Vikram Solar Limited announced its un-audited financial results for the third quarter and nine months ended December 31st, 2025. The company reported a steady performance driven by execution strength.

For the third quarter of fiscal year 2026 (Q3FY26), Revenue from Operations grew by 8% on a year-on-year basis, reaching ₹1,106 crore. EBITDA for the quarter stood at ₹205 crore, marking a substantial increase of 142% year-on-year, with EBITDA margins improving to 19% from 8% in Q3FY25. Profit After Tax (PAT) for Q3FY26 surged by 416% year-on-year to ₹98 crore, resulting in PAT margins of 9% compared to 2% in the previous year.

On a consolidated basis, for the nine months ended December 31st, 2025 (9MFY26), Revenue from Operations increased by 50% to ₹3,349 crore. EBITDA saw a significant rise of 154% to ₹682 crore, with margins at 20%. PAT for 9MFY26 grew by 631% to ₹360 crore, and PAT margins stood at 11%.

The company also provided an update on its order book, which stood at 10.6 GW as of December 31st, 2025, with a geography-wise split of 84% Domestic and 16% Exports. Module sales for Q3FY26 were 796 MW, a 35% increase from 590 MW in Q3FY25. For 9MFY26, module sales reached 2,344 MW, a 97% growth compared to 1,188 MW in the corresponding period of the previous fiscal year. Capacity utilization for Q3FY26 was reported at 90% of the effective capacity.

Key updates during the quarter include the commencement of operations at their 5 GW module plant in Vallam, increasing total manufacturing capacity to 9.5 GW. India Ratings upgraded their credit rating for bank facilities to IND A+ Stable. Mr. Arun Mittal was appointed as the Chief Executive Officer of VSL Powerhive to lead the battery business. The Board approved a capital expenditure of ₹4,371 crore for entry into BESS (Phase-1) through VSL Powerhive Private Limited. Vikram Solar also launched Hypersol Pro, an advanced N-Type solar PV module. The company was recognized as a BloombergNEF Tier 1 Solar Module Manufacturer for the 8th consecutive quarter and received a Gold award at the 23rd Greentech Safety, Fire & Security (SFS) Awards 2025.