Kolkata-based Vikram Solar, one of India’s leading solar PV module manufacturers, has announced a landmark order of 148.9 MW high-efficiency solar modules from Sunsure Energy, further cementing its position as a key player in India’s renewable energy drive.
Vikam Solar’s Sunsure Energy Order Overview
Under the Sunsure Energy contract, Vikram Solar will supply its advanced M10R N-Type TOPCon solar modules, each rated at 595 Wp, to Sunsure Energy. The modules will be deployed across Maharashtra and Uttar Pradesh, both of which are key contributors to India’s clean energy expansion.
Delivery is expected within 60 days from the Notice to Proceed (NTP) — likely by January 2026 — marking a rapid execution timeline that underscores Vikram Solar’s strong operational readiness. This is a domestic, one-time supply order with a capacity of 148.9 MWp.
Strengthening India’s Clean Energy Ambition
Vikram Solar’s Sunsure Energy project directly supports India’s national target of achieving 500 GW of non-fossil fuel capacity by 2030, contributing to reduced carbon emissions, enhanced energy security, and localised clean power generation.
“India recently crossing the 125 GW renewable energy capacity mark is a powerful reminder of the momentum we’ve built on our clean energy journey,” said Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar. “Collaboration with Sunsure Energy plays a vital role in sustaining that progress. By combining technological excellence with strong industry partnerships, we are strengthening the collective ecosystem that will power India’s clean energy future.”
Manish Mehta, Co-Founder & Chief Commercial Officer at Sunsure Energy, emphasised the synergy:
“At Sunsure, our mission is to empower India’s industries with reliable, round-the-clock green energy. Partnering with Vikram Solar reflects our commitment to integrating world-class technology with efficient execution.”
Partnership Between Two Renewable Leaders
Founded in 2014, Sunsure Energy has emerged as one of India’s fastest-growing independent power producers (IPP). Backed by Partners Group AG with a USD 400 million equity commitment, Sunsure operates 600 MW of assets and has 7.1 GW under development, targeting 10 GW by 2030.
Vikram Solar, on the other hand, brings its 4.5 GW manufacturing capacity, global presence across 39 countries, and a consistent track record of reliability — earning recognition as a “Top Performer” in PVEL’s 2025 PV Module Reliability Scorecard and a Tier-1 manufacturer by BloombergNEF.
A String of Wins and Expanding Order Book
Vikram Solar’s Sunsure Energy contract adds to Vikram Solar’s growing list of significant project wins in 2025, including:
- 200 MW from AB Energia
- 336 MW from L&T Construction
- 326 MW from Gujarat Industries Power Company Limited (GIPCL)
Together, these large-scale contracts highlight the company’s momentum and market leadership in the domestic solar manufacturing ecosystem.
Financial Momentum: Q2 FY26 Results Reflect Breakout Growth
Vikram Solar’s financial performance reinforces its operational success. In its Q2 FY26 results, announced on 17 October 2025, the company reported:
- Revenue: INR 1,110 crore (+94% YoY)
- EBITDA: INR 235 crore (+226% YoY, margin of 21%)
- PAT: INR 128 crore (+1,636% YoY, vs INR 7 crore in Q2 FY25)
- Sales Volume: 784 MW (+189% YoY)
- Net Debt: INR 12 crore (Debt-to-Equity ratio just 0.03x)
With an 11.15 GW order book, up 36% YoY, and an impressive operating cash flow of INR 515 crore, the company’s fundamentals remain robust. The H1 FY26 PAT surged 767% YoY to INR 262 crore, reflecting sustained earnings momentum.
Capacity Expansion and Future Outlook
To meet escalating domestic and global demand, Vikram Solar is executing an aggressive capacity expansion strategy:
- Targeting 17.5 GW solar module and 12 GW solar cell capacity by FY27
- Establishing India’s largest solar cell giga factory
- Implementing robotic automation and N-Type technology integration
- Achieving 75% backward integration to reduce import dependency
Currently, the company operates from Falta SEZ (Kolkata) and Chennai, both facilities certified under ISO 9001, 14001, 45001, and SA 8000 standards.
Market Reaction and Investor Confidence
Vikram Solar’s Sunsure Energy project announcement spurred a mild uptick in the stock, which rose 1.7% on NSE, trading around INR 341 on 23 October. The company’s market capitalisation now stands near INR 12,200 crore, reflecting renewed investor confidence amid a stream of positive developments.
Industry Context and Strategic Edge
The timing of Vikram Solar’s Sunsure Energy contract win is crucial. With India’s solar pipeline exceeding 115 GW and policy measures like anti-dumping duties on Chinese imports, ALMM-3 framework, and GST cuts on renewable equipment, domestic manufacturers such as Vikram Solar are well-positioned to capitalize on the government’s push for self-reliance and energy independence.
Moreover, Vikram Solar’s global expansion footprint — with offices in Berlin, Shanghai, and Massachusetts — demonstrates its ambition to become a globally bankable clean-tech brand, catering to the surging international demand for sustainable energy solutions.
Final Words
Vikram Solar’s Sunsure Energy contract is more than just a commercial win — it’s a strategic endorsement of Vikram Solar’s technology leadership, manufacturing excellence, and execution reliability.
Coupled with a record-breaking Q2 performance, a swelling order book, and ambitious capacity expansion plans, Vikram Solar stands at the forefront of India’s transition toward a 500 GW clean energy future — symbolising how domestic innovation and global ambition can converge to power sustainable growth.
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