Vikram Solar Ltd : History, Latest Updates, Milestones, Subsidiaries and Share Price
Introduction
Vikram Solar Ltd is one of India’s top solar PV module makers and growing into a fully-integrated clean energy solutions company. Formed in 2005, the Kolkata-based company has grown from a solar module manufacturer into an EPC, energy storage and global solar products company . With manufacturing bases in West Bengal and Tamil Nadu, the company has continuously scaled up its manufacturing capacities through large scale projects. As on April 2026, Vikram Solar has surpassed 10 GW of cumulative global solar module installations while its manufacturing capacity has reached 9.5 GW. The company is scaling back further by entering into solar cell manufacturing while venturing into battery energy storage systems . This article looks at Vikram Solar Ltd.’s history, key events, latest updates, subsidiaries and factors affecting Vikram solar pvt ltd share price.
Vikram Solar Ltd Moves in 2026
January 2026
The operations of Vikram Solar have shown great results in the December quarter. Its order book was worth 10.6 GW by the end of 31 December 2025, giving visibility in terms of utilities, commercial and industrial customers. According to the company, almost 84% of its order book was from the domestic market, while 16% was connected to exports . There has been a rise in module sales to 796 MW in Q3 FY26 from 590 MW in the same period last year. The company's capacity utilisation was almost 90% due to high demand.
February 2026
In February 2026, Vikram Solar has secured a massive 378.75 MW order for supply of solar modules for the solar project connected to Indian Oil NTPC Green Energy Pvt Ltd. The order consists of high-efficiency N-TOPCon modules for the solar project in the Nakhatrana area in the Kutch district of Gujarat . The large orders like these are vital in analysing the Vikram solar pvt ltd share price future because the inflow of orders gives a better visibility in terms of revenue and manufacturing utilisation.
March 2026
In March 2026, Vikram Solar made further efforts towards strengthening its leadership and appointed Sameer Nagpal as Chief Executive Officer of the organization. Its strategy aims at manufacturing expansion and backward integration . According to its long-term roadmap, the company aims to achieve a manufacturing capacity of 15.5 GW of module manufacturing capacity and 12 GW of solar cell manufacturing capacity. This strategy may help the company reduce its reliance on imported inputs and build itself strong across the value chain in solar manufacturing.
April 2026
April was an important month from operational perspective as Vikram Solar became the only Indian PV manufacturer which crossed 10 GW of cumulative global solar module deployments. As per the company, this represents deployment of more than 25 million solar modules globally . The company noted that its manufacturing capacity had reached 9.5 GW in West Bengal and Tamil Nadu. In addition, the company was moving into the energy storage business via VSL Powerhive.
May 2026
In this era, investors focused on the company’s manufacturing growth, order execution, and the overall demand scenario for Indian manufactured solar modules . The main investment point in the Vikram solar pvt ltd share price target revolves around whether Vikram Solar can sustainably convert their manufacturing capacity growth into revenues and profits. It is a high fixed cost business, and utilization is important to cover those fixed costs.
June 2026
Vikram Solar further built up its manufacturing and technological credentials. The firm reiterated its status as a recurring KIWA PVEL Top Performer and a BloombergNEF Tier 1 PV Module Manufacturer . Moreover, the company’s global shipments surpassed the 11 GW mark.
July 2026
Vikram Solar successfully rolled out its first solar module from its Gangaikondan facility located in Tamil Nadu in July 2026. The Gangaikondan facility is one of the company’s plans for manufacturing expansion and backward integration . The project is expected to help with the plan of Vikram Solar to extend its activities beyond module assembly and achieve more integration of the cells, wafers, and ingots. It can be a potential driver for the Vikram solar pvt ltd share price future, if done properly.
August 2026
In August 2026, Vikram Solar is focused on expansion of its domestic manufacturing capacity, solar cells and energy storage solutions . Investment drivers for Vikram Solar in this period are new facilities start-up in Tamil Nadu, order book conversions, profits, working capital needs and competition from module manufacturers.
Latest Market and Investor Insights
The Vikram solar ltd share price is becoming more reflective of two core narratives – the growth of India's renewable energy industry and domestic solar manufacturing.
The revenues are looking encouraging for the firm, but at the same time, the profitability is being watched keenly. Q1 FY27 highlighted this dichotomy, as the revenues grew strongly and at the same time profit fell dramatically because of high costs.
From my perspective, the Vikram Solar long-term investment thesis hinges more on capacity scaling and sustainable margins rather than top line growth alone.
Vikram Solar Share Price Movement in 2026
January 2026
The Vikram solar pvt ltd share price was under pressure and moved in the range of Rs.188-Rs.243.
