Vikram Solar Ltd

Rating Action details

• Long-term bank loan rating affirmed IND A+ with Stable outlook.
• Short-term bank loan rating affirmed IND A1+.
• New long-term rating IND A+ assigned for additional facilities (Rs 1,300 Cr).
• New short-term rating IND A1+ assigned for additional facilities (Rs 1,300 Cr).
• Total rated bank facilities increased from Rs 2,700 Cr to Rs 4,000 Cr.
• Rating agency: India Ratings and Research Private Limited.

Business Overview

• Core business: solar PV modules with an integrated Indian manufacturing platform.
• Gangaikondan hub provides modules, cells, wafers, and BESS under one site.
• Strategic focus on domestic manufacturing, ALMM-aligned supply chain, and non-China sourcing.

Operational Highlights

• Gangaikondan module plant commissioned; first module shipped in June 2026.
• Order book ~7.9 GW as of 30 Jun 2026; NDCR backlog ~70 GW.
• DCR tenders live in the ~30–40 GW/yr range.
• Revenue growth momentum with diversified demand engines and large accounts.

Financial Performance

• Revenue from operations ₹1,563 cr in Q1FY27; YoY +38%.
• Gross margin 19%; EBITDA ₹126 cr; EBITDA margin 8%.
• EBIT ₹75 cr; EBIT margin 5%; PAT ₹20 cr.
• Finance cost ₹49 cr; PBT ₹25 cr; tax ₹5 cr.

Capital Structure & Liquidity

• No debt/equity changes disclosed in this presentation.
• No explicit liquidity metrics provided in the chunk.

Strategic Priorities & Outlook

• FY27: Cells 9 GW; +3 GW expansion to boost value addition.
• FY29: Wafer/Ingot 9 GW; +3 GW expansion for import substitution.
• FY30: 15 GWh BESS; energy storage as growth engine.
• Long-term: in-house margin protection via wafer-to-module integration.

Risks & Mitigation

• Macro and policy risks; execution risk in long-cycle tenders.
• Competitive pressure; mitigation through vertical integration and domestic supply chain.

Governance & Leadership

• Board features CEO Sameer Nagpal; independent directors and chairperson emeritus.
• Management emphasizes experienced leadership and governance practices.

Financial performance

• FY26 revenue 48,023 Mn; EBITDA 9,166 Mn; PAT 4,705 Mn; EPS 13.60.
• YoY growth: revenue +40.5%, PAT +236%.
• EBITDA margin ~19%.

AGM Details

• AGM date/time: 04 August 2026, 2:00 PM IST; via VC/OAVM.
• Deemed venue: Company's registered office.
• Cut-off date for attendance: July 28, 2026; remote e-voting: July 31–August 3, 2026.

Resolution 1 (Ordinary)

• Adopt standalone and consolidated financial statements.

Resolution 2 (Ordinary)

• Re-appoint Suresh Menon as Director.

Resolution 3 (Special)

• Appoint Sameer Nagpal as Whole-time Director and CEO for three years.

Resolution 4 (Special)

• Re-appoint Gyanesh Chaudhary as Chairman and Managing Director.

Resolution 5 (Special)

• Re-appoint Ratnabali Kakkar as Independent Director for five years.

Resolution 6 (Special)

• Approve investments, loans, guarantees and securities under Section 186.

Resolution 7 (Special)

• Approve material related party transactions with VSL Logistics for FY2026-27; aggregate ₹1,350 crores.

Resolution 8 (Special)

• Ratify remuneration for Cost Auditors for the year.

Material RPT: VSL Logistics

• RPT with VSL Logistics: aggregate ₹1,350 crores; arm's-length; monitoring.

Agreement details

• Entered into a Solar Cell Supply Agreement with Evervolt Solar Technology India Private Limited to supply 130 MW.
• Agreement covers Mono-PERC 10BB DCR-compliant solar cells.
• Supply period runs July 2026 to March 2027.
• Counterparty is Evervolt Solar Technology India Private Limited; formerly CETC Renewable Energy Tech India Pvt. Ltd.
• No related party relationship or related party transactions disclosed.
• No equity issuance, loans, or director rights involved.
• Total 130 MW to support domestic module manufacturing.

Dematerialisation status

• Dematerialisation requests processed and confirmed to depositories.
• Securities dematerialised have been listed on stock exchanges with existing listings.
• Physical certificates dematerialised were mutilated and cancelled after verification.
• Depository name substituted as registered owner within prescribed timelines.

AGM details

• AGM scheduled for Tue, Aug 4, 2026 at 2:00 PM IST via VC/OAVM.
• Cut-off date for voting eligibility is July 28, 2026.
• Annual Report for FY2025-26 and AGM notice will be sent to shareholders and uploaded on the company website.
• AGM proceedings deemed conducted at the company's registered office in Kolkata.