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VIKRAMSOLR - Vikram Solar

📊 NSE: VIKRAMSOLR 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Vikram Solar Subsidiary Launches 'VION' Li-ion Battery Range; Secures 100 MWH BESS Order

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 12 Mar 2026, 11:35 AM

Vikram Solar's subsidiary, VSL PowerHive, has officially entered the energy storage market with the launch of its 'VION' lithium-ion battery brand. The product portfolio targets residential backup (1.2 KWH to 15 KWH) and e-mobility (5 KWH e-rickshaw batteries). The company has already secured a significant 100 MWH Battery Energy Storage System (BESS) order, demonstrating immediate market demand. This expansion is part of a strategic roadmap to achieve 5 GWh BESS manufacturing capacity by FY27 and 7.5 GWh battery cell capacity by FY29.

Launched 'VION' brand for e-mobility and home backup with batteries ranging from 1.2 KWH to 15 KWH.
Secured an initial 100 MWH Battery Energy Storage System (BESS) order.
Targeting 5 GWh BESS manufacturing capacity by FY27 and 7.5 GWh cell capacity by FY29.
Residential batteries offer up to 3000 life cycles, 97% efficiency, and a 60-month warranty.
Introduced Integrated PowerStack 1.0, an all-in-one 1.2 KWH inverter-battery solution.

💡 Investors should monitor the company's transition from a solar manufacturer to an integrated energy solutions provider. The 100 MWH order is a strong start; focus on the timely execution of the FY27 and FY29 capacity expansion targets.

Vikram Solar Board Reviews General Business Operations in March 11 Meeting

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 11 Mar 2026, 07:41 PM

Vikram Solar Limited conducted a Board Meeting on March 11, 2026, to review and discuss general business matters. The meeting, which lasted three hours, focused on the operations and management of the company. No material financial decisions, such as dividends or fundraises, were disclosed in this specific announcement. This filing serves as a routine compliance update under SEBI (LODR) Regulations.

Board Meeting held on March 11, 2026, to discuss general operations and management.
The meeting commenced at 4:30 PM and concluded at 7:30 PM.
No material corporate actions, financial results, or strategic shifts were announced.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No action is required as this is a routine administrative update. Investors should monitor for future filings regarding specific financial performance or strategic initiatives.

Vikram Solar Board Meeting Scheduled for March 11, 2026; Trading Window Closed

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 07 Mar 2026, 07:40 PM

Vikram Solar Limited has scheduled a meeting of its Board of Directors on Wednesday, March 11, 2026. The primary agenda is to consider and review various business divisions and other corporate matters. In accordance with SEBI (Prohibition of Insider Trading) Regulations, the trading window for the company's securities is closed and will reopen on March 13, 2026, which is 48 hours after the meeting. This is a standard regulatory procedure to prevent insider trading ahead of potentially price-sensitive discussions.

Board meeting set for March 11, 2026, to review business divisions.
Trading window closed for designated persons until March 13, 2026.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Official notice issued on March 07, 2026, to BSE and NSE.

💡 No immediate action is required as this is a routine regulatory filing. Investors should monitor the exchange filings on March 11 for any specific updates regarding the company's business divisions.

Vikram Solar Secures 378.75 MW N-TOPCon Module Order from INGEL

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 25 Feb 2026, 10:41 AM

Vikram Solar has secured a major order to supply 378.75 MW of advanced N-TOPCon solar modules to Indian Oil NTPC Green Energy Private Limited (INGEL). This project, located in Gujarat's Kutch district, represents the company's first collaboration with the IOCL-NTPC joint venture. The supply contract is slated for completion within 180 days, with deliveries starting in FY26. This win reinforces Vikram Solar's position in the utility-scale solar market and utilizes its 9.5 GW manufacturing capacity.

Secured 378.75 MW order for high-efficiency N-TOPCon solar modules
First partnership with INGEL, a joint venture of Indian Oil and NTPC Green Energy
Project execution timeline set for 180 days with delivery starting in FY26
Strengthens footprint in Gujarat's renewable energy hub near Nakhatrana
Leverages company's total cumulative production capacity of 9.5 GW

💡 This order win enhances revenue visibility for FY26 and demonstrates competitive strength in high-efficiency module technology. Investors should monitor the company's execution efficiency and margin maintenance given the 180-day delivery window.

