Synopsis:
Vikram Solar bagged a 200 MW order from AB Energia for advanced solar modules across three states, with deliveries from September 2025 to early 2026, boosting their partnership and clean energy goals.
The shares of a Small-Cap company, specializing in the manufacturing of high-efficiency solar photovoltaic (PV) modules, providing integrated solar energy solutions, and offering EPC services for solar projects, jumped upto 4 percent upon securing an order to supply 200 MW of High-Efficiency Modules to AB Energia.
With a market capitalization of Rs. 13,052.56 crores on Monday, the shares of Vikram Solar Ltd jumped upto 3.7 percent, making a high of Rs. 370.80 per share compared to its previous closing price of Rs. 357.30 per share.
What happened
Vikram Solar, one of India’s leading solar PV module manufacturers, has secured a major order of 200 MW of high-efficiency solar modules from AB Energia, a company specializing in end-to-end EPC solutions for commercial and industrial solar projects.
The modules, rated at 590 Wp and above, will be deployed across Maharashtra, Madhya Pradesh, and Gujarat, states that are actively advancing their clean energy initiatives. As part of this agreement, Vikram Solar will supply its advanced M10R N-Type TOPCon modules, known for their superior performance, reliability, and higher energy yield.
The Deliveries are set to begin in September 2025 and will continue through early 2026. This order further strengthens the long-standing partnership between the two companies, built on trust, strong execution, and a shared vision of accelerating India’s transition to renewable energy.
Mr. Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar, expressed pride in continuing the partnership with AB Energia, highlighting the order as a reflection of trust in Vikram Solar’s technology and execution capabilities. He reaffirmed the company’s commitment to delivering high-performance solar solutions and building long-term, sustainable partnerships.
Mr. Siddharth Bhatia, Managing Director & CEO of AB Energia, emphasized the shared commitment to engineering excellence and client value. He noted that the new high-efficiency modules will strengthen AB Energia’s mission to deliver reliable, future-ready solar projects across key states, driving India’s clean energy transition.
Financials & Others
The company’s revenue rose by 36.34 percent from Rs. 2,511 crore in March 2024 to Rs. 3,423 crore in March 2025. Meanwhile, the Net profit rose from Rs. 80 crore to Rs. 140 crore during the same period.
The company has shown strong financial performance with a 46.5% CAGR in profit growth over the last five years. It maintains healthy returns with an ROCE of 26.4% and an ROE of 16.6%, while keeping a low debt-to-equity ratio of 0.22.
Vikram Solar Limited is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. Headquartered in Kolkata, West Bengal, it is one of the largest PV module manufacturers in India with a cumulative production capacity of 4.5 GW.
The company is a ‘Top Performer’ in PVEL’s PV Module Reliability scorecard 2025 and has been included in the Tier 1 solar PV modules manufacturer list of Bloomberg NEF. Vikram Solar Limited has established a pan-India presence through an extensive distributor network of 83 authorized distributors, more than 250 dealers, and 76 system integrators.
Written by Sridhar J
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