Investor Presentation

Here's a summary of the investor presentation for Vikram Solar Limited, keeping your preferences in mind: **Business Performance:** Vikram Solar reported record revenue of ₹4,802 Cr for FY26, a 40% YoY increase, driven by strong quarterly performance in Q4. Production also hit a new high of 971 MW in the last quarter. **Growth Drivers or Strategy:** The company is focused on building long-term advantage through integration.

Key strategic initiatives include expanding cell manufacturing to 9 GW by Dec 2026 and aiming for 12 GW wafer-ingot capacity by FY29-30, achieving 100% integration.

They are also launching battery energy storage system (BESS) solutions under the "VION" brand. **Recent Developments:** Vikram Solar launched its BESS brand "VION" and secured a 378 MW module supply order from NTPC Green Energy Limited.

They also achieved ISO 14067 Certification. **Key Financial Metrics:** FY26 saw revenue grow 40% YoY to ₹4,802 Cr, EBITDA up 86% YoY to ₹917 Cr, and PAT surged 236% YoY to ₹470 Cr.

EBITDA margin improved to 19% from 14% in FY25. **Management Commentary / Outlook:** The company sees a significant structural opportunity in solar demand over the next decade, driven by policy support and falling costs.

They are expanding manufacturing capacity across the solar value chain and are well-positioned to tap the emerging Indian BESS market, which is expected to grow substantially.