About Vikram Solar Limited
Data last updated:
Vikram Solar Limited is a public limited company based in Kolkata, West Bengal, India. It operates in the bop and btg services segment of the energy and power sector. It was incorporated on 02 December 2005 and has been in existence for over 21 years.
The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN L18100WB2005PLC106448. Its GSTIN is 19AABCI5168D1ZL (West Bengal). The company holds 25 GST registrations, of which 18 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 544488 and NSE: VIKRAMSOLR.
The company has an authorised share capital of ₹400 Cr and a paid-up capital of ₹362.35 Cr. It was formerly known as International Leather Clothiers Private Limited and Vikram Solar Private Limited. It is led by directors including Gyanesh Chaudhary (Managing Director) and Krishna Kumar Maskara (Whole-Time Director).
Its last annual general meeting (AGM) was held on 04 August 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Kolkata, West Bengal.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹4,803.43 Cr, a growth of 40.6% compared to the previous year. For the same year it recorded a net profit of ₹473.38 Cr (net margin 9.9%) and EBITDA of ₹910.44 Cr (EBITDA margin 19%). The net worth stands at ₹3,172.93 Cr (up 152.4% YoY). Total assets are valued at ₹3,830.44 Cr (up 144.7% YoY).
The company has about 1,454 employees on its provident fund (EPFO) records.
The company is associated with 2 brands: The Heritage Academy and Vikram Solar. As per MCA filings, the company has open charges of ₹10,163 Cr and satisfied charges of ₹3,624.71 Cr on record. Court records list 85 cases involving the company, including 57 filed by the company and 28 filed against it; 17 cases are pending. The company has 24 deals on record (12 secondary share transfers, 8 funding rounds, 2 market trades), with disclosed funding of ₹780.91 Cr; the latest was in September 2025. Its 7 peer companies in the Power industry (EPC, BoP and BTG, Power Equipment Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment) are compared by revenue, 3 larger and 4 smaller; the largest is Vestas Wind Technology India Private Limited with revenue of ₹4,143.24 Cr. The company has 13 MSME Form 1 returns on record between 2019 and 2023, listing 1,067 overdue payments to 332 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website vikramsolar.com.
Company details
Name history
Vikram Solar has undergone 3 name changes throughout its history. The company was previously known as International Leather Clothiers Private Limited, Vikram Solar Private Limited, and International Clothiers India Private Limited. The current legal name is Vikram Solar Limited.
| Company Name | Status |
|---|---|
| Vikram Solar Limited | Current |
| International Leather Clothiers Private Limited | Previous |
| Vikram Solar Private Limited | Previous |
| International Clothiers India Private Limited | Previous |
CIN history
Vikram Solar has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L18100WB2005PLC106448, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L18100WB2005PLC106448 | Current |
| U18100WB2005PLC106448 | Previous |
| U18100WB2005PTC106448 | Previous |
Contact details
Vikram Solar Limited's registered office is in Kolkata, West Bengal.
- Social Media
- Registered AddressBiowonder Unit No. 1102 11th Floor 789 Anandapur Main Road, Eastern Metropolitan Bypass, Kolkata, West Bengal, India – 700107
- IndustryEnergy and Power, BoP & BTG Services, Power EPC
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Vikram Solar operates two associated brands: The Heritage Academy and Vikram Solar. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Offers undergraduate and postgraduate courses in business, IT, and media science. | tha.edu.in | |
| Provider of solar photovoltaic modules and renewable energy solutions | vikramsolar.com |
Business activity
The main business activities of Vikram Solar are manufacturing and professional, scientific and technical. In detail, this covers electrical equipment, general purpose and special purpose machinery & equipment, transport equipment and architecture, engineering activities, technical testing and analysis activities. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C10 | Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment | |
| M | Professional, Scientific and Technical | M4 | Architecture, engineering activities, technical testing and analysis activities |
To see the full business activity and turnover split of Vikram Solar Limited, buy the company report.
