Vikram Solar

** Vikram Solar VIKO.NS falls 2.5% to 190.16 rupees

** UBS ("neutral") cuts PT to 215 rupees from 370 rupees

** Says solar PV module manufacturer plans to achieve fully-integrated solar manufacturing capacity by FY29

** Warns front-loaded capacity additions by large sectoral players could pose market share challenges

** Adds policy framework largely favours integrated manufacturers; likely to accelerate sector consolidation, which limits sector total addressable market

** Notes co's capex plan ambitious; cell order wins, pace of manufacturing ramp-up important milestones for investors

** Stock rated "buy" on avg; median PT is 323 rupees, per data compiled by LSEG

** YTD, VIKO down 20%

(Reporting by Abhirami G in Bengaluru)

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March 20 (Reuters) - Vikram Solar Ltd VIKO.NS:

• APPOINTS SAMEER NAGPAL AS CEO EFFECTIVE MARCH 20, 2026

Source text: ID:nBSE2x2HRr

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** Shares of Indian solar companies rise after government proposes local sourcing of key components from June 2028

** Waaree Energies WAAN.NS up 4.16% to 3002.90 rupees, Premier Energies PEME.NS rises 3.03% to 835.80 rupees, Vikram SolarVIKO.NS gains 3.19% to 191.12 rupees and Adani Green Energy ADNA.NS up 1.21% at 879.25 rupees

** India's renewable energy ministry says the country is proposing that clean energy firms use only locally made solar ingots and wafers

** Move aims to curb imports, particularly from China, and boost domestic manufacturing as India

** However, most domestic players are yet to operationalise ingot and wafer facilities, with Adani Group among the few with functional capacity

** YTD, WAAN down 2.86%, PEME dropped 3.68%, VIKO lost 22.18% and ADNA down 14.43%

(Reporting by Surbhi Misra in Bengaluru)

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Adds Premier Energies comment; paragraphs 9,10

By Anuran Sadhu and Sudarshan Varadhan

BENGALURU/SINGAPORE, Feb 25 (Reuters) - Stocks of Indian solar equipment makers plunged on Wednesday, after the United States imposed preliminary duties on imports from India, Indonesia and Laos, the latest in a decade-long series of levies on cheap Asian imports.

Shares of major Indian solar panel and cell makers Waaree Energies WAAN.NS and Premier Energies PEME.NS sank about 15%, while Vikram Solar VIKO.NS fell nearly 8% in early trade, before paring some losses.

Exports make up 16% of Vikram Solar's upcoming orders, while Waaree's U.S. shipments account for 65% of its order book, Jefferies analysts said. Premier Energies' order book is entirely domestic, its managing director said last week.

OVERSEAS SALES YIELD HIGHER MARGINS THAN DOMESTIC

The duties of 80% to 143.3% on Indian exports could hurt profitability, as overseas sales bring higher margins than domestic ones, Jefferies analysts said on Wednesday.

However, analysts expect the duties to have limited impact on manufacturers in the three countries, though they are heavier than expected.

"The manufacturers have been anticipating U.S. tariffs on cells and modules from the Southeast Asia and India, even before the investigation was first launched in August 2025," said Fei Chen, solar research analyst at consultancy Rystad Energy.

Waaree Energies said it expected no material impact from the duties, citing 2.6 GW of U.S. manufacturing capacity expected to rise to 4.2 GW by the end of this financial year, and a diversified supply chain that includes a planned Oman facility.

Vikram Solar said the duties would have a limited impact as it sourced cells for U.S. customers outside India, in countries with lower tariff exposure.

Premier Energies said it cut its share of exports "to almost nil".

"Indian manufacturers have had a long time to refine sales strategy and business models," it said in a statement, adding that U.S. exports now make up only 5% to 7% of total Indian production.

TRUMP FREEZE SENDS CLEAN POWER CAPACITY INTO LIMBO

U.S. panel manufacturing has ramped up in recent years, even as President Donald Trump's freeze on project approvals has thrown thousands of megawatts of clean power capacity into limbo.

Higher domestic module manufacturing led to a drop of 56% in the value of U.S. solar panel imports in 2025, with India's exports falling by nearly half, U.S. customs data shows.

U.S. solar deployment forecasts for this decade are flat with earlier forecasts, due to an expected rise in utility-scale solar installations despite short-term policy uncertainty, consultancy Wood Mackenzie said in December.

However, higher exports from Indonesia and Laos drove up cell imports 35%, mainly because domestic cell-making capacity fell short of demand.

