Synopsis: The company has signed a supply agreement with a domestic solar cell manufacturer, strengthening its sourcing plans and ensuring steady availability of key components to support module production over the coming months.
The shares of this small-cap company, majorly engaged in manufacturing solar PV modules and also provides EPC, O&M and many other services were in focus after the company secures domestic supply order
With the market capitalization of Rs. 7211 Crores, the shares of Vikram Solar Ltd reached an intraday high of Rs. 202.80 per share rising nearly 5 percent from its previous day close of Rs. 193 per share and is trading at a P/E of 15.2 whereas industry P/E stands at 31
What is the NEWS:
Vikram Solar has entered into a Solar Cell Supply Agreement with Evervolt Solar Technology India Private Limited (formerly CETC Renewable Energy Technology India Pvt. Ltd.) to procure 130 MW of Mono-PERC 10BB DCR-compliant crystalline solar cells. The supplies will be made between July 2026 and March 2027 to support the company’s domestic solar module manufacturing requirements. By securing the required cells in advance, the company aims to ensure a steady supply of key raw materials for its production plans.
The agreement is a standard commercial arrangement and does not include any special rights such as board representation, share subscription rights, or restrictions on capital structure. The company also confirmed that Evervolt Solar Technology India Private Limited is not related to its promoter or promoter group, and the agreement is not a related-party transaction. No shares, loans, or other financial arrangements are involved.
About the Company and Financials:
The company is a domestic solar energy player with a diversified business across the Independent Power Producer (IPP), Commercial & Industrial (C&I), government, EPC, and export segments. During FY26, it maintained a strong order book of 8.2 GW and secured 1.9 GW of new orders in Q4 FY26, providing healthy revenue visibility.
Its manufacturing facilities operated at 75 percent capacity utilisation, reflecting steady demand. The business mix is led by 69 percent IPP, followed by 13 percent C&I, 7 percent government, and 11 percent EPC projects. Geographically, 87 percent of its business comes from the domestic market, while 13 percent is contributed by exports, highlighting a strong presence in India with a growing international footprint.
Year on Year analysis: Revenue from operations has increased from Rs. 1,194 Crores in Q4 FY25 to Rs. 1,453 Crores in Q4 FY26, up 22 percent. Operating profit has increased from Rs. 224 Crores to Rs. 234 Crores, up 4 percent and net profit has increased from Rs. 91 Crores to Rs. 110 Crores, up 20 percent.
Quarter on Quarter analysis: Revenue from operations has increased from Rs. 1,106 Crores in Q3 FY26 to Rs. 1,453 Crores Q4 FY26, up 31 percent. Operating profit has increased from Rs. 205 Crores to Rs. 234 Crores, up 14 percent and net profit has increased from Rs. 98 Crores to Rs. 110 Crores, up 12 percent.
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