Vikram Solar’s record shows strong cash conversion and an unqualified audit opinion, but the board’s denial of material related-party dealings sits directly against a proposed ₹1,350 crore logistics contract with a promoter entity whose prior-year turnover was ₹1.70 crore. Two large receivables worth ₹233 crore depend on unresolved litigation, and an undisclosed order-book restatement removed 3.1 GW of previously reported orders.
Key findings
- A ₹148.52 crore safeguard-duty receivable and ₹84.39 crore in customer-withheld trade receivables both depend on unresolved litigation
Major- The company recorded ₹148.52 crore paid towards safeguard duty as a receivable, with the matter sub judice before the Orissa High Court and Supreme Court. Trade receivables of ₹84.39 crore were withheld by customers for liquidated damages and generation loss as of FY2024-25, and the company has referred the matter to dispute resolution or arbitration. An IBC petition was admitted by NCLT Kolkata on 12 June 2026 and set aside on appeal on 29 June 2026 after the company deposited ₹0.92 crore. - Audit opinions are unqualified, but the auditor draws attention to two large contested receivables and a recurring bank-return mismatch, while foreign subsidiary audit coverage relies partly on unaudited management information
Major- The statutory auditor issued an unqualified opinion for FY2025-26 and FY2024-25. An Emphasis of Matter, a special call-out in the audit report, highlights the ₹148.52 crore safeguard-duty receivable and ₹52.81 crore in customer-withheld trade receivables, both dependent on disputed claims. The auditor also reports that quarterly bank returns for working capital limits do not agree with the books of accounts, and the consolidated opinion relies on unaudited management-certified financial information for one subsidiary and two step-down subsidiaries outside India. - The Company booked a ₹5.62 crore exceptional charge from new Labour Codes and will switch to a concessional tax regime next year, remeasuring deferred taxes through the P&L
Minor- The company recognised a ₹5.62 crore exceptional item in FY2025-26 for increased gratuity and leave liabilities arising from the newly notified Labour Codes. It also decided to opt for the concessional tax regime under Section 115BAA effective from the next financial year and remeasured its deferred tax assets and liabilities, recognising the impact in the FY2025-26 Statement of Profit and Loss. Both are disclosed, one-off accounting-policy changes.
What to watch
- Promoter remuneration and CEO appointment. Outcome of the shareholder vote at the 21st AGM (notice dated 10 July 2026) on the re-appointment of Mr. Gyanesh Chaudhary as Chairman at ₹7.00 crore per annum and the appointment of Mr. Sameer Nagpal as Whole-Time Director & CEO at ₹5.50 crore per annum.
- Contested receivables. Resolution of the sub judice safeguard duty receivable of ₹148.52 crore and the disputed trade receivables of ₹52.81 crore, as noted in the auditor’s Emphasis of Matter for the year ended 31 March 2026.
Bottom line: This is a cash-generating business with a clean audit opinion, but the board’s denial of material RPTs sits directly against a proposed logistics contract with a promoter entity. The record carries two large receivables contingent on litigation, a ₹5.62 crore exceptional charge from new Labour Codes, and a pattern of public institutional shareholders voting against promoter pay. Watch the AGM votes on the RPT and the Section 186 limit, and track whether the contested receivables and capex timelines land as stated.