Vikram Solar Q1 FY27 Results (NSE: VIKRAMSOLR)
Signal: Growth reaccelerated
The read
The key inflection is a sharp margin reversal: consolidated revenue grew 37.9% YoY to ₹15630.92 million, but raw-material cost rose 63.4% and EBITDA margin fell to 8.9% versus the 21% OPM reported in Q1FY26 and 16% in Q4FY26; the unresolved PAT discrepancy between verified XBRL at ₹0 and the face statement at ₹1077.77 million further weakens earnings quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,563.09 Cr | +37.9% | +7.6% |
| EBIT | ₹74.62 Cr | N/A | |
| Net profit | ₹0 Cr | -100% | |
| EPS | ₹0.55 | -86.9% | |
| EBIT margin | 8.9% |
P&L walk
Revenue increased to ₹15630.92 million, +37.9% YoY and +7.6% QoQ, while raw-material cost rose +63.4% YoY to 88.6% of revenue and EBITDA margin was 8.9%; the verified XBRL reports PAT of ₹0 while the face statement reports ₹1077.77 million.
Key positives
- Revenue was ₹15630.92 million, up 37.9% YoY and 7.6% QoQ, continuing the company's multi-year top-line expansion.
- The company increased planned Gangaikondan backward-integration capacity from 6 GW to 9 GW, with commissioning targeted for FY29.
- ₹6841.07 million of IPO proceeds remained unutilised at June 30, 2026, providing disclosed funding for the planned subsidiary capex.
Key concerns
- Raw-material and services cost rose 63.4% YoY versus revenue growth of 37.9%, compressing gross margin by 1390bps to 11.4%.
- EBITDA margin was 8.9%, materially below the 21% OPM reported in Q1FY26 and 16% in Q4FY26, indicating a sharp deterioration in operating profitability.
- Standalone PAT fell 86.1% YoY to ₹187.27 million despite 35.3% revenue growth, showing that growth is not currently converting into earnings.
- Finance costs increased 53.2% YoY to ₹494.00 million, faster than consolidated revenue growth.
Earnings quality: includes non-operating other income
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