Vikram Solar stock jumps 3% after 400-megawatt solar panel supply order for projects in Maharashtra

Solar photovoltaic (PV) module manufacturer Vikram Solar shares surged 3% on Tuesday, September 29, after the company announced that it has secured a 400-megawatt (MW) solar panel supply order for agri-solar projects in Maharashtra.

NSE data showed Vikram Solar shares jumped 3% to hit an intraday high of ₹164.99 apiece after the opening bell on Tuesday's market, in comparison to ₹160.08 apiece at the previous market close.

In an NSE filing, Vikram Solar disclosed that the company has secured a 400 MW solar module supply order from an undisclosed EPC player for a portfolio of decentralised solar projects being developed across multiple locations in Maharashtra.

Vikram Solar shares ended 0.14% lower at ₹160.08 apiece after the trading session on Monday, in comparison to ₹160.31 apiece at the previous equity market close on the National Stock Exchange.

The company disclosed the order book update after the market operating hours on Monday, which will result in investors reacting to the update after Tuesday’s opening bell.

Supply order details

As per the arrangement, Vikram Solar will supply its high-efficiency N-Type TOPCon G12R modules to the EPC company.

These solar PV modules feature glass-to-glass, bifacial technology and half-cut cells, with a power output of 620 watt peak (Wp).

The company also said that it expects the supply schedule to commence in October 2026.

“Supplying modules for projects of this scale across Maharashtra reflects the confidence placed in Vikram Solar’s advanced G12R TOPCon technology and our ability to support large, geographically distributed solar deployments,” said Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar.

With a focus on expanding the agricultural-feeder solarisation segment, the company aims to help grow the decentralised and reliable renewable energy infrastructure.

Management focus

Vikram Solar’s management is expected to reaffirm or revise its FY27 guidance in the company’s September quarter board meeting, where the directors will deliberate on any potential changes amid policy and customer timing uncertainty concerns in the market.

After the company’s Q1 FY27 earnings, the management said that it expects the competitive intensity to ease post-extension, with Vikram Solar’s margins anticipated to stabilise or improve rather than deteriorate, subject to input prices and competition conditions.

While the pressure remains on the margins due to elevated input costs in the market, the management expects it to be solely input-driven and inventory-lag-related.

Looking ahead, investors are expected to track the execution phase as well as the company’s order growth which will in turn boost revenues amid India’s push towards renewable energy sources.

Vikram Solar share performance

NSE data showed that Vikram Solar shares have lost 50% of their value in the last one-year period, and have declined more than 32% on a year-to-date (YTD) basis so far in 2026.

The company’s stock has lost 7.3% in the last one-month period and was trading 2.2% lower on a five-market-session basis as of Monday’s market close, according to the exchange data.

Shares of Vikram Solar surged to their 52-week high of ₹354.40 apiece on October 17, 2025, while the 52-week low level was at ₹155.38 apiece on August 7, 2026.

The solar PV maker’s market capitalisation (m-cap) was at ₹5,800 crore as of the stock market close on Monday, September 28, 2026.