Financials of Vikram Solar Limited
FY 2025-26 filings availableVikram Solar Limited reported revenue of ₹4,803.43 Cr (up 40.6% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 4,803 | 3,415 | 2,511 | 2,073 | 1,730 | 1,610 | 1,640 |
| Revenue growth | +40.6% | +36.0% | +21.1% | +19.8% | +7.5% | -1.8% | - |
| EBITDA | 910 | 491 | 387 | 186 | 58.68 | 177 | 140 |
| EBITDA margin | +19.0% | +14.4% | +15.4% | +9.0% | +3.4% | +11.0% | +8.5% |
| Profit before tax | 646 | 216 | 107 | 18.86 | (79.43) | 56.20 | 30.42 |
| Net profit | 473 | 139 | 88.34 | 15.30 | (62.93) | 38.34 | 20.75 |
| Net profit margin | +9.9% | +4.1% | +3.5% | +0.7% | -3.6% | +2.4% | +1.3% |
| EPS (₹) | 12.95 | 4.39 | 3.08 | 0.56 | (2.43) | 16.23 | 8.06 |
| Balance sheet | |||||||
| Total assets | 3,830 | 1,566 | 1,774 | 1,713 | 1,194 | 1,129 | 885 |
| Net worth | 3,173 | 1,257 | 445 | 365 | 351 | 414 | 362 |
| Total debt | 617 | 272 | 854 | 792 | 703 | 672 | 494 |
| Cash & bank | 992 | 180 | 116 | 104 | 136 | 101 | 122 |
| Net working capital | 1,666 | 751 | 1,175 | 990 | 576 | 615 | 465 |
| Cash flow | |||||||
| Cash from operations | 667 | 290 | 152 | 195 | 201 | 12.70 | 227 |
| Cash from investing | (1,808) | (175) | (63.68) | (110) | (155) | (39.61) | (35.97) |
| Cash from financing | 1,120 | (92.33) | (81.03) | (102) | (36.22) | 3.81 | (174) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,563 | 1,453 | 1,106 | 1,110 | 1,134 | 1,194 | 1,026 | 573 |
| Revenue growth (YoY) | +37.9% | +21.7% | +7.8% | +93.7% | +79.7% | - | - | - |
| Other income | 12.62 | 18.20 | 20.23 | 15.90 | 4.20 | 7.54 | 11.79 | 10.52 |
| EBITDA | 126 | 235 | 199 | 235 | 242 | 224 | 84.72 | 72.13 |
| EBITDA margin | +8.1% | +16.1% | +18.0% | +21.2% | +21.4% | +18.7% | +8.3% | +12.6% |
| Depreciation | 64.01 | 57.11 | 36.52 | 34.88 | 33.50 | 42.24 | 39.13 | 37.33 |
| Interest | 49.40 | 56.55 | 40.17 | 31.58 | 32.26 | 48.16 | 27.81 | 33.88 |
| Profit before tax | 25.21 | 139 | 143 | 184 | 181 | 141 | 29.57 | 11.44 |
| Tax | 5.44 | 28.63 | 44.69 | 55.97 | 47.26 | 50.24 | 10.55 | 4.08 |
| Net profit | 19.77 | 110 | 98.13 | 128 | 133 | 90.62 | 19.02 | 7.36 |
| EPS (₹) | 0.54 | 3.03 | 2.70 | 3.82 | 4.20 | 2.98 | 0.69 | 0.25 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 4,803 | 3,415 | 2,441 | 2,006 | 1,700 | 1,577 | 1,520 |
| Revenue growth | +40.6% | +39.9% | +21.7% | +18.0% | +7.9% | +3.8% | - |
| EBITDA | 910 | 491 | 380 | 182 | 53.13 | 174 | 117 |
| EBITDA margin | +19.0% | +14.4% | +15.6% | +9.1% | +3.1% | +11.1% | +7.7% |
| Profit before tax | 646 | 216 | 100 | 14.61 | (84.84) | 53.77 | 9.52 |
| Net profit | 473 | 139 | 74.57 | 13.54 | (60.13) | 37.14 | 6.00 |
| Net profit margin | +9.9% | +4.1% | +3.1% | +0.7% | -3.5% | +2.4% | +0.4% |
| EPS (₹) | 12.95 | 4.39 | 2.58 | 0.49 | (2.32) | 15.78 | 2.16 |
| Balance sheet | |||||||
| Total assets | 3,830 | 1,566 | 1,788 | 1,729 | 1,209 | 1,153 | 977 |
