Nilam Chaudhary pledges 30 lakh Vikram Solar shares

Nilam Chaudhary, a member of the promoter group, has disclosed the creation of an encumbrance on equity shares of Vikram Solar Limited . The disclosure was made to the stock exchanges under Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The encumbrance involves the pledging of 30,00,000 equity shares, which represents 0.83% of the company's total share capital. The shares were pledged on May 14, 2026, in favor of JIO Credit Limited. The purpose of the encumbrance is stated as availing finance.

Details of Encumbrance

The disclosure provides a comprehensive breakdown of the shareholding and encumbrance details for all promoters of the company. The table below outlines the specific details regarding the pledged shares and the overall promoter holding structure.

Promoter Name Type of Event Date of Encumbrance Type of Encumbrance Reason Number of Shares % of Share Capital Entity in Favor Nilam Chaudhary Creation 14.05.2026 Pledge Availing Finance 30,00,000 0.83% JIO Credit Limited

Promoter Holding Overview

The total promoter holding in Vikram Solar Limited stands at 22,83,18,938 shares, accounting for 63.01% of the total share capital. Prior to this event, there were no encumbered shares reported for Nilam Chaudhary. However, another promoter entity, VSL Ventures Private Limited, had previously encumbered its entire holding of 1,50,99,750 shares.

Following the recent pledge by Nilam Chaudhary, the total post-event holding of encumbered shares within the promoter group has increased to 1,80,99,750 shares, representing 5.00% of the total share capital.

Vikram Solar Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The board meeting, held on May 7, 2026, also sanctioned a significant capital expenditure plan to strengthen manufacturing capabilities. The statutory auditors issued an unmodified opinion on the results. Subsequently, the company published newspaper advertisements of the audited financial results on May 08, 2026, in Financial Express and Dainik Statesman.

In compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, Vikram Solar participated in an Earnings Conference Call on May 08, 2026, to discuss the financial performance. The company confirmed that no unpublished price sensitive information was shared during the call. The audio recording of the earnings call has been made available on the company's website.

Standalone Financial Performance

Vikram Solar delivered a strong standalone performance for the year ended March 31, 2026. Total income for FY26 stood at ₹48,618.66 million compared to ₹34,516.72 million in FY25. Net profit for the full year surged to ₹4,690.58 million from ₹1,390.96 million in the prior year. The paid-up equity share capital as at March 31, 2026 stood at ₹3,623.30 million.

Metric: Q4 FY26 (Audited) FY26 (Audited) FY25 (Audited) Revenue from Operations: 14,525.97 48,034.33 34,154.53 Total Income: 14,709.69 48,618.66 34,516.72 Total Expenses: 13,316.69 42,097.60 32,355.19 Net Profit: 1,099.74 4,690.58 1,390.96 Basic EPS (₹): 3.04 13.65 4.59

EBITDA Performance

On an EBITDA basis, Vikram Solar's Q4 performance reflected continued operational scale-up. Absolute EBITDA expanded year-on-year from ₹2.11B to ₹2.35B in Q4. However, the EBITDA margin contracted from 17.87% to 16.14% over the same period.

Consolidated Financial Performance

On a consolidated basis, Vikram Solar's performance mirrored the robust standalone results. Consolidated total income for FY26 was ₹48,607.78 million versus ₹34,595.27 million in FY25. Consolidated net profit for the year stood at ₹4,704.21 million compared to ₹1,398.31 million in the previous year. The consolidated total assets as at March 31, 2026 stood at ₹57,284.79 million against ₹28,321.51 million a year earlier.

Metric: Q4 FY26 (Audited) FY26 (Audited) FY25 (Audited) Revenue from Operations: 14,528.16 48,022.51 34,234.53 Total Income: 14,710.12 48,607.78 34,595.27 Total Expenses: 13,319.64 42,082.01 32,421.64 Net Profit: 1,104.22 4,704.21 1,398.31 Basic EPS (₹): 3.05 13.68 4.61

Major Capital Expenditure Approved

The board approved a significant capital expenditure plan to strengthen the company's manufacturing capabilities. Key details of the approved capex are as follows:

Parameter: Details Capex Approved: ₹3,726 crore Proposed Capacity Addition: 6 GW Facility Type: Backward-integrated wafer and ingot facility Location: Gangaikondan, Tamil Nadu Target Commissioning (Phase 1): On or before April 2028 Overall Roadmap: 12 GW by FY30

This project represents the first phase of a comprehensive 12 GW roadmap scheduled to be commissioned by FY30. The strategic move is timed to capitalise on the enforcement of ALMM-3 from June 2028.

Board and Management Changes

The board approved several key management appointments and changes, subject to shareholder approval. Mr. Sameer Nagpal was appointed as Whole-time Director & CEO for 3 years effective May 07, 2026. Mr. Gyanesh Chaudhary was re-appointed as Chairman & Managing Director for 3 years effective September 28, 2026. Ms. Ratnabali Kakkar was re-appointed as Independent Director for 5 years effective December 12, 2026.

Source: None/Company/INE078V01014/370e85dfeeac41b1.pdf

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