Vikram Solar Appoints New Directors and Re-appoints Strategy Head Following Postal Ballot

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 24 Feb 2026, 03:31 PM

Vikram Solar has received shareholder approval for key leadership changes, including the appointment of Mr. Suresh Gopinathan Menon, a former Senior VP at TCS with 36 years of IT experience. Mr. Joginder Pal Dua, former Chairman and MD of Allahabad Bank, joins as an Independent Director for a 5-year term ending November 2030. Additionally, Ms. Neha Agrawal has been re-appointed as Whole-Time Director for 3 years starting March 2026 to continue leading international strategy. These appointments bring significant expertise in IT, banking, and solar manufacturing to the board.

Mr. Suresh Gopinathan Menon (ex-TCS SVP) appointed as Non-Executive Non-Independent Director
Mr. Joginder Pal Dua (ex-CMD Allahabad Bank) appointed as Independent Director for a 5-year term until Nov 2030
Ms. Neha Agrawal re-appointed as Whole-Time Director for 3 years starting March 22, 2026
Ms. Agrawal brings 14 years of solar industry experience and currently leads International Business and Strategy

💡 The inclusion of seasoned professionals from TCS and the banking sector enhances corporate governance and strategic oversight. Investors should view this as a positive step towards professionalizing the board for future growth.

Vikram Solar Shareholders Approve Director Appointments with Over 99% Majority

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 24 Feb 2026, 03:26 PM

Vikram Solar Limited has successfully passed three key resolutions via postal ballot with overwhelming shareholder support. The resolutions included the appointment of Mr. Suresh Gopinathan Menon as a Non-Executive Director and Mr. Joginder Pal Dua as an Independent Director. Furthermore, Ms. Neha Agrawal was re-appointed as a Whole-Time Director. All proposals received more than 99.8% approval from the voting shareholders, ensuring stability in the company's leadership and governance structure.

Appointment of Mr. Suresh Gopinathan Menon as Non-Executive Director passed with 99.89% votes in favor.
Mr. Joginder Pal Dua's appointment as Independent Director received 99.99% approval from shareholders.
Re-appointment of Ms. Neha Agrawal as Whole-Time Director was approved by 99.99% of the votes cast.
Total voter turnout for the postal ballot represented 66.52% of the company's total outstanding shares.

💡 Investors should note the strong shareholder consensus and continuity in leadership; no immediate portfolio changes are required based on these routine governance approvals.

Vikram Solar to Attend Kotak Chasing Growth Conference on February 25, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Feb 2026, 01:14 PM

Vikram Solar Limited has announced its participation in the Kotak Chasing Growth Conference scheduled for February 25, 2026, in Mumbai. Company officials are set to engage in group and one-on-one meetings with institutional investors starting from 10:00 AM. The company has clarified that discussions will be restricted to publicly available information, with no unpublished price sensitive information being shared. This move is part of the company's routine investor relations engagement to maintain transparency with the market.

Scheduled to attend the Kotak Chasing Growth Conference on February 25, 2026.
Meetings will be held in Mumbai in both Group and 1-on-1 formats.
Interaction sessions are scheduled to begin from 10:00 AM onwards.
Compliance with SEBI Regulation 30(6) regarding disclosure to stock exchanges.
Explicit statement that no unpublished price sensitive information (UPSI) will be discussed.

💡 Investors should monitor the company's website for any investor presentations or transcripts that may be released following the conference. No immediate trading action is required as this is a routine corporate disclosure.

Vikram Solar signs Rs 2,000 Cr agreement with Jupiter International for 2GW solar cells

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 21 Feb 2026, 03:06 PM

Vikram Solar has entered into a strategic domestic procurement agreement with Jupiter International Limited valued at approximately Rs 2,000 crores. The deal involves the procurement of 2GW of ALMM-compliant crystalline solar cells, including high-efficiency TopCon and mono PERC variants. This move secures a significant supply of critical components for Vikram Solar's module manufacturing business. By sourcing domestically, the company strengthens its position in the Indian solar market while ensuring compliance with regulatory requirements for government-backed projects.

Strategic agreement to procure 2GW of ALMM-compliant crystalline solar cells
Total contract value estimated at approximately Rs 2,000 crores
Includes high-efficiency TopCon and mono PERC solar cell technologies
Secures domestic supply chain to meet Domestic Content Requirement (DCR) project needs

💡 This is a significant operational update that secures raw material supply for future growth. Investors should monitor the company's order book execution and the impact of this procurement on overall manufacturing margins.

Vikram Solar Secures Rs 3,200 Cr Credit Facility; 26.21% Promoter Pledge Released

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 11 Feb 2026, 11:11 PM

Vikram Solar has entered into a consortium agreement for renewed and enhanced working capital facilities totaling up to Rs 3,200 crores, led by Indian Bank. A significant development for shareholders is the release of the entire promoter pledge involving 9,49,60,893 equity shares, representing 26.21% of the company's total capital. The facility includes both fund-based and non-fund-based limits to support the company's operational scale. As of February 10, 2026, the company has an outstanding non-fund-based utilization of Rs 2,543.74 crores.

