Vikram Solar
Vikram Solar Limited is a publicly listed Indian solar PV module manufacturer and EPC solutions provider serving utility-scale, commercial, industrial, and residential customers across 39 countries, with integrated EPC, O&M, and emerging battery storage offerings.
- Company typePublic
- Founded2006
- HeadquartersKolkata, India
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Vikram Solar does
Vikram Solar Limited is an India-based, publicly listed (NSE: VIKRAMSOLR) integrated solar energy solutions provider founded in 2006 in Kolkata. The company manufactures high-efficiency solar PV modules using N-TOPCon, PERC, and bifacial cell technologies, with the Hypersol Pro line reaching up to 23.69% module efficiency, and operates a portfolio of five module families (Hypersol Pro, Hypersol, Paradea, Prexos, Somera). It complements module manufacturing with end-to-end EPC services (1.41 GW aggregate capacity as of March 2025), ongoing operations and maintenance for over 1,396 MW of installed projects, and a nationwide dealer network called the Solar Champion Programme covering 20+ Indian states for residential and commercial rooftop solar.
The business generates revenue primarily through hardware sales of solar PV modules, with FY26 revenue of ₹4,802.25 crore (up 40.27% YoY) and profit after tax of ₹470.42 crore (up 236.43% YoY). Approximately 87% of revenue is domestic, anchored by large utility-scale and PSU contracts including a 378.75 MW N-TOPCon module order from INGEL (a joint venture of Indian Oil and NTPC Green Energy) for a 600 MW Gujarat project, plus tenders with NTPC and Coal India. Distribution combines direct enterprise field sales for utility/government projects, a channel partner/dealer network for distributed solar, and exports to 39 countries (~1.5 GW). Module pricing for residential rooftop installations ranges from ₹55 to ₹85 per watt all-inclusive, with up to ₹78,000 in government subsidy available under the PM Surya Ghar scheme.
The company is executing a major backward-integration and diversification roadmap: commissioning a 5 GW Tamil Nadu facility (taking total module capacity to 9.5 GW, with a target of 15.5 GW by FY27), a ₹3,726 crore wafer and ingot facility at Gangaikondan by FY29, and through subsidiary VSL PowerHive, 5 GWh of BESS capacity by FY27 plus the VION lithium battery brand for e-mobility and residential backup. Key risks include US countervailing (126%) and anti-dumping (123%) duties on Indian solar imports, an NCLAT-stayed insolvency petition from Isitva Steels over a ₹9.44 crore dispute, and reliance on government/PSU demand cycles. Leadership comprises founder Gyanesh Chaudhary as Chairman and Managing Director and CEO Sameer Nagpal (appointed March 2026).
Vikram Solar firmographics
Firmographics- Name
- Vikram Solar
- Legal name
- Vikram Solar Limited
- Website
- https://vikramsolar.com
- Company type
- Public
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Vikram Solar Limited is a publicly listed Indian solar PV module manufacturer and EPC solutions provider serving utility-scale, commercial, industrial, and residential customers across 39 countries, with integrated EPC, O&M, and emerging battery storage offerings.
- Ownership category
- akta.pro rank
Vikram Solar industry classification
Industry- Product category
- Solar PV Modules and Manufacturing
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation (22111)
- SIC
- Electronic & Other Electrical Equipment (No Computer Equip) (3600)
- akta.pro primary industry
- Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)
- akta.pro secondary industries
- Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar Balance-of-Plant EPC (Piles/Foundations, Trenching, Combiner Networks) (EUAEADAJ), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC), Solar Distribution & Wholesale Supply (Channel, Procurement, Logistics) (EUAMABAK)
Keywords
Where Vikram Solar is headquartered
LocationHeadquarters
- HQ city
- Kolkata
- HQ country
- India
- HQ region
- Asia
Offices3 records
Markets served
Vikram Solar business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Solar Module Sales: Revenue from manufacturing and selling solar PV modules including N-TOPCon, PERC, and bifacial technologies. Q4 FY26 revenue of ₹1,452.81 crore with full year FY26 revenue of ₹4,802.25 crore.
- EPC Services: Engineering, Procurement and Construction services for solar power projects with aggregate EPC capacity of 1.41 GW as of March 31, 2025.
- Operations and Maintenance: O&M services for installed solar projects with more than 1,396 MW ongoing O&M projects in portfolio.
