Vikram Solar Q2 FY27: EBITDA/Watt Up 37%, 9 GW Cell Facility by Dec '26
Vikram Solar reported Q2 FY27 results with revenue up 17.7% YoY for H1. EBITDA per watt improved 37% QoQ. The company added 1.7 GW of new orders and expects its 9 GW cell facility to produce first cells in December 2026. A 7.5 GWh BESS plant is slated for April 2027 commercial operations.
The announcement details significant operational improvements (EBITDA/watt), substantial new order wins, and progress on major capacity expansions (9 GW cell facility, BESS plant), which are critical for future growth and market position.
The company reported sequential improvement in EBITDA per watt, strengthening order inflow, and progress on key expansion projects like the 9 GW cell facility and BESS plant, indicating positive operational and strategic developments.
Vikram Solar Limited announced its financial results for the quarter and half-year ended September 30, 2026 (Q2 FY27). Despite a transitory dip in volumes, the company improved its business mix and order inflow. Revenue from operations increased by 17.7% from H1 FY26 to H1 FY27. Absolute EBITDA per watt improved by approximately 37% sequentially over Q1 FY27.
The company added approximately 1.7 GW of new orders during Q2 FY27, compared to 0.8 GW in Q1 FY27. The share of DCR (Domestic Content Requirement) increased from 7.5% in Q1 FY27 to 22% in Q2 FY27, and distribution and retail volumes grew from 14% to 44%. Net debt to equity stood at 0.17x as of September 30, 2026.
The 9 GW N-type TOPCon cell manufacturing facility at Gangaikondan, Tamil Nadu, is on schedule to produce its first cells in December 2026, with full capacity to be commissioned in phases thereafter. This facility is a key part of the company's backward integration roadmap.
Furthermore, Vikram Solar plans to set up 9 GW of backward-integrated ingot and wafer capacity at the same site by FY29. The company's wholly-owned subsidiary, VSL PowerHive, is establishing a 7.5 GWh per annum Battery Energy Storage System (BESS) assembly plant at Oragadam, near Chennai, Tamil Nadu, with commercial operations expected from April 2027.
Mr. Gyanesh Chaudhary, Chairman and Managing Director, stated that the focus for H2 FY27 is to convert executable orders, improve asset utilization, deliver increased DCR volumes, and commission the cell project in a disciplined manner. The company has been rated IND A+/Stable for long-term and IND A1+ for short-term facilities by India Ratings and Research. Vikram Solar has also been recognized as a Kiwa PVEL Top Performer for the 9th time and a BNEF Tier 1 manufacturer for the 10th consecutive quarter.
What to do with a filing like this
Vikram Solar Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Vikram Solar Limited. Read the original for the full detail.