Vikram Solar shares down over 11% in five days; here’s what’s weighing on the stock

Vikram Solar shares continue to remain under pressure on Thursday, June 25, with the stock declining over 11% in the last five trading sessions.

In a regulatory filing dated June 24, Vikram Solar has stated that the National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against the firm till the next date of hearing.

However, the company did not inform about the next date of the hearing.

On June 19, the Kolkata bench of the National Company Law Tribunal (NCLT) had ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against Vikram Solar after admitting a plea of its operational creditor, Isitva Steels.

This order was challenged by Vikram Solar before the appellate tribunal NCLAT, citing a 2019 settlement agreement.

“The NCLAT has stayed the operation of the order passed by the NCLT Kolkata bench, admitting a petition filed by Isitva Steels under Section 9 of the Insolvency and Bankruptcy Code, 2016, until the next date of listing,” the company said.

NCLT had also appointed an interim resolution professional, Tripti Agarwal, for Vikram Solar, suspending the board of the company as per the procedure laid down in the Insolvency & Bankruptcy Code.

“In effect, a stay on the corporate insolvency resolution process against Vikram Solar Limited has been granted by the Hon’ble NCLAT, and no further steps can be taken by the interim resolution professional,” it said.

An order regarding this is yet to be uploaded on the NCLAT portal.

The dispute stems from civil works subcontracted to ISPL in 2018 for a solar EPC project in Andhra Pradesh. Vikram Solar maintains that a full and final settlement was executed between the parties on December 7, 2019, thereby rendering the claim invalid.

Vikram Solar Q4 FY26 earnings

The electrical equipment company had posted nearly a 21% increase in its net profit to ₹110 crore for the quarter ended March 31, 2026 (Q4 FY25), mainly on account of higher revenues. The net profit was at ₹91 crore in the same quarter of the previous fiscal year.

Its revenue from operations rose to ₹1,453 crore in the quarter from ₹1,194 crore in the same period a year ago. In the fiscal year 2025-26, the net profit increased to ₹470 crore from ₹140 crore a year ago.

Vikram Solar share price trends

At close, Vikram Solar shares settled at ₹185.28 apiece on the National Stock Exchange, falling 2.6%. The stock had touched an intraday low of ₹183 per share.

Over the past five trading sessions, shares of the company have declined 11.3%, while they have slipped 24% in the last six months. From the beginning of the year, Vikram Solar shares have tumbled 22%.

Shares of the firm had hit a 52-week high of ₹407.95 on September 10, 2025, and a 52-week low of ₹162.10 on February 27, 2026.

According to NSE data, as of June 25, 2026, Vikram Solar has a total market capitalisation of ₹6,807.55 crore.

Vikram Solar’s listing

Shares of solar photovoltaic module manufacturer had made a tepid debut on the stock exchanges last year on August 26. The stock listed at ₹338 apiece on the National Stock Exchange (NSE), reflecting a premium of 1.81% from the issue price of ₹332.

The company's ₹2,079.37 crore initial public offering was a fresh issuance of shares worth ₹1,500 crore and an offer for sale of ₹579.37 crore. The price range was set at ₹315 to ₹332 per share.

Vikram Solar is among India's largest solar PV module manufacturers, with over 17 years of industry experience. It has two manufacturing facilities located in Tamil Nadu and West Bengal.