Shares of Vikram Solar, a leading renewable energy firm in India, fell by 5% to ₹214 on the Bombay Stock Exchange after the company reported a 21% increase in net profit for the March quarter, reaching ₹110 crore, up from ₹91 crore the previous year. Revenue from operations also saw a 22% rise, totaling ₹1,453 crore compared to ₹1,194 crore in the same quarter last year. However, the company's margins took a hit, declining from 19% to 16%, reflecting a 300 basis points drop. For the fiscal year 2026, Vikram Solar reported a profit after tax of ₹470 crore, marking a significant 236% increase from ₹140 crore in FY25, while revenue rose 40% to ₹4,802 crore. The company attributes its growth to continued policy support and declining costs, which are expected to drive medium-term demand in the solar sector. However, challenges such as China's removal of export rebates on solar products may lead to increased costs for modules and battery energy storage systems, potentially impacting pricing in the near term.