Vikram Solar Ltd. (VIKRAMSOLR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-377.0%

-₹358.07

vs ₹129.29 price

Levered DCF

₹118.09

After debt service

Piotroski score

—

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	13.41×	92.09×	162×	891×	-204.83×
P/B	1.99×	10.38×	28.94×	35.3×	36.7×
P/S	1.31×	3.77×	5.13×	6.22×	7.45×
EV / EBITDA	7.13×	26.63×	37.02×	75.24×	264.32×
Gross margin	30.6%	24.6%	32.2%	21.4%	19.0%
Operating margin	15.7%	10.4%	11.0%	7.5%	1.6%
Net margin	9.8%	4.1%	3.2%	0.7%	-3.6%
Current ratio	1.88×	1.55×	1.39×	1.35×	1.09×
Debt / equity	0.2×	0.22×	1.92×	2.17×	2.13×
Interest coverage	4.7×	2.98×	2.19×	1.57×	0.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	14.9%	11.3%	17.9%	4.0%	-17.9%
Return on invested capital	13.9%	14.3%	11.5%	7.0%	1.8%
Return on assets	8.2%	4.9%	3.1%	0.6%	-2.8%
Free cash flow yield	-1.5%	1.2%	0.6%	0.5%	0.4%
Earnings yield	7.5%	1.1%	0.6%	0.1%	-0.5%
Enterprise value	₹69.2B	₹131.2B	₹137.4B	₹136.8B	₹136.2B
Net debt / EBITDA	0.63×	0.47×	2.28×	4.35×	14.17×
Cash conversion cycle (days)	11	101	149	194	109