| Order Capacity | 400 MWSolar Modules |
|---|---|
| Market Cap | ₹5,812.16 CrConsumer Durables |
| Revenue TTM | ₹5,231.77 CrOperating Income |
| PE TTM | 16.29Sector PE 45.88 |
| Order from | A leading EPC Company in India |
| Execution period | By March 2027 |
Key highlights
- Order capacity of 400 MW for high-efficiency solar modules
- Supply of advanced N-Type TOPCon G12R modules with 620 Wp power output
- Project execution timeline set for completion by March 2027
- Modules feature glass-to-glass, bifacial technology and half-cut cells
- Order targets decentralized solar portfolios across multiple locations in Maharashtra
Details of the 400 MW Supply Agreement
Vikram Solar will provide its advanced G12R TOPCon modules for a portfolio of decentralized solar projects being developed by a prominent Indian Engineering, Procurement, and Construction firm. These high-efficiency modules are engineered with bifacial glass-to-glass technology and half-cut cells, achieving a power output of 620 Wp. The delivery schedule is slated to commence in October 2026, with the entire supply obligation expected to be fulfilled by March 2027.
This one-time domestic contract emphasizes the company's ability to support large-scale, geographically distributed solar deployments required for infrastructure-heavy renewable projects.
Strategic Alignment with Agri-Solar Initiatives
The order is strategically aligned with India's agricultural feeder solarisation segment, specifically supporting programs like the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY 2.0). By supplying modules for these decentralized projects, Vikram Solar assists in bringing power generation closer to rural consumption centers, thereby enhancing grid resilience. This project portfolio covers multiple sites across Maharashtra, reflecting the growing demand for specialized solar solutions that can improve energy access for farming communities while contributing to national energy security objectives through domestic manufacturing.
Financial Performance and Market Position
- Annual operating revenue grew by 40.5% to ₹4,802.25 crore in the latest fiscal year
- The company maintains a significant market presence as a Tier 1 solar PV manufacturer for 10 consecutive quarters
- Net profit for the annual period saw a substantial year-on-year increase of 236.42%
- Promoter holding remains stable at 63.01%, though 9.24% of the holding is currently pledged
- The stock trades at a TTM Price to Earnings ratio of 16.29, compared to the industry average of 38.31
Management Perspective on Execution
Supplying modules for projects of this scale across Maharashtra reflects the confidence placed in Vikram Solar’s advanced G12R TOPCon technology and our ability to support large, geographically distributed solar deployments.
“Programmes like MSKVY 2.0 represent an important evolution in India’s clean energy journey, bringing the benefits of solar power closer to farmers and agricultural communities.”
| Share price | ₹160.4 |
|---|---|
| Market capitalisation | ₹5,812.16 Cr |
| Revenue (annual) | ₹4,802.25 Cr |
| Net profit (annual) | ₹470.42 |
| P/E (TTM) | 16.29×Sector 45.88× |
| Promoter holding | 63.01%0.00% QoQ |
| FII holding | 3.37%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Vikram Solar Limited announcing the receipt of a 400 MW module supply order from a leading Indian EPC company. Market figures from a third-party data provider.
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