Working capital facilities enhanced to a total limit of Rs 3,200 crores
Release of pledge on 9,49,60,893 shares (26.21% of equity) held by promoters
Consortium led by Indian Bank includes SBI, PNB, Axis, ICICI, HDFC, and HSBC
Current outstanding includes Rs 104.80 crore fund-based and Rs 2,543.74 crore non-fund-based debt

💡 The release of a substantial promoter pledge is a strong positive signal regarding the company's improved financial standing and reduced risk profile. Investors should monitor the company's ability to utilize these enhanced limits to drive revenue growth in the solar sector.

Vikram Solar to Participate in Nuvama Investor Conference on Feb 9-10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 06:47 PM

Vikram Solar Limited has scheduled meetings with institutional investors and analysts at the Nuvama Conference in Mumbai. The event is set for February 9th and 10th, 2026, with sessions starting from 10:00 AM onwards. The interactions will include both group and one-on-one meetings to discuss the company's performance based on publicly available information. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these sessions.

Investor meetings scheduled for February 9th and 10th, 2026, in Mumbai.
Participation in the Nuvama Conference involving Group and 1*1 meetings.
Meetings are scheduled to begin from 10:00 AM onwards on both days.
Company confirms compliance with SEBI regulations by not sharing any UPSI.

💡 Investors should monitor the exchange filings for any investor presentations or transcripts that may be released following the conference. This is a routine engagement and does not necessitate immediate trading action.

Vikram Solar Q3 & 9M FY26: 9M EBITDA Jumps 154% to ₹682 Cr; Module Capacity Reaches 9.5 GW

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 09:16 PM

Vikram Solar reported a robust 9M FY26 performance with EBITDA surging 154% YoY to ₹682 crores and margins reaching 20.3%. The company successfully commissioned a 5 GW facility in Tamil Nadu, bringing total module capacity to 9.5 GW. Sales volume for the first nine months stood at 2.3 GW, already surpassing the entire previous fiscal year's volume by 23%. Management is now focusing on the Gangaikondan site to add 12 GW of cell capacity, aiming for deeper vertical integration.

9M FY26 EBITDA grew 154% YoY to ₹682 crores with a healthy margin of 20.3%
Total module manufacturing capacity expanded to 9.5 GW after stabilizing the 5 GW Vallam facility
9M FY26 sales volume of 2.3 GW exceeds the full-year FY25 volume by 23%
Upcoming Gangaikondan project targets 6 GW of modules and 12 GW of cell capacity for vertical integration
Successfully transitioned the entire product portfolio to high-efficiency N-type modules

💡 Investors should note the significant scale-up in capacity and the shift toward high-margin N-type modules. The focus on backward integration into cell manufacturing at Gangaikondan is a key catalyst for long-term competitiveness and margin protection.

Vikram Solar Proposes Appointment of Three Directors via Postal Ballot

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 21 Jan 2026, 06:22 PM

Vikram Solar Limited has issued a postal ballot notice to seek shareholder approval for three key board positions. The company proposes the appointment of Mr. Suresh Gopinathan Menon as a Non-Executive Director and Mr. Joginder Pal Dua as an Independent Director for a five-year term starting December 2025. Additionally, the company seeks to re-appoint Ms. Neha Agrawal as a Whole-Time Director and Senior VP of Corporate Strategy for a three-year term beginning March 2026. E-voting for these resolutions will take place between January 22 and February 20, 2026.

Proposed 5-year term for Mr. Joginder Pal Dua as Independent Director effective December 1, 2025
Proposed 3-year re-appointment for Ms. Neha Agrawal as Whole-Time Director starting March 22, 2026
Appointment of Mr. Suresh Gopinathan Menon as Non-Executive Non-Independent Director
E-voting period spans 30 days from January 22 to February 20, 2026
Cut-off date for voting eligibility set as January 16, 2026

💡 Investors should monitor the voting results to ensure management continuity and may participate in the e-voting process if they held shares as of the January 16 cut-off date.

Vikram Solar Releases Audio Recording for Q3FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Jan 2026, 07:17 PM

Vikram Solar Limited has officially released the audio recording of its Q3FY26 earnings conference call held on January 20, 2026. The call addressed the company's financial performance for the quarter ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI Listing Obligations. The recording provides a platform for investors to hear management's perspective on the solar sector's current dynamics and the company's operational progress.

