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.

Vikram Solar Limited has provided detailed reasons for the resignation of its Executive Vice President & Head of Manufacturing Operations, Mr. Anil Bhadauria, following regulatory disclosure requirements under SEBI guidelines.

Resignation Timeline and Details

The resignation process unfolded over several weeks in March 2026, with multiple communications between the executive and company management.

Reason for Departure

In his clarification letter dated March 23, 2026, Bhadauria explicitly stated that his resignation from the position of Executive Vice President & Head of Manufacturing Operations was "to pursue other personal priorities and family engagements." This clarification was provided following a request from BSE Limited on March 21, 2026, seeking additional details about the senior management personnel change.

Regulatory Compliance

The company filed the corporate announcement under Regulation 30 of SEBI (LODR) Regulations, 2015, ensuring full transparency regarding the departure of senior management personnel. The filing included:

• Original resignation letter from March 3, 2026
• Detailed reason clarification letter from March 23, 2026
• Company's formal acceptance dated March 20, 2026

Transition Arrangements

Bhadauria committed to ensuring a seamless transition of his responsibilities, stating in his resignation letter that he would "extend full cooperation in transferring my responsibilities to such person(s) as may be nominated by the management." The extended notice period until May 31, 2026, provides adequate time for knowledge transfer and succession planning.

Professional Acknowledgment

In his formal communication, the departing executive expressed appreciation for the opportunity to serve the company and thanked the Board and management for their guidance and support during his tenure as head of manufacturing operations.