Vikram Solar shares came into focus on September 29 after the company secured a 400 MW solar module supply order from a leading EPC player for decentralised solar projects across multiple locations in Maharashtra. 

The stock rose nearly 3% to an intraday high of Rs 164.99 on the NSE, compared with its previous close of Rs 160.08.

Under the order, Vikram Solar will supply high-efficiency 620 Wp N-Type TOPCon G12R solar modules. The modules feature glass-to-glass construction, bifacial technology and half-cut cells, which are designed to improve power generation and module efficiency.

Supplies are scheduled to begin in October 2026 and the order is expected to be completed by March 2027. The company has not disclosed the financial value of the contract. The projects are spread across Maharashtra and are linked to the growing deployment of decentralised solar infrastructure, including agricultural feeder solarisation.

The latest order adds to Vikram Solar’s recent string of business wins. Earlier this month, the company entered into an agreement with Avaada Electro to source 1 GW of domestically manufactured, ALMM-compliant N-Type G12R TOPCon solar cells for its module manufacturing operations.

Vikram Solar also recently secured a 124 MW module supply order for a solar project in Anantapur, Andhra Pradesh. Supplies under that contract are also scheduled to start in October, with the company set to provide 620-630 Wp G12R TOPCon modules.

The company has been expanding its manufacturing capacity to cater to India’s growing solar demand. Its Q1 FY27 module sales volume reached a record 1,006 MW, while its installed module manufacturing capacity stood at 15.5 GW as of September 2026, according to industry reports.

The Maharashtra order also strengthens Vikram Solar’s exposure to agricultural feeder solarisation, where solar power is generated closer to rural consumption centres. Such projects are aimed at improving energy access for farmers while supporting India’s renewable energy and grid-resilience goals.

However, by 12:20 pm, the shares of Vikram Solar were trading flat at Rs 160.16, 0.04% higher than its previous close of Rs 160.08 on NSE. 

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