| Net worth | 3,173 | 1,257 | 460 | 388 | 367 | 424 | 378 |
| Total debt | 617 | 272 | 854 | 788 | 703 | 672 | 494 |
| Cash & bank | 992 | 180 | 115 | 90.10 | 122 | 80.73 | 120 |
| Net working capital | 1,666 | 751 | 1,188 | 999 | 566 | 618 | 535 |
| Cash flow | |||||||
| Cash from operations | 667 | 290 | 170 | 173 | 207 | 18.94 | 231 |
| Cash from investing | (1,808) | (175) | (82.02) | (88.70) | (157) | (50.76) | (37.89) |
| Cash from financing | 1,120 | (92.33) | (81.03) | (100) | (36.22) | 5.39 | (174) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,536 | 1,453 | 1,106 | 1,110 | 1,135 | 1,183 | 1,027 | 574 |
| Revenue growth (YoY) | +35.3% | +22.8% | +7.7% | +93.5% | +79.7% | - | - | - |
| Other income | 12.54 | 18.37 | 20.06 | 15.76 | 4.24 | 4.75 | 14.28 | 10.24 |
| Total expenses | 1,411 | 1,218 | 908 | 876 | 891 | 972 | 939 | 496 |
| EBITDA | 125 | 235 | 198 | 234 | 244 | 211 | 87.35 | 77.68 |
| EBITDA margin | +8.1% | +16.1% | +17.9% | +21.1% | +21.5% | +17.9% | +8.5% | +13.5% |
| Depreciation | 63.99 | 57.10 | 36.51 | 34.88 | 33.50 | 42.24 | 39.13 | 37.32 |
| Interest | 49.34 | 56.48 | 40.13 | 31.55 | 32.25 | 45.23 | 29.99 | 33.79 |
| Profit before tax | 24.21 | 139 | 141 | 184 | 182 | 129 | 32.51 | 16.81 |
| Tax | 5.48 | 29.33 | 44.74 | 55.49 | 47.88 | 45.89 | 11.59 | 5.99 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,563 | 1,453 | 1,106 | 1,110 | 1,134 | 1,194 | 1,026 | 573 |
| Revenue growth (YoY) | +37.9% | +21.7% | +7.8% | +93.7% | +79.7% | - | - | - |
| Other income | 12.62 | 18.20 | 20.23 | 15.90 | 4.20 | 7.54 | 11.79 | 10.52 |
| EBITDA | 126 | 235 | 199 | 235 | 242 | 224 | 84.72 | 72.13 |
| EBITDA margin | +8.1% | +16.1% | +18.0% | +21.2% | +21.4% | +18.7% | +8.3% | +12.6% |
| Depreciation | 64.01 | 57.11 | 36.52 | 34.88 | 33.50 | 42.24 | 39.13 | 37.33 |
| Interest | 49.40 | 56.55 | 40.17 | 31.58 | 32.26 | 48.16 | 27.81 | 33.88 |
| Profit before tax | 25.21 | 139 | 143 | 184 | 181 | 141 | 29.57 | 11.44 |
| Tax | 5.44 | 28.63 | 44.69 | 55.97 | 47.26 | 50.24 | 10.55 | 4.08 |
| Net profit | 19.77 | 110 | 98.13 | 128 | 133 | 90.62 | 19.02 | 7.36 |
| EPS (₹) | 0.54 | 3.03 | 2.70 | 3.82 | 4.20 | 2.98 | 0.69 | 0.25 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 4,803 | 3,415 | 2,511 | 2,073 | 1,730 | 1,610 | 1,640 |
| Revenue growth | +40.6% | +36.0% | +21.1% | +19.8% | +7.5% | -1.8% | - |
| Other income | 58.43 | 36.22 | 12.97 | 18.68 | 12.74 | 17.46 | 22.29 |
| Total expenses | 3,893 | 2,925 | 2,124 | 1,887 | 1,672 | 1,433 | 1,500 |
| Employee cost | 156 | 117 | 96.29 | 91.21 | 109 | 87.07 | 92.46 |
| EBITDA | 910 | 491 | 387 | 186 | 58.68 | 177 | 140 |
| EBITDA margin | +19.0% | +14.4% | +15.4% | +9.0% | +3.4% | +11.0% | +8.5% |
| Depreciation | 162 | 156 | 138 | 63.94 | 47.98 | 38.83 | 36.77 |
| Interest | 160 | 155 | 155 | 122 | 103 | 99.48 | 94.97 |
| Profit before tax | 646 | 216 | 107 | 18.86 | (79.43) | 56.20 | 30.42 |