Earnings call for Q3FY26 conducted on January 20, 2026, at 5:00 PM IST
Audio link provided for the quarter ended December 31, 2025
Company confirmed that no unpublished price sensitive information (UPSI) was discussed
Recording is accessible via the company's official website under the investor relations section

💡 Investors should listen to the audio recording to understand management's outlook on the solar module manufacturing industry and future growth guidance. No immediate action is required as this is a routine compliance filing.

Vikram Solar Q3 Net Profit Surges 360% YoY to ₹964 Million; Revenue at ₹11,058 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 20 Jan 2026, 04:51 PM

Vikram Solar reported a robust year-on-year performance for Q3 FY26, with net profit climbing to ₹964.35 million from ₹209.20 million in the same quarter last year. Revenue from operations grew 7.7% YoY to ₹11,057.70 million, though it remained flat on a sequential basis. The company has utilized ₹2,226.33 million of its ₹14,144.87 million IPO proceeds, mainly for capital expenditure in its green power subsidiaries. The board also approved the re-appointment of Ms. Neha Agrawal as Whole-time Director for a three-year term starting March 2026.

Net profit for Q3 FY26 surged over 360% YoY to ₹964.35 million.
Revenue from operations for the nine-month period ended Dec 2025 reached ₹33,508.36 million.
Unutilized IPO proceeds of ₹11,918.54 million are currently parked in fixed deposits and liquid funds.
Auditors flagged ₹1,485.20 million in safeguard duty receivables and ₹686.16 million in disputed trade receivables as subjudice.
Earnings per share (Basic) for the nine-month period stood at ₹10.63.

💡 Investors should take note of the significant YoY profit growth and the company's substantial cash position from IPO proceeds intended for expansion. Monitor the legal outcomes regarding the safeguard duty and disputed receivables which remain as contingent items.

Vikram Solar Q3 PAT Surges 416% YoY to ₹98 Cr; Order Book Hits 10.6 GW

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 20 Jan 2026, 04:32 PM

Vikram Solar delivered a stellar performance in Q3FY26, with PAT growing 416% YoY to ₹98 crore and 9M FY26 PAT rising 631% to ₹360 crore. EBITDA margins saw a significant jump to 19% from 8% YoY, driven by operational efficiencies and higher sales volumes of 796 MW. The company successfully expanded its manufacturing capacity to 9.5 GW and maintains a robust order book of 10.6 GW. Furthermore, the board has approved a major ₹4,371 crore capex for entering the Battery Energy Storage (BESS) market.

Q3FY26 Revenue grew 8% YoY to ₹1,106 Cr, while EBITDA surged 142% to ₹205 Cr.
Order book stands at 10.6 GW as of Dec 31, 2025, providing strong revenue visibility.
Manufacturing capacity reached 9.5 GW with the commencement of the 5 GW Vallam plant.
Board approved ₹4,371 Cr capex for Phase 1 of BESS (7.5 GWh) through subsidiary VSL Powerhive.
Maintains a healthy balance sheet with a Debt/Equity ratio of 0.08x and Net Debt of ₹231 Cr.

💡 The company shows strong execution capability with significant margin improvement and a massive order book providing multi-year visibility. Investors should monitor the progress of the ₹4,371 Cr BESS foray and the upcoming 12 GW cell capacity expansion as key growth drivers.

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💰 Financial Performance

Revenue Growth by Segment

The company reported a consolidated revenue of INR 3,430.57 Cr in FY2025, representing a 40% YoY growth from INR 2,444.20 Cr in FY2024. For H1 FY2026, revenue reached INR 2,244 Cr, an 86.4% increase YoY, driven primarily by a 119% increase in sales volume of solar PV modules.

Geographic Revenue Split

While specific percentage splits by region are not provided, the company operates corporate offices in Kolkata, Gurugram, and Chennai, with international presence in Massachusetts (USA), Berlin (Germany), and Shanghai (China) to support global sales of solar modules.

Profitability Margins

Net Profit ratio improved from 3.17% in FY2024 to 4.08% in FY2025 due to higher turnover. In Q2 FY2026, PAT margins expanded significantly to 11.58% compared to 1.29% in Q2 FY2025, driven by operational efficiencies and scale.

EBITDA Margin

EBITDA margin for Q2 FY2026 stood at 21.2%, a substantial increase from 12.59% in the same quarter previous year. EBITDA grew 3x YoY to INR 235 Cr in Q2 FY2026, reflecting improved core profitability through better cost management and higher capacity utilization.

Capital Expenditure

The company has planned a massive backward integration project involving an investment of INR 1,400 Cr into its subsidiary, VSL Green Power Private Limited. This is part of a broader strategy to reach 17.5 GW module and 12 GW cell capacity by FY2027.

