Vikram Solar Limited , a leading Indian solar module manufacturer, has clinched a significant order worth approximately Rs. 273.00 crores from AB Energia Solutions Private Limited. The deal involves the supply of 200 MW of high-efficiency solar modules, marking a substantial boost for India's renewable energy sector.

Order Details

The order specifics include:

• Supply of M10R N-Type TOPCon modules
• Module efficiency rating of 590 Wp and above
• Delivery schedule: September 2025 to March 2026
• Deployment across Maharashtra, Madhya Pradesh, and Gujarat
• Focus on commercial and industrial solar projects

Strategic Partnership

This order reinforces the ongoing partnership between Vikram Solar and AB Energia, highlighting their shared commitment to advancing India's clean energy transition. The collaboration underscores the trust placed in Vikram Solar's technology and execution capabilities.

Executive Insights

Mr. 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."

Mr. Siddharth Bhatia, Managing Director & CEO of AB Energia Solutions Pvt. Ltd., emphasized the significance of the partnership, noting, "Our continued association with Vikram Solar reflects our shared assurance to engineering excellence and maximizing value for our clients."

Company Profile

Vikram Solar Limited has established itself as a key player in the solar energy sector with:

• Cumulative production capacity of 4.5 GW
• Presence in 39 countries
• Recognition as a 'Top Performer' in PVEL's PV Module Reliability scorecard 2025
• Inclusion in Bloomberg NEF's Tier 1 solar PV modules manufacturer list

Market Impact

This substantial order is expected to contribute significantly to the solar energy landscape in Maharashtra, Madhya Pradesh, and Gujarat. It aligns with India's ambitious renewable energy goals and demonstrates the growing demand for high-efficiency solar solutions in the commercial and industrial sectors.

The deal, valued at approximately Rs. 273.00 crores, represents a one-time domestic order with no related party transactions involved. This development is likely to strengthen Vikram Solar's market position and support the company's growth trajectory in the competitive solar module manufacturing industry.

Vikram Solar , a leading solar energy solutions provider, has set its sights on maintaining EBITDA margins between 16-18% for FY26 and subsequent years, according to Chairman and Managing Director Gyanesh Chaudhary. The company's financial outlook comes amid a robust order book and ambitious expansion plans in the solar manufacturing sector.

Q1 Performance and Future Expectations

The company reported high margins in the first quarter, attributed to carry-forward demand from the previous year. However, Chaudhary expects margins to stabilize in the 16-18% range for the rest of the year, citing pricing and supply chain dynamics as key factors.

Impressive Order Book and Market Pipeline

Vikram Solar's order book currently stands at an impressive 10+ gigawatts, which the company anticipates fulfilling over the next six to eight quarters. This strong order book is complemented by a substantial market pipeline of 30-35 gigawatts, indicating significant growth potential in the coming years.

Expansion Plans and Funding

The solar solutions provider has outlined ambitious expansion plans for its manufacturing capabilities:

1. Significant increase in module manufacturing capacity
2. Integration of up to 12 gigawatts of solar cell manufacturing

To fund these expansion initiatives, Vikram Solar plans to utilize a combination of:

• IPO proceeds
• Debt
• Internal accruals

Market Performance

On Thursday, Vikram Solar's shares closed at Rs 371.10, experiencing a 2.03% decline. Despite this short-term fluctuation, the company's strong order book and expansion plans suggest a focus on long-term growth and market positioning.

The solar energy sector continues to be a key area of growth in India's renewable energy landscape, and Vikram Solar's strategic moves indicate its intent to capitalize on this expanding market. As the company progresses with its expansion plans and works towards its targeted EBITDA margins, investors and industry observers will be keenly watching its performance in the coming quarters.