Vikram Solar shares surged 3% on Tuesday, September 29, after the company announced it had secured a 400‑megawatt (MW) solar panel supply order for agri‑solar projects in Maharashtra. The National Stock Exchange data showed the shares jumping to an intraday high of ₹164.99, up from ₹160.08 at the previous market close. The rise followed the firm’s disclosure of the order, which was released after Monday’s market hours, allowing investors to react at the opening bell on Tuesday.

In an NSE filing, Vikram Solar confirmed that the 400‑MW order comes from an undisclosed EPC player for a portfolio of decentralised solar projects being developed across multiple locations in Maharashtra. The company will supply its high‑efficiency N‑Type TOPCon G12R modules to the EPC company, with the supply schedule expected to commence in October 2026. The order was announced after the market closed on Monday, prompting a positive market reaction on Tuesday’s opening.

The N‑Type TOPCon G12R modules feature glass‑to‑glass, bifacial technology and half‑cut cells, delivering a power output of 620 watt peak (Wp). Vikram Solar highlighted that these modules are designed for large‑scale deployments, enabling efficient energy generation across geographically distributed solar projects. The company’s advanced G12R TOPCon technology is positioned to support the growing demand for reliable renewable energy infrastructure in the agricultural‑feeder segment.

“Supplying modules for projects of this scale across Maharashtra reflects the confidence placed in Vikram Solar’s advanced G12R TOPCon technology and our ability to support large, geographically distributed solar deployments,” said Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar. Chaudhary emphasized the company’s focus on expanding the agricultural‑feeder solarisation segment to grow decentralised and reliable renewable energy infrastructure.

Vikram Solar’s management is expected to reaffirm or revise its FY27 guidance in the company’s September quarter board meeting, where directors will deliberate on potential changes amid policy and customer timing uncertainty concerns in the market. After the Q1 FY27 earnings, management said it expects competitive intensity to ease post‑extension, with margins anticipated to stabilise or improve rather than deteriorate, subject to input prices and competition conditions. The pressure remains on margins due to elevated input costs, but management expects it to be input‑driven and inventory‑lag‑related.

NSE data shows Vikram Solar shares have lost 50% of their value in the last one‑year period and declined more than 32% on a year‑to‑date basis so far in 2026. The company’s stock has lost 7.3% in the last one‑month period and was trading 2.2% lower on a five‑market‑session basis as of Monday’s market close. Shares surged to a 52‑week high of ₹354.40 on October 17, 2025, while the 52‑week low was ₹155.38 on August 7, 2026. The solar PV maker’s market capitalisation was ₹5,800 crore as of the stock market close on Monday, September 28, 2026.