Vikram Solar Key Ratios

Stock Card

NSE: VIKRAMSOLR | BSE: 544488

₹148.94

₹-2.56 (-1.69%)

As on 07-Oct-2026IST

Market cap

₹5,399 Cr

Revenue (TTM)

₹5,232 Cr

P/E Ratio

15.1

P/B Ratio

1.7

Div. Yield

0 %

Key Ratios and Highlights

Growth Score (%)	Quarterly		Annual (TTM)
Particulars	QoQ	YoY	1-Year	3-Years	5-Years
Revenue	7.59	37.89	33.26	32.31	24.43
EBIT	-65.05	-70.29	29.20	83.44	40.46
Net Profit	-82.09	-85.17	44.07	219.00	65.23
EPS	-82.09	-87.05	24.60	185.16	54.48
Book Value	--	--	122.66	83.33	40.27

Key Ratios (%)	Average		Annual (TTM)
Particulars	3-Years	5-Years	TTM	Mar-26	Mar-25
EBIT-Margin	11.96	8.48	11.62	15.71	9.81
Net Margin	5.47	2.79	6.73	9.68	4.04
Return on equity	17.77	9.07	11.79	21.45	16.63
Return on Capital	27.44	19.78	--	34.07	27.29
Return on Assets	6.27	3.36	12.46	10.99	5.16
Debt to Equity (x)	--	--	0.00	0.03	0.19

Profitability

View Detailed Peer Comparison

ROCE

Earning before interest and taxes / (Average net worth + Average total Debt) * 100

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	34.07	27.29	22.23	13.06	2.24
Peer Median	--	33.95	4.27	8.69	9.65	5.25

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

ROE

11.79

Lower than Peers by 8.96

Profit after tax / Average Net worth * 100

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	11.79	21.45	16.63	19.67	4.05	-16.44
Peer Median	20.75	30.52	4.46	6.93	9.84	1.82

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

ROA

12.46

Lower than Peers by 2.83

Profit after tax / Average Total assets * 100

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	12.46	10.99	5.16	3.15	0.61	-3.12
Peer Median	15.29	13.92	2.23	2.81	4.84	0.92

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

EBIT Margin

11.62

Lower than Peers by 4.89

Operating profit (EBIT) / Net Sales * 100

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	11.62	15.71	9.81	10.38	5.90	0.62
Peer Median	16.51	19.39	34.67	38.48	27.74	15.87

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Net Margin

6.73

Lower than Peers by 7.52

Net profit / Total Income (Net sales plus other income) * 100

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	6.73	9.68	4.04	3.16	0.69	-3.61
Peer Median	14.26	10.56	9.22	5.86	4.44	1.42

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Cash Profit Margin

(Net profit + Depreciation) / Gross Sales * 100

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	13.17	8.64	8.67	3.78	-0.86
Peer Median	--	--	0.00	--	--	--

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Growth

View Detailed Peer Comparison

Revenue Growth

33.26

Lower than Peers by 22.65

Year on year growth in net sales

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	33.26	40.28	36.34	21.11	19.82	7.46
Peer Median	55.90	80.17	1,122.20	4.90	9.41	36.44

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

EBIT Growth

29.20

Lower than Peers by 76.01

Year on year growth in operating profit (EBIT)

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	29.20	124.58	28.95	113.16	1,042.76	-92.25
Peer Median	105.21	100.60	321.84	1,118.72	10.38	23.10

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Net Profit Growth

44.07

Lower than Peers by 51.80

Year on year growth in profit after tax

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	44.07	236.42	75.41	450.12	123.02	-264.79
Peer Median	95.87	68.47	200.45	97.52	128.91	396.80

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

EPS Growth

24.60

Lower than Peers by 81.04

Year on year growth in earnings per share

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	24.60	193.90	43.43	450.08	123.03	-264.79
Peer Median	105.64	53.55	264.89	--	--	209.93

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Book Value Growth

Year on year growth in book value per share

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	154.88	177.48	21.97	3.96	-15.23
Peer Median

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Solvency

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Debt to Equity

Total debt / Net worth

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	0.03	0.19	1.81	2.02	2.00
Peer Median	0.06	0.51	0.58	1.21	1.48	0.45

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Short term debt to equity ratio

(Short term borrowings / Net worth)

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	0.03	0.09	1.27	1.30	1.08
Peer Median

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Current Ratio

1.88

Higher than Peers by 0.11

Current Assets / Current Liabilities and Provisions

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	1.88	1.88	1.44	1.39	1.35	1.09
Peer Median	1.77	1.77	1.60	1.65	1.47	1.66

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Quick Ratio

1.47

Higher than Peers by 0.12

(Current Assets - Inventory) / Current Liabilities and Provisions

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	1.47	1.47	1.13	1.11	1.06	0.91
Peer Median	1.35	1.21	7.01	11.62	1.86	1.41

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Interest Coverage

3.77

Lower than Peers by 6.09

Earning before interest and taxes (EBIT) / Interest Expenses

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	3.77	5.03	2.40	1.69	1.15	0.23
Peer Median	9.86	8.36	1.27	2.62	3.50	1.35

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Operating Efficiency

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Debtors to sales

23.21

Higher than Peers by 14.35

Debtors outstanding / Net Sales * 100

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	23.21	25.29	35.89	47.21	46.25	53.02
Peer Median	8.87	14.66	24.64	48.22	27.20	32.86

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Asset Turnover

1.83

Higher than Peers by 0.71

Sales / Average Total Assets

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	1.83	1.12	1.26	0.99	0.88	0.86
Peer Median	1.12	1.88	0.99	0.30	0.47	0.57

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Receivable days

Average Debtors / Sales * 365

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	92.84	128.68	155.85	165.18	174.39
Peer Median

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Inventory Days

Average Inventory / Sales * 365

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	47.57	43.82	55.72	56.18	48.30
Peer Median

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Payable days

Average Creditors / Cost of goods sold * 365

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	17.73	26.59	44.66	55.32	106.44
Peer Median

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Cash Conversion Cycle

Receivable Days + Inventory Days - Payable Days

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	122.68	145.91	166.91	166.04	116.25
Peer Median

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Valuation

View Detailed Peer Comparison

Price / Earnings

15.13

Lower than Peers by 5.48

Current share price divided by earning per share in the last twelve months

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	15.13	13.71	--	--	--	--
Peer Median	20.61	19.35	41.83	81.94	42.37	239.75

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Price / Book Value

1.70

Lower than Peers by 2.82

Current share price divided by book value per share in the latest financial year

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	1.70	2.05	--	--	--	--
Peer Median	4.52	4.44	5.60	4.27	1.82	2.73

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Dividend Yield

Dividend per share in the past twelve months divided by current share price

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	--	--	--	--	--	--
Peer Median	--	--	--	--	--	--

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

EV/EBITDA

4.89

Enterprise Value (Current Market Capitalisation + Total Debt - Cash & Equivalents) / Earnings before interest, taxes, depreciation and taxes (EBITDA)

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	4.89	5.43	0.68	2.31	4.36	11.57
Peer Median	--	13.63	68.21	34.54	19.10	36.67

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Market Cap

5,399

Higher than Peers by 2,313

Current Share price multiplied by latest total number of shares outstanding

Company Name	TTM	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21	Mar-20	Mar-19	Mar-18	Mar-17
Vikram Solar	5,399	6,449	--	--	--	--
Peer Median	3,086	5,304	2,139	1,938	371	362

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.