Vikram Solar Ltd Growth Catalysts - SOIC x StockScans Report

as of Aug 2026

  1. 9 GW cell line startup - First cell is targeted for Q4 FY27 (December 2026) at Gangaikondan, with sequential commissioning through March 2027 and ramp-up into Q1 FY28. This takes the company to \~70% backward integration, replacing Chinese cells that carry a \~27.5% levy with in-house production.
  2. FY27 EBITDA guidance - Management guides FY27 EBITDA of ₹1,500-1,600 cr, \~74% above FY26's ₹917 cr, on production of 7.5-8 GW. The current market cap of ₹6,272 cr is roughly 4x that guided EBITDA, leaving room for re-rating if delivery holds.
  3. DCR module ramp - DCR modules sold in Q1 FY27 hit 76 MW, already exceeding the full-year FY26 number, with management expecting 2-2.5x growth every quarter. DCR fetches \~₹22+ per watt versus non-DCR, and the FY27 plan allocates 2 GW of \~8 GW production to this higher-margin segment.
  4. BESS entry - PowerHive - The 7.5 GWh BESS assembly plant in Chennai has all equipment ordered, with commercial operations targeted for March 2027. This is a new earnings leg - the first 20 MWh utility-scale order is already executed - in a market India must scale from below 1 GWh to 321 GWh by FY35.
  5. Gangaikondan 6 GW module commissioning - The 6 GW module facility was formally commissioned on 6 July 2026, on the promised date, taking total module capacity to 15.5 GW. The plant is fully funded, and the company can now deliver 9-9.5 GW for the full year against an order book of 7.9 GW.
  6. Distribution network expansion - The distribution channel has doubled its monthly run rate to \~40 MW, with 119 distributors and 757 dealers across 24 states. Distribution realises ₹1-1.5 per watt more than large accounts, and the segment grew revenue 45.8% YoY.
  7. Wafer-ingot backward integration - The board approved raising the wafer-ingot plan from 6 GW to 9 GW at \~₹5,600 cr, with ground-breaking next month and commissioning targeted \~FY29. This is the final step toward full in-house integration, positioning the company for ALMM-III's proposed 2028 wafer mandate.
  8. Mid-market build-out - The sales team has doubled this year, targeting \~₹0.50 per watt higher realisation from mid-sized EPCs and C&I clients versus large accounts. This segment grew revenue 212.5% YoY and carries 0.8 GW of order book in a 7-8 GW/yr market.