- Battery Energy Storage Systems: BESS manufacturing and VION lithium battery products for residential backup, e-mobility, and utility-scale storage applications through subsidiary VSL Powerhive.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Residential Rooftop Solar - ₹55 to ₹85 per watt all-inclusive cost |
| Subscription | Annual | PM Surya Ghar Government Subsidy - Up to ₹78,000 plus 300 free units/month |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels5 records
Vikram Solar product offering
Product offeringCore offering
Vikram Solar manufactures high-efficiency solar PV modules across multiple product lines (Hypersol Pro, Hypersol, Paradea, Prexos, Somera) using N-TOPCon, PERC, and bifacial cell technologies. The company provides end-to-end solar energy solutions including Engineering, Procurement, and Construction (EPC) services for utility-scale and commercial projects, Operations and Maintenance (O&M) services, and battery energy storage systems (VION brand) through its VSL PowerHive subsidiary.
Product overview
Vikram Solar is a leading Indian solar PV module manufacturer and integrated energy solutions provider offering a comprehensive portfolio of products and services. The core product offerings include multiple solar module families (Hypersol Pro, Hypersol, Paradea, Prexos, Somera) alongside battery energy storage solutions under the VION brand launched via its PowerHive subsidiary. The company provides end-to-end solutions through EPC services, operations and maintenance, and a pan-India dealer network (Solar Champion Programme). The product architecture follows a module-focused core with adjacent expansion into energy storage and battery technologies for residential, commercial, and utility-scale applications.
Differentiator
Problem solved
Functional benefit
Brands
- VION: Lithium battery brand launched through VSL PowerHive for electric mobility and residential energy backup solutions, including inverter batteries, integrated inverter-battery solutions, and e-rickshaw batteries.
- VSL PowerHive
- VS US
- VS Europe
Products and services
- Hypersol Pro High-efficiency N-TOPCon solar PV module achieving up to 23.69% module efficiency, part of Vikram Solar's advanced technology portfolio for utility, commercial, industrial, and residential applications.
- Hypersol Portfolio-based solar PV module offering from Vikram Solar for diverse applications.
- Paradea Portfolio-based solar PV module offering from Vikram Solar for various installation types.
- Prexos Solar PV module product line from Vikram Solar's portfolio for utility, commercial, and residential segments.
- Somera Solar PV module product line from Vikram Solar's portfolio for various deployment scenarios.
- VION Lithium Battery Platform Lithium-ion battery brand launched by VSL PowerHive (Vikram Solar's subsidiary) for electric mobility (e-rickshaws) and residential/commercial energy backup applications, featuring products ranging from 1.2 kWh to 15 kWh with up to 3,000 life cycles and 97% efficiency.
- EPC Solutions Engineering, Procurement, and Construction services for solar power projects including ground-mounted and rooftop installations for utility, commercial, industrial, and residential sectors. Includes design, procurement, installation, and commissioning of solar power projects with 1.41 GW aggregate EPC capacity.
- O&M Services Operations and maintenance services for installed solar projects with over 1,396 MW ongoing O&M projects in Vikram Solar's portfolio, ensuring long-term performance and reliability of solar assets.
- Battery Energy Storage Systems (BESS) Utility-scale and distributed battery energy storage solutions manufactured through the VSL PowerHive subsidiary, targeting grid-scale storage, commercial, and residential backup applications with planned 5 GWh BESS capacity by FY27.
Quantifiable outcome
- Doubled deployments from 5 GW to 10 GW within two years
- +2 more outcomes
Companies that use Vikram Solar
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
Vikram Solar technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Vikram Solar partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- Andhra Pradesh GovernmentminorInvestment attraction meeting where Andhra Pradesh IT and HRD Minister Nara Lokesh invited Vikram Solar to establish projects in renewable energy sectors in the state. Discussions focused on solar energy storage and clean-tech manufacturing investments.
- Analysts and Institutional InvestorsminorScheduled 'GIA Promoter's Conference 2026' for June 23, 2026 at St. Regis Mumbai to discuss company performance and outlook with institutional investors and analysts.
- Jupiter InternationalcoreStrategic cell sourcing arrangement with Jupiter International for 2 GW ALMM-compliant cells to bridge the gap before backward integration is complete. This arrangement ensures ALMM compliance while the company scales up its own cell manufacturing capacity.
- Nuvama Institutional EquitiesminorNuvama Institutional Equities maintains 'Buy' rating on Vikram Solar citing multi-decadal opportunity in India's solar manufacturing sector with significant revenue and EBITDA growth forecasts.