February 2026
Vikram solar pvt ltd share price was still declining and moved in the range of Rs.162-Rs.243 as selling pressure persisted.
March 2026
The Vikram solar pvt ltd share price made a recovery and moved in the range of Rs.163-Rs.197.
April 2026
Vikram solar pvt ltd share price made further recovery and moved in the range of Rs.177-Rs.234.
May 2026
The Vikram solar share price BSE and NSE price was volatile and moved in the range of Rs.197-Rs.231.
June-July 2026
Vikram solar pvt ltd share price was again weakening due to the concerns about earnings visibility and profitability.
August 2026
The Vikram solar pvt ltd share price fell to around Rs.156-Rs.160 and then recovered to Rs.173 by August 21.
Insights into Vikram Solar Share Price in 2026
Factors affecting the price of Vikram solar ltd include:
-
Growing capacity of solar power in India
-
Demand for domestic solar module production
-
Policies of the government regarding renewable energy
-
Expansion of capacity and execution of projects
-
Movements in prices of raw materials and solar cells
-
Profit margins and operating expenses
-
Competition from other domestic and foreign companies
-
Orders and revenue generation
-
Interest rates on projects of renewable energy
Vikram solar pvt ltd share price history also indicates that recently launched stocks of renewable energy sector can be highly volatile.
Explore India’s clean-energy growth and track Vikram Solar with the first stock broker app in India for smarter market insights and informed investing.
Evolution of Vikram Solar Ltd.: From Past to Present
Incorporation (2005)
This company was incorporated in Kolkata. The corporate history of the firm moved ahead in the direction of solar energy production and photovoltaic products.
Entry into Solar Energy (2006-2010)
The firm started building up its business in the new Indian market of solar energy.
Manufacturing Expansion (2011-2015)
Vikram Solar started expanding its manufacturing of solar modules and involvement in utility scale and commercial solar projects.
Renewable Energy Growth (2016-2020)
The company’s position grew in India as the Indian solar market grew very fast because of decreasing solar prices and renewable energy targets.
Scaling and Technology Advancement (2021-2024)
Continued advancements were made in module technology, manufacturing capabilities, and distribution channels due to the increasing demand for solar products made in the country.
Major Growth and Expansion (2025)
The company made significant strategic advancements, focusing on scaling up its manufacturing process.
Expanding Capacities and Public Markets (2026)
In 2026, Vikram Solar continued to focus on expanding capacities and developing its renewable energy ecosystem. The Vikram solar pvt ltd share price became the benchmark for investor expectations of the company’s growth strategy.
Company Information
|
Particulars |
Details |
|
Company Name |
Vikram Solar Limited |
|
Originally Incorporated |
2005 |
|
Headquarters |
Kolkata, West Bengal, India |
|
Chairman & Managing Director |
Gyanesh Chaudhary |
|
Industry |
Renewable Energy & Solar Manufacturing |
|
Primary Business |
Solar PV Modules and Renewable Energy Solutions |
|
NSE Code |
VIKRAMSOLR |
|
BSE Code |
544488 |
|
Face Value |
Rs.10 |
|
Registered Office |
Kolkata, West Bengal, India |
|
Major Focus |
Solar Module Manufacturing & Renewable Energy |
Vikram Solar Share Price NSE
|
Company Name |
Sector |
Share Price Details |
|
Vikram Solar Limited |
Renewable Energy / Solar Manufacturing |
Compare the top stock brokers in India and analyze Vikram solar pvt ltd share price to make smarter investment decisions in the growing renewable energy sector.
Group Companies and Subsidiaries of Vikram Solar Ltd.
VSL Renewable Services Pvt. Ltd.
This venture works for renewable-energy services.
VSL Re Power Pvt. Ltd.
This company deals with renewable-power activities.
VSL Green Power Pvt. Ltd.
It deals with green and renewable-energy ventures.
VSL Recycle Services Pvt. Ltd.
This is for Vikram Solar's effort in managing the life cycle of renewable-energy and recycling processes.
Vikram Solar Pte
This is for the support of its international business activities.
VSL US Inc
This company deals with Vikram Solar's activities in the United States market.
Vikram Solar GmbH
This is its subsidiary in Germany for its international business activities.
VIKI AI Pvt. Ltd.
This group company reflects its interests in technology and innovations.
These companies are listed by the company as its subsidiaries and group companies in its official financial statements.
Vikram Solar Ltd : Awards, Recognition, and Key Events
2005: Vikram Solar Ltd. set up in Kolkata.
