Vikram Solar , a leading solar module manufacturer, has reported stellar financial results for the first quarter, showcasing robust growth and ambitious expansion plans.

Strong Financial Performance

The company delivered impressive quarterly results, with revenue surging 79.7% year-on-year to ₹1,134.00 crores. Profit after tax (PAT) saw a remarkable increase, jumping approximately 5 times from ₹22.80 crores to ₹133.00 crores in the current quarter. Operating EBITDA more than doubled to ₹242.00 crores, reflecting significant operational improvements.

Production and Capacity Utilization

Vikram Solar produced over 750 megawatts of modules during the quarter, achieving a capacity utilization of 67%. The company's CEO, K. K. Maskara, noted that they have improved capacity utilization compared to the previous quarter, with the full 4.5 gigawatt capacity now ramped up and N-type capable.

Robust Order Book

As of June 30, Vikram Solar's order book stands at an impressive 10.96 gigawatts. The company has secured several prestigious contracts, including:

• 250 megawatts from Bondada Group
• 336 megawatts from L&T
• 326 megawatts from GIPCL

These contract wins reflect strong market confidence in Vikram Solar's execution capabilities.

Ambitious Expansion Plans

Vikram Solar has unveiled ambitious plans for capacity expansion:

1. Module Manufacturing:

   • Current capacity: 4.5 gigawatts
   • Target capacity: 17.5 gigawatts (a 4x increase)

2. Solar Cell Manufacturing:

   • Planned capacity: 12 gigawatts

3. New Facility:

   • 5 gigawatt module manufacturing plant in Vallam, Tamil Nadu

4. Battery Energy Storage System (BESS):

   • Initial capacity: 1 gigawatt hour
   • Expandable to 5 gigawatt hour

The total capex for these expansion plans is estimated at over ₹6,000.00 crores.

Technology and Innovation

Vikram Solar is focusing on advanced technologies:

• Current production is based on TOPCon (Tunnel Oxide Passivated Contact) technology
• Average power output has increased from 585 watts to 590 watts per module
• The company is exploring next-generation technologies like Back-Contact and Tandem cells

Market Outlook and Strategy

The management expressed optimism about the growing solar energy market in India, citing the country's achievement of over 50% installed power capacity from non-fossil fuel sources. Vikram Solar is positioning itself to capitalize on various government initiatives, including:

• National Green Hydrogen Mission
• PM Kusum Scheme
• PM Surya Ghar Muft Bijli Yojana

These initiatives are expected to add about 200 gigawatts of demand over the coming years.

Funding and Financial Strategy

The company plans to fund its expansion through a combination of:

• IPO proceeds
• Debt from PSU and private banks
• Internal accruals

As Vikram Solar embarks on this significant growth phase, it aims to strengthen its position as a leading player in India's solar energy sector, contributing to the country's renewable energy goals and energy security.

Vikram Solar Limited , a leading Indian solar module manufacturer, has announced two significant developments that underscore its growth trajectory and commitment to employee welfare.

Major Supply Deal with AB Energia

Vikram Solar has secured a substantial order for 200 MW of high-efficiency solar modules from AB Energia Solutions Private Limited. The deal, valued at approximately Rs. 273.00 crores, involves supplying advanced M10R N-Type TOPCon modules rated at 590 Wp and above. These modules are slated for deployment across Maharashtra, Madhya Pradesh, and Gujarat, supporting the solar energy initiatives in these states.

The supply is scheduled to commence in September 2025 and continue through early 2026, highlighting a medium-term commitment between the two companies. This order not only reinforces Vikram Solar's position in the market but also demonstrates the growing demand for high-performance solar solutions in India's rapidly expanding renewable energy sector.

Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar, expressed pride in the continued collaboration, stating, "This order not only reflects the continued trust from AB Energia in our technology and execution but also reinforces Vikram Solar's position as a dependable and future-ready solar solutions provider."

ESOP Plan Ratification

In a separate development, Vikram Solar is seeking shareholder approval to ratify its 'VIKRAM SOLAR EMPLOYEE STOCK OPTION PLAN – 2021' (ESOP 2021). This move comes in the wake of the company's recent listing on the National Stock Exchange of India Limited and BSE Limited on August 26, 2025.

Key points of the ESOP 2021 include:

• A total of 1,30,00,000 equity shares (5.02% of the diluted equity share capital) are allocated under the plan.
• The vesting period ranges from a minimum of one year to a maximum of five years from the date of grant.
• The plan extends benefits to employees of holding companies, subsidiary companies, and group companies.

The company is also seeking approval to determine fees for document delivery to members through particular modes of service.

Vikram Solar has initiated a postal ballot process for these approvals, with e-voting scheduled from September 16, 2025, to October 15, 2025. The cut-off date for eligibility to vote is set at September 10, 2025.

These developments reflect Vikram Solar's dual focus on business growth and employee engagement as it navigates its post-IPO phase in the competitive solar energy market.

Key Details of ESOP 2021

Vikram Solar's strategic moves in both business expansion and employee incentivization underscore its commitment to maintaining its position as a key player in India's renewable energy landscape.