Synopsis:
Vikram Solar Ltd received a 336 MW module supply order from L&T for Gujarat’s Khavda Solar Project. The order includes high-efficiency Hypersol G12R N-type modules, with delivery set between Nov 2025 and Mar 2026.
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 10 percent upon receiving a major work order from L&T Construction.
With a market capitalization of Rs. 12,672.76 crores on Monday, the shares of Vikram Solar Ltd jumped upto 9.6 percent, making a high of Rs. 354.00 per share compared to its previous closing price of Rs. 322.85 per share.
What happened
Vikram Solar Ltd, engaged in the manufacturing of high-efficiency solar photovoltaic (PV) modules, providing integrated solar energy solutions, and offering EPC services for solar projects, has secured a significant order from L&T Construction.
The order is for the supply of 336 MW of high-efficiency solar modules. These advanced Hypersol G12R N-type modules will be used in the Khavda Solar Project in Gujarat, known for its role in India’s renewable energy expansion.
The modules feature enhanced bifaciality (up to 80%), improved performance in high temperatures, and minimal annual degradation (≤0.4%), helping reduce the overall cost of solar power. The delivery is scheduled between November 2025 and March 2026. This marks Vikram Solar’s second major order for the Khavda project this year, following a 326 MW order from GIPCL in May 2025.
Mr. Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar, said: “We are delighted to contribute to this landmark project. The region holds immense potential for solar energy, and this project will play a pivotal role in harnessing that opportunity. Each project we deliver is a testament to the trust placed in Vikram Solar’s technology, performance, and commitment to excellence.”
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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