About Vikram Solar Limited

Vikram Solar Limited is one of India’s largest solar photovoltaic (PV) module manufacturers by operational capacity, with more than 17 years of industry experience. As of March 31, 2025, the company has an installed module manufacturing capacity of 4.50 GW and is listed as a Tier 1 manufacturer by BloombergNEF (first in CY 2014, with the latest inclusion in Q1 2025); its ALMM-enlisted capacity stood at 2.85 GW as of June 30, 2025. Manufacturing operations commenced in 2009 with a 12 MW line, and facilities are located at Falta SEZ (Kolkata, West Bengal) and Oragadam (Chennai, Tamil Nadu), with proximity to ports aiding both domestic and export logistics.

The company designs and manufactures high-efficiency solar PV modules for diverse applications and offers product warranties of 12 years and performance warranties of 27–30 years, aligned with global standards. Sales are primarily in India, with exports to markets such as the United States, Europe, Nepal and Canada. Vikram Solar has nine subsidiaries (seven direct and two step-down) as of the latest period covered in the report.

Vikram Solar Limited Milestone 

Key milestones include designing and installing a 100-kW solar project at Cochin International Airport in 2013 (the world’s first fully solarised airport), repeated recognition as a PVEL “Top Performer” (first featured in 2017), and NABL accreditation for its Falta R&D lab in 2023. The company converted from a private to a public limited company, adopting the name “Vikram Solar Limited” on August 22, 2017.

Vikram Solar Limited’s Business Segments

By segment (Fiscal 2025): 

• Module sales: 98.23%; 
• Others (including EPC and O&M): 1.77%.

By geography (module sales, Fiscal 2025): 

• Domestic: 97.24%; 
• Export: 1.00% (primarily to the U.S.).

Vikram Solar Limited Key Management

• Gyanesh Chaudhary – Chairman and Managing Director
• Krishna Kumar Maskara – Whole-time Director, Interim Chief Executive Officer and President – Corporate
• Neha Agrawal – Whole-time Director and Head – Corporate Strategy
• Ranjan Kumar Jindal – Chief Financial Officer
• Sudipta Bhowal – Company Secretary and Compliance Officer

Latest Updates on Vikram Solar Limited

• Recognition: Awarded the EUPD Top Brand PV Seal in May 2025; also repeatedly listed as a BloombergNEF Tier 1 module manufacturer, including in Q1 2025.
• Capacity and Integration: The company is undertaking greenfield and brownfield expansions to raise installed module capacity to up to 15.50 GW by Fiscal 2026 and up to 20.50 GW by Fiscal 2027; it is also backward integrating by establishing a 3.00 GW + 9.00 GW solar cell facility at Gangaikondan, Tamil Nadu, along with a planned BESS project starting at 1.00 GWh and expandable to 5.00 GWh by Fiscal 2027.
• Market Access: ALMM-enlisted capacity of 2.85 GW as of June 30, 2025 supports domestic sales; plants’ proximity to ports enhances export readiness.
• Channels and Offerings: Through its distributor, the company is launching a proprietary e-commerce platform, has begun receiving B2C orders on a third-party platform, and is exploring new product categories including inverters, cables and solar kits to leverage its channel network.