Kolkata, India, 27th October 2026: Vikram Solar Limited (NSE: VIKRAMSOLR), a leading Indian solar PV module manufacturer, has secured a significant order to supply 289.87 MWp of N-TOPCon modules to NLC India Limited (NLCIL), on behalf of NLC India Renewables Limited (NIRL) for an 810 MW solar power project at the RUVN Solar Park in Pugal, Bikaner, Rajasthan. Built on N-type TOPCon cell technology, the modules are designed to deliver higher energy yield and stable output in high-irradiance, high-temperature conditions such as those of western Rajasthan.

Project Significance

Spread across the Thar region, the RUVN Solar Park is central to Rajasthan’s effort to harness its vast solar resource, as the state continues to lead India’s utility-scale solar build-out. This role in a project of this magnitude reinforces Vikram Solar’s standing as a trusted domestic supplier for grid-scale installations, where consistent quality, bankability, and timely delivery are critical.

Market Impact

The order further adds to the company’s order book as demand for high-efficiency, domestically manufactured modules continues to rise under India’s drive for self-reliance in solar manufacturing. Mr. Sameer Nagpal, Chief Executive Officer, Vikram Solar, said, “As India builds clean energy capacity at gigawatt scale, the industry is placing greater value on technology and supply partners it can rely on over the long term. Being entrusted with nearly 290 MWp of modules for this landmark project is a strong endorsement of our N-TOPCon technology and our ability to deliver at utility scale. As we deepen our integrated manufacturing capabilities, our priority is to give customers the performance certainty and supply reliability that projects of this size demand.”

About Vikram Solar Limited: Vikram Solar Limited is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. Headquartered in Kolkata, West Bengal, it is one of the largest PV module manufacturers in India. Vikram Solar is a 9th time ‘Top Performer’ in PVEL’s PV Module Reliability scorecard and has been included in the Tier 1 solar PV modules manufacturer list of Bloomberg NEF for 10 consecutive quarters.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Vikram Solar Limited

Vikram Solar Limited belongs to the Technology › Solar sector. Here’s a quick read on where the business and the stock stand today.

Vikram drops 25.1% over three months and trades near its 52-week lows. The PEG of 0.07 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Thin margins at 6.8% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The stock sits at 2% of its 52-week range, close to annual lows. Historically, value investors build positions at these levels — though cheap stocks can stay cheap. The business compounds at 32.3% revenue and 219.0% profit CAGR, with D/E of 0.22. Yet the stock drops 25.1% in three months. The business does not deteriorate — the stock does. That gap is what long-term investors look for. Check Fundamentals of Vikram Solar Limited.

Solex Energy Limited (NSE: SOLEX) is set to unveil India’s first N-Type Quarter Cell solar module at the Renewable Energy India (REI) Expo 2026, held from October 22 to 24 at India Expo Mart, Greater Noida. This launch marks a significant milestone in the company’s commitment to technological innovation and manufacturing excellence.

Advanced N-Type TOP-Con Technology

The new TAPI RQ module, powered by advanced N-Type TOP-Con Technology, offers a power output up to 670 Wp and a module efficiency of up to 24.80%. Combining Quarter Cell architecture with N-Type technology, the module is engineered to deliver enhanced energy generation, superior performance, and long-term reliability.

Enhanced Durability and Efficiency

Equipped with an IP68 rated junction box for protection against dust and water ingress, TAPI RQ is particularly suited for utility-scale and high-capacity solar projects. This innovation further strengthens Solex’s track record of bringing advanced photovoltaic technologies to the Indian market.

As part of its Vision 2030 roadmap, Solex Energy aims to establish a fully integrated renewable energy manufacturing ecosystem, comprising 10 GW of solar cell manufacturing capacity, 10 GWh of Battery Energy Storage Systems (BESS) manufacturing capacity, and 2 GW of wafer and ingot manufacturing capacity, backed by a proposed investment of ₹14,300 crore.

Solex continues its focus on technology leadership and customer-centric product development, reinforcing its commitment to strengthening India’s position in the global solar industry.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Solex Energy Limited

Solex Energy Limited belongs to the Technology › Solar sector. Here’s a quick read on where the business and the stock stand today.

Solex drops 36.5% over three months and trades near its 52-week lows. The PEG of 0.04 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Razor-thin margins below 5% make profitability extremely vulnerable — this business needs scale or pricing power urgently. RSI stands at 30, well into oversold territory. Yet sellers still dominated on 22 of recent sessions versus 8 for buyers, so the pressure has not fully lifted. Revenue grows at 115.5% and profits at 228.4% CAGR, with D/E of 0.00. Meanwhile, the stock dips 36.5% in three months without any fundamental deterioration. Consequently, the stock quietly becomes cheaper relative to earnings power. For long-term investors, that is a feature. Check Fundamentals of Solex Energy Limited.

Vikram Solar Limited (NSE: VIKRAMSOLR) has announced the launch of its 9-GW N-type TOPCon solar cell manufacturing facility at SIPCOT Industrial Park, Gangaikondan, Tamil Nadu. The plant, which is set to produce its first cells in December 2026, will be fully commissioned in phases thereafter. This move marks a significant step for Vikram Solar as it transitions from a module maker to an integrated manufacturer, producing cells in-house for the first time.

Strategic Location and Capacity Expansion

The cell plant is strategically located on Vikram Solar’s nearly 200-acre integrated campus, co-located with the company’s existing 6-GW module plant. The facility is planned to expand its capacity to 12 GW in the future. This expansion will make Gangaikondan one of the few sites in India where ingots, wafers, cells, and modules are manufactured under one roof, enhancing supply chain efficiency and reducing logistics costs.

Employment and Future Roadmap

Upon completion, the campus will provide more than 2,000 direct and indirect employment opportunities. The cell plant is part of Vikram Solar’s broader integration roadmap, which includes a 9-GW ingot and wafer facility targeted for FY29. The roadmap aims to produce everything from wafers to modules on Indian soil, reducing dependency on imported cells and enhancing the company’s technological capabilities.

Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar, emphasized the importance of this development: ‘Cells are where the value, the technology, and the risk in a module sit, and in December we start making them here. It is the most important step in our integration journey, and not the last: our roadmap runs from wafer to module, on Indian soil.’ This strategic initiative aligns with Vikram Solar’s commitment to becoming a fully integrated solar PV manufacturer in India.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Vikram Solar Limited

Vikram Solar Limited belongs to the Technology › Solar sector. Here’s a quick read on where the business and the stock stand today.

Vikram drops 25.1% over three months and trades near its 52-week lows. The PEG of 0.07 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Thin margins at 6.8% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The stock sits at 2% of its 52-week range, close to annual lows. Historically, value investors build positions at these levels — though cheap stocks can stay cheap. The business compounds at 32.3% revenue and 219.0% profit CAGR, with D/E of 0.22. Yet the stock drops 25.1% in three months. The business does not deteriorate — the stock does. That gap is what long-term investors look for. Check Fundamentals of Vikram Solar Limited.