Vikram Solar Limited has submitted its mandatory compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31st March, 2026. The certificate was filed with both major stock exchanges on April 14, 2026.

Regulatory Compliance Filing

The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), which serves as the company's Registrar and Share Transfer Agent. The document confirms compliance with dematerialization requirements as mandated by SEBI regulations.

Stock Exchange Notification

The compliance certificate was simultaneously submitted to both BSE Limited and National Stock Exchange of India Limited. The filing was made by Sudipta Bhowal, Company Secretary and Compliance Officer of Vikram Solar Limited.

Certificate Confirmation

MUFG Intime India Private Limited confirmed in their certificate dated April 3, 2026, that securities received from depository participants for dematerialization during the quarter ended 31st March, 2026 were properly processed. The registrar confirmed that:

• Securities received for dematerialization were confirmed or rejected to depositories within prescribed timelines
• Security certificates were mutilated and cancelled after due verification
• Names of depositories were substituted in the register of members as registered owners
• All securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed

Company Information

Vikram Solar Limited operates with its registered office located at Yashvishree Biowonder, Kolkata, and maintains manufacturing facilities in Falta, West Bengal and Chennai, Tamil Nadu. The company continues to maintain its regulatory compliance obligations as a publicly listed entity on Indian stock exchanges.

Vikram Solar Limited conducted an analyst and investor meeting on March 24, 2026, in Mumbai, presenting its comprehensive expansion strategy and growth roadmap. The company filed the investor presentation under Regulation 30 of SEBI Listing Regulations on March 26, 2026, outlining its ambitious plans for backward integration and market expansion.

Strategic Expansion Roadmap

The company unveiled a phased backward integration strategy spanning multiple fiscal years. The presentation detailed three key development phases with specific capacity targets and integration milestones.

Current Manufacturing Capabilities

Vikram Solar currently operates 9.5 GW module manufacturing capacity across three locations: Falta in West Bengal, and Oragadam and Vallam in Tamil Nadu. The company emphasized its position as one of the few companies with a complete backward integration plan in India's solar manufacturing sector.

Order Book and Market Position

The company reported a robust order book of 10.6 GW with diversified market exposure across multiple segments. The order composition demonstrates strong domestic focus with strategic export presence.

BESS Platform Development

The presentation highlighted Vikram Solar's entry into the Battery Energy Storage Systems (BESS) market with ambitious capacity targets. The company plans to develop 15 GWh BESS capacity by FY30, positioning itself as India's largest BESS manufacturer. The strategy includes phased expansion from BESS assembly to fully integrated cell manufacturing, with an ultimate ambition of 30 GWh fully integrated BESS manufacturing capacity.

Technology and Manufacturing Excellence

The company emphasized its focus on advanced cell technology, particularly the planned XBC (eXtreme Back Contact) cell plant, which would be the first of its kind in India. The presentation detailed the company's technology roadmap and manufacturing capabilities, highlighting future-proof production lines that can be upgraded without replacement.

Export Market Strategy

Vikram Solar outlined its export vision targeting key markets including the US, Europe, and APAC regions. The company positioned itself as a compliant, non-Chinese alternative with fully traceable supply chains meeting various international standards including FEOC compliance, CBAM requirements, and ESG audit standards.

Financial Performance Indicators

The presentation included key financial metrics demonstrating the company's growth trajectory. The company reported 154% EBITDA growth for 9M FY26 and maintained a debt-to-equity ratio target of less than 1.0x at peak capacity expansion phases.

Leadership Team

The analyst meet featured presentations from key leadership including Chairman & Managing Director Gyanesh Chaudhary, CFO Ranjan Jindal, Whole-Time Director Neha Agrawal, and other senior executives across operations, technology, and business development functions. The comprehensive presentation covered the company's three strategic pillars: current scale and execution capabilities, backward integration plans, and new platform development including BESS and export markets.