How Is Vikram Solar Expanding Its Reach In India’s Renewable Market?

What Do Vikram Solar Q1 Concall Highlights Reveal?

About Company: Vikram Solar is a leading Indian solar energy manufacturer and EPC solutions provider. It is engaged in producing advanced solar PV modules and executing large-scale projects across utility, commercial & industrial, and retail markets. With a strong domestic presence and export pipeline, the company is expanding its capacity to position itself among the largest integrated solar players in the country.

Profitability Drivers

• Higher utilisation following recent capacity expansion
• Reduced manufacturing costs through scale and efficiency
• Optimised finance cost and tax planning
• Gross profit spread improved due to scale advantages and overhead reduction

Order Book & Production

• Order Book: 10.96 GW (as of June 30, 2025)
• Key Wins: 250 MW (Bona), 336 MW (L&T), 326 MW (JPCL)
• Q1 Production: More than 750 MW of modules manufactured
• Exports: None in Q1; around 14% of order book is export-bound

Capacity Expansion & Capex

• Module capacity to rise nearly 4x, reaching 17.5 GW by FY27
• 12 GW TopCon cell line by FY27, the largest at a single location in India
• Capex outlay of over ₹6,000 Cr till FY28, funded via IPO equity, debt, internal accruals, and incentives
• New facilities: 5 GW Ennore (Tamil Nadu) by Q3 FY26; 2 GW Fala plant by FY27
• Cell manufacturing capacity to be operational in FY27, largely for captive use

Technology & Efficiency

• Full capacity built on TopCon technology (efficient, scalable, lower silver consumption)
• Preparing for next-gen back contact and tandem cells
• R&D team of 200 with NABL-accredited lab; cost-to-poor-quality reduced by 53.3%
• Average module output: ~590W (up ~5W YoY)
• Line efficiency: 67%; capacity utilisation: 89%

Outlook

The solar sector remains volatile, yet Vikram Solar expects margins to improve with integrated domestic cell production. Short-term contracts carry no price variation clause, while medium- and long-term contracts (3–12 months) include variation terms. Government contracts, however, place price risks on the company. Despite industry-wide delays, its expansion projects remain on schedule.

Investor Takeaway

Vikram Solar is emerging as a fully integrated solar manufacturer with industry-leading capacity expansion plans and strong order visibility. Its focus on TopCon technology, efficient execution, and policy-aligned growth positions it well to benefit from India’s renewable energy transition. Investors should closely monitor execution of its aggressive capex and ability to safeguard margins in a volatile pricing environment.

For traders looking to navigate this volatile phase can make use of tips whose link are given below:
👉 Nifty Tip | BankNifty Tip

📌 Access more market insights at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.

---

SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.

vikram solar q1 concall, vikram solar order book, solar stocks india, renewable energy capex, indian solar sector growth