Profit before exceptional items and tax soared 402.2% to Rs 148.45 crore in Q3 FY26 compared with Rs 29.56 crore posted in corresponding quarter last year. Exceptional items during the quarter included labour code charges amounting to Rs 5.61 crore.

EBITDA rose sharply to Rs 205 crore in Q3 FY26, registering a 142% increase from Rs 85 crore reported in the year-ago period. The EBITDA margin expanded significantly to 19% in Q3 FY26 from 8% in Q3 FY25.

Order book stood at 10.6 GW as of 31st December 2025. Domestic operations accounted for 84% of total revenue, while exports contributed the remaining 16%.

In Q3 FY26, module sales jumped 35% YoY to 796 MW. Capacity utilization stands at 90% in during the quarter.

Gyanesh Chaudhary, chairman & managing director, Vikram Solar, said, “During this quarter, we delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency. Revenues grew 8% yearon-year, reflecting the steady scale-up of our manufacturing operations and our ability to execute consistently in a dynamic market environment. The broader solar industry continues to be firmly positioned for long-term growth, supported by robust demand fundamentals, enabling policy frameworks, and a growing shift toward high-efficiency and technologically advanced solutions.

Our order book remains robust at 10.6 GW, providing strong medium-term revenue visibility across utility-scale, C&I, and other customer segments. During the quarter, we successfully commenced operations at our 5 GW Vallam manufacturing facility, which is ramping up as planned and meaningfully strengthens our ability to deliver high-quality, large-scale solutions to both domestic and global customers.

In parallel, our Gangaikondan cell and module projects continue to progress in line with our roadmap, reinforcing our focus on backward integration, cost competitiveness, and long-term resilience of the value chain. During the quarter, we successfully transitioned our entire portfolio to high-efficiency N-Type modules, with our HYPERSOL series delivering power outputs of up to 640 Wp. This marks an important step in aligning Indian manufacturing with international standards on efficiency, form factor, and long-term bankability.”

Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 9.5 GW.