.”

Vikram Solar Share Price Performance

On January 21, 2026, Vikram Solar share price (NSE: VIKRAMSOLR) opened at ₹215.95, down from its previous close of ₹214.88. At 10:24 AM, the share price of Vikram Solar was trading at ₹191.70, down by 10.79% on the NSE.

Also Read: Best Long-Term Stocks in Jan 2026 – 5yr CAGR Basis!

Conclusion

Vikram Solar’s Q3 FY26 performance underscores its strong execution capabilities, expanding order book, and improving profitability. With rising module sales and a diversified customer base, the company remains well-positioned to capitalise on India’s growing renewable energy demand.

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