Credit Rating & Borrowing

The company's credit rating was upgraded from A to A+ in Q2 FY2026, reflecting a strong liquidity profile and prudent leverage. Gross debt stands at a low INR 80 Cr against a net worth of INR 2,950 Cr, resulting in a Debt/Equity ratio of 0.03x.

⚙️ Operational Drivers

Raw Materials

Key raw materials include solar photovoltaic cells, wafers, and critical minerals. Solar cells and wafers represent the most significant portion of the cost structure, though specific percentage breakdowns per material are not disclosed.

Import Sources

Raw materials are sourced from international markets, with the company monitoring global price volatility and regulatory changes regarding imports to ensure supply chain resilience.

Capacity Expansion

Current capacity is being expanded to reach a target of 17.5 GW for solar modules and 12 GW for solar cells by FY2027, aiming for 75% backward integration to secure the supply chain.

Raw Material Costs

Raw material costs are subject to market volatility; however, the company utilizes pass-through clauses in contracts and order-backed procurement to mitigate the impact of price fluctuations on its 14.74% operating margin.

Manufacturing Efficiency

The company reported an effective Capacity Utilization Factor (CUF) of 84% as of September 30, 2025, indicating high operational efficiency across its manufacturing facilities.

📈 Strategic Growth

Expected Growth Rate

86%

Growth Strategy

Growth will be achieved through a massive capacity ramp-up to 17.5 GW modules by FY2027, 75% backward integration into cell manufacturing to capture more value chain margin, and the execution of a robust 11.15 GW order book. The company also raised INR 704.02 Cr via private placement and completed an IPO to fund these expansions.

Products & Services

The company primarily manufactures and sells Solar Photovoltaic (PV) Modules and provides related project execution and manufacturing services.

Brand Portfolio

Vikram Solar

New Products/Services

The company is focusing on high-efficiency technical and R&D roles to drive innovation in module technology, though specific new product revenue contributions are not yet quantified.

Market Expansion

Expansion plans focus on domestic Indian markets supported by policy tailwinds and international markets where the company already maintains a presence (USA, Germany, China).

Market Share & Ranking

The company identifies as one of the leading solar PV module manufacturers in India, leveraging 20 years of industry experience.

Strategic Alliances

The company entered into a Shareholder’s Agreement on June 10, 2024, for private placement investments and maintains wholly-owned subsidiaries like VSL Green Power and VSL Powerhive for specialized operations.

🌍 External Factors

Industry Trends

The solar industry is a central pillar of India's energy transition. Trends include rapid build-out of domestic manufacturing and policy support (like ALMM), which favors established players like Vikram Solar.

Competitive Landscape

The company faces rising competition from both domestic Indian manufacturers and large international entities in the solar PV space.

Competitive Moat

The moat is built on a 20-year brand reputation, strong product certifications, and a massive 11.15 GW order book which provides long-term revenue visibility. This is sustained by moving toward 75% backward integration, making the company less vulnerable to supply shocks.

Macro Economic Sensitivity

The business is sensitive to the Indian economy's energy transition policies and global shifts toward renewable energy, which drive the demand for its 11.15 GW order book.

Consumer Behavior

There is a growing adoption of solar energy across various segments in India, shifting demand toward high-efficiency modules.

Geopolitical Risks

Trade barriers or changes in import duties on solar cells and wafers from international markets pose a risk to the cost structure of module manufacturing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Factories Act 1948, Solar PV manufacturing standards, and various Legal Metrology Rules. The company must also adhere to the Environment (Protection) Act and Trade Marks Act.

Environmental Compliance

The company spent INR 7.22 million on CSR activities in FY2025, including projects like 'Swachh Urja Ujjwal Bhavishya'. It complies with the Environment (Protection) Act, 1986.

Taxation Policy Impact

The company paid INR 103 Cr in taxes for H1 FY2026, compared to INR 17 Cr in H1 FY2025, reflecting the massive jump in taxable profits.

Legal Contingencies

The Secretarial Audit Report for FY2025 indicates compliance with the Companies Act and other applicable laws, with no major dissenting views or pending material litigation values disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Diversification Risk,' as the majority of revenue comes from solar PV modules; a decline in solar demand could significantly impact the business.

Geographic Concentration Risk

The company has a strong concentration in India but is diversifying through international offices in the US, Europe, and China.

Third Party Dependencies

There is a high dependency on third-party suppliers for solar cells and wafers, which the company is addressing through a INR 1,400 Cr backward integration capex.

Technology Obsolescence Risk

The company manages technology risk by investing in R&D and technical hiring to ensure its modules remain competitive against evolving solar technologies.