Vikram Solar Q3 Results: Sharp rise in profit, margin despite labour code hit

Vikram Solar Limited delivered a strong third-quarter performance, reporting a profit of ₹98 crore for the December 2025 quarter, up from ₹19 crore a year ago.

Revenue rose to ₹1,106 crore, while EBITDA more than doubled to ₹205 crore, reflecting improved operating efficiency and higher execution volumes. The company noted a labour code impact of ₹56 crore.

The solar module manufacturer also highlighted a healthy order book of 10.6 GW as of 31 December 2025, with 84% of orders from domestic projects

and the remainder from exports. Customer mix remained diversified, led by independent power producers, followed by commercial and industrial clients, distribution companies, government projects and EPC players.

During the quarter, Vikram Solar commenced operations at its 5 GW Vallam module facility, taking total manufacturing capacity to 9.5 GW. The company also announced its shift to high-efficiency N-Type modules across its portfolio, with the HYPERSOL series delivering up to 640 Wp.

Chairman and Managing Director Gyanesh Chaudhary said the company’s performance was anchored by “strong execution volumes and continued improvements in operating efficiency,” adding that the broader solar industry remains poised for long-term growth. He also highlighted the company’s focus on backward integration, cost competitiveness and technology alignment with global standards.

Also Read: SRF Q3 results: Profit up 60%, beats estimates despite labour code impact; dividend declared

Key updates during the quarter included an upgrade in credit rating, a ₹4,371 crore capex approval for the battery energy storage system business, and the launch of the Hypersol Pro module with improved efficiency and durability.

Ahead of earnings announcement, shares of Vikram Solar closed at ₹214.99, down nearly 10% on NSE.