VIKRAM SOLAR LIMITED

During the Q1 FY27 Earnings Conference Call held on August 7, 2026, management reported a significant increase in quarterly performance, achieving a record volume of 1,006 megawatts, which represented a 32% year-on-year growth. Revenue also grew by 38% year-on-year, reaching approximately INR 1,563 crores. Management highlighted challenges faced during the quarter, including unclear enforcement of the ALMM 2 mandate, rising costs due to geopolitical tensions, and intense competition in the market. The order book stood at 7.9 gigawatts, with a shift towards a more diversified customer base. Management emphasized the importance of their distribution network and mid-market strategy, which contributed to improved price realizations. Additionally, the company is progressing on its backward integration plans, with the cell plant on track for commissioning in Q4 FY27. Management also noted the receipt of the Ecovadis Platinum rating, placing them in the top 1% of assessed companies globally.

Management emphasized strong growth and strategic advancements despite facing challenges.