Vikram Solar Wins Major Contract for 378.75 MW Solar Modules from Joint Venture

Vikram Solar Ltd. Secures 378.75 MW Order from Indian Oil NTPC Green Energy Pvt Ltd: Utility-Scale Momentum Strengthens FY26 Visibility

India’s renewable energy expansion continues to gather pace, and Vikram Solar Ltd. has secured a significant 378.75 MW solar module supply order from Indian Oil NTPC Green Energy Private Limited, a joint venture between Indian Oil Corporation Ltd. and NTPC Green Energy Ltd..

The modules will be deployed near Nakhatrana, Gujarat, as part of a larger 600 MW solar project. The order reinforces Vikram Solar’s positioning in India’s rapidly scaling utility solar market and strengthens revenue visibility beginning FY26.

This development is strategically relevant because utility-scale contracts offer predictable execution schedules, multi-quarter revenue pipelines and enhanced manufacturing utilisation.

---

Order Snapshot

Parameter	Details
Order Size	378.75 MW
Total Project Size	600 MW
Project Location	Nakhatrana, Gujarat
Customer	Indian Oil NTPC Green Energy Pvt Ltd
Technology Supplied	N-TOPCon High-Efficiency Modules
Delivery Timeline	Commencing FY26

At an industry-average utility module pricing range, this order potentially represents a substantial multi-hundred-crore revenue inflow over the execution period, subject to delivery tranches and pricing terms.

---

Company Overview: Vikram Solar Ltd.

Metric	Details
Founded	2006
Headquarters	Kolkata, India
Core Business	Solar PV Modules & EPC
Manufacturing Footprint	Multi-GW capacity
Technology Focus	TOPCon & Advanced PV Modules
Key Markets	India, US, Europe, Middle East

Vikram Solar has expanded manufacturing capacity amid India’s Production Linked Incentive framework and rising domestic solar procurement.

---

Technology Advantage: N-TOPCon Modules

The supplied modules are based on N-TOPCon cell architecture, representing a generational shift from traditional PERC modules.

Parameter	PERC	N-TOPCon
Efficiency Range	20–21%	21.5–23%
Degradation Rate	Higher	Lower
Bifacial Gain	Moderate	Higher
Temperature Coefficient	Standard	Improved
Utility Suitability	Good	Superior

N-TOPCon modules are increasingly preferred in large-scale installations due to improved energy yield and better performance under high-temperature conditions, especially in regions like Gujarat.

---

Financial Implications and Revenue Visibility

The 378.75 MW order enhances forward revenue certainty and supports manufacturing absorption levels.

Financial Lever	Impact Outlook
Revenue Visibility	Strengthened for FY26
Capacity Utilisation	Expected increase
Operating Leverage	Potential improvement
EBITDA Stability	Dependent on input costs
Working Capital	Elevated during execution

Utility-scale solar projects typically follow milestone-based payment structures, which may influence short-term cash flow cycles. However, contracts backed by large institutional clients such as Indian Oil and NTPC reduce counterparty risk.

---

Strategic Importance of the Consortium

The purchasing entity represents collaboration between two major energy players:

1. Indian Oil Corporation Ltd. is India’s largest oil marketing company and is diversifying aggressively into renewable energy as part of its long-term decarbonisation strategy.

2. NTPC Green Energy Ltd. is the renewable arm of NTPC and plays a central role in India’s solar and wind capacity expansion.

This partnership signals structural alignment between traditional energy giants and renewable expansion initiatives.

---

Sector Context: India’s Renewable Expansion

India’s renewable targets remain ambitious and policy-driven.

National Target	Status
500 GW Non-Fossil Capacity by 2030	Ongoing rollout
Solar Park Development	Accelerating
State-Level Procurement	Expanding
Utility-Scale Tenders	Increasing frequency
Corporate PPAs	Rising demand

Gujarat continues to emerge as a preferred state for large solar installations due to land availability, transmission infrastructure and industrial policy support.

---

Competitive Landscape

Vikram Solar operates in a competitive ecosystem that includes:

Company	Market Strength
Waaree Energies Ltd.	Large export footprint
Adani Solar	Vertical integration
Tata Power Solar	Strong EPC base
Premier Energies Ltd.	Domestic module scale

Competitive differentiation increasingly depends on vertical integration, technology advancement and financial resilience.

---

Margin Sensitivity Analysis

Solar module manufacturing margins are sensitive to raw material cycles.

Variable	Impact on Margins
Polysilicon Prices	High sensitivity
Wafer Supply	Medium to High
Currency Fluctuations	Moderate
Trade Duties	Significant
Domestic Demand	Stabilising factor

If input costs remain stable or decline, volume-driven operating leverage could enhance margins during FY26.

---

Execution Timeline Considerations

1. Revenue recognition will likely be phased across multiple quarters beginning FY26, depending on dispatch schedules and project milestones.

2. Working capital requirements may temporarily increase during peak delivery periods due to inventory build-up and receivables timing.

3. Capacity planning will play a critical role in ensuring on-time execution without compromising margins.

---

Long-Term Strategic Outlook

The order enhances Vikram Solar’s positioning in three important ways:

1. It strengthens domestic institutional credibility, especially with large public sector energy players transitioning toward renewables.

2. It improves manufacturing throughput, supporting fixed-cost absorption in a capital-intensive business model.

3. It reinforces technological competitiveness through N-TOPCon deployment in a utility-scale project.

As India advances toward its 2030 renewable milestones, domestic solar module suppliers with scale, technology depth and execution reliability are likely to remain central to the energy transition narrative.

---

Conclusion

The 378.75 MW supply order from Indian Oil NTPC Green Energy Pvt Ltd represents more than incremental capacity addition. It signals confidence in Vikram Solar Ltd.’s technological capabilities and execution strength in the utility solar segment.

With delivery beginning FY26, investors will closely track order book expansion, margin stability and working capital discipline.

In a sector shaped by policy momentum and global pricing volatility, institutional-scale domestic contracts may provide structural stability and multi-quarter revenue clarity.

India’s solar expansion continues to accelerate, and Vikram Solar remains positioned within the core of that growth trajectory.