Vikram Solar Ltd.

Financial

	Vikram Solar	Waaree Energies	Premier Energies
Operational Metrics
Renewable
Manufacturing Capacity - Solar Panels	4500.0 MW	15000.0 MW	5100.0 MW
Unclassified
Order Book - Solar/ Solar Panels	10340.82 MW	25000.0 MW	n/a
Financials
5 yr Average ROE	4.89 %	21.43 %	14.56 %
5yr average Equity Multiplier	5.11	3.54	4.16
5yr Average Asset Turnover Ratio	0.94	1.09	0.76
5yr Avg Net Profit Margin	1.34 %	7.19 %	4.45 %
Price to Book	9.84	10.71	16.9
P/E	87.37	45.76	45.56
5yr Avg Cash Conversion Cycle	145.91 Days	27.12 Days	16.65 Days
Inventory Days	50.32 Days	70.85 Days	74.11 Days
Days Receivable	128.68 Days	27.24 Days	39.47 Days
Days Payable	76.39 Days	68.44 Days	109.41 Days
5yr Average Interest Coverage Ratio	1.41	9.51	3.3
5yr Avg ROCE	17.07 %	23.79 %	16.49 %
5yr Avg Operating Profit Margin	10.72 %	10.75 %	11.92 %
5 yr average Debt to Equity	1.5	0.51	1.48
5yr CAGR Net Profit	29.64 %	109.21 %	109.04 %
5yr Average Return on Assets	1.58 %	6.81 %	4.21 %
Shareholdings
Promoter Holding	63.12 %	64.3 %	64.25 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.0	0.0	0.0
Change in Mutual Fund Holding (3 Yrs)	0.0	0.24 %	4.06 %

Business

	Vikram Solar	Waaree Energies	Premier Energies
Product Wise Break-Up	Product Wise Break-Up Solar Modules Sales 98.23 EPC and O&M 1.77 Solar power products 0 Sale of services 0 Generation of electricity from renewal 0 0 Engineering and service fees 0 0 solar accessories and silicon wafers 0 Solar cells 0	Product Wise Break-Up Solar cells 0 Generation of electricity from renewal 0.23 Sale Engineering, Procurement and Construction 10.5 Solar Modules Sales 0 solar accessories and silicon wafers 0 EPC and O&M 0 Solar power products 86.38 Engineering and service fees 0 Sale of services 2.42 0 Others 0.47	Product Wise Break-Up Solar cells 25.87 Generation of electricity from renewal 0 0 Solar Modules Sales 0 solar accessories and silicon wafers 0.78 EPC and O&M 0 Solar power products 0 Engineering and service fees 0.11 Sale of services 0 Construction and project related activity 3.28 Others 69.96
Location Wise Break-Up	Location Wise Break-Up India 97.24 US 1.0 Outside India 0 Others 1.76	Location Wise Break-Up India 83.28 Outside India 16.72 US 0	Location Wise Break-Up India 99.9 Outside India 0.1 US 0