Vikram Solar Ltd

Vikram Solar Ltd announced an update on credit ratings pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015. India Ratings and Research Private Limited (India Ratings) has affirmed the Long-Term ‘IND A+’ / Stable and Short-Term ‘IND A1+’ ratings on existing bank loan facilities, and has assigned the same ratings to additional bank loan facilities, enhancing the total rated bank loan facilities from Rs. 2,700 Crores to Rs. 4,000 Crores; the existing rated limits for bank loan facilities were Rs. 2,700 Crores, while the revised rated limits are Rs. 4,000 Crores, and the Short-Term ‘IND A1+’ rating was also assigned.

A monitoring report by India Ratings indicates delays of approximately three months in the implementation of a solar module and cell manufacturing facility, originally slated for completion in fiscal 2026. The delays affect Phase I Module, Phase I Cell, and Phase II Module projects, with revised completion dates now expected in June and December 2026. As of June 30, 2026, Rs 6,976.64 million (approximately $84 million USD) of the proceeds has been utilized, with a significant portion held in fixed deposits as margin money for equipment purchases. The report, which does not constitute an audit or verification of financial records, notes no specific utilization of funds under the general corporate purpose category and relies on information provided by the company and its advisors.

Vikram Solar Limited held its 21st Annual General Meeting on Tuesday, August 4, 2026, via video conferencing, with 70 members attending. Gyanesh Chaudhary, Chairman and Managing Director, chaired the meeting, during which shareholders approved the annual audited financial statements for the financial year ended March 31, 2026, and re-appointed Suresh Gopinathan Menon as a Non-Executive Non-Independent Director. The company also appointed Sameer Nagpal as a Whole-Time Director and Chief Executive Officer, re-appointed Gyanesh Chaudhary as Chairman & Managing Director for three years, and re-appointed Ratnabali Kakkar as Non-Executive Independent Director for a second term of five years.

Vikram Solar Limited will hold a board meeting on Thursday, August 6, 2026, to consider and approve the unaudited financial results (standalone and consolidated) along with a limited review report of the statutory auditors for the quarter ended June 30, 2026 (Q1FY27), according to a filing with the BSE Ltd. and National Stock Exchange of India Ltd.

Vikram Solar announced that the Annual General Meeting(AGM) of the company will be held on 4 August 2026.

Profit before tax fell 1.28% to Rs 139.04 crore in Q4 FY26 compared with Rs 140.85 crore posted in corresponding quarter last year. EBITDA were at Rs 235 crore in Q4 FY26, registering a 5% increase from Rs 224 crore reported in the year-ago period. The EBITDA margin reduced to 16% in Q4 FY26 from 19% in Q4 FY25. Order book stood at 8.2 GW as of 31st March 2026. Domestic operations accounted for 87% of total revenue, while exports contributed the remaining 13%. The board of directors has approved the appointment and re-appointments of key managerial personnel and directors, based on the recommendation of the Nomination and Remuneration Committee, subject to shareholders' approval at the ensuing general meeting. The company has appointed Sameer Nagpal as Whole-time Director and Chief Executive Officer (CEO) with effect from May 07, 2026. He will be liable to retire by rotation. The board has also approved the re-appointment of Gyanesh Chaudhary as Chairman & Managing Director for a further term of three years with effect from September 28, 2026. He will continue to be liable to retire by rotation. In addition, Ratnabali Kakkar has been re-appointed as an Independent Director for a second term of five consecutive years with effect from December 12, 2026. The company has approved a capital expenditure of Rs 3,726 crore to set up a 6 GW backward-integrated wafer and ingot manufacturing facility at its Gangaikondan site in Tamil Nadu by FY29. The project marks the first phase of the company's planned 12 GW roadmap, which is targeted to be commissioned by FY30. The expansion is aimed at transforming the company from a component provider into a fully integrated solar manufacturing player. The initiative is also expected to support India's push for supply chain indigenisation and reduce dependence on imports in the solar sector. Vikram Solar manufactures solar PV modules and also provides EPC and O&M services. Powered by Capital Market - Live

Net profit of Vikram Solar rose 21.86% to Rs 110.42 crore in the quarter ended March 2026 as against Rs 90.61 crore during the previous quarter ended March 2025. Sales rose 21.73% to Rs 1452.82 crore in the quarter ended March 2026 as against Rs 1193.52 crore during the previous quarter ended March 2025. For the full year,net profit rose 236.42% to Rs 470.42 crore in the year ended March 2026 as against Rs 139.83 crore during the previous year ended March 2025. Sales rose 40.28% to Rs 4802.25 crore in the year ended March 2026 as against Rs 3423.45 crore during the previous year ended March 2025. ParticularsQuarter EndedYear EndedMar. 2026Mar. 2025% Var.Mar. 2026Mar. 2025% Var. Sales1452.821193.52 22 4802.253423.45 40 OPM %16.1418.74 -19.0914.37 - PBDT196.15183.10 7 814.59373.37 118 PBT139.05140.86 -1 652.58217.36 200 NP110.4290.61 22 470.42139.83 236 Powered by Capital Market - Live

