Vikram Solar Limited (VIKRAMSOLR)

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Vikram Solar Limited (VIKRAMSOLR) · mywealthgrid

About

Vikram Solar Limited manufactures and supplies electrical equipment within the industrials sector. With quarterly revenues of ₹1,100–1,500 Cr and market capitalization of ₹5,803.84 Cr, it operates at material scale in India's electrical equipment supply chain. Recent quarters show sharp margin compression from 21% to 8%, however, signaling operational stress or loss of pricing power.

Face value: ₹10

Market cap

₹5,594 Cr

P/E

15.7×

P/B

1.8×

Dividend yield

ROE

21.3%

ROCE

31.4%

Debt / equity

0.03

OPM

19.1%

EPS (TTM)

₹9.8

Book value

₹87.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin collapse: OPM fell from 21.17% (Sep 2025) to 8.06% (Jun 2026); verify root cause (commodity shocks, competitive pricing pressure, or structural change).
Earnings volatility: Net profit ranged from ₹19 Cr to ₹128 Cr in recent quarters, suggesting demand instability or cost-control failures.
Stock repricing: Share price dropped from ₹378.8 (52-week high) to ₹160.15 (current); verify if company-specific or sector-wide.
Sector cyclicality: Electrical equipment demand correlates with infrastructure capex cycles; verify whether current weakness reflects broader investment slowdown.

Generated analysis · source review pending

Growth drivers

Margin recovery pathway: Current quarter OPM of 8.06% versus the company's 19.09% operating profit margin metric suggests operational pressure; if margins recover toward historical levels, profitability could expand significantly on the stable ₹1,100–1,500 Cr quarterly revenue base.
Strong capital efficiency: ROE of 21.34% indicates effective deployment of shareholder capital.
Financial flexibility: D/E ratio of 0.03 provides headroom to invest in growth or navigate commodity volatility without leverage stress.

Generated analysis · source review pending

269 historical price candles were omitted because the exchange source has not been verified.

₹154.4-3.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.6% (3-yr avg)
+High return on capital employed of 27.8%
+Almost debt-free (debt/equity 0)
+High promoter holding of 63% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

66/100

Business quality: 66
Growth: 50
Valuation: 83

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	2,511	3,423	4,802
COGS	1,679	2,555	3,334
Gross profit	832	869	1,468
	433	377	551
	399	492	917
OPM %	15.9%	14.4%	19.1%
Depreciation	138	156	162
Interest	155	155	161
	1	36	53
Profit before tax	107	217	647
Tax	28	78	177
Tax %	25.7%	35.7%	27.3%
	80	140	470
PAT margin %	3.2%	4.1%	9.8%
EPS (₹)	3.1	4.6	13.7
EPS adjusted (₹)	3.1	4.4	13
Annual report	—	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	259	259	317	362
Reserves	—	187	925	2,805
	—	808	231	100
	—	1,332	1,359	2,461
Total equity & liabilities	—	2,586	2,832	5,728
	644	505	554	559
CWIP	—	28	63	418
Investments	—	0	0	0
	—	2,052	2,215	4,751
Total assets	—	2,586	2,832	5,728

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	152	299	630
	-64	-169	-1,748
	-81	-100	1,115
Net cash flow	7	30	-4
Free cash flow	80	165	-93
CFO / Operating profit %	38.1%	60.7%	68.7%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 40%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 236%

Return on equity

7 years: —
5 years: —
3 years: 15%
Last year: 15%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	33.1%	25.4%	30.6%
EBITDA margin %	15.9%	14.4%	19.1%
EBIT margin %	10.4%	9.8%	15.7%
PAT margin %	3.2%	4.1%	9.8%
Working capital
Receivable days	172	131	92
Inventory days	86	61	90
Payable days	141	118	171
NWC days	117	74	11
Leverage
Current ratio	1.39	1.55	1.88
Debt to EBITDA	2.03	0.47	0.11
Debt to equity	1.81	0.19	0.03
Interest coverage	1.8	2.4	5.1
Asset turnover	0.97	1.21	0.84
Return ratios
Return on assets %	3.1%	4.9%	8.2%
Return on capital employed %	23.5%	28.6%	31.4%
Return on equity %	17.9%	11.3%	14.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.12%	63.12%	63.01%	63.01%	63.01%
	3.04%	2.09%	1.83%	2.94%	3.37%
	6.39%	6.2%	4.71%	4.8%	4.03%
Government	0%	0%	0%	0%	0%
	27.45%	28.59%	30.45%	29.25%	29.59%
No. of shareholders	—	3,06,426	2,87,437	2,85,301	3,03,976

Promoter holding down 0.11 percentage points since Jun 2025.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
Gyanesh Chaudhary Family TrustPromoters	PledgePledge Creation	2,18,74,803	₹828.62 cr	30.91% → 30.91%	17 Sept 20257(2)
VSL VENTURES PRIVATE LIMITEDPromoter Group	PledgePledge Creation	1,50,99,750	₹508.18 cr

17 deals · 26 Aug 2025 – 17 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Aug 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	26,69,654	₹180.47	₹48.18 Cr
17 Aug 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	26,50,637	₹180.34	₹47.80 Cr
17 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	25,20,406	₹179.08	₹45.14 Cr
17 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	24,24,897	₹179.30	₹43.48 Cr
17 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	23,13,498	₹180.08	₹41.66 Cr
17 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	23,13,498	₹180.14	₹41.68 Cr
17 Aug 2026	QE SECURITIES LLP	Bulk	NSE	Sell	19,25,995	₹177.54	₹34.19 Cr
17 Aug 2026	QE SECURITIES LLP	Bulk	NSE	Buy	18,12,629	₹177.76	₹32.22 Cr
10 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	40,33,305	₹391.47	₹157.89 Cr
10 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	40,33,305	₹391.29	₹157.82 Cr

1–10 of 17

1 / 2

Mr. Gyanesh ChaudharyExecutive Director-Chairperson related to Promoter-MD
Mr. Krishna Kumar MaskaraExecutive Director
Mr. Sameer NagpalExecutive Director-CEO
Mr. Subramanya KrishanappaNon-Executive - Independent Director
Mr. Ratnabali KakkarNon-Executive - Independent Director
Mr. Sumit BinaniNon-Executive - Independent Director
Mr. Joginder Pal DuaNon-Executive - Independent Director
Mr. Suresh Gopinathan MenonNon-Executive - Non Independent Director
Ms. Sudipta BhowalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

0.7%

of the company's equity

All mutual funds

3.66%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 4 fund houses

		Shares
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	20 L	33.74	0.23%	0.552%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.44 L	5.8	0.23%	0.095%	-7,529
Portfolio of Kotak Energy Opportunities Fund	Kotak Mahindra Mutual Fund	1.8 L	3.04	1.11%	0.05%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	17,720	0.3	0.64%	0.005%	+2,086
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	2,354	0.04	0.01%	0.001%	+11
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	398	0.01	0.01%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results6 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

28 announcementsExport CSV

30 Sept 2026, 5:45 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

29 Sept 2026, 6:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

28 Sept 2026, 3:53 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

17 Sept 2026, 6:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

15 Sept 2026, 9:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

11 Sept 2026, 12:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

26 Aug 2026, 9:18 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

13 Aug 2026, 5:47 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

Date	Category	Subject	Filing
30 Sept 2026, 5:45 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 6:34 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management

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Vikram Solar Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

Announcements

Not in the F&O segment

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Vikram Solar Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Announcements

Not in the F&O segment

Board meetings1

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1