According to reports from Prabhudas Lilladher, the brokerage has issued an Accumulate rating on Vikram Solar with a target price of ₹173 in its research report dated August 11, 2026. The recommendation comes with a revised valuation methodology, as the brokerage now values the company at 5x EV of March 2028 EV/EBITDA compared to its earlier target of ₹226. Recent market activity shows Vikram Solar trading at ₹156.80 as of August 10, 2026, with the stock experiencing downside pressure of 4.59% from the previous close of ₹164.34.
As reported by Prabhudas Lilladher, Vikram Solar delivered strong revenue growth in Q1FY27, with revenue reaching ₹15.6 billion, representing an 88.0% quarter-on-quarter increase and 38.0% year-on-year growth. The company achieved module sales of approximately 1GW during the quarter. However, despite a quarter-on-quarter improvement in module realization to ₹15.02 per Watt-peak, the company faced margin pressure with EBITDA margin contracting to 8.1% due to elevated aluminum, copper, EVA and cell costs that could not be fully passed through amid intense industry competition.
According to the research report, Vikram Solar's 7.9GW order book remains dominated by non-DCR modules, with 7.1GW entirely comprising non-DCR orders, which limits near-term margin visibility. However, the company has commenced DCR sales with management expecting DCR volumes to grow 2.0x-2.5x quarter-on-quarter. Management has refrained from providing clarity on FY27 earnings guidance, citing uncertainty around ALMM-II, pricing and DCR mix.
Recent market data shows Vikram Solar trading within a range of ₹155.50-164.90 with significant intraday volatility. The stock opened at ₹164.90 and closed at ₹156.80 on August 10, 2026, reflecting downside pressure of 4.59%. Market analysts have identified multiple price targets ranging from ₹141.12 on the downside to ₹407.95 on the upside, with the stock's current position near the lower end of these projections. The trading volume of 5.925 million shares indicates active market participation during the session.
As reported by Prabhudas Lilladher, the brokerage estimates revenue/EBITDA/PAT CAGR of 62.5%/43.2%/25.8% over FY26-28E period. The firm has downward revised FY27 earnings estimates by 42% while upward revising FY28 earnings estimates by 7.2% factoring in higher input costs and sustained margin pressure. The revised target price of ₹173 reflects these updated projections and market conditions, despite the current stock price volatility.
