Vikram Solar Ltd

Vikram Solar Ltd — Trading Window closed from Oct 01, 2026 till 48 hours after declaration of unaudited standalone and consolidated financial results for the quarter and half year ending Sep 30, 2026.

Management changes

• Resignation of Mr. Rony Banerjee, Executive VP – Sales & BD, effective 28 September 2026.
• Nimish Jain appointed as Chief Business Officer; brings 17+ years in solar manufacturing, international sales, operations.

Order details

• Awarded to Vikram Solar by a leading domestic EPC in India for 400 MW N-Type TOPCon G12R modules.
• Supply to commence October 2026; execution by March 2027.
• No promoter group interest; not a related party.

Meeting Details

• Date & time: Tue 22 September 2026, 10:00 a.m. onwards.
• Type: Group/One-On-One; Mode: Physical (Taj Santacruz, Mumbai).
• Event: Anand Rathi Annual Flagship Conference, G-200 Summit 2026.

Participants

• Company officials from Vikram Solar to attend the investor conference.

Purpose

• Purpose: investor interaction at Anand Rathi Flagship Conference.

Key terms

• Avaada Electro to supply 1 GW ALMM-compliant N-Type G12R TOPCon cells to Vikram Solar.
• Contract value approximately Rs 1,250 crores; deliveries commence September 2026.

Strategic impact and outlook

• Strengthens Vikram Solar's DCR market position and diversifies the cell supply chain.
• 9 GW high-efficiency cell facility planned for commissioning in Q4 FY27.
• Enhances supply-chain resilience and supports energy security through domestic content.

Order win details

• 124 MW module supply order secured for Anantapur, Andhra Pradesh project.
• G12R TOPCon modules, 620-630 Wp, will be supplied.
• Execution by end of Q3 2026; shipments to begin October 2026.

Capacity and market context

• Recent scale-up to 15.5 GW module manufacturing capacity.
• Capital Energy Private Limited awarded the order; domestic project.
• Focus on utility-scale solar and domestic manufacturing.

Acquisition overview

• Target: Vikram Solar Australia Pty Ltd, Australia-based firm yet to commence commercial operations.
• Acquisition completed; Vikram Solar Australia becomes wholly owned subsidiary.
• Industry: Renewable energy.
• Purpose: support overseas expansion strategy.
• Not a related party transaction.
• Regulatory approvals: as applicable for investment in an Australian entity.
• Indicative completion date: August 26, 2026.
• Consideration: cash for equity shares of the target.
• Price: USD 50,000 for 67,683 shares.
• Shareholding acquired: 100% (67,683 shares).
• Background: incorporated March 4, 2026 in Australia; not yet operational.
• Size/scale: not disclosed.

Financial Performance

• Quarterly revenue was about INR1,563 crores; up 8% sequential; ~38% YoY.
• EBITDA for the quarter: INR126 crores; margin 8.06%.
• PAT for the quarter: INR19.78 crores.
• Volumetric performance: 1,006 MW in the quarter; up 32% YoY.
• Order book closed at 7.9 GW.
• DCR module sales: 76 MW in Q1; surpasses last fiscal full-year.
• Balance sheet: no long-term debt; net debt to equity near-zero.
• Capex deployed this quarter: ~INR500 crores; 80% to module facility, balance to cell.
• Distribution reach: 119+ distributors and 757 dealers across 24 states & 500 districts.
• Ecovadis Platinum rating achieved; top 1% of ~200,000 companies.

Capex & Projects

• Gangaikondan: first module rolled out on 29 June; cell line on schedule.
• Backward integration: ~70% complete at Gangaikondan site.
• Three-plants design at Gangaikondan: 6 GW module, 9 GW cell, 9 GW wafer/ingot.
• Capex plan: rest of year ~INR4,700 crores; fully funded integrated site.
• Board approved increase: wafer/ingot capacity raised from 6 GW to 9 GW.
• Cell line commissioning: targeted for Q4 FY27; ramp to follow into FY28.
• 9 GW cell capacity to be commissioned in Q4; ramp likely into next quarter.

BESS / PowerHive Update

• PowerHive plan: 15 GWh integrated cell manufacturing and BESS assembly.
• Phase 1: 7.5 GWh BESS assembly in Chennai; equipment delivery planned Nov 2026.
• Phase 1: 7.5 GWh LFP cell plant; land incentives to be finalized by Sep 2026; COD FY29.
• First order: 20 MWh scale solution executed.

Outlook & Guidance

• ALMM 2 deferment; policy clarity resumed for 15 GW/year C&I demand.
• Non-DCR volumes expected to improve as policy clarity returns; DCR mix rising with distribution channel growth.
• Net debt remains near-zero; no long-term debt; debt facilities drawn as per milestones.
• Management will refresh FY27 EBITDA guidance in mid-year as DCR pricing and distribution penetration evolve.

Q&A Highlights

• DCR vs non-DCR: margins higher in DCR; pass-through limited to cells, not BORM.
• Executable volume for the year: GK module plant enables ~9–9.5 GW for the year; market dependent.
• DCR ramp: 76 MW this quarter; margin trajectory improves with DCR volumes in coming quarters.
• Per-watt realization: Q1 blended INR15.02; DCR portion around INR22+ per watt; channel mix matters.
• Cell line timing: commissioning targeted for Q4 FY27; 9 GW cell capacity ramp into FY28.
• Capex funding: FY27 capex ~INR5,000 crores; debt-equity target ~70:30; 75:25 initial plan.

Meeting Details

• Date and time: Friday, 14 August 2026 at 09:00 IST.
• Type and mode: physical, group and one-to-one investor meetings.
• Event organizer: Equirus India Growth Summit.
• Venue: Sofitel BKC, Mumbai.
• Company participant: Company Secretary & Compliance Officer.
• Purpose: general investor interaction based on publicly available information.

Rating Action details

• Long-term bank loan rating affirmed IND A+ with Stable outlook.
• Short-term bank loan rating affirmed IND A1+.
• New long-term rating IND A+ assigned for additional facilities (Rs 1,300 Cr).
• New short-term rating IND A1+ assigned for additional facilities (Rs 1,300 Cr).
• Total rated bank facilities increased from Rs 2,700 Cr to Rs 4,000 Cr.
• Rating agency: India Ratings and Research Private Limited.