Vikram Solar: ₹1,250 Cr Order, But Margins Remain Key

has secured a ₹1,250 crore contract from Avaada Electro for the supply of 1 GW of domestic N-Type G12R TOPCon solar cells. The order comes at an important point for the company as India’s solar manufacturing ecosystem continues to shift towards domestic sourcing, supported by policy measures and rising demand. The contract provides near-term revenue visibility while addressing Vikram Solar’s cell-sourcing requirements ahead of the commissioning of its own 9 GW solar cell manufacturing capacity, targeted for FY27. The move towards N-Type G12R TOPCon technology is significant as manufacturers increasingly transition from conventional PERC technology towards higher-efficiency cell formats. The contract also highlights the growing requirement for domestically manufactured solar components as developers and module manufacturers adapt to India’s evolving local-content requirements.