• Margin recovery outlook: Q1 EBITDA margins contracted due to geopolitical tensions and elevated freight and raw material costs, but normalization of input prices and distribution expansion are expected to drive recovery across Q2 and Q3.
• Capex and funding: The company has spent ₹500 crore of its ₹5,000 crore capex via equity and will fund the remaining ₹4,500 crore through tied-up debt over the next 8 to 9 months for its 9 GW cell plant, wafer and ingot projects, and storage capacity.
• Battery storage expansion: Through 100% subsidiary VSL Power High, the company is commissioning a 7.5 GWh battery assembly plant this fiscal with a ₹150 crore capex, while planning a 15 GWh cell manufacturing project requiring ₹6,500 crore.
• Order book and revenue: Vikram Solar holds an order book of approximately 8 GW and expects FY27 top-line revenue to more than double compared to FY26.