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Swing Capital

Vikram Solar Ltd

NSE: VIKRAMSOLR BSE: 544488Energy

Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]

₹201
52W: ₹162 — ₹408
PE 15.4 · Book ₹87.6 · +129% vs book
Market Cap₹7,296 Cr
Stock P/E15.4Price to Earnings
ROCE30.6%Return on Capital
ROE21.4%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 66.4% CAGR over last 5 years
  • +Debtor days have improved from 133 to 92.2 days.
  • +Company's working capital requirements have reduced from 54.6 days to 36.6 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Promoter holding has decreased over last 3 years: -30.1%

Shareholding Pattern

Promoters63.01%
FIIs2.94%
DIIs4.8%
Public29.25%
CategorySep 2025Dec 2025Mar 2026
Promoters63.12%63.01%▼0.163.01%
FIIs2.08%1.82%▼0.32.94%▲1.1
DIIs6.2%4.71%▼1.54.8%▲0.1
Public28.59%30.45%▲1.929.25%▼1.2

Financial Statements

MetricJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales6325741,0271,1831,1351,1101,1061,453
Expenses5184969399728918769021,218
Operating Profit1147887211244234203235
OPM %18%14%9%18%21%21%18%16%
Net Profit2511218313412896110
EPS ₹0.770.340.662.624.253.552.663.04

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,803Cr, up 40.6% YoY. OPM at 19%.

Debt Position

Borrowings at ₹617Cr. Debt-to-equity ratio: 0.22x. Healthy balance sheet.

Capex Cycle

CWIP at ₹19Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 31% (Mar 2026). Working capital days: 37.

Valuation

PE 15.4x with 30.6% ROCE. Price is 129% above book value of ₹87.6. Dividend yield: 0%.

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