Vikram Solar Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Vikram Solar Ltd trades at ₹192, in a downtrend and 47 weeks into that stage. That is −17.8% against its own 200-day average. It sits at 10% of a 52-week range of ₹174 to ₹357. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).

Today the stock is in a downtrend — week 47 of stage 4, confirmed. At ₹192 it trades −17.8% versus its 200-day average and sits at 10% of its 52-week range (₹174–₹357).

Against the market, two honest reads. Cumulative: over the last 11 months the stock moved −43% while the NIFTY 500 moved +2% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-06-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 15th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Vikram Solar Ltd trades at 14.0× P/E, near the bottom of its own range — cheaper only 15% of the time. Its long-run median P/E is 16.7×, measured across 0.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 14.0× is near the bottom of its own range — cheaper only 15% of the time, against a long-run median of 16.7× measured over 0.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +195.0% against a −42.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Vikram Solar Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

52.3/100 — rank 4 of 7 in Capital Goods - Solar · 70% evidence confidence

Vikram Solar Ltd scores 52.3 out of 100 against the 7 companies it is compared with in Capital Goods - Solar, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.7 + 14.9 + 8.7 + 10 = 52.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Vikram Solar Ltd reported ₹1,453 Cr of revenue in the Mar 26 quarter, +21.7% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 19.6% a year. The last full year, FY26, came in at ₹4,803 Cr. The last four reported quarters add to ₹4,803 Cr.

Vikram Solar Ltd reported ₹1,453 Cr of revenue in the Mar 26 quarter, +21.7% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 19.6% a year. The last full year, FY26, came in at ₹4,803 Cr. The last four reported quarters add to ₹4,803 Cr.

FY26 revenue came in at ₹4,803 Cr (+40.6% on the year), capping 6 years at 19.6% compound. The latest quarter (Mar 26) printed ₹1,453 Cr, +21.7% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +50.7% growth against the decade's 19.6% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 16.0% this quarter (−3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Vikram Solar Ltd's operating margin is 16.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 3.0% to 19.0%. The current quarter sits inside that band.

Vikram Solar Ltd's operating margin is 16.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 3.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.0%, −3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 3.0%–19.0%, and FY26's 19.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −2.6 pp year on year while gross margin went −2.8 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins slipped — did that reach the bottom line? Next: profit +20.9% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Vikram Solar Ltd earned ₹110 Cr of net profit in the Mar 26 quarter, +20.9% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹469 Cr. The 6-year compound rate is 66.5%. That is 7.6% of the quarter's revenue. The same quarter a year earlier earned ₹91.0 Cr.

Vikram Solar Ltd earned ₹110 Cr of net profit in the Mar 26 quarter, +20.9% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹469 Cr. The 6-year compound rate is 66.5%. That is 7.6% of the quarter's revenue. The same quarter a year earlier earned ₹91.0 Cr.

Mar 26 profit was ₹110 Cr, +20.9% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹469 Cr (+237.4%), and the 6-year compound rate is 66.5%.

Why profit moved: revenue contributed +21.7% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +660.9% vs revenue +50.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 161% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 161% of Vikram Solar Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹667 Cr of operating cash against ₹469 Cr of profit. After ₹712 Cr of capital spending, ₹−45.0 Cr was left as free cash.

FY26: operating cash of ₹667 Cr against reported profit of ₹469 Cr, leaving free cash of ₹−45.0 Cr after ₹712 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 161% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 161%: the cash cycle tightened 62 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹892 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Vikram Solar Ltd's cash conversion cycle runs 13 days in FY26, down from 75 days in FY21. Capital spending ran ₹892 Cr over the last 3 years. At FY26 sales of ₹4,803 Cr each day of that cycle holds about ₹13.2 Cr, so roughly ₹171 Cr sits inside the business at any moment.

FY26: debtors at 92 days, inventory at 89 days — roughly 2.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 13 days, tighter than FY21's 75.

The full loop: cash goes out to suppliers and production on day 0; stock waits 89 days to sell; customers pay about 92 days after that; and suppliers themselves are paid at 168 days — netting out to the 13-day cycle.

In money terms: at FY26 sales of ₹4,803 Cr, each day of the cycle holds about ₹13.2 Cr — so the 13-day loop keeps roughly ₹171 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹892 Cr over the last 3 fiscal years against ₹456 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹19.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 31% and the ROIC − WACC spread is +10.1 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Vikram Solar Ltd earns a ROCE of 31% in FY26. That is up from a trough of 2% in FY22. Return on invested capital clears the cost of that capital by +10.1 percentage points, so growth here adds value rather than only size. The wiring behind it is 9.8% net margin on 0.85× asset turns.

FY26 ROCE is 31%, recovered from a FY22 trough of 2% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 9.8% net margin × 0.85× asset turns × 1.78× balance-sheet leverage ≈ 14.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 22.1% − 12.0% = a +10.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.19.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Vikram Solar Ltd carries total debt of ₹645 Cr against shareholder equity of ₹3,168 Cr as of Mar 26, a debt-to-equity of 0.20 — effectively unlevered. On the annual view that ratio went from 2.13 in FY22 to 0.20 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹645 Cr against shareholder equity of ₹3,168 Cr — a debt-to-equity of 0.20. On the annual view, debt-to-equity went from 2.13 (FY22) to 0.20 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Vikram Solar Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Vikram Solar Ltd: the Z-score reads 4.10. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 4.10 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 4.10.

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