| Tax | 177 | 77.06 | 27.57 | 4.39 | (16.50) | 18.00 | 7.92 |
| Net profit | 473 | 139 | 88.34 | 15.30 | (62.93) | 38.34 | 20.75 |
| Net profit margin | +9.9% | +4.1% | +3.5% | +0.7% | -3.6% | +2.4% | +1.3% |
| EPS (₹) | 12.95 | 4.39 | 3.08 | 0.56 | (2.43) | 16.23 | 8.06 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 362 | 317 | 259 | 259 | 259 | 23.53 | 27.93 |
| Reserves & surplus | 2,811 | 941 | 187 | 106 | 92.46 | 391 | 334 |
| Shareholders' funds (net worth) | 3,173 | 1,257 | 445 | 365 | 351 | 414 | 362 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 100 | 231 | 626 | 599 | 618 | 536 | 445 |
| Unsecured loans | 517 | 41.27 | 228 | 193 | 84.87 | 136 | 49.41 |
| Total debt | 617 | 272 | 854 | 792 | 703 | 672 | 494 |
| Total liabilities | 3,830 | 1,566 | 1,774 | 1,713 | 1,194 | 1,129 | 885 |
| Assets | |||||||
| Gross block | 1,787 | 1,079 | 899 | 902 | 748 | 532 | 465 |
| Net block | 1,079 | 534 | 505 | 644 | 547 | 381 | 357 |
| Capital work in progress | 18.93 | 13.66 | 27.81 | 17.77 | 3.57 | 66.55 | 10.91 |
| Investments | 742 | 119 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 815 | 429 | 393 | 373 | 265 | 193 | 227 |
| Sundry debtors | 1,214 | 1,228 | 1,185 | 959 | 917 | 736 | 532 |
| Cash & bank balances | 992 | 180 | 116 | 104 | 136 | 101 | 122 |
| Loans & advances | 354 | 145 | 284 | 317 | 301 | 236 | 264 |
| Total current assets | 3,375 | 1,982 | 1,978 | 1,753 | 1,619 | 1,266 | 1,144 |
| Total current liabilities | 1,709 | 1,231 | 804 | 763 | 1,043 | 650 | 680 |
| Net working capital | 1,666 | 751 | 1,175 | 990 | 576 | 615 | 465 |
| Total assets | 3,830 | 1,566 | 1,774 | 1,713 | 1,194 | 1,129 | 885 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 30.67 | 8.45 | 1.63 | 18.87 | 8.59 | 31.68 | 15.20 |
| Net cash from operating activities | 667 | 290 | 152 | 195 | 201 | 12.70 | 227 |
| Net cash from investing activities | (1,808) | (175) | (63.68) | (110) | (155) | (39.61) | (35.97) |
| Net cash from financing activities | 1,120 | (92.33) | (81.03) | (102) | (36.22) | 3.81 | (174) |
| Net change in cash | (20.77) | 22.23 | 7.32 | (17.24) | 10.28 | (23.09) | 16.48 |
| Closing cash | 992 | 180 | 116 | 104 | 136 | 101 | 122 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +40.6% | +36.0% | +21.1% | +19.8% | +7.5% | -1.8% | - |
| EBITDA growth | +85.6% | +26.8% | +107.8% | +217.3% | -66.9% | +26.6% | - |
| PBT growth | +199.1% | +101.5% | +468.7% | +9998.0% | - | +84.8% | +9997.0% |
| Net income growth | +240.4% | +57.4% | +477.4% | +124.3% | -264.1% | +84.8% | - |
| Revenue CAGR (3Y) | +32.3% | +25.4% | +16.0% | +8.1% | - | - | - |
| EBITDA CAGR (3Y) | +69.7% | +103.0% | +29.8% | +10.0% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +9.8% | +4.1% | +3.2% | +0.7% | -3.6% | +2.4% | +1.4% |
| Return on capital employed | +29.9% | +22.2% | +15.7% | +9.7% | +2.0% | +15.5% | +14.2% |
| Return on net worth | +21.2% | +16.3% | +21.8% | +4.0% | -16.4% | +9.8% | +6.2% |
