Please find enclosed heerwith the updates on the proceedings before the Hon''ble NCLAT
REGULATORY
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 24 Jun 2026, 08:15 PM IST · BSE ID: 3c6cffef-0cc0-40e0-a7c9-151275fb60ee
View Original BSE Filing (PDF)
💡
In Simple Terms
A higher court has paused a bankruptcy case against Vikram Solar, and the company says it's financially strong and operating normally.
🤖 AI Summary
- NCLAT stays insolvency proceedings against Vikram Solar until next listing date.
- Company reiterates financial soundness with FY26 revenue of INR 4,802.25 crores.
- FY26 profit-after-tax reported at INR 470.42 crores, highlighting operational performance.
- Working capital net debt is INR 64 crores as of March 31, 2026.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Fiscal 2026 Revenue
INR 4,802.25 crores
Fiscal 2026 Profit-after-tax
INR 470.42 crores
Working capital net debt (as of March 31, 2026)
INR 64 crores
Debt-to-equity ratio (as of March 31, 2026)
0.03
Net working capital cycle improvement
44 days from 82 days
🏢 How This Affects the Company
The stay on insolvency proceedings allows Vikram Solar to continue its business operations without interruption, preserving its market position and ongoing projects.
The company's reported financial figures for fiscal 2026, including significant revenue and profit, are reinforced by the NCLAT stay, maintaining investor confidence in its balance sheet.
Vikram Solar can continue its full operational activities, including manufacturing and project execution, without the disruption of an interim resolution professional.
This filing significantly mitigates the immediate insolvency risk. However, the underlying debt issue leading to the NCLT petition remains a point of concern requiring further resolution.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required by shareholders. Monitor future NCLAT hearing outcomes.
👤
Who Is Affected
All shareholders are affected by the potential resolution of the insolvency proceedings and management's focus on safeguarding company interests.
🔍
Management Signal
Management is actively pursuing legal remedies and committed to protecting stakeholder interests, signaling resilience and adherence to governance standards.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Next hearing date at Hon'ble NCLAT
Company's progress on resolving Isitva Steels' debt claim
Future financial disclosures for FY27
MEDIUM RISK
Insolvency proceedings have been stayed, but the underlying debt dispute requires resolution.
💡 Investor Takeaway
Vikram Solar's insolvency proceedings are stayed by NCLAT. The company reported FY26 revenue of INR 4,802.25 crores and PAT of INR 470.42 crores, with INR 64 crores working capital net debt.
⚖️ Strengths & Concerns
✅ Positives
- Fiscal 2026 revenue of INR 4,802.25 crores and profit-after-tax of INR 470.42 crores demonstrate strong operational performance.
- Zero long-term debt as of March 31, 2026, with working capital net debt at INR 64 crores and a low debt-to-equity ratio of 0.03.
⚠️ Concerns
- The company was subject to an insolvency petition under the IBC, indicating past creditor disputes requiring resolution.
- The net working capital cycle improved to 44 days from 82 days in Fiscal 2026 from Fiscal 2025, but a 44-day cycle still signifies significant capital tied up.
📅 Company Track Record
Vikram Solar previously faced an NCLT insolvency petition over Rs. 9.44 Cr debt, including interest, filed by Isitva Steels Private Limited.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What is the update on Vikram Solar's insolvency proceedings?
The Hon'ble NCLAT has stayed the operation of the NCLT order admitting a petition against Vikram Solar, halting the corporate insolvency resolution process.
What was Vikram Solar's revenue in fiscal 2026?
Vikram Solar achieved a total revenue of INR 4,802.25 crores for the fiscal 2026.
What was Vikram Solar's profit-after-tax in fiscal 2026?
The company reported a profit-after-tax of INR 470.42 crores for fiscal 2026.
What is Vikram Solar's debt position as of March 31, 2026?
Vikram Solar has no long-term debt and a working capital net debt of INR 64 crores, with a debt-to-equity ratio of 0.03.
Questions based on this BSE filing only. For information purposes.