Vikram Solar Limited has submitted its quarterly monitoring agency report for the quarter ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offer. The report, prepared by India Ratings & Research Private Limited as the monitoring agency, was filed with stock exchanges on January 20, 2026, in compliance with SEBI regulations.

IPO Proceeds Utilization Overview

The company's IPO raised ₹15,000.00 crores through fresh issue, with the monitoring report showing cumulative utilization of ₹2,952.15 crores by the end of Q3 FY26. This leaves ₹12,047.85 crores unutilized from the total proceeds.

Project-wise Fund Deployment

The IPO proceeds are allocated across three main objectives, with the majority focused on expanding solar manufacturing capabilities through the company's wholly-owned subsidiary, VSL Green Power Private Limited.

Phase-I Manufacturing Project

The largest allocation of ₹7,697.30 crores is designated for partial funding of capital expenditure to establish an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility at SIPCOT Industrial Complex, Gangaikondan, District Tirunelveli, Tamil Nadu. As of December 31, 2025, ₹1,296.88 crores has been utilized for this project, with ₹6,400.42 crores remaining unutilized.

Phase-II Expansion Project

The second major allocation involves ₹5,952.08 crores for expanding the manufacturing capacity from 3,000 MW to 6,000 MW at the same project site. During Q3 FY26, ₹433.99 crores was utilized for this expansion, bringing the total utilization to ₹433.99 crores, with ₹5,518.09 crores remaining unutilized.

Deployment of Unutilized Funds

The company has deployed the unutilized IPO proceeds of ₹12,169.14 crores across multiple fixed deposits with various banks, earning returns ranging from 4.50% to 6.50% annually. The major deployments include ₹4,750.00 crores with Union Bank of India, ₹3,100.00 crores with Axis Bank, and smaller amounts distributed across Punjab National Bank, ICICI Bank, and Canara Bank.

Project Timeline and Progress

Both Phase-I and Phase-II projects are progressing as planned, with completion targeted for fiscal 2026. The monitoring agency reported no deviation from the stated objectives and confirmed that requisite approvals needed for the current stage of projects have been secured. The indicative timeline for trial runs and commercial production shows module line operations beginning in March 2026 for Phase-I, with cell line operations commencing in September 2026.

Regulatory Compliance

India Ratings & Research Private Limited, serving as the monitoring agency, confirmed no deviation from the disclosed objects of the IPO. The report was prepared based on management representations, statutory auditor certificates, and relevant bank statements, ensuring compliance with SEBI regulations for monitoring IPO proceeds utilization.

Vikram Solar Limited delivered exceptional financial performance in Q3FY26, with the solar module manufacturer reporting a remarkable 361% surge in net profit alongside strong revenue growth for the quarter ended December 31, 2025.

Outstanding Financial Performance

The company's quarterly results demonstrate robust operational strength across key financial metrics:

The company's earnings per share increased significantly to ₹2.66 from ₹0.66 in the corresponding quarter of the previous year, reflecting the strong profitability improvement.

Nine-Month Performance Highlights

For the nine months ended December 31, 2025, Vikram Solar achieved even more impressive year-on-year growth:

The nine-month results underscore the company's sustained growth momentum throughout the financial year, with revenue from operations increasing by over 50% compared to the same period last year.

Board Decisions and Leadership Changes

The Board of Directors, meeting on January 20, 2026, approved several key decisions including the re-appointment of Ms. Neha Agrawal as Whole-time Director for a three-year term from March 22, 2026, to March 21, 2029. Ms. Agrawal brings over 14 years of experience in solar module manufacturing and currently heads strategy and international business operations.

Additionally, the board approved a revised postal ballot notice for the appointment of new directors:

• Mr. Suresh Gopinathan Menon as Non-Executive Non-Independent Director effective December 1, 2025
• Mr. Joginder Pal Dua as Independent Director for five years from December 1, 2025, to November 30, 2030

IPO Proceeds Utilization

Following the company's successful listing on August 26, 2025, Vikram Solar has been systematically deploying its IPO proceeds of ₹14,144.87 million. As of December 31, 2025, the company has utilized ₹2,226.36 million, with ₹11,918.51 million remaining for future investments:

Operational Highlights

The company's operational efficiency is reflected in its cost management, with total expenses of ₹9,790.42 crores in Q3FY26 compared to ₹10,085.24 crores in Q3FY24. The company also issued 613,160 equity shares under its Employee Stock Option schemes during the quarter, increasing the paid-up share capital to ₹3,623.30 million.

Consolidated Results

On a consolidated basis, Vikram Solar reported net profit of ₹981.47 crores for Q3FY26, compared to ₹190.20 crores in Q3FY24. Consolidated revenue from operations reached ₹11,059.52 crores, demonstrating strong performance across the group's operations including its subsidiaries focused on solar power projects and related services.