Vikram Solar has secured an order for the supply of 400 MW of high-efficiency N-Type TOPCon G12R modules. The awarding entity is a renowned customer which is a leading EPC Company in India. The contract terms specify delivery by March 2027.

Order Details and History

The new order was disclosed to the exchange on September 28, 2026. It joins a series of significant contracts secured by the company in the recent quarter. Previously, Vikram Solar reported a mega order worth Rs 1,250.0 crore from Avaada Electro Limited on September 15, 2026. That contract covered the supply of 1 GW of ALMM-compliant domestically manufactured half-cut N-Type G12R TOPCon solar cells.

Earlier in the quarter, the company also disclosed two smaller orders. On September 11, 2026, it received an order worth Rs 124.0 lakh from Capital Energy Private Limited for G12R TOPCon modules for a project in Anantapur, Andhra Pradesh. On July 9, 2026, it secured an order worth Rs 130.0 lakh from Evervolt Solar Technology India Private Limited for Mono-PERC solar cells.

Financial Context

The company operates in the Capital Goods sector within the Other Electrical Equipment industry. As of September 28, 2026, the market capitalization stood at Rs 5800.57 Cr. The stock traded at a P/E ratio of 16.3x and a Price/Book ratio of 1.83x. For FY26, the return on capital employed (ROCE) was 21.61%, while the return on equity (ROE) was 14.78%.

Trailing twelve-month consolidated revenue was Rs 5298.7 Cr, with a net profit of Rs 356.9 Cr. The operating profit margin (OPM) stood at 15.8%. The average quarterly revenue over the last four quarters was Rs 1324.67 Cr. The total disclosed order book for the last three fiscal quarters sums to Rs 1504.00 Cr across 3 orders. This represents an order book coverage of 1.14 quarters of average quarterly revenue.

Revenue Growth Trajectory

Annual revenue has shown consistent expansion, growing from Rs 1743.00 Cr in FY22 to Rs 4861.90 Cr in FY26. This represents a year-on-year growth of +40.9% in FY26. Net profit also surged by +237.2% to Rs 469.10 Cr in FY26 compared to Rs 139.10 Cr in FY25.

Balance Sheet and Cashflow

The company maintains a current ratio of 1.77x, indicating healthy liquidity. Total liabilities to equity stands at 0.78x. In FY26, operating cashflow was Rs 666.90 Cr, resulting in free cashflow of Rs 383.80 Cr after capex of Rs 283.10 Cr. Total assets amounted to Rs 5635.80 Cr, with total equity at Rs 3172.90 Cr.

Vikram Solar will host an investor meeting on September 22, 2026, as part of the Anand Rathi Annual Flagship Conference G-200 Summit. The event aims to engage with institutional investors and analysts regarding the company's business outlook.

The interaction is scheduled for Tuesday morning at the Taj Santacruz in Mumbai. Company officials will participate in both group and one-on-one sessions starting at 10:00 am. The firm notified the stock exchanges of this schedule on September 17, 2026.

Meeting Details

The company disclosed the event particulars under Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulatory framework mandates timely disclosure of material events to ensure fair access to information for all investors.

Management emphasized that discussions will be strictly based on publicly available information. No unpublished price-sensitive information (UPSI) is intended to be shared during these interactions. The company noted that dates are subject to change due to exigencies on the part of investors or the company.

Sudipta Bhowal, Company Secretary and Compliance Officer of Vikram Solar Limited, signed the intimation letter sent to the BSE and NSE. The company's registered office is located in Kolkata, with corporate offices also in the city.