10.96-GW order book: Solar stock in focus as Promoter pledged 1,10,060,643 shares of the company; Details inside

DSIJ Intelligence-1 / 18 Sep 2025/ Categories: Mindshare, Trending

10.96-GW order book: Solar stock in focus as Promoter pledged 1,10,060,643 shares of the company; Details inside

The stock is up by 12.5 per cent from its 52-week low of Rs 312.50 per share.

Vikram Solar Ltd’s promoters pledged 110,060,643 equity shares, which constitute a 30.4 per cent stake, to secure a loan for working capital. The specific entities involved in the pledge were Vikram Capital Management (6.05 per cent), Gyanesh Chaudhary Family Trust (20.21 per cent) and VSL Ventures Private Limited (4.17 per cent). While this action demonstrates the promoters' commitment, it has also raised investor concerns regarding the company's increased financial leverage, contributing to a bearish trend in the stock.

Earlier, the company received a Rs 273 crore order from AB Energia to supply 200 MW of solar modules. The contract is for high-efficiency M10R N-Type TOPCon modules (590 Wp and above) and the modules will be deployed in Maharashtra, Madhya Pradesh and Gujarat. Deliveries are set to begin in September 2025 and continue until March 2026.

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About the Company

Vikram Solar Limited is a leading Indian solar module manufacturer with a significant international presence, exporting its products to 39 countries. Headquartered in Kolkata, West Bengal, the company is one of the largest photovoltaic (PV) module manufacturers in India, boasting a cumulative production capacity of 4.5 GW. It maintains a strong pan-India presence through an extensive network of 83 authorised distributors, over 250 dealers and 76 system integrators, reinforcing its market position both domestically and abroad.

The company achieved its highest-ever quarterly revenue, EBITDA and PAT. Revenue grew by an impressive 79.7 per cent year-over-year (Y-o-Y), while EBITDA rose by 117.3 per cent Y-o-Y to Rs 242.2 crore, with an EBITDA margin of 21.4 per cent. The company's profit after tax (PAT) saw a remarkable increase of 483.9 per cent Y-o-Y and the PAT margin was 11.7 per cent. Additionally, Vikram Solar reported a strong capacity utilisation of 89.2 per cent for the quarter, highlighting efficient production and high demand.

The company has a market cap of over Rs 12,000 crore and has an order book of 10.96-GW with an ROE of 17 per cent and an ROCE of 26 per cent. In FY25, the company reported net sales of Rs 3,423 crore and net profit of Rs 140 crore. The stock is up by 12.5 per cent from its 52-week low of Rs 312.50 per share.

Disclaimer: The article is for informational purposes only and not investment advice.