| Debt / equity | 0.20 | 0.66 | 2.03 | 2.09 | 1.80 | 1.50 | 1.37 |
| Long-term debt / equity | 0.12 | 0.16 | 0.41 | 0.50 | 0.48 | 0.48 | 0.52 |
| Interest cover | 21.43 | 46.23 | 62.12 | 99.85 | 961.40 | 71.97 | 92.11 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 3.35 | 3.45 | 2.79 | 2.51 | 2.70 | 3.23 | 3.53 |
| Inventory turnover | 7.72 | 8.31 | 6.55 | 6.50 | 7.56 | 7.68 | 7.24 |
| Debtors turnover | 3.93 | 2.83 | 2.34 | 2.21 | 2.09 | 2.54 | 3.08 |
| EPS (₹) | 12.95 | 4.39 | 3.08 | 0.56 | (2.43) | 16.23 | 8.06 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 87.57 | 39.72 | 17.21 | 14.11 | 13.57 | 176.12 | 129.57 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,536 | 1,453 | 1,106 | 1,110 | 1,135 | 1,183 | 1,027 | 574 |
| Revenue growth (YoY) | +35.3% | +22.8% | +7.7% | +93.5% | +79.7% | - | - | - |
| Other income | 12.54 | 18.37 | 20.06 | 15.76 | 4.24 | 4.75 | 14.28 | 10.24 |
| Total expenses | 1,411 | 1,218 | 908 | 876 | 891 | 972 | 939 | 496 |
| EBITDA | 125 | 235 | 198 | 234 | 244 | 211 | 87.35 | 77.68 |
| EBITDA margin | +8.1% | +16.1% | +17.9% | +21.1% | +21.5% | +17.9% | +8.5% | +13.5% |
| Depreciation | 63.99 | 57.10 | 36.51 | 34.88 | 33.50 | 42.24 | 39.13 | 37.32 |
| Interest | 49.34 | 56.48 | 40.13 | 31.55 | 32.25 | 45.23 | 29.99 | 33.79 |
| Profit before tax | 24.21 | 139 | 141 | 184 | 182 | 129 | 32.51 | 16.81 |
| Tax | 5.48 | 29.33 | 44.74 | 55.49 | 47.88 | 45.89 | 11.59 | 5.99 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 4,803 | 3,415 | 2,441 | 2,006 | 1,700 | 1,577 | 1,520 |
| Revenue growth | +40.6% | +39.9% | +21.7% | +18.0% | +7.9% | +3.8% | - |
| Other income | 58.43 | 36.22 | 15.26 | 20.13 | 12.82 | 17.69 | 24.58 |
| Total expenses | 3,893 | 2,925 | 2,061 | 1,825 | 1,647 | 1,402 | 1,403 |
| Employee cost | 156 | 117 | 90.07 | 83.66 | 96.94 | 75.81 | 78.83 |
| EBITDA | 910 | 491 | 380 | 182 | 53.13 | 174 | 117 |
| EBITDA margin | +19.0% | +14.4% | +15.6% | +9.1% | +3.1% | +11.1% | +7.7% |
| Depreciation | 162 | 156 | 138 | 63.92 | 47.92 | 38.75 | 36.72 |
| Interest | 160 | 155 | 157 | 123 | 103 | 99.45 | 94.89 |
| Profit before tax | 646 | 216 | 100 | 14.61 | (84.84) | 53.77 | 9.52 |
| Tax | 177 | 77.06 | 33.43 | 1.92 | (24.71) | 16.63 | 3.48 |
| Net profit | 473 | 139 | 74.57 | 13.54 | (60.13) | 37.14 | 6.00 |
| Net profit margin | +9.9% | +4.1% | +3.1% | +0.7% | -3.5% | +2.4% | +0.4% |
| EPS (₹) | 12.95 | 4.39 | 2.58 | 0.49 | (2.32) | 15.78 | 2.16 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 362 | 317 | 259 | 259 | 259 | 23.53 | 27.93 |
| Reserves & surplus | 2,811 | 941 | 202 | 129 | 108 | 401 | 350 |
| Shareholders' funds (net worth) | 3,173 | 1,257 | 460 | 388 | 367 | 424 | 378 |
| Secured loans | 100 | 231 | 626 | 599 | 618 | 536 | 445 |
| Unsecured loans | 517 | 41.27 | 228 | 189 | 84.87 | 136 | 49.41 |
| Total debt | 617 | 272 | 854 | 788 | 703 | 672 | 494 |
| Total liabilities | 3,830 | 1,566 | 1,788 | 1,729 | 1,209 | 1,153 | 977 |
