Vikram Solar share price today

Vikram Solar Ltd's share price was ₹134.96 at the close on 4 November 2026. It has been falling for 62 weeks. That is 30.9% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹125 and ₹321, and at that close it sat 5% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Vikram Solar Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 23 weeks running.

Over the last 1 year the share price moved −60% while the NIFTY 500 moved −4%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 17 June 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: profit fell in the June 2026 quarter, operating margin down 13 points on a year earlier and revenue up on a year earlier for 5 quarters in a row (every quarter we can compare).

1. Profit fell in the June 2026 quarter

   Profit was ₹20 crore, -85% on a year earlier (₹133 crore), after 4 quarters of growth.

   From the earnings call on 7 Aug 2026.

2. Operating margin down 13 points on a year earlier

   8% in the June 2026 quarter, from 21%.

   Why: Operating margin fell because the direct cost of making its products rose, not because the whole business became less efficient.

   Next results: check whether the company gives a clear split between domestic content and other margins and whether raw material cost increases are passed on to customers.

   From the earnings call on 7 Aug 2026.

3. Revenue up on a year earlier for 5 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹1,563 crore, +37.8% on a year earlier.

   Why: Revenue rose because the company sold more modules and expanded its reach through distributors and dealers.

   Next results: check whether domestic content sales grow as management expects and whether the order book turns into revenue.

   From the earnings call on 7 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Vikram Solar reported revenue of ₹1,563 crore, up 37.8% from ₹1,134 crore a year earlier, and a profit of ₹20.0 crore, down 85.0% from ₹133 crore.

Vikram Solar results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Vikram Solar's management discussed these results on a call held on 7 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Vikram Solar closed at ₹134.96 on 4 November 2026, down 58.0% from ₹321.30 a year earlier (7 November 2025). Its highest weekly close since August 2025 was ₹357.25 on 12 September 2025.

Vikram Solar share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

66 weekly closes from 29 August 2025 to 4 November 2026.

4 Nov 2026: Vikram Solar closed at ₹134.96, up 7.7% on the week and down 12.6% on the month. 7 Aug 2026: Vikram Solar held its results call for April to June 2026. Management guided: FY27 operating profit guidance ₹1,500-1,600 crore; H1 review deferred pending DCR pricing, distribution penetration and policy clarity.

Earlier

• Results for April to June 2026: Revenue up 37.8% and profit down 85.0% on a year earlier.

Vikram Solar has paid no dividend on the NSE since its first NSE close in our records (29 August 2025), the start of the period we checked.

No. Vikram Solar Ltd paid out 0% of its profit as dividends in each of its last 7 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 7 August 2026, Vikram Solar's management guided: FY27 operating profit guidance ₹1,500-1,600 crore; H1 review deferred pending DCR pricing, distribution penetration and policy clarity.

“The first cell remains targeted for Q4 FY27, taking us to roughly 70% backward integration.”Sameer Nagpal, CEO, on the call for April to June 2026

What management guided

• DCR business expected to grow 2-2.5 times each quarter as serial volumes flow.
• Gangaikondan cell commissioning goals January to March 2027, with full 9 GW potentially ramping into April to June 2027; wafer/ingot groundbreaking next month, FY29 commissioning and ₹5,600 crore project cost.
• FY28 first-year cell utilization planned at 40-50% after a six-month ramp; upgraded-technology 3 GW cell phase remains FY28.
• Powerhive phase-one assembly and LFP cell projects each 7.5 GWh; assembly equipment November 2026, installation January 2027, commercial operations March 2027; land and incentives finalized by September 2026, LFP cell COD January to March 2029.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 7 August 2026.

When Vikram Solar reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: H1 guidance review - check whether the operating profit framework is reaffirmed or reset after Q2 cost and mix performance.

Vikram Solar is on 2 of our India lists: 52 week high & low and Power & green energy stocks.

Vikram Solar Ltd earned ₹20.0 Cr of net profit in the Jun 2026 quarter, −85.0% on the same quarter a year earlier. Full-year FY26 profit was ₹469 Cr. Over 6 years profit has grown 66.5% a year on average. That is 1.3% of the quarter's revenue. The same quarter a year earlier earned ₹133 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹469 Cr (+237.4% on the year before).

Why profit moved: revenue changed +37.8% on a year earlier and the margin moved −13.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +520.1% and revenue +40.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Vikram Solar Ltd reported ₹1,563 Cr of revenue in the Jun 2026 quarter, +37.8% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 6 years it has grown 19.6% a year on average. The last full year, FY26, came in at ₹4,803 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹5,232 Cr.

