Vikram Solar
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Vikram Solar is navigating a critical transition phase, focusing on structural repositioning to enhance its competitive edge. Management has highlighted the challenges posed by raw material cost inflation and policy-induced demand volatility, which have pressured EBITDA margins. However, the strategic shift towards higher-margin distribution and mid-market segments, alongside aggressive backward integration efforts, positions the company for long-term growth. Vista's financial outlook reflects expectations of accelerating revenue growth, supported by a robust order book and favorable domestic policies. Despite anticipated margin pressures, the company's disciplined capital allocation and expansion into the Battery Energy Storage Systems (BESS) market are expected to drive future profitability. Industry dynamics, including increasing global demand for renewable energy and supportive government initiatives, further bolster this outlook. Over the next 12-24 months, key opportunities include the successful scaling of manufacturing capacity and entry into new markets, while watchpoints include execution risks related to capital-intensive projects and competitive pricing pressures
Why We Like This Stock
- Management's focus on higher-margin segments and backward integration is expected to enhance profitability
- Strong domestic policy support and a robust order book provide a solid foundation for revenue growth
- Entry into the BESS market represents a significant growth opportunity in balancing grid variability
Things To Watch Out For
- Rising input costs and competitive pricing pressures are likely to continue impacting margins
- Execution risks associated with capital-intensive expansion plans may hinder short-term performance
- Dependence on government policies introduces uncertainty in demand and pricing dynamics
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 2,511 | 3,423 | 4,802 | 7,209 | 9,821 |
| Profit Before Tax (Cr.) | 119 | 217 | 653 | 591 | 921 |
| PBT Margin | 4.7% | 6.3% | 13.6% | 8.2% | 9.4% |
| Net Profit (Cr.) | 97 | 188 | 474 | 432 | 672 |
| Earnings Per Share | 2.7 | 5.2 | 13.1 | 11.9 | 18.6 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Prabhudas Liladhar | ► Accumulate | 173 | 11-Aug-2026 |
| JMFinancials | ▼ Reduce | 205 | 09-Jun-2026 |
| Elara Capital | ► Accumulate | 202 | 08-May-2026 |
Company Overview
Show Company Profile
Vikram Solar Limited engages in the manufacture and sale of solar photovoltaic modules/systems in India and internationally. It also engineering, procurement and construction (EPC) and operation and maintenance of solar power plant. It sells its products under the Suryava, Hypersol, Hypersol Pro, Paradea, and SOMERA brand names. It also involved in rooftop projects. The company was incorporated in 2005 and is based in Kolkata, India.