Vikram Solar Secures 124 MW Module Supply Order for Andhra Pradesh Solar Project
Vikram Solar Limited (NSE: VIKRAMSOLR, BSE: 544488) has secured a 124 MW module supply order for a solar project in Anantapur, Andhra Pradesh, strengthening its presence in India’s utility-scale solar market.
Under the order, Vikram Solar will supply high-efficiency G12R TOPCon solar modules with rated capacities ranging from 620 Wp to 630 Wp. Supplies are scheduled to begin in October 2026.
The order has been awarded by Capital Energy Private Limited and is classified as a domestic, one-time contract. According to the company’s regulatory disclosure, the order is to be executed by the end of Q3 2026.
124 MW Solar Module Order From Capital Energy
The latest contract covers the supply of 124 MW of G12R TOPCon modules for a solar project located in Anantapur, Andhra Pradesh.
The modules have a rated output of 620 Wp to 630 Wp, reflecting Vikram Solar’s focus on higher-efficiency module technology.
Importantly, the company disclosed that there is no promoter or promoter-group interest in Capital Energy and that the transaction does not fall under related-party transactions.
Supplies to Begin From October 2026
Vikram Solar said module supplies under the agreement are scheduled to commence in October 2026.
The regulatory filing specifies that the order is expected to be executed by the end of the third quarter of 2026.
This gives the company a relatively near-term execution timeline, making order conversion and delivery progress important metrics for investors to track.
Vikram Solar Highlights 15.5 GW Manufacturing Capacity
The company said the order comes after its recent scale-up to 15.5 GW of solar module manufacturing capacity.
The larger manufacturing base gives Vikram Solar greater ability to participate in utility-scale projects as India’s solar installation pipeline expands.
The company also said its expanding manufacturing footprint and technology portfolio are aimed at strengthening its ability to serve large-scale solar projects and support greater domestic manufacturing.
Management Sees Growing Demand for Advanced Solar Modules
Sameer Nagpal, Chief Executive Officer of Vikram Solar, said the order reflects confidence in the company’s manufacturing capacity and technology.
He highlighted the company’s G12R TOPCon platform and said solar developers are increasingly looking for partners capable of supporting India’s expanding utility-scale renewable infrastructure.
Management also indicated that the company remains focused on deepening customer partnerships as India’s clean-energy build-out continues.
Why This Order Matters for Investors
The 124 MW order is relevant because it provides another data point on Vikram Solar’s order inflow and manufacturing demand.
The key investor points are:
124 MW – order size
620-630 Wp – module rating
Capital Energy Private Limited – customer
October 2026 – supply commencement
End of Q3 2026 – targeted execution
15.5 GW – recently scaled module manufacturing capacity
The order also comes at a time when India’s utility-scale solar market continues to expand, creating demand for large volumes of higher-efficiency photovoltaic modules.
Order Value Not Disclosed
One important point for investors is that Vikram Solar has disclosed the order size as 124 MW but has not disclosed the monetary value of the contract in the regulatory filing.
Therefore, the revenue contribution from this particular order cannot be accurately estimated from the announcement alone.
The impact on the company’s order book, revenue, and margins will depend on the final commercial terms and execution.
Vikram Solar’s Growing Utility-Scale Opportunity
Vikram Solar has an international presence across 39 countries and operates a broad domestic distributor network.
The company said it has been listed as a Tier 1 solar PV manufacturer by BloombergNEF for nine consecutive quarters and has received PVEL’s Top Performer recognition nine times.
The latest order adds to the company’s utility-scale solar credentials and strengthens its presence in Andhra Pradesh’s renewable-energy market.
What Investors Should Watch Next
The immediate focus will be on execution of the 124 MW order and the start of module deliveries in October.
Investors should also monitor:
New module supply orders
Order-book growth
Capacity utilisation
Realisation per watt
Module margins
Expansion of manufacturing capacity
Domestic versus export order mix
For Vikram Solar, sustained order inflow combined with efficient utilisation of its expanded manufacturing capacity will be important for converting industry growth into financial growth.
Vikram Solar Order Win: Investor Takeaway
Vikram Solar’s 124 MW module supply order in Andhra Pradesh is a positive development for the company and a useful indicator of continued demand in India’s large-scale solar market.
The combination of a near-term execution schedule, high-efficiency TOPCon technology, and a recently expanded 15.5 GW manufacturing platform strengthens the strategic significance of the order.
However, because the contract value has not been disclosed, investors should avoid estimating its revenue or profit impact without additional information.
The bigger question now is whether Vikram Solar can continue securing large orders and maintain healthy utilisation and margins across its expanded manufacturing capacity.
Disclaimer: This article is based on Vikram Solar Limited’s stock-exchange disclosure dated September 11, 2026. The monetary value of the 124 MW order was not disclosed in the filing. This article is for informational purposes only and should not be considered investment advice. Investments in securities are subject to market risks.