FY26 revenue was ₹4,803 Cr, +40.6% on the year before.

Recent pace: the last four quarters grew +40.3% on average, against 19.6% a year over the longer run, so this year is growing faster than its own long-run rate.

Vikram Solar Ltd's operating margin was 8.0% in the Jun 2026 quarter, 13.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 7 years it has been between 3.4% and 19.0%. The latest quarter is within that range.

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

Why the margin moved: operating margin changed −13.3 percentage points on the year while gross margin changed −12.5 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years, 161% of Vikram Solar Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹667 Cr of operating cash against ₹469 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹712 Cr of spending on assets, free cash was −₹45.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 161% of profit came in as cash: the cash cycle got 62 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 2.0× depreciation over three years. The next section checks what that spending is building.

Vikram Solar Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 13 days in FY26, down from 75 days in FY21. It spent ₹892 Cr on assets over the last 3 years. Customers take 92 days to pay, and stock sits for 89 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹4,803 Cr, each day of that cycle ties up about ₹13.2 Cr, so roughly ₹171 Cr is tied up in the business at any time.

FY26: customers took 92 days to pay and stock sat for 89 days, about 2.9 months of sales sitting as stock, for a full cycle of 13 days, shorter than FY21's 75.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 89 days. Customers pay about 92 days after that. Suppliers are paid at 168 days. Together that makes the 13-day cycle.

Spending on assets: ₹892 Cr over the last 3 years, against ₹456 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹19.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Vikram Solar Ltd's P/E is 13.6×, near the low end of its own history: it has been lower only 6% of the time. Its usual P/E (the middle reading) is 16.9×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +195.0% while the price moved −58.0%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Vikram Solar Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 5 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Vikram Solar Ltd earned a ROCE of 31% in FY26. That is up from a low of 2% in FY22. Its return on capital used (ROIC) is 0.4 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 9.8% net margin and 0.85× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 9.8% net margin × 0.85× asset turnover × 1.78× leverage (assets divided by equity) ≈ 14.8% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 12.4% − 12.0% = +0.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

The 12.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 21.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Vikram Solar Ltd has total debt of ₹645 Cr against shareholder equity of ₹3,168 Cr as of Jun 2026, so its debt is 0.20× its equity, which is very little. Year by year, that ratio went from 2.13 in FY22 to 0.20 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions cut their stake in Vikram Solar Ltd by 2.6 percentage points over 4 quarters, the biggest change among its owners. Domestic institutions now own 3.6% of the company. Foreign institutions moved +1.0 points over the same period, to 3.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: −2.6 points over 4 quarters, to 3.6%; Foreign institutions: +1.0 points over 4 quarters, to 3.1%; Promoters: −0.1 points over 4 quarters, to 63.0%.

Why the owners changed: domestic institutions drove it (−2.6 points), with the other side taken by foreign institutions (+1.0 points). They reduced their stake.

For Vikram Solar Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

48.9 out of 100, rank 4 of 7 in Capital Goods - Solar, with 74% of the evidence available.

Vikram Solar Ltd scores 48.9 out of 100 against the 7 companies it is compared with in Capital Goods - Solar, ranking 4. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far.

The four parts add up to the total exactly: 13.2 + 12.7 + 14.7 + 8.3 = 48.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Vikram Solar ranks 4 of 7 Capital Goods - Solar companies on the 4-Factor Sector Score, with 48.9 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Capital Goods - Solar, all 7 compared on one page.

Vikram Solar is the 3rd largest of 7 Capital Goods - Solar companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Waaree Energies and Premier Energies. Just below it: Websol Energy System, Solex Energy, Australian Premium Solar (India) and Bright Solar.

Capital Goods - Solar companies close in size

1. Waaree Energies Ltd ₹66,275 crore
2. Premier Energies Ltd ₹39,766 crore
3. Vikram Solar Ltd ₹4,540 crore
4. Websol Energy System Ltd ₹2,849 crore
5. Solex Energy Ltd ₹580 crore
6. Australian Premium Solar (India) Ltd ₹474 crore
7. Bright Solar Ltd ₹7 crore

All 7 Capital Goods - Solar companies, largest first

Companies close in size in other industries

868. Puravankara Ltd ₹4,549 crore · Realty - Construction & Contracting
869. SG Finserve Ltd ₹4,540 crore · Finance & Investments - MSME Lending
870. Vikram Solar Ltd ₹4,540 crore
871. Happiest Minds Technologies Ltd ₹4,532 crore · IT Enabled Services
872. Pilani Investment & Industries Corporation Ltd ₹4,507 crore · Finance - Holding Company

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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