Vikram Solar shares rise 3% after securing 400 MW module order from leading EPC company

Shares of Vikram Solar rose 3% on Tuesday to their day’s high of Rs 164.99 on the NSE after securing a 400 MW module order from a leading EPC Company.

According to a filing with the exchange, the leading solar PV module manufacturer secured a 400 MW module supply order from a highly reputed EPC player for a portfolio of decentralised solar projects being developed across multiple locations in Maharashtra.

The order further strengthens Vikram Solar’s presence in India’s rapidly expanding agricultural-feeder solarisation segment, which is playing an increasingly important role in the country’s transition towards decentralised and reliable renewable energy infrastructure.


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Under the agreement, Vikram Solar will supply its high-efficiency N-Type TOPCon G12R modules, featuring glass-to-glass, bifacial technology and half-cut cells, with a power output of 620 Wp. Supplies are scheduled to commence in October 2026. As per the filing, the order must be executed by March 2027. It is a one time contract.

The company further said that as India continues to accelerate the deployment of solar power, decentralised renewable energy projects are emerging as an important component of the country’s clean energy transition, enabling power generation closer to consumption centres and supporting greater grid resilience.

For Vikram Solar, the order reflects the company’s growing ability to serve large-scale and geographically distributed solar programmes, supported by its expanding manufacturing footprint and advanced technology portfolio, the company said. Agricultural feeder solarisation, in particular, is expected to play a critical role in improving energy access for farmers while contributing to India's broader renewable energy and energy-security objectives.

“Programmes like MSKVY 2.0 represent an important evolution in India’s clean energy journey, bringing the benefits of solar power closer to farmers and agricultural communities. Supplying modules for projects of this scale across Maharashtra reflects the confidence placed in Vikram Solar’s advanced G12R TOPCon technology and our ability to support large, geographically distributed solar deployments,” said Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar.

“As India continues to expand its renewable energy infrastructure, we remain committed to delivering high performance solar solutions that support energy security, strengthen domestic manufacturing and contribute meaningfully to the country’s clean energy ambitions,” Chaudhary further said.

The order has been awarded by a domestic entity and no promoter/ promoter group / group companies have any interest in the entity that awarded the order.

Earlier this month, the company secured an order for 124 MW high-efficiency G12R TOPCon modules for supply order for a solar project in Anantapur, Andhra Pradesh, reinforcing its growing presence in India’s utility-scale and large-scale solar ecosystem.

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Under the agreement, Vikram Solar will supply its high-efficiency G12R TOPCon modules, with rated capacities ranging from 620 Wp to 630 Wp. Module supplies are scheduled to commence in October 2026. The time period by which this order or contract needs to be executed is by the end of third quarter of 2026.

Vikram Solar share price

Shares of Vikram Solar were down 7% in the last one month and over 32% in the current calendar year so far. In the last one year, the stock has fallen 50%.

Disclosure: This article has been written by Surbhi Khanna, who is not a SEBI-registered Research Analyst or an investment advisor . Surbhi Khanna does not hold any financial interest in Economic Times as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of the EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.