The company said inflation in input costs weighed on profitability during the quarter, while module realisations declined 13.4% YoY, adding further pressure on margins.
Vikram Solar has approved a capital expenditure plan worth ₹3,726 crore to set up a 6 GW backward-integrated wafer and ingot manufacturing facility in Tamil Nadu by FY29.
The project marks the first phase of the company’s broader 12 GW expansion roadmap targeted for completion by FY30.
Under its expansion plans, the company aims to scale module manufacturing capacity from the current 9.5 GW to 15.5 GW by FY27, alongside 9 GW of cell capacity.
By FY30, Vikram Solar plans to have 15.5 GW module capacity, 12 GW cell capacity, 12 GW wafer and ingot capacity, and 15 GWh battery energy storage system (BESS) capacity.
Operating cash flow improved sharply to ₹630 crore in FY26 from ₹281 crore in FY25, reflecting stronger business execution and collections.
The company’s order book stood at 8.2 GW as of March 31. Order inflows continue to remain healthy, supported largely by domestic demand.
Module production nearly doubled during Q4FY26 to 971 MW from 526 MW a year ago, while FY26 production surged 150% YoY to 3,220 MW. Module sales rose 40% YoY during the quarter to 999 MW and climbed 76% for the full financial year to 3,342 MW.
Capacity utilisation stood at 75% during FY26.
Geographically, 87% of the order book is domestic while exports account for 13%. By customer category, 69% of orders came from independent power producers (IPPs), 13% from commercial and industrial (C&I) customers, 7% from government projects and 11% from EPC players.
