Synopsis: Vikram Solar Limited has entered into a Solar Cell Supply Agreement with Evervolt Solar Technology India for the procurement of 130 MW of DCR-compliant Mono-PERC solar cells. The agreement strengthens the company’s domestic supply chain, supports its module manufacturing operations, and enhances execution visibility amid rising demand for domestically manufactured solar equipment.
Shares of Vikram Solar Limited are likely to remain in focus after the company announced that it has entered into a Solar Cell Supply Agreement with Evervolt Solar Technology India Private Limited (formerly CETC Renewable Energy Technology India Pvt. Ltd.) for the procurement of 130 MW of Mono-PERC 10BB DCR-compliant solar cells.
Vikram Solar Limited has a total market capitalization of approximately Rs. 7,117 crore. The company’s shares were trading at Rs. 195.71 apiece on the stock exchange, up by 1.27 percent. The stock has gained 5.03 percent over the last five trading sessions, while it has declined 8.24 percent over the last month. The stock touched a 52-week high of Rs.408 and a 52-week low of Rs. 162.
According to the company’s exchange filing, the agreement provides for the procurement of 130 MW of Mono-PERC 10BB DCR-compliant crystalline solar cells over the period from July 2026 to March 2027. The cells will be used to support Vikram Solar’s domestic solar module manufacturing requirements. The company clarified that the agreement does not involve any promoter interest, related-party transaction, or special rights relating to board appointments or capital structure.
The agreement is strategically significant as it secures a reliable domestic supply of Domestic Content Requirement (DCR)-compliant solar cells, which are mandatory for several government-backed solar projects in India. By strengthening its upstream procurement pipeline, Vikram Solar can improve production planning, reduce supply-chain risks, and ensure timely execution of module deliveries for utility-scale, commercial, and government solar projects.
India’s solar manufacturing ecosystem has been expanding rapidly, supported by government initiatives such as the Production Linked Incentive (PLI) Scheme, Approved List of Models and Manufacturers (ALMM), and policies encouraging domestic manufacturing of solar cells and modules. Rising investments in renewable energy, coupled with the country’s target of achieving 500 GW of non-fossil fuel capacity by 2030, continue to create strong demand for domestically manufactured solar components.
The agreement also helps Vikram Solar reduce dependence on imported solar cells while strengthening its competitiveness in projects requiring locally sourced components. A stable supply of DCR-compliant cells can improve operational efficiency, enhance capacity utilization at its manufacturing facilities, and support faster execution of its growing order pipeline.
For investors, the 130 MW supply agreement strengthens Vikram Solar’s manufacturing ecosystem and improves visibility over raw material availability for the coming months. As domestic demand for solar modules continues to rise, securing key component supplies could support revenue growth, timely project execution, and improved operational performance over the medium term.
Incorporated in 2005, Vikram Solar Limited manufactures solar photovoltaic (PV) modules and provides Engineering, Procurement and Construction (EPC) as well as Operations and Maintenance (O&M) services. The company serves utility-scale, commercial, industrial, and residential renewable energy projects in India and international markets.
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