Vikram Solar (VIKRAMSOLR) investor relations material

Executive summary

• Achieved record quarterly module volume of 1,006 MW, up 32% year-over-year, and strong revenue growth, supported by a robust 7.9 GW order book and diversified demand engines.

• Commissioned new module plant at Gangaikondan, enhancing backward integration and manufacturing capabilities, with cell line targeted for Q4 FY 2027.

• Distribution channel monthly run rate doubled, now supported by 119+ distributors and 757+ dealers across 24 states and 500 districts.

• Received EcoVadis Platinum rating for the second consecutive year and recognized as Bloomberg NEF Tier-1 for nine consecutive quarters.

• Board approved unaudited standalone and consolidated financial results for Q1FY27, with limited review by auditors.

Financial highlights

• Q1 FY27 consolidated revenue from operations was ₹15,630.92 million, up from ₹11,335.77 million in Q1 FY26; EBITDA at ₹235 Cr (15% margin); PAT at ₹197.77 million.

• Per watt realization rose to INR 15.02, up 8% sequentially, driven by higher DCR mix.

• Unit cost of goods sold increased by INR 1.86/W due to raw material inflation, especially metals and EVA.

• Production volume for the quarter was 1,085 MW, with nearly all sold.

• Basic EPS (consolidated) for Q1FY27 was ₹0.55, down from ₹4.21 in Q1FY26.

Outlook and guidance

• Confident about Q2 and H2 performance due to policy clarity, DCR ramp-up, and distribution expansion.

• DCR business expected to grow 2x-2.5x every quarter, with further margin improvement as cell line comes online.

• Planned capacity addition of 9 GW at Gangaikondan site by April 2029, leveraging regulatory changes and Tamil Nadu's industrial ecosystem.

• Guidance for FY 2027 to be revisited at H1 results, pending further policy clarity and market stabilization.

• Annual solar demand in India expected to more than double by FY35, driven by policy support and storage integration.