The firm is a solar photovoltaic module manufacturing company that operates in India from its base in Kolkata, West Bengal. The firm produces high-efficiency solar PV modules and operates in 39 countries internationally.
The shares of Vikram Solar are currently at Rs. 160.25, up by 0.16%. The company has a market capitalization of Rs. 5,812.16 crore. The stock’s 52 week high is Rs. 354.40 and its 52 week low is Rs. 155.38. In the past six months the stock has delivered a return of -9.74%.
What’s The News
Vikram Solar has received a 400 MW module supply order from a premier EPC company for decentralised solar projects being developed across multiple locations in Maharashtra.
The projects are aimed at the agricultural-feeder solarisation segment, with the order supporting distributed solar installations closer to agricultural power consumption points. The projects are associated with Maharashtra’s MSKVY 2.0 programme, which focuses on solarising agricultural electricity supply. The EPC customer has not been publicly named, and the company has not disclosed the financial value of the contract.
Order Details
Vikram Solar Ltd has received an order to supply 400 MW of solar PV modules to a leading Indian EPC player for decentralised agri-solar projects across multiple locations in Maharashtra.
Under the order, the company will supply 620 Wp N-Type TOPCon G12R solar modules. Deliveries are scheduled to commence from October 2026, with the order expected to be completed by March 2027. The company has not disclosed the value of the order
High-Efficiency TOPCon Modules
As per the contract, the modules of N-Type TOPCon G12R made by Vikram Solar Company with 620 Wp power generation will be provided. The characteristics of such modules include glass on glass modules, bifacial modules, and half-cut cells. This ensures higher energy output.
Such use of modules becomes even more important in decentralized solar projects, which are spread in different places instead of being centralized in a single solar park.
Focus on Agricultural Feeder Solarisation
The order is linked to the agricultural-feeder solarisation segment in Maharashtra. Under decentralised solarisation programmes, solar projects are developed closer to agricultural electricity demand, helping create a more distributed renewable power infrastructure.
Vikram Solar’s management highlighted the role of programmes such as MSKVY 2.0 in bringing solar power closer to farmers and agricultural communities. The company also said that the order reflects confidence in its G12R TOPCon technology and its ability to support geographically distributed solar deployments.
Vikram Solar is scheduled to begin supplying the modules from October 2026, with the order expected to be executed by March 2027. This gives the company roughly six months to complete the contracted module supplies.
Financial performance
Looking at the quarterly results of Vikram Solar Ltd, the company’s consolidated sales stood at Rs. 1,563 crore in Q1 FY27, compared with Rs. 1,134 crore in Q1 FY26, registering a growth of around 37.89% YoY. On a quarterly basis, sales increased by around 7.57% QoQ from Rs. 1,453 crore in Q4 FY26.
The company’s consolidated operating profit stood at Rs. 126 crore in Q1 FY27, compared with Rs. 242 crore in Q1 FY26, declining by around 47.93% YoY. Sequentially, operating profit declined by around 46.15% from Rs. 234 crore in Q4 FY26. The operating profit margin stood at 8% in Q1 FY27, compared with 21% in Q1 FY26 and 16% in Q4 FY26.
At the bottom line, Vikram Solar reported a consolidated net profit of Rs. 20 crore in Q1 FY27, compared with Rs. 133 crore in Q1 FY26, marking a decline of around 84.96% YoY. Sequentially, net profit declined by around 81.82% from Rs. 110 crore in Q4 FY26. Basic EPS stood at Rs. 0.55 in Q1 FY27, compared with Rs. 4.21 in Q1 FY26 and Rs. 3.05 in Q4 FY26.
Company Overview
Vikram Solar Limited is among the top solar module producers in India, manufacturing highly-efficient photovoltaic (PV) modules, having a global reach in 39 countries worldwide. With its headquarters in Kolkata, West Bengal, Vikram Solar is the largest producer of PV modules in India. Vikram Solar has been recognized nine times as the “Top Performer” in PVEL’s PV Module Reliability scorecard and also featured on the Bloomberg NEF Tier 1 list for the 10th straight quarter of solar PV modules manufacturer. Vikram Solar Limited has created a pan-India network by way of 119 authorized distributors and over 750+ dealers.