Vikram Solar Limited has issued a comprehensive postal ballot notice dated January 21, 2026, seeking shareholder approval for three key director appointments through electronic voting. The company has scheduled the e-voting period from January 22, 2026, to February 20, 2026, allowing shareholders to participate in crucial governance decisions.

Director Appointments Overview

The postal ballot encompasses three significant resolutions related to board composition and leadership structure:

E-Voting Schedule and Process

The company has established a structured timeline for the electronic voting process to ensure comprehensive shareholder participation:

Shareholders whose names appear on the register of members or list of beneficial owners as received from NSDL and CDSL, and who have registered their email addresses with the company, depository participants, or registrar MUFG Intime India Private Limited, will be eligible to participate in the voting process.

Key Appointments and Qualifications

Mr. Suresh Gopinathan Menon

The 63-year-old professional brings extensive technology leadership experience, holding a Master of Science in Physics from University of Poona and Master of Technology in Computer Science from IIT Madras. He completed a distinguished 36-year tenure at Tata Consultancy Services Limited, retiring in May 2022 as Senior Vice President. His appointment as Additional Director became effective from December 1, 2025.

Mr. Joginder Pal Dua

The 73-year-old banking veteran possesses over three decades of financial sector experience, holding a master's degree in economics from Punjab University and a Law Degree from Meerut University. He previously served as Chairman and Managing Director of Allahabad Bank and retired as Chairman of the Board for Industrial and Financial Reconstruction in January 2016. His appointment as Additional Independent Director also took effect from December 1, 2025.

Ms. Neha Agrawal Re-appointment

The 38-year-old Whole-Time Director seeks re-appointment for a three-year term from March 22, 2026, to March 21, 2029. As a Chartered Accountant and Company Secretary, she brings over 14 years of solar industry experience and currently leads corporate strategy and international business operations.

Remuneration Structure

Ms. Neha Agrawal's re-appointment includes a comprehensive remuneration package:

Compliance and Governance

The postal ballot process adheres to Section 110 read with Section 108 of the Companies Act, 2013, and Regulation 44 of SEBI Listing Regulations. Mr. Atul Kumar Labh, Practicing Company Secretary, has been appointed as Scrutinizer to ensure fair and transparent voting procedures.

The company has made the postal ballot notice available on its website at www.vikramsolar.com , and voting rights will be proportionate to shareholders' paid-up equity share capital as of the cut-off date. Results will be announced within two working days after the voting period concludes, with approved resolutions deemed passed on the last date of e-voting.

Vikram Solar has received a buy rating from Prabhudas Lilladher with a target price of ₹326, as the solar module manufacturer demonstrates strong growth momentum and expands its manufacturing capabilities. The brokerage maintains its positive outlook on the company's strategic positioning in India's renewable energy sector.

Strong Operational Performance

The company delivered impressive growth metrics during the recent quarter, with module sales expanding significantly across different time periods.

The quarter witnessed full execution of non-DCR (Domestic Content Requirement) orders, contributing to the robust sales performance. This execution capability demonstrates the company's operational efficiency and market positioning.

Manufacturing Capacity Expansion

Vikram Solar has made substantial progress in scaling its manufacturing infrastructure. The company successfully commissioned its 5GW module plant in Vallam, bringing total manufacturing capacity to 9.5GW. This expansion represents a significant milestone in the company's growth trajectory.

The company has revised its capacity expansion targets to align with backward integration strategies:

Supply Chain Strategy

Currently, the company imports cells from China to maintain cost advantages. However, Vikram Solar is evaluating Southeast Asia as an interim source for approximately one year before transitioning to in-house cell manufacturing. This strategic approach balances cost optimization with supply chain diversification.

Battery Energy Storage Systems Initiative

The board has approved a substantial ₹44 billion capex for Battery Energy Storage Systems (BESS), marking the company's entry into the energy storage segment.

Financial Projections and Valuation

Prabhudas Lilladher projects strong financial performance for Vikram Solar over the forecast period FY26-28E:

The brokerage maintains its buy recommendation with a target price of ₹326, unchanged from previous estimates. The valuation is based on 5.5x EV of March 2028E EBITDA, reflecting confidence in the company's growth prospects and operational capabilities in the expanding solar energy market.