Synopsis:
A newly listed solar stock slipped after promoters pledged over 30% stake to secure loans, raising leverage concerns. The company showed robust year-on-year growth in revenue and profit, supported by strong capacity expansion and nationwide distribution strength.
The shares of the prominent solar module manufacturer plummeted up to 2 percent in today’s trading session after the company’s promoters pledged 1,10,060,643 equity shares to meet working capital needs.
The shares of Vikram Solar Ltd were trading at Rs 344.40 per share, decreasing significantly around 1.25 percent as compared to the previous closing of Rs 348.75 per share. The market capitalization of Rs 12,457.53 crore.
Promoter Pledge
The shares of Vikram Solar Ltd have seen bearish movement after promoters of the company pledged 1,10,060,643 equity shares, representing a 30.4 percent stake, to secure a loan aimed at meeting working capital needs.
Vikram Capital Management pledged 6.05%, Gyanesh Chaudhary Family Trust 20.21%, and VSL Ventures Private Limited 4.17%. The move highlights promoters’ commitment but also raises concerns about increased financial leverage and potential investor sentiment impact.
Q1FY26 Highlights
The company recently reported positive results in Q1FY26. Revenue decreased by 5 percent on a quarter-on-quarter basis from Rs. 1,194 crore in Q4FY25 to Rs. 1,134 crore in Q1FY26. Further, revenue increased by 80 percent year on year, from Rs 631 crore in Q1FY25 to Rs 1,134 crore in Q1FY26.
The company’s net profit increased by 46 percent on a quarter-on-quarter basis, from Rs. 91 crore in Q4FY25 to Rs. 133 crore in Q1FY26. Further, net profit increased significantly by 478 percent year on year from Rs 23 crore in Q1FY25 to Rs 133 crore in Q1FY26.
Operational Highlights
Vikram Solar has a 4.5 GW Module manufacturing capacity, expanding to 17.5 GW by FY27. Backward integrated with 12 GW solar cells and 5 GWh BESS capacity, it emphasizes automation and advanced technology. With 7.88 GW modules sold since inception and a 10.96 GW order book, the company ranks globally in quality, innovation, and reliability.
Vikram Solar operates advanced manufacturing facilities in Tamil Nadu and West Bengal, with capacities of 1.3 GW and 3.2 GW, respectively. Spread over 5.5 lakh sq. ft., both plants are ISO-certified and equipped with robotic process automation, N-Type and MONO-PERC technology, and real-time monitoring systems, ensuring high-quality, efficient, and sustainable solar module production at scale.
Vikram Solar has built a robust dealer and distributor network across India, spanning 19 states and 2 union territories. With 95+ authorized distributors, 375+ dealers, and 75+ system integrators, it ensures a strong market reach. Leveraging digital platforms for CRM and distribution, the company capitalizes on growing rooftop solar demand, reinforcing its leadership in nationwide solar adoption.
Also read: 2 Stocks to buy now for an upside of up to 25%; Recommended by Trade Brains Portal
Vikram Solar’s major projects in Vallam (5 GW module) and Gangaikondan (6 GW module + 12 GW cell) in Tamil Nadu are progressing rapidly, with engineering, procurement, and construction in full swing. Backed by strategic partnerships in project management, turnkey execution, technology, and design, the company ensures timely delivery, reinforcing its strong execution track record in solar manufacturing.
Vikram Solar was recently listed on the BSE at Rs 338, slightly above its issue price of Rs 332, giving investors modest listing gains of 1.81%. The IPO, held between 19–21 August 2025, raised Rs 2,079.37 crore. With a lot size of 45 shares and a price band of Rs 315–Rs 332, it attracted investors seeking exposure to India’s growing renewable energy sector.
Vikram Solar produces high-efficiency PV modules, including passivated emitter and rear contact (PERC), tunnel oxide passivated contact (TOPCon), and heterojunction technology (HJT) modules, available in both monofacial and bifacial designs.
Written by Abhishek Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