Both countries have been boosting solar exports to make up for a decline in exports from Cambodia, Malaysia, Thailand and Vietnam following a anti-dumping duties, but such shipments are expected to fall in coming months.

"Many have planned, or started, production relocation to regions without significant U.S. tariffs," Fei Chen said, adding that factories in these countries would increasingly cater to growing regional demand.

(Reporting by Anuran Sadhu in Bengaluru and Sudarshan Varadhan in Singapore; Additional reporting by Sethuraman NR and Surbhi Misra; Editing by Janane Venkatraman and Clarence Fernandez)

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** Shares of Indian solar panel, cell makers jump following India and the United States long-awaited trade deal

** Shares of Waaree Energies Ltd WAAN.NS climbs 13.6%, Premier Energies PEME.NS up 9.2%, Saatvik Green Energy SAAT.NS rise 6.3%

** Adani Enterprises Ltd ADEL.NS up 11.2% and Vikram Solar Ltd VIKO.NS gains 8.2%

** "The U.S. decision to reduce tariffs on Indian goods from 25% to 18%, along with the elimination of the additional punitive levy, represents a strategic turning point for the solar sector, rather than just a routine policy change, said Prashant Mathur, CEO of Saatvik Green Energy

** Waaree, Adani, Vikram Solar are top Indian exporters to US

(Reporting by Brijesh Patel in Bengaluru)

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Jan 20 (Reuters) - Vikram Solar Ltd VIKO.NS:

• DEC-QUARTER CONSOL NET PROFIT 981.5 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 11.06 BILLION RUPEES

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By Sethuraman N R

NEW DELHI, Oct 17 (Reuters) - Indian solar manufacturers have begun recalibrating their supply chains to maintain access to the lucrative United States market and offset higher tariffs, according to executives.

U.S. President Donald Trump's tariffs of up to 50% on most exports from India, among the highest for any U.S. trading partner, went into effect on August 27.

In a post-earnings call with analysts on Friday, Vikram Solar VIKO.NS, which has 15% of its current order book tied to the U.S., said it is navigating the tariff structure by sourcing solar cells from countries with lower duties.

For solar modules, U.S. tariffs are based on the country where the solar cell was manufactured—specifically, where the cell's PN junction (the part that generates electricity) was formed.

So even if a module is assembled in India, the U.S. will apply tariffs based on the country of origin of the cell inside.

"We are exploring alternative supply chains from countries with significant cell capacities that have lesser levies than what India does," said Rinal Shah, a top executive at Vikram Solar.

The company did not specify if the tariffs had any impact on its September quarter earnings, but expressed confidence in fulfilling U.S. orders despite the tariff headwinds.

Waaree Energies WAAN.NS, India's top solar module maker and among the top exporters to the U.S., said it was not using domestically manufactured solar cells for the United States because that would attract higher tariffs.

The company is also under investigation by the U.S., which has alleged that it sidestepped the country's tariffs on Chinese-made cells and panels by labelling them as made in India. Waaree has refuted these allegations.

Waaree CEO Amit Paithankar said in an analyst call on Friday that the supply chain for the U.S. is completely China-free, and that the company abides by prevailing laws and rules.

"We have also configured it in such a way that the tariff problems associated with that (exports) are the lowest," Paithankar said.

Waaree added that its orders have not been impacted yet due to the tariffs and the U.S. trade investigation.

(Reporting by Sethuraman NR; Editing by Janane Venkatraman)

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Sept 15 (Reuters) - Vikram Solar Ltd VIKO.NS:

• VIKRAM SOLAR LTD - TO SUPPLY 200 MW MODULES TO AB ENERGIA

• VIKRAM SOLAR LTD - 200 MW SOLAR MODULES VALUED AT ABOUT 2.73 BILLION RUPEES

Source text: ID:nNSE3qmSWz

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** Indian solar module maker Vikram Solar VIKO.NS surges about 9% on first day of trading

** Stock opened at 338 rupees, 1.8% higher than issue price of 332 rupees; last up 8.86%

** Its 20.79 billion rupee (~$238 million) IPO was subscribed 54.63 times, led by 142.79x bids from qualified institutional buyers

** Co valued at 131.79 billion rupees ($1.51 billion), as of 10:28 a.m. IST

** IPO consists of fresh shares worth 15 billion rupees and shareholders offloading 5.79 billion rupees of shares

** Proceeds from the issue will be used to fund expenses and invest in subsidiary VSL Green Power

($1 = 87.5060 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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