Vikram Solar Ltd(VIKRAMSOLR)

NSE: VIKRAMSOLRBSE: 544488

₹ 127.85-2.81%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 4,633 crWebsite: www.vikramsolar.comUpdated: 24 Oct 2026

About

Vikram Solar is an Indian manufacturer of solar photovoltaic modules, selling to IPPs, C&I customers, government/EPC entities, and through a retail distribution network. The company shipped 3.3 GW of modules in FY26 on revenue of INR 4,802 Cr, and is building out cell, wafer-ingot and battery energy storage capacity to become a fully integrated solar manufacturer. It also provides EPC and O&M services and was rated Tier 1 by BloombergNEF in all 4 quarters of CY2024.^[1][2][3]

Products and technology

Core product is N-Type TOPCon solar modules; portfolio fully transitioned from M10R to G12R format across both Vallam and Gangaikondan facilities as of Q1 FY27, delivering higher watt-peak per module and lower conversion cost per unit.^[4]
As of FY25 the module range covered N-Type, Mono PERC and HJT modules, with HJT rated at 710-735 Wp; launches in FY25 included the HYPERSOL G12R 132HC N-Type module.^[3]
DCR (Domestic Content Requirement) modules sold 76 MW in Q1 FY27, exceeding the entire FY26 DCR volume; DCR realization is INR 22+/Wp vs blended INR 15.02/Wp.^[4]
Besides modules, the company provides EPC and O&M services: EPC portfolio of 1.41 GW commissioned and under execution and O&M portfolio of 1,396 MWp as of FY25.^[3]
BESS subsidiary VSL Powerhive operates two brands: PowerHive for C&I and utility-scale battery energy storage, and VION covering home UPS, C&I and e-rickshaw batteries.^[4]

Manufacturing capacity and operations

Total installed module capacity is 15.5 GW across two Tamil Nadu sites: Vallam (5 GW, commissioned Q3 FY26) and Gangaikondan (6 GW, first module rolled out 29 June 2026); Gangaikondan lines use ~40% lower manpower than prior lines.^[4]
Full module capacity of 15.5 GW enables production of 9 - 9.5 GW annually; Q1 FY27 production was 1,085 MW against dispatches of 1,006 MW.^[4]
FY26 effective capacity utilisation was 75%; Q3 FY26 utilisation reached 90% before the Gangaikondan expansion added headroom.^[1]
Gangaikondan campus also hosts a 9 GW TOPCon cell plant under construction, targeting commissioning in Q4 FY27 with ramp possibly into Q1 FY28; a 3 GW XBC cell plant is planned for FY28.^[4]
Cell sourcing diversified from China to Southeast Asian countries as of Q3 FY26, ahead of the company's own cell plant coming online.^[5]
The R&D lab at Falta, West Bengal holds NABL accreditation under ISO/IEC 17025:2017 (FY25).^[3]

Key operating numbers

Q1 FY27 dispatched volume: 1,006 MW, a record quarter, up 32% YoY; FY26 full-year shipments were 3.3 GW, up 76% YoY.^[4]
Blended realization in Q1 FY27 was INR 15.02/Wp, up 8% QoQ, driven by DCR mix and a shift toward distribution and mid-market channels.^[4]
Order book stood at 7.9 GW in Q1 FY27, down from a peak of 11.15 GW in Q2 FY26 and 8.2 GW at end-FY26.^[4]
Q4 FY26 order inflows were 1.9 GW, the highest quarterly booking at that time; order book mix at end-FY26 was IPPs 69%, C&I 13%, Government and EPC 18%.^[1]
Unit COGS rose INR 1.86/Wp in Q1 FY27 from metals (aluminium/copper ~35% of bill of raw materials), EVA (~12% of BoRM) inflation and Chinese cell cost increases.^[4]

Customers and distribution

Top-5 customer concentration fell from 80% to 47% YoY by end-FY26; domestic orders were 85% and exports 15% of order book as of Q2 FY26.^[1]
C&I share in order book rose from 4% to 20% YoY by Q2 FY26.^[6]
Distribution network in Q1 FY27: 119+ distributors and 757 dealers across 500+ districts in 24 states; dealer count doubled YoY; monthly distribution run-rate doubled from ~40 MW to ~80 MW.^[4]
Distribution channel commands a realization premium of INR 1 - 1.5/Wp over large accounts; mid-market yields ~INR 0.50/Wp premium.^[4]
In FY25 roughly 99% of revenue came from domestic sales and about 1% from exports; the company reports a presence in 39 countries.^[3]

Expansion and capex

9 GW wafer-ingot Phase 1 at Gangaikondan: scope expanded from 6 GW to 9 GW; capex revised to INR 5,600 Cr (from INR 3,700 Cr for 6 GW); ground-breaking imminent as of Q1 FY27; FY29 commissioning target.^[4]
FY27 capex guidance is ~INR 5,000 Cr; ~INR 500 Cr deployed in Q1 FY27; debt drawdown to start end-August 2026; FY28 capex expected at ~INR 5,000 Cr.^[4]
Integrated capex program to be funded at a 70:30 debt-equity ratio; financial closure in process as of Q1 FY27.^[4]
BESS Phase 1: 7.5 GWh assembly plant in Chennai, equipment delivery planned November 2026, operations targeted March 2027; 7.5 GWh LFP cell plant land to be finalized by September 2026, COD target Q4 FY29.^[4]
Wholly owned subsidiary VSL Green Power Private Limited is building the Gangaikondan cell and module plant (FY25).^[3]

Recent developments

September 2026: secured a 400 MW domestic order from a leading EPC company for N-Type TOPCon G12R modules, for execution October 2026 to March 2027.^[7]
29 June 2026: first module rolled out from the Gangaikondan 6 GW facility on the committed date.^[4]
Q1 FY27: VSL PowerHive launched the PowerHive brand for C&I and utility-scale BESS and executed its first 20 MWh utility-scale order.^[4]
Q3 FY26: India Ratings upgraded long-term bank facilities from Ind A Stable to Ind A+ Stable and short-term from Ind A1 to Ind A1+.^[5]
Q1 FY27: FY27 EBITDA guidance (prior INR 1,500 - 1,600 Cr) was neither affirmed nor revised; management said it would update it at H1 FY27 results.^[4]

Market Cap

₹4,633 Cr

High / Low

₹349 / 124

Stock P/E

13.0

Price / Book

1.5

Book Value

₹87

EPS

₹13.0

No. of Shares

36.23 Cr

ROCE

21.8%

ROE

14.8%

OPM

16.7%

Debt / Equity

0.03

Sales

₹4,802 Cr

Net Profit

₹470 Cr

Promoter holding

63.0%

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