Scale indicators12 records
Recent moves12 records
Expansion highlights6 records
Vikram Solar competitors and assessment
Company assessmentDirect peers
- Waaree Energies: Waaree Energies is India's largest solar PV module manufacturer by capacity and a direct competitor. Both companies compete on N-TOPCon technology, utility-scale tenders, government/PSU customers, and ALMM-listed modules.
- Adani Solar: Adani Solar is a vertically integrated solar manufacturer and EPC provider within the Adani Group. It competes head-to-head with Vikram Solar in module manufacturing, utility-scale EPC, and government tenders in India.
- Tata Power Solar Systems: Tata Power Solar is a leading Indian solar EPC and module manufacturer backed by the Tata Group. It directly competes across Vikram Solar's residential, commercial, and utility-scale segments, including rooftop subsidies and EPC execution.
- Premier Energies: Premier Energies is an Indian solar cell and module manufacturer listed on Indian exchanges. It competes on TOPCon and bifacial module technology and is also pursuing backward integration, making it a close comparable for Vikram Solar's roadmap.
- Goldi Solar: Goldi Solar is an Indian solar module manufacturer producing high-efficiency PV modules for utility, commercial, and rooftop applications. It directly competes with Vikram Solar on ALMM-listed modules and Indian government tenders.
- Sterling and Wilson Renewable Energy: Sterling and Wilson is a major Indian solar EPC contractor competing with Vikram Solar's EPC business. Both companies pursue utility-scale and large commercial solar projects domestically and internationally.
- Websol Energy System: Websol Energy is an Indian-listed solar cell and module manufacturer. It is a smaller but directly comparable peer in terms of domestic ALMM-listed module production targeting Indian utility and commercial segments.
Broad incumbents
- First Solar: First Solar is a global thin-film solar module manufacturer and one of the largest non-Chinese module producers. It is a broader incumbent comparable to Vikram Solar on technology roadmap and utility-scale supply but operates on a globally scaled platform.
- JinkoSolar: JinkoSolar is one of the world's largest vertically integrated solar manufacturers. It is a global incumbent comparable to Vikram Solar across N-type TOPCon technology, module efficiency, and international project pipelines.
Emerging players
- Loom Solar: Loom Solar is an emerging Indian solar manufacturer focused on residential rooftop and D2C distribution. It overlaps with Vikram Solar's Solar Champion Programme dealer network in the distributed rooftop segment.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Vikram Solar social profiles
Digital presenceVikram Solar compliance and trust
Trust signalCompliance2 records
Vikram Solar financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vikram Solar leadership team
Management profileNumber of profiles
Profiles13 records
Vikram Solar subsidiaries and ownership
Company hierarchySubsidiaries2 records
Vikram Solar funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vikram Solar M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vikram Solar
What does Vikram Solar do?
Vikram Solar manufactures high-efficiency solar PV modules across multiple product lines (Hypersol Pro, Hypersol, Paradea, Prexos, Somera) using N-TOPCon, PERC, and bifacial cell technologies. The company provides end-to-end solar energy solutions including Engineering, Procurement, and Construction (EPC) services for utility-scale and commercial projects, Operations and Maintenance (O&M) services, and battery energy storage systems (VION brand) through its VSL PowerHive subsidiary.
Is Vikram Solar a public or private company?
Vikram Solar is a public company. It is classified as public and is currently operating.
When was Vikram Solar founded?
Vikram Solar was founded in 2006. It employs 1,001 to 5,000 people.
Where is Vikram Solar based?
Vikram Solar is headquartered in Kolkata, India, in the Asia region.
How does Vikram Solar make money?
Four revenue lines are on record. Solar Module Sales are the primary driver. The others are EPC Services, operations and Maintenance and battery Energy Storage Systems.
Who are Vikram Solar's main competitors?
Direct peers on record are Waaree Energies, Adani Solar, Tata Power Solar Systems, Premier Energies, Goldi Solar, Sterling and Wilson Renewable Energy and Websol Energy System. Broad incumbents are First Solar and JinkoSolar. Loom Solar is listed as an emerging player.
Does Vikram Solar have an API?
No public API is recorded for Vikram Solar.
What industry is Vikram Solar in?
Vikram Solar's product category is Solar PV Modules and Manufacturing. Its primary akta.pro industry code is EUAMABAD, Solar PV Module Manufacturing (Cells, Modules, Thin-Film), with a secondary code of EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System). Its NAICS code is 221114 and its SIC code is 3600.