Sameer Nagpal holds Post Graduate Diploma in Business Management from IIM Calcutta, Mechanical Engineering from Delhi College of Engineering (now DTU) and is also affiliated with multiple professional networks and brings a wealth of cross-industry leadership experience. He brings over three decades of leadership experience across diverse industries, along with a proven track record of driving transformation, accelerating growth, and delivering sustained value creation in key leadership roles at Livguard Energy Technologies, Dalmia Bharat Group, Shalimar Paints, Ingersoll Rand, Zicom and Carrier Air Conditioning. Sameer succeeds Krishna Kumar Maskara, who served as Interim CEO and played an instrumental role in steering the company through a critical phase of growth, including the successful public listing in August 2025. Maskara will now take on the roles of chief operating officer (COO) and chief risk officer (CRO), where he will focus on operational excellence across manufacturing and delivery, while also providing independent oversight of the enterprise risk management framework. The company has outlined an ambitious growth roadmap to become a fully integrated energy solutions provider, targeting 15.5 GW of module manufacturing capacity, along with 12 GW of cell manufacturing capacity through backward integration. In parallel, it is expanding into energy storage with plans for 5 GWh BESS module manufacturing and 7.5 GWh battery cell manufacturing, with further scalability in the future. Sameer Nagpal, CEO, Vikram Solar, said: I am excited to join Vikram Solar at a time when the global energy landscape is undergoing a fundamental shift, creating opportunities for companies that can combine scale with agility and innovation. Vikram Solar has built a strong platform to participate meaningfully in this transition. As we move forward, our focus will be on strengthening our market position, expanding our global footprint, and enhancing our integrated capabilities to better serve evolving customer and market needs. I look forward to leading the organisation in its next phase of growth and contributing to a more sustainable energy future. Meanwhile, the board also noted the resignation of Anil Bhadauria from the position of executive vice president & head of manufacturing operations with effect from 31 May 2026. Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 9.5 GW. The company reported a 25.2% decline in consolidated net profit to Rs 96.1 crore on a 0.36% fall in revenue from operations to Rs 1,105.95 crore in Q3 FY26 over Q2 FY26. The counter added 1.72% to close at Rs 192.45 on the BSE.Powered by Capital Market - Live

PowerHive, the battery and energy storage arm of Vikram Solar, announced the launch of its flagship brand VION, marking the company's entry into distributed battery storage for electric mobility and residential energy backup. VION is a next-generation lithium battery storage brand delivering reliable, high-performance solutions for everyday power needs. Built for the way energy is used in India, it prioritises safety, long service life, and consistent output across frequent cycling, variable loads, and demanding operating conditions. The initial portfolio includes five commercial battery products across three categories: inverter batteries, integrated inverter-battery solutions, and e-rickshaw batteries. For homes, the portfolio includes 1.2 KWH to 15 KWH batteries designed for UPS and inverter systems, ensuring reliable power during outages. The batteries deliver over 3 hours, 6 hours, and 12 hours of backup, respectively, helping households stay powered for longer. The 5 KWH to 15 KWH packs can be used for running high power consuming appliances like AC during a power outage. VION also introduces Integrated PowerStack 1.0, an all-in-one inverter and battery solution designed to make home power backup simpler and smarter. Available in a 1.2 KWH configuration, the system comes in wall-mounted and tabletop options, making it easy to fit into any home without taking up extra space. The VION range also includes a 5 KWH E-Rickshaw battery, specifically designed for electric rickshaws. Built with advanced LiFePO'' prismatic cells and an AIS-156 compliant safety architecture, the battery is engineered to handle the demanding daily cycles of commercial three-wheelers and comes with a 36-month warranty. The company has already secured a 100 MWH BESS order, demonstrating strong early market demand and meaningful progress toward winning long term, high capacity projects. The launch aligns with Vikram Solar's strategy to expand into battery energy storage systems (BESS) and integrated clean energy solutions, as part of its broader roadmap to build 5 GWh BESS manufacturing capacity by FY27 and 7.5 GWh battery cell manufacturing capacity by FY29. 'Powered by Capital Market - Live

Vikram Solar will hold a meeting of the Board of Directors of the Company on 11 March 2026.Powered by Capital Market - Live