Vikram Solar shares rose 3% on Tuesday to their day's high of ₹164.99 on the NSE following the announcement of a significant contract win. As per The Economic Times, the stock surge reflects investor confidence in the company's ability to secure large-scale solar projects. The market response demonstrates positive sentiment toward Vikram Solar's expanding presence in India's utility-scale solar ecosystem and its growing capability to serve geographically distributed solar programmes.
Solar energy solutions provider Vikram Solar Ltd has secured a 400 MW module supply order from a leading engineering, procurement and construction (EPC) company in India for decentralised solar projects across multiple locations in Maharashtra. According to reports from CNBC TV18, Business Standard, Moneycontrol, and The Economic Times, the order is scheduled to be executed by March 2027, with supplies of 620 watt-peak (Wp) N-Type TOPCon G12R modules featuring glass-to-glass, bifacial technology and half-cut cells. The customer is a renowned company and a leading EPC player in India. In an NSE filing, Vikram Solar disclosed that the company has secured this significant order for a portfolio of decentralised solar projects being developed across multiple locations in Maharashtra. The company has clarified that its promoter, promoter group and group companies have no interest in the entity awarding the order, and the order does not fall under a related-party transaction.
Under the one-time domestic order, Vikram Solar will supply 620 Wp high-efficiency N-Type TOPCon G12R modules featuring advanced technology specifications. As reported by CNBC TV18, Business Standard, Moneycontrol, and The Economic Times, supplies are scheduled to commence in October 2026, with the order to be executed by March 2027. The modules feature glass-to-glass, bifacial technology and half-cut cells, with a power output of 620 watt peak (Wp). According to The Economic Times, the order is a one-time contract that must be executed by the end of the third quarter of 2026. According to Vikram Solar's management, supplying modules for projects of this scale across Maharashtra reflects the confidence placed in the company's advanced G12R TOPCon technology and its ability to support large, geographically distributed solar deployments. The order specifically strengthens Vikram Solar's presence in the agricultural-feeder solarisation segment.
According to The Economic Times, 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. As per Vikram Solar's management, decentralised renewable energy projects are emerging as an important component of India's clean energy transition, enabling power generation closer to consumption centres and supporting greater grid resilience. Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar, stated that 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. He emphasised that supplying modules for projects of this scale across Maharashtra reflects confidence in the company's advanced G12R TOPCon technology and ability to support large, geographically distributed solar deployments.
In September this year, Vikram Solar entered into a ₹1,250 crore domestic solar cell supply agreement with Avaada Electro Ltd for the procurement of 1 gigawatt (GW) of ALMM-compliant N-Type G12R TOPCon solar cells. As reported by CNBC TV18, under this agreement, Avaada Electro will supply domestically manufactured half-cut N-Type G12R TOPCon solar cells for Vikram Solar's module manufacturing operations, with deliveries scheduled to begin in September 2026. The agreement covers high-efficiency crystalline solar cells compliant with the Approved List of Models and Manufacturers (ALMM), supporting the company's strategy to diversify and strengthen its cell supply chain. Earlier this month, Vikram Solar secured a 124 MW module supply order for a solar project in Anantapur, Andhra Pradesh, with supplies of 620–630 Wp G12R TOPCon modules also scheduled to begin in October 2026. This additional order demonstrates the company's growing market presence and ability to secure large-scale solar projects across multiple Indian states.
In August, Vikram Solar completed the acquisition of Vikram Solar Australia Pty Ltd, making it a wholly owned subsidiary, as reported by Moneycontrol. The company's stock performance reflects market reaction to the latest contract announcements, with shares ending at ₹160.35 on September 28, 2026, down by ₹0.10 on the BSE. According to CNBC TV18, Business Standard, and Moneycontrol, the company's stock has faced challenges with a 50% decline over the last one-year period and has declined more than 32% on a year-to-date basis in 2026. The company's market capitalisation stood at ₹5,800 crore as of the stock market close on Monday, September 28, 2026. Latest trading data shows the stock hit an intraday high of ₹161.50 and intraday low of ₹159.95, with total shares traded of 65,505 in over 1,136 trades and net turnover of ₹10.51 crore.