| Assets | |||||||
| Gross block | 1,787 | 1,079 | 882 | 881 | 739 | 528 | 464 |
| Net block | 1,079 | 534 | 493 | 627 | 542 | 381 | 356 |
| Capital work in progress | 18.93 | 13.66 | 12.67 | 8.03 | 3.57 | 66.55 | 10.91 |
| Investments | 742 | 119 | 43.61 | 34.94 | 30.97 | 27.64 | 28.20 |
| Inventories | 815 | 429 | 388 | 339 | 260 | 192 | 226 |
| Sundry debtors | 1,214 | 1,228 | 1,181 | 959 | 899 | 727 | 517 |
| Cash & bank balances | 992 | 180 | 115 | 90.10 | 122 | 80.73 | 120 |
| Loans & advances | 354 | 145 | 296 | 327 | 299 | 234 | 256 |
| Total current assets | 3,375 | 1,982 | 1,980 | 1,715 | 1,579 | 1,234 | 1,119 |
| Total current liabilities | 1,709 | 1,231 | 792 | 716 | 1,014 | 616 | 584 |
| Net working capital | 1,666 | 751 | 1,188 | 999 | 566 | 618 | 535 |
| Total assets | 3,830 | 1,566 | 1,788 | 1,729 | 1,209 | 1,153 | 977 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 30.67 | 8.45 | 1.01 | 16.82 | 3.07 | 29.50 | 10.76 |
| Net cash from operating activities | 667 | 290 | 170 | 173 | 207 | 18.94 | 231 |
| Net cash from investing activities | (1,808) | (175) | (82.02) | (88.70) | (157) | (50.76) | (37.89) |
| Net cash from financing activities | 1,120 | (92.33) | (81.03) | (100) | (36.22) | 5.39 | (174) |
| Net change in cash | (20.77) | 22.23 | 7.44 | (15.82) | 13.75 | (26.43) | 18.74 |
| Closing cash | 992 | 180 | 115 | 90.10 | 122 | 80.73 | 120 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +40.6% | +39.9% | +21.7% | +18.0% | +7.9% | +3.8% | - |
| EBITDA growth | +85.6% | +29.1% | +109.1% | +242.3% | -69.5% | +49.5% | - |
| PBT growth | +199.1% | +115.6% | +586.0% | +9998.0% | - | +464.8% | +9997.0% |
| Net income growth | +240.4% | +86.5% | +450.7% | +122.5% | -261.9% | +519.0% | - |
| Revenue CAGR (3Y) | +33.8% | +26.2% | +15.7% | +9.7% | - | - | - |
| EBITDA CAGR (3Y) | +71.1% | +109.8% | +29.7% | +16.0% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +9.8% | +4.1% | +2.7% | +0.6% | -3.5% | +2.4% | +0.4% |
| Return on capital employed | +29.9% | +22.1% | +15.3% | +9.4% | +1.5% | +14.4% | +10.8% |
| Return on net worth | +21.2% | +16.2% | +17.6% | +3.4% | -15.2% | +9.3% | +1.7% |
| Debt / equity | 0.20 | 0.66 | 1.94 | 1.98 | 1.74 | 1.45 | 1.44 |
| Long-term debt / equity | 0.12 | 0.15 | 0.38 | 0.58 | 0.57 | 0.47 | 0.53 |
| Interest cover | 21.43 | 46.23 | 64.91 | 104.68 | 1,974.47 | 73.38 | 118.87 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 3.35 | 3.48 | 2.77 | 2.48 | 2.68 | 3.18 | 3.49 |
| Inventory turnover | 7.72 | 8.36 | 6.71 | 6.70 | 7.54 | 7.56 | 7.04 |
| Debtors turnover | 3.93 | 2.83 | 2.28 | 2.16 | 2.09 | 2.54 | 2.87 |
| EPS (₹) | 12.95 | 4.39 | 2.58 | 0.49 | (2.32) | 15.78 | 2.16 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 87.57 | 39.72 | 17.79 | 14.97 | 14.17 | 180.35 | 135.29 |
To see the full year-wise statements and ratios of Vikram Solar Limited, buy the company report.
