Vikram Solar Limited hosted an earnings conference call to discuss Q1 FY27 results.

Management provided an update on business performance, strategic priorities, and the outlook for the coming quarters.

Key discussions included the impact of ALMM 2 policy, rising raw material costs, and the company's progress on expanding manufacturing capabilities, including its cell and wafer-ingot plants.

The company also highlighted its expanding order book and efforts to diversify its customer base and revenue streams. **Financial Performance:** * Revenue increased by 38% YoY to INR 1,563 crore. * Volume dispatched was 1.06 GW, up 32% YoY. * EBITDA stood at INR 126 crore with an 8.06% margin.

PAT was INR 19.78 crore. * Per-watt peak realization rose 8% sequentially to INR 15.02, driven by a favourable product mix including DCR modules. **Management Commentary and Outlook:** Management noted that ALMM 2 uncertainty and increased raw material costs (metals, crude oil) impacted Q1 performance.

However, they are confident in future performance due to a restructured go-to-market strategy focusing on distribution, mid-market clients, and DCR products, which offer better price realization.

The company is also accelerating its international expansion. **Order Book & Operational Updates:** * The order book closed at 7.9 GW. * The Gangaikondan module facility commenced production as scheduled. * The cell plant at Gangaikondan is on track for Q4 FY27 commissioning. * VSL PowerHive's BESS assembly plant in Chennai is nearing completion, targeting March 2027 commercial operations. **Analyst Q&A Highlights:** Analysts inquired about margin pressures, the impact of cost pass-through clauses, DCR vs. non-DCR margins, and future capex plans.

Management clarified that while some cost increases were not fully passed on due to market dynamics, they are implementing cost-saving initiatives and expect margin improvements with increased DCR mix and backward integration.

They also confirmed progress on their integrated manufacturing facility at Gangaikondan and the BESS business. **Investor Angle:** Management expressed confidence in the company's strategic repositioning and integrated manufacturing plans to navigate industry challenges and drive long-term growth, supported by a debt-free balance sheet.