In the Early Years: Gained expertise in manufacturing solar PV modules.
The 2010s: Increased expertise in manufacturing and projects in renewable energy.
2020: Kept running amid disruption in the global supply chain.
2021-2024: Focused more on technology and manufacturing of solar modules.
2025: Made a big announcement about future manufacturing capacity.
FY26: Plans for increasing manufacturing capacity for modules from 4.5 GW to 15.5 GW by adding more manufacturing lines.
2026: Increased manufacturing capacity and profile in the public markets.
Strengths of Vikram Solar Limited
-
Established in the solar photovoltaic manufacturing industry
-
High exposure to the renewable energy growth in India
-
Large expansion plans for manufacturing
-
Increasing domestic distribution network
-
Presence in international markets
-
Potential gains from import substitution
-
Government renewable energy projects exposure
-
Portfolio of products and technology
March 2025 had seen the company claim having a pan-India distribution network that consisted of 83 authorized distributors, over 250 dealers, and 76 system integrators.
Inside Vikram Solar Ltd: Latest News, Major Corporate Actions and Announcements in 2026
Solid Top-Line Performance
Quarter one of FY27 witnessed solid revenue growth, which emerged as a positive for Vikram Solar. Year-over-year growth in the consolidated top-line performance is about 38.5%, resulting in revenues of Rs.1,575.72 crore.
Profit Margins
However, the primary challenge for Vikram Solar is related to profit margins, which have been severely hit. Profit before taxes fell to about Rs.25 crore in quarter one FY27.
Manufacturing Scale-Up
Moving ahead, Vikram Solar will still continue to focus on scaling up manufacturing capacity through timely commissioning and operational efficiency of their units.
Backward Integration
Backward integration is another key aspect that the company will emphasize.
Investor Point of View
The future prospects of Vikram solar pvt ltd share price are dependent upon whether revenue growth will result in earnings growth in the long run.
Conclusion
Vikram Solar Ltd is one of the major success stories in Indian solar manufacturing industry. The firm operates in an industry which has a long-term trend towards growth in renewable energy, manufacturing, and energy transition in India . There will be a lot of factors influencing the Vikram solar pvt ltd share price in coming days, including manufacturing growth, profitability, government policies, and competition . FY27 Q1 was a mixed bag for the company as there was robust revenue growth, but profit margins were hit hard. Hence, the crucial question that remains is whether Vikram Solar will be able to drive margins higher while scaling up manufacturing . Investors interested in Vikram Solar Ltd need to understand the India solar manufacturing story but with proper caution in terms of its financial performance and manufacturing execution . Track renewable growth stories like Vikram Solar and invest wisely by opening a share market demat account for seamless access to stock market opportunities.
Frequently Asked Questions
What is the current Vikram Solar Pvt Ltd share price?
The Vikram solar pvt ltd share price changes continuously during market hours. As of August 21, 2026, Vikram Solar traded around Rs.173 on NSE and BSE.
Is Vikram Solar a good long-term investment?
Vikram Solar offers exposure to India's solar manufacturing growth. However, investors should evaluate margins, debt, capacity utilisation and execution risks before making a long-term investment decision.
What is the Vikram Solar Pvt Ltd share price target?
Any Vikram solar pvt ltd share price target is only an estimate. Investors should base decisions on earnings growth, valuation and business performance rather than relying solely on price predictions.
What is the Vikram Solar Pvt Ltd share price target 2030?
The Vikram solar pvt ltd share price target 2030 cannot be predicted accurately. Long-term performance will depend on capacity expansion, technology, margins and India's renewable-energy demand.
Why has Vikram Solar share price been volatile?
The Vikram solar pvt ltd share price history shows significant volatility due to changing investor expectations, profitability concerns, valuation movements and broader renewable-energy sector trends.
Check our ORCA App to Analyse Vikram Solar Performance
Vikram solar pvt ltd share price Today
Vikram Solar Technical Analysis
Vikram Solar Financial Statements
Vikram Solar Shareholding Pattern
Vikram Solar Latest Corporate News
Related Stocks
Emmvee Photovoltaic Power Limited
Sterling and Wilson Renewable Energy Limited
Disclaimer: This blog is dedicated exclusively for educational purposes. Please note that the securities and investments mentioned here are provided for informative purposes only and should not be construed as recommendations. Kindly ensure thorough research prior to making any investment decisions. Participation in the securities market carries inherent risks, and it's important to carefully review all associated documents before committing to investments. Please be aware that the attainment of investment objectives is not guaranteed. It's important to note that the past performance of securities and instruments does not reliably predict future performance.
