Vikram Solar
An Indian solar-energy company that manufactures photovoltaic modules and develops, builds, and maintains solar-power projects.
Last updated August 31, 2026
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Overview
Vikram Solar Limited is an Indian solar-energy company headquartered in Kolkata, West Bengal. Founded by Gyanesh Chaudhary in 2005, the company began manufacturing photovoltaic modules in 2009 with an initial annual capacity of 12 MW. It subsequently developed a broader business spanning solar-module manufacturing, engineering, procurement and construction (EPC), and operations and maintenance (O&M) services for solar-power installations. The company’s early project activity included utility-scale solar developments in India and Germany, as well as projects associated with the first phase of India’s National Solar Mission. Between 2013 and 2014, Vikram Solar completed several demonstration and distributed-generation projects, including a 100 kW rooftop solar installation at Cochin International Airport and a 10 kW floating solar plant in Rajarhat, Kolkata. The latter was described as India’s first floating-solar installation. From 2015 through 2019, Vikram Solar expanded its manufacturing footprint and reached annual module-production capacity of 1 GW. It also began exporting modules to customers in Africa, Europe, and the United States. In India, the company carried out utility-scale work for public-sector organizations including NTPC Limited, strengthening its position in the country’s growing renewable-energy supply chain. Vikram Solar operates manufacturing facilities in the Falta Special Economic Zone in West Bengal and at Oragadam and Vallam in Tamil Nadu. Its Vallam facility, commissioned in November 2025, added 5 GW of annual automated module capacity and uses tunnel oxide passivated contact (TOPCon) technology. The facility is configured for M10, G12, and G12R wafer formats. In January 2026, the company reported that its module portfolio had transitioned to G12R-based configurations. The referenced company profile describes total annual module-manufacturing capacity as 9.5 GW as of January 2026. Vikram Solar completed an initial public offering in August 2025, raising ₹2,079 crore. Its shares were listed on the Bombay Stock Exchange and the National Stock Exchange of India on 26 August 2025. The listing marked a transition from a privately held company to a publicly traded solar manufacturer. Its business remains centered on photovoltaic modules and associated project-delivery services, with manufacturing scale, higher-efficiency cell technologies, and international market access forming important elements of its market positioning.
History
Vikram Solar was established in India in 2005 by Gyanesh Chaudhary. The company entered photovoltaic-module manufacturing in 2009, initially operating with annual capacity of 12 MW. Its early activities combined module production with participation in solar-power projects, including utility-scale developments in India and Germany. The company also became involved in projects connected with the first phase of India’s National Solar Mission, an important period in the expansion of the country’s solar market. During 2013 and 2014, Vikram Solar pursued projects that demonstrated the application of solar technology beyond conventional ground-mounted generation. It installed a 100 kW rooftop system at Cochin International Airport and commissioned a 10 kW floating solar plant in Rajarhat, Kolkata. The floating installation was identified as India’s first project of its type, giving the company visibility in an emerging segment of the domestic market. The company expanded substantially between 2015 and 2019. Its annual module-manufacturing capacity reached 1 GW, while its commercial footprint extended beyond India through exports to Africa, Europe, and the United States. Alongside manufacturing, Vikram Solar executed utility-scale projects for public-sector organizations, including NTPC Limited. This combination of equipment supply and project delivery allowed it to participate in several parts of the solar value chain rather than operate solely as a module producer. Vikram Solar’s manufacturing network includes facilities at the Falta Special Economic Zone in West Bengal and at Oragadam and Vallam in Tamil Nadu. In November 2025, the company commissioned an automated Vallam facility with annual capacity of 5 GW. The plant uses TOPCon cell technology and supports M10, G12, and G12R wafer formats. In January 2026, Vikram Solar stated that it had moved its module portfolio to G12R-based configurations. The referenced company description gives total annual module-manufacturing capacity as 9.5 GW as of January 2026. A major corporate milestone came in August 2025, when Vikram Solar completed an initial public offering that raised ₹2,079 crore. Its shares were admitted to trading on the Bombay Stock Exchange and the National Stock Exchange of India on 26 August 2025. The transaction changed the company’s status from private to publicly traded and provided a new public-market framework for its continuing expansion. Today, the company’s activities cover photovoltaic-module manufacturing, solar EPC, and operations and maintenance. Its history reflects the development of India’s solar industry from small-scale manufacturing and demonstration projects toward large automated facilities, export activity, utility-scale project execution, and advanced cell and module formats.
