With profits skyrocketing to ₹980 million, Vikram Solar’s revenue rises 8% in the third quarter of FY26, and expenses drop. Yet, the stock plunges 9.65% after the announcement.
Vikram Solar has reported a remarkable surge in its third quarter (Q3) results for the financial year 2025-26. For the quarter ending 31 December 2025, the solar energy component manufacturer saw its consolidated net profits soar by 415%, reaching ₹980 million, compared to ₹190 million during the same period the previous year.
Revenue from the company’s core operations rose by nearly 8%, totalling ₹11.0595 billion, up from ₹10.2604 billion in Q3 2024-25. This growth was driven by strong demand for solar components, despite global economic challenges. In contrast, Vikram Solar’s expenses for the quarter fell by 3% year-on-year, amounting to ₹9.7773 billion, down from ₹10.0827 billion in the previous year.
A key factor contributing to this decline was a significant drop in raw material costs, which fell by over 9% to ₹7.9882 billion from ₹8.8105 billion in the corresponding period last year.
The company’s financial statements also indicated a one-time impact of ₹56.1 million due to the central government’s new Labour Codes. However, this did not affect the quarter’s profits.
Despite the positive financial performance, Vikram Solar’s stock closed 9.65% lower at ₹214.99 on 20 January 2026, following the release of the Q3 results after market hours. The company’s shares have faced challenges year to date, dropping 9.36% in 2026 so far and 7.63% in the past month. Over the last five market sessions, the stock has fallen by 6.26%.
As of the market close on 20 January 2026, Vikram Solar’s market capitalisation stood at ₹77.8974 billion. The company’s shares had reached a 52-week high of ₹407.95 on 10 September 2025, but as of the latest data, have fallen to a 52-week low of ₹213.