Board of directors of Vikram Solar Limited
Vikram Solar has 8 current directors and 21 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Krishna Kumar Maskara Also directs: VSL Green Power Private Limited | Whole-Time Director | 01 Jan 2009 | 17 Years 9 Months | Current |
| Joginder Pal Dua | Director | 01 Dec 2025 | 0 Years 10 Months | Current |
| Ratnabali Kakkar Also directs: Laser Power & Infra Limited, Lux Industries Limited, Century Plyboards (India) Ltd. and 1 more | Director | 12 Dec 2021 | 4 Years 10 Months | Current |
| Gyanesh Chaudhary Also directs: Club Belvedere LLP, Nexvora Ventures LLP, VSL Newage Energy Private Limited and 5 more | Managing Director | 14 Jul 2008 | 18 Years 3 Months | Current |
| Subramanya Krishnappa | Director | 15 Feb 2023 | 3 Years 8 Months | Current |
| Suresh Gopinathan Menon | Director | 01 Dec 2025 | 0 Years 10 Months | Current |
Peer comparison
Vikram Solar Limited is compared with the 7 companies closest to it by revenue in the Power industry (EPC, BoP and BTG, Power Equipment Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Vikram Solar Limitedthis company | ₹4,803.43 Cr (FY 2026) | ₹473.38 Cr | 9.9% | 40.6% | Kolkata, West Bengal, India | |
| Vestas Wind Technology India Private Limited | ₹4,143.24 Cr (FY 2025) | 9.0% | Chennai, Tamil Nadu, India | |||
| ZF Wind Power Coimbatore Private Limited | ₹3,894.64 Cr (FY 2025) | 3.0% | Karumathampatty And Kittampalayam, Tamil Nadu, India | |||
| Inox Wind Limited | ₹3,701.55 Cr (FY 2025) | 105.0% | Village Basal, Himachal Pradesh, India | |||
| Goldi Solar Private Limited | ₹3,450.29 Cr (FY 2025) | 96.0% | Mumbai, Maharashtra, India | |||
| Shirdi Sai Electricals Limited | ₹3,375.57 Cr (FY 2025) | -13.0% | Hyderabad, Telangana, India | |||
| Adani New Industries Limited | ₹3,316.41 Cr (FY 2025) | 291.0% | Ahmedabad, Gujarat, India | |||
| Ge Power Conversion India Private Limited | ₹3,250.59 Cr (FY 2025) | 53.0% | Chennai, Tamil Nadu, India |
To see the full peer comparison of Vikram Solar Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 16 Jun 2026 | 101328207 | Sbicap Trustee Company Limited | ₹1,745 Cr | Open | |
| 11 Feb 2026 | 101234419 | Sbicap Trustee Company Limited | ₹3,200 Cr | Open | |
| 17 Feb 2017 | 100090052 | Indian Bank | ₹2,617.94 Cr | Open | |
| 11 Mar 2011 | 10275405 | Indian Bank | ₹2,600 Cr | Open | |
| 05 Mar 2024 | 100890635 | Others | ₹26.5 Cr | Satisfied |
To see the full charge records of Vikram Solar Limited, buy the company report.
Total charge records: 34 View all charges
Deals & funding
Vikram Solar Limited has 24 deals on record (12 secondary share transfers, 8 funding rounds, 2 market trades), with disclosed funding of ₹780.91 Cr; the latest was in September 2025.
Deals on record (5 of 24)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2025 | Market trade | ₹324.6 Cr | Buyer: Graviton Research Capital LLP , Junomoneta Finsol Private Limited , Hrti Private Limited Seller: Graviton Research Capital LLP , Junomoneta Finsol Private Limited , Hrti Private Limited |
| Aug 2025 | Market trade | ₹155.58 Cr | Buyer: Junomoneta Finsol Private Limited , Plutus Wealth Management LLP Seller: Junomoneta Finsol Private Limited |
| Aug 2025 | IPO | ₹2,079.37 Cr | Investors: Icici Prudential Life Insurance Company Limited , Indusind Nippon Life Insurance Company Limited , Sbi General Insurance Company Limited Seller: Vikram Capital Management Private Limited , 2 individuals |
| Aug 2024 | Secondary share transfer | Undisclosed | Buyer: Vikram Capital Management Ltd Seller: an individual |
| Jun 2024 | Funding round | ₹704.02 Cr | Investors: Others - Vikram Solar Limited, Niveshaay, Varanium Capital, an individual |
To see the full deal history of Vikram Solar Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Vikram Solar Limited has 85 court cases on record: 57 filed by Vikram Solar, 28 filed against it. 17 cases are pending and 68 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 55 | 13 | 8 |
| District courts | 26 | 12 | 7 |
| Supreme Court | 3 | 2 | 2 |
| NCLT | 1 | 1 | 0 |
Cases on record (5 of 85)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Vadodara, Gujarat | Commercial matter | Filed by the company against M/S Gujarat Industries Power Company Limited | Pending |
| High Court of Delhi | Court case (O.M.P. (COMM)) | Filed by the company against Jakson Power Private Limited | Pending |
| District court, South Twenty Four Parganas, West Bengal | Appeal | Filed by the company against Seclink Technologies and Realty Private Limited | Pending |
| High Court, West Bengal | Court case (CS-COM) | Filed by the company against Ecgc Limited | Pending |
| Supreme Court | Court case (0411-Indirect Taxes Matters : Classification under the Indian Tariff Act, 1934 & Customs Tariff Act, 1975) | Filed against the company by M/S Jupiter Solar Power Limited Village Katha, Post Office Baddi, Teh. Nalagarh , District: Solan , , Himachal Pradesh | Pending |
To see the full case history of Vikram Solar Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Vikram Solar Limited was last rated by Icra on 28 Dec 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 28 Dec 2021 |
To see the full credit ratings and regulatory alerts of Vikram Solar Limited, buy the company report.
