Vikram Solar Eyes Bigger Pie In India’s Solar Manufacturing
26 Jan 2025
Vikram Solar’s ₹2,524 crore FY24 revenue, 3.5 GW capacity, and 7 GW target highlight its innovation and resilience.
Vikram Solar’s ₹2,524 crore FY24 revenue, 3.5 GW capacity, and 7 GW target highlight its innovation and resilience.
Vikram Solar
Expert Analysis
Vikram Solar Eyes Bigger Pie in India’s Solar Manufacturing.
Expert Analysis:
Leading Manufacturer: Vikram Solar ranks among India’s top five solar module manufacturers, with a 3.5 GW capacity (March 2024) and a 7 GW target, behind Waaree Energies, Adani Solar, and ReNew.
Wide Reach: Vikram Solar has a pan-India presence with 41 distributors, 64 dealers, 67 integrators, and exports to 39 countries.
Domestic Expansion: Vikram Solar plans a 3 GW facility in Tamil Nadu, with the eventual goal of scaling to 6 GW, a 1 GW expansion in West Bengal, and a 3 GW solar cell manufacturing.
Industry Growth: India’s module capacity reached 63 GW and cell capacity 13 GW in FY24; it is expected to grow to 125 GW by FY29, driven by PLI.
Revenue Growth: Vikram Solar achieved ₹2,524 crore in FY24, a 20.7% YoY growth from ₹2,092 crore in FY23.
Profitability Surge: After a ₹62.9 crore loss in FY22, the company returned to profitability with ₹14.5 crore in FY23 and ₹79.7 crore in FY24.
Risk Mitigation and Innovation: To reduce raw material dependency, Vikram Solar is developing a Vendor Park in Tamil Nadu and focusing on R&D for bifacial modules, HJT, battery storage, and green energy corridors.
Vision for the Future: Vikram Solar aims to support India’s 500 GW renewable energy target by 2030, focusing on leadership, empowerment, and inspiring future generations.