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Vikram Solar has secured an order to supply 378.75 MW of high-efficiency modules for a major project tendered by NTPC Green Energy (INGEL), the renewable energy arm of NTPC.
The modules will be deployed near Nakhatrana in the Kutch district of Gujarat as part of the 600 MW solar project by Indian Oil NTPC Green Energy (INGEL), a joint venture between Indian Oil Corporation Limited and NTPC Green Energy, further reinforcing the company's presence in one of India's most strategically important renewable energy regions.
Under the scope of the order, the company will supply its advanced N-TOPCon modules, engineered to deliver enhanced performance, reliability, and energy yield in utility-scale installations. Delivery is expected to commence in FY26.
Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar, said: “This order marks an important milestone for Vikram Solar as we commence our first engagement with INGEL on a large scale, strategically significant project in Gujarat. It reinforces our ability to deliver high-performance N-TOPCon technology for complex utility-scale deployments, backed by execution certainty and manufacturing strength. We see this as the beginning of a strong, long-term collaboration supporting India's accelerated clean energy transition.”
On the BSE, Waaree Energies tumbled 11.45% to Rs 2,678.75. Premier Energies slipped 5.76% to Rs 733, while Vikram Solar declined 4.24% to Rs 177.50, as renewable energy counters witnessed sharp selling pressure amid heightened volatility.
According to reports, the US Commerce Department has imposed preliminary countervailing duties of 126% on certain solar products imported from India, citing findings that Indian manufacturers benefited from unfair government subsidies. The department said