India’s solar manufacturing sector has experienced substantial expansion alongside the country’s renewable energy transition, creating opportunities for domestic manufacturers to scale operations and increase production capacity. With this conducive environment, Vikram Solar emerged as a significant participant in the sector, supported by rapid capacity expansion, improving financial performance, and a growing project pipeline. The company’s annual module manufacturing capacity increased from 12 MW in 2009 to 9.5 GW in 2026, representing an increase of nearly 800x times over the period. In August 2025, the company strengthened its capital base through an Initial Public Offering (IPO) that raised ₹2,079 crore. Operationally, FY26 marked a record year, with revenue reaching ₹4,800 crore, reflecting 40% year-on-year growth, while module shipments increased from 1.9 GW to 3.3 GW, a growth of 76%. EBITDA rose to ₹917 crore with a margin of 19%, while Profit After Tax stood at ₹470 crore, equivalent to a 10% net profit margin. These achievements coincided with India’s solar sector adding 45 GW of new capacity during FY26, taking cumulative installed solar capacity to approximately 150 GW.
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