Stock Watch     

Published: May 15, 2026
Updated: May 15, 2026

Vikram Solar

Riding global solar panel demand

Kolkata-based Vikram Solar (VSL), which specialises in photovoltaic module manufacturing, is perform ing well and has a presence across 39 countries. The company has a cumulative production capacity of 9.5 GW. It has established a pan-India presence through a network of 105+ authorised distributors, 435+ dealers and 77+ system integrators.

On a cumulative basis, the company sold 2,344 MW solar PV modules during the nine months ended December 2025, against 1,188 MW in the same period in the previous year, registering an impressive growth of 97% with a capacity utilisation at 90%. In value terms, revenue from operations reached Rs 3,349 crore vis-à-vis Rs 2,230 crore (up 50%), EBITDA was Rs 682 crore (up 154%), and EBITDA margin was @ 20% (up 8%). Importantly, PAT has gone up by 631% from Rs 49 crore to Rs 360 crore, and the PAT margin from 2% to 11%, translating to an EPS at Rs10.62 vis-à-vis Rs 1.64.

During the third quarter, the company commenced operations of a 5 GW module plant in Vallam (Tamil Nadu). This new facility is advanced and highly automated, with AI-enabled robotics for TOPCon (Tunnel Oxide Passivated Contact) module production, and supports high-efficiency PV technologies, including M10 and G12 cell formats.

NEW TECH

The company also launched ‘Hypersol Pro’, an advanced N-type solar PV module with integrated blocking diode technology enabling zero reverse power loss, higher efficiency up to 23.69%, superior low-light performance, and enhanced durability --optimised for utility-scale rooftop and hybrid applications, delivering improved energy yield and faster RoI.

Commenting on the nine-month performance of the company, Gyanesh Chaudhary, Chairman & Managing Director, said, “Our order book remains robust at 10.6 GW, providing strong medium-term revenue visibility across utility-scale, C & I, and other customer segments. During the quarter, we successfully transitioned our entire portfolio to high-efficiency ‘N-type’ modules, with our ‘Hypersol’ series delivering power outputs of up to 640 Wp (Watt-peak). This marks an important step in aligning Indian manufacturing with international standards on efficiency, form factor and long-term bankability.” On the business outlook, Mr Chaudhary said, “Looking ahead, we remain focused on scaling the business in a disciplined, capital-efficient manner while strengthening our manufacturing footprint, product portfolio and execution capabilities. With a strong order book, expanding capacities and supportive industry tailwinds, we are optimistic about the opportunities ahead and confident in our ability to deliver sustainable, long-term value for all stakeholders.”

NEW VERTICAL

Vikram Solar is focusing on another promising vertical of advanced chemistry cells — battery energy storage systems (BESS) — through wholly owned subsidiary VSL Powerhive Pvt Ltd. The company develops, manufactures and deploys lithium-ion batteries for electric mobility, residential and utility-scale applications. It has planned to develop a total capacity of 30 GWh, with a 5 GWh BESS unit at Oragadam, Tamil Nadu, expected to get operationalized by FY27. The parent company is serious and excited about this project, as recently the board approved a capex of Rs 4,371 crore for entry into BESS (phase 1). The global solar and wind capacity is projected to triple by 2030 (IEA), requiring 10x more storage to manage inter mittency. Similarly, the global EV fleet is projected to reach 250 mn+ vehicles by 2030 (BNEF), driving both traction and grid balancing demand. Another important projection is that 800+ GW new transmissions will be needed globally by 2030. BESS is a cost-effective alternative where grid upgrades are delayed. All these three factors draw a very positive landscape for the Battery Energy Storage System (BESS) business.

Recently, subsidiary VSL PowerHive appointed Arun Mittal as Chief Executive Officer. Prior to this, Mr Mittal was MD & CEO at Lohum Cleantech Pvt Ltd, and even earlier had a 31-year tenure at Exide Industries Ltd, where he served as MD & CEO of Exide Energy Solutions Ltd and played an important role in Exide’s lithium-ion mobility storage manufacturing blueprint. NSE-BSE listed VSL raised Rs 2,079 crore through an IPO at Rs 332 with a face value of Rs 10 in August 2025. Currently, the stock is available at Rs 219 — a 34% discount to its issue price. The yearly high- low prices are Rs 408 and Rs 162, with a market capitalisation of Rs 7,949 crore. In the equity capital of Rs 362.33 crore, the promoter group holds 63%. The book value, RoNW and PE ratio stand at Rs 81.4, 16.6% and 17.65 respectively.

Industry prospects for photovoltaic modules for the solar industry are bright. Moreover, the company is aiming for 100% ingot-to-module production and 12 GW of solar cell capacity. Supported by PLI schemes, this strategy strengthens its supply chain resilience, and reduces import reliance to suit the company’s BESS and PV recycling drive for decarbonisation.

RATING UPGRADE

The management has a proven track record and sound business plans. Meticulous execution will be the key factor that will help the company reach greater heights. Another favourable factor is that currently the stock is priced reasonably. Hence, investors can consider entering the stock in small quantities to begin with, and add gradually after reviewing both the company’s performance and the geopolitical scenario. India Ratings has upgraded the company’s credit rating. Long-term bank facility rating is raised from IND A Stable to IND A+ Stable, whereas the short-term bank facility rating has been upgraded from IND A1 to IND A1+, reflecting an improved credit strength and financial profile.