The company has demonstrated significant revenue growth over the past two fiscal years, with revenues increasing by 17.9% from ₹1,709 crore in FY22 to ₹2,015.68 crore in FY23. This upward trend continued in FY24, with provisional figures showing a further 21.1% growth to ₹2,440.05 crore. The company’s profitability has also seen a marked improvement. The operating margin expanded from 8% in FY22 to 18% in FY23, and is expected to reach 21% in FY24. This boost in profitability is attributed to strategic decisions, including the cessation of fixed-price EPC contracts, which previously exposed the company to volatility in raw material prices.With an order book of ₹8,508.86 crore as of FY23, equivalent to 4.22 times the year’s revenue, and an increase to ~₹10,000 crore by June 2024, the company is well-positioned for sustained growth. The estimated PAT for FY24 ranges between ₹70-80 crore, translating to an EPS of ₹2.2-2.7 and a P/E ratio of 100-120, reflecting strong recovery and positive market sentiment.Additionally, the company reported revenues of approximately ₹700 crore in Q1FY25, underscoring its robust financial health and continued expansion.

Vikram Solar's Robust 42% Revenue Growth in FY24 Boosts Margins and Strengthens Market Position