Vikram Solar signs 130 MW solar cell supply deal to boost India manufacturing

Kolkata-based solar module maker Vikram Solar Ltd on Thursday (July 9) said it has entered into a Solar Cell Supply Agreement with Evervolt Solar Technology India Private Ltd to procure 130 MW of Mono-PERC 10BB DCR-compliant solar cells.The agreement was signed on July 8, 2026, and the solar cells will be supplied during the period from July 2026 to March 2027 to support Vikram Solar’s domestic module manufacturing requirements.

Vikram Solar said the agreement covers the procurement of crystalline solar cells and does not involve any special rights such as appointment of directors, share subscription rights or restrictions on capital structure.ALSO READ | Vikram Solar eyes higher market share as AI, green energy demand picks up

The company said Evervolt Solar Technology India, formerly known as CETC Renewable Energy Technology India Private Ltd, is not related to the promoter group or group companies, and the transaction does not fall under related party transactions.

In May this year, Vikram Solar said it expects margins to remain broadly in line with trends seen in the latter part of FY26.

Ranjan Kumar Jindal, CFO (KMP) at Vikram Solar, said, “We have signed one long-term agreement for domestic content requirement (DCR) cells as well, which will help us recoup the margins a bit better. Overall, we see FY27 to deliver good numbers.”ALSO READ | Vikram Solar insolvency petition by Isitva Steels admitted by NCLT Kolkata

He expects absolute earnings before interest, taxes, depreciation, and amortisation (EBITDA) in FY27 to be 1.7 times higher than FY26.

The company’s management said demand trends remain healthy despite concerns around oversupply and softer module realisations in the sector. Vikram Solar believes its long operating history, diversified order mix and upcoming manufacturing capacities will help protect margins going forward.

On the demand environment, Jindal said, “India, as a country, can consume a lot of solar modules, but the focus on exports will also continue.”

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The company’s six gigawatt backward integration project has already been approved by the board with a planned investment of ₹2,700 crore. It also plans to start work on its Tamil Nadu wafer and ingot facility in the coming quarter, funded through a mix of debt and internal accruals.

Shares of Vikram Solar Ltd ended at ₹193.40, up by ₹9.60, or 5.22%, on the BSE.