What we do Vikram Solar Ltd is India's leading solar photovoltaic module manufacturer and integrated solar energy solutions provider, including EPC and O&M services. |
Founded in 2,005 |
Market share One of India's largest solar module producers with 9.5 GW manufacturing capacity and 10.6 GW order book. |
Problem solved Enables renewable energy adoption by providing efficient, reliable solar modules and integrated solutions to decarbonize power generation. |
Top clients or who we serve Serves utility, commercial & industrial, government, and EPC customers across domestic and overseas markets. B2B and B2G focused. |
Key management Gyanesh Chaudhary (Chairman & Managing Director), Krishna Kumar Maskara (Whole-time Director & Interim CEO) |
Our journey and innovations Founded in 2005; expanded capacity from 12 MW to 9.5 GW by 2025; launched advanced modules with N-Type, HJT, bifacial tech; commissioned large projects including India's largest solar rooftop. |
Where we operate India (22 states and 2 UTs) and international markets including Germany, USA, Singapore with export operations. |
Top products or what we offer Solar PV modules (monocrystalline, polycrystalline, Mono PERC, bifacial), EPC and O&M solar project services. |
Top brands Vikram Solar modules - Tier 1 bankable manufacturer since 2014; Hypersol Pro - high-efficiency N-Type module launched 2025. |
Raw materials needed Silicon wafers, solar cells, glass, metals for frames and electrical components. |
Raw materials supplier Not publicly detailed; procures competitively to optimize input costs. |
Recurring vs cyclical contribution Revenue includes recurring EPC and O&M services and cyclical solar module sales driven by market demand. |
Our industry position Tier 1 manufacturer, consistent in industry reliability rankings; strong credit ratings IND A+ Stable and ACUITE A stable. |
Financial highlights FY25 revenue ~Rs 3452 Cr with net profit Rs 140 Cr; EBITDA margin ~14%; sustained CAGR in revenues and profitability. |
Geographical revenue split Domestic revenue Rs 3389 Cr and exports Rs 34 Cr in FY25. |
Order book Robust order book of 10.6 GW as of December 2025, spanning multiple sectors. |
Whats driving growth Solar policy support, rising renewable adoption, product innovation, manufacturing capacity expansion, battery storage entry. |
Our future plans Expand module capacity to 15.5 GW, enter battery energy storage system segment with Rs 4371 Cr capex by FY27. |
Our green promise Committed to sustainability via renewable energy use, water recycling, waste management, and social initiatives. |
Our people and values Focus on employee welfare, safety, diversity with 33% women on board and employee stock option plan. |
Key challenges ahead Raw material prices, technology shifts, competitive pressures, and regulatory changes in domestic and global markets. |
Interesting facts Installed world’s first fully solarized airport in Kochi; recognized with multiple safety and sustainability awards. |
Risks and strategy Mitigates risks through supply chain monitoring, innovation, financial prudence, and diversified market presence. |
