Vikram Solar

Vikram Solar's rated bank-loan facilities rose from ₹2,700 crore to ₹4,000 crore after India Ratings affirmed its existing ‘IND A+’/‘IND A1+’ ratings and assigned the same ratings to additional facilities. The long-term rating retained a stable outlook, and the additional rated limits amounted to ₹1,300 crore. The company reported FY26 revenue of ₹4,802 crore and was debt-light at the end of the first quarter of FY27. Vikram Solar's FY27 capex plan was about ₹5,000 crore, with financing expected from internal accruals, debt and other arrangements.

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** Shares of India's Vikram Solar VIKO.NS fall as much as 10.7% to 155.38 rupees, their lowest level since listing on August 26, 2025

** Stock posts its biggest intraday pct loss since June 11

** The solar PV module manufacturer reports June-quarter consol net profit of 197.8 million rupees ($2.08 million), down 85.1% from 1.33 billion rupees a year earlier

** Consol revenue from operations rises 37.8% Y/Y in the quarter

** More than 7 million shares change hands, about 3x the 30-day average volume

** Stock rated "buy" on average by 6 analysts; median PT is 246.50 rupees - LSEG-compiled data

** Stock down 30.4%, YTD

($1 = 95.2650 Indian rupees)

(Reporting by Payel Das in Bengaluru)

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Aug 6 (Reuters) - Vikram Solar Ltd VIKO.NS:

• VIKRAM SOLAR JUNE-QUARTER CONSOL NET PROFIT 197.8 MILLION RUPEES

• VIKRAM SOLAR JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 15.63 BILLION RUPEES

Source text: ID:nBSE30vXrB

Further company coverage: VIKO.NS

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** India extends deadline for solar panel manufacturers to comply with mandatory Bureau of Indian Standards (BIS) certification

** Waaree Energies WAAN.NS up nearly 2% to 2,876.4 rupees, Premier Energies PEME.NS gains around 3% to 1,073.8 rupees, Vikram Solar VIKO.NS rises about 3.5% to 190.04 rupees, Adani Green Energy ADNA.NS advances 0.19% to 1,507.5 rupees, Borosil Renewables BORO.NS jumps about 7% to 636.85 rupees

** In July 8 gazette notification, Ministry of New and Renewable Energy extended deadline to December 31, 2026 from June 30, 2026

** Extension granted due to limited testing facilities available and time needed for industry to comply

** YTD, WAAN down about 3%, PEME up nearly 28%, VIKO down around 20%, ADNA up 37.26%, and BORO up about 18%

(Reporting by Saikeerthi in Bengaluru)

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July 6 (Reuters) - Vikram Solar Ltd VIKO.NS:

• VIKRAM SOLAR - COMMISSIONS NEW MANUFACTURING PLANT IN TAMIL NADU WITH FIRST MODULE PRODUCED

• VIKRAM SOLAR - PLANS 9 GW SOLAR CELL CAPACITY BY FY27, 12 GW WAFER AND INGOT BY FY29-30

Source text: ID:nBSE4pmqb8

Further company coverage: VIKO.NS

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June 30 (Reuters) - Vikram Solar Ltd VIKO.NS:

• VIKRAM SOLAR - NCLAT SETS ASIDE NCLT ORDER ADMITTING INSOLVENCY APPLICATION AGAINST CO

Source text: ID:nBSE15gy2v

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** 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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By Sethuraman N R

NEW DELHI, Feb 25 (Reuters) - India's plans to strengthen its position in the U.S. solar market face a setback after Washington moved to impose steep countervailing duties on solar cells and panels shipped from some Asian hubs, analysts and industry representatives said.

The U.S. Commerce Department on Tuesday determined that manufacturers operating in India, Indonesia and Laos benefited from wide-ranging state support that skewed competition in the world's most attractive clean‑energy markets.

Indian exporters to the U.S. face duties of 126% just as New Delhi courts investment from solar companies and positions itself as an alternative to China.

Shares of India's top solar panel maker, Waaree Energies WAAN.NS, tanked 10%, while Premier Energies PEME.NS and Vikram Solar VIKO.NS fell 5% and 4%, respectively as of 0449 GMT on Wednesday.

"The preliminary U.S. countervailing duties are a major setback for Indian solar manufacturers that relied heavily on exports to the U.S. market," said Rajan Kalsotra, Senior Consultant at EUPD Research.

Analysts warn that the lack of viable export markets could drive Indian module makers to push their stocks into the domestic market, leading to oversupply.

India has expanded module manufacturing capacity beyond 160 gigawatt (GW) as of January 2026, with additional capacity planned, while near-term domestic demand is expected to remain around 40 to 45 GW annually, according to EUPD.

"With the U.S. accounting for the overwhelming share of exports, producers now face a dual dilemma of excess capacity and restricted market access," Kalsotra said.

The ruling is only the first step in a broader trade action initiated last year by a group of American solar manufacturers.

A separate decision, due next month, will determine whether exporters in the three countries also slashed prices below production cost - a finding that could lead to another round of anti‑dumping penalties.

(Reporting by Sethuraman NR; Editing by Stephen Coates)

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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)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

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

Further company coverage: VIKO.NS

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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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