MSME payment delays
Vikram Solar Limited has 13 MSME Form 1 returns on record between 2019 and 2023, listing 1,067 overdue payments to 332 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 332)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| Ashutosh Power Transbelts Limited |
To see the full MSME payment records of Vikram Solar Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Vikram Solar has 25 GST registrations: 18 active and 7 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 19AABCI5168D1ZL | West Bengal | Active | 01 Jul 2017 |
| 19AABCI5168D3ZJ | West Bengal | Active | 05 Jul 2017 |
| 07AABCI5168D1ZQ | Delhi | Active | 01 Jul 2017 |
| 08AABCI5168D1ZO | Rajasthan | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Vikram Solar Limited, buy the company report.
Recent activity
Vikram Solar Limited has 29 board changes on record since 2008: 8 appointments and 21 cessations. The latest: Sameer Nagpal was appointed as Whole-Time Director on 07 May 2026.
95 earlier events are in the company report.
News
Frequently asked questions
Vikram Solar is an active public limited company based in Kolkata, West Bengal, India. The company works in bop and btg services, within the energy and power industry. It was incorporated on 02 December 2005 (21+ years old) and is registered under CIN L18100WB2005PLC106448. Listed on BSE: 544488 and NSE: VIKRAMSOLR.
Vikram Solar reported revenue of ₹4,803.43 Cr for FY 2025-26 (up 40.6% YoY) based on consolidated financials.
Vikram Solar has 8 current directors:
- Gyanesh Chaudhary - Managing Director
- Krishna Kumar Maskara - Whole-Time Director
- Sameer Nagpal - Whole-Time Director
- Joginder Pal Dua - Director
- Ratnabali Kakkar - Director
- Subramanya Krishnappa - Director
- Suresh Gopinathan Menon - Director
- Sumit Binani - Director
The latest financial statements of Vikram Solar on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 04 August 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Vikram Solar is 19AABCI5168D1ZL, registered in West Bengal. The company has 25 GST registrations in all, of which 18 are active and 7 are cancelled or inactive. Other active GSTINs include 19AABCI5168D3ZJ (West Bengal), 07AABCI5168D1ZQ (Delhi), 08AABCI5168D1ZO (Rajasthan).
The CIN (Corporate Identification Number) of Vikram Solar is L18100WB2005PLC106448. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Vikram Solar is a listed company as per MCA records. Its shares are listed on both BSE (code: 544488) and NSE (symbol: VIKRAMSOLR).
Vikram Solar has 85 court cases on record: 57 filed by the company and 28 filed against it. 17 are pending. Most are in the high courts.
Vikram Solar was incorporated on 02 December 2005, making it 21+ years old. It is registered with the Registrar of Companies, Kolkata.
Vikram Solar has 24 deals on record (12 secondary share transfers, 8 funding rounds, 2 market trades), with disclosed funding of ₹780.91 Cr; the latest was in September 2025.
The peers of Vikram Solar by revenue are Vestas Wind Technology India Private Limited, ZF Wind Power Coimbatore Private Limited, Inox Wind Limited, Goldi Solar Private Limited, Shirdi Sai Electricals Limited and 2 more, all in the Power industry (EPC, BoP and BTG, Power Equipment Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment).
Sameer Nagpal was appointed as Whole-Time Director on 07 May 2026. Joginder Pal Dua was appointed as Director on 01 Dec 2025. Suresh Gopinathan Menon was appointed as Director on 01 Dec 2025. Vikram Solar has 29 board changes on record in total.