- 2026
G12R portfolio transition
[1]Vikram Solar reported that its module portfolio had transitioned to G12R-based configurations.
- 2025
Initial public offering and stock-market listing
[1]Vikram Solar raised ₹2,079 crore through an IPO in August and listed its shares on the BSE and NSE on 26 August.
- 2025
Vallam facility commissioned
[1]An automated 5 GW annual-capacity facility using TOPCon technology was commissioned at Vallam, Tamil Nadu.
- 2019
Annual manufacturing capacity reaches 1 GW
[1]The company expanded annual module-manufacturing capacity to 1 GW and exported modules to Africa, Europe, and the United States.
- 2014
Floating solar project commissioned
[1]The company commissioned a 10 kW floating solar plant in Rajarhat, Kolkata, described as India’s first floating-solar installation.
- 2013
Cochin International Airport rooftop installation
[1]Vikram Solar installed a 100 kW rooftop solar facility at Cochin International Airport.
- 2009
Manufacturing operations begin
[1]The company began photovoltaic-module manufacturing with an initial annual capacity of 12 MW.
- 2005
Company founded
[1]Gyanesh Chaudhary founded Vikram Solar in India.
Products and positioning
An Indian photovoltaic manufacturer and solar-project developer positioned around large-scale module production, higher-efficiency technology, project execution, and reliability for utility, commercial, and distributed-generation customers.
Solar photovoltaic modules · 2009
Photovoltaic modules
Vikram Solar’s core offering is a portfolio of photovoltaic modules manufactured for utility-scale, commercial, rooftop, and other solar-generation applications. The company has expanded from an initial 12 MW manufacturing operation to multi-gigawatt production and serves both the Indian market and overseas customers in Africa, Europe, and the United States.
High-efficiency solar modules · 2025
TOPCon modules
These modules use tunnel oxide passivated contact cell technology. The Vallam automated facility is configured to manufacture TOPCon modules in M10, G12, and G12R wafer formats, reflecting the company’s move toward larger-format and higher-efficiency photovoltaic products.
Large-format solar modules · 2026
G12R-based modules
G12R-based configurations form the reported basis of Vikram Solar’s module portfolio following its January 2026 transition. They are produced within the company’s broader large-format module strategy and are intended for modern solar installations requiring increased module output and manufacturing scale.
Solar project development and construction
Solar EPC services
Through engineering, procurement, and construction services, Vikram Solar develops and delivers solar-power projects in addition to supplying photovoltaic modules. Its project history includes utility-scale installations, rooftop systems, and demonstration projects in India and Germany.
Solar asset operations and maintenance
Solar O&M services
The company provides operations and maintenance support for solar-power assets. This service complements its module manufacturing and EPC activities by extending its involvement across the operating life of photovoltaic projects.
Brand decisions
2026
Transition to G12R-based module configurationsGeneration changeBackground
The company’s Vallam facility supported several large-format wafer designs, including G12R.
Action taken
Vikram Solar reported that its module portfolio had transitioned to G12R-based configurations.
Aftermath
G12R became the reported basis of the company’s module portfolio as of January 2026.
2025
Commissioning of an automated 5 GW Vallam facilityStrategyBackground
Vikram Solar was expanding manufacturing capacity and adopting newer photovoltaic technologies and larger wafer formats.
Action taken
The company commissioned an automated facility at Vallam, Tamil Nadu, configured for TOPCon modules in M10, G12, and G12R formats.
Aftermath
The facility increased the company’s total reported annual module-manufacturing capacity to 9.5 GW as of January 2026.
2025
Initial public offeringOtherBackground
After operating as a private company, Vikram Solar pursued a public-market listing in India.
Action taken
The company completed an IPO in August 2025 and raised ₹2,079 crore.
Aftermath
Its shares were listed on the BSE and NSE on 26 August 2025.
IPO proceeds. ₹2,079 crore raised (August 2025)
Recent events
Sources3 sources
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