VIKRAM SOLAR LIMITED (VIKRAMSOLR.NS) Stock Analysis
Vikram Solar offers a discounted, high-upside bet on India’s solar manufacturing boom—if vertical integration converts policy tailwinds into durable margins.
Overview
Vikram Solar is one of India’s largest pure-play solar PV module manufacturers, with 9.5 GW active capacity and a business centered on modules, EPC, and O&M. Modules dominate revenue at 98.23% of FY25 sales, with India contributing 87% of revenue and exports 13%. Its customer base is led by IPPs, backed by an 8.2 GW order book. The company’s bankability, PVEL recognition, long warranties, and improving module efficiency underpin its appeal as India’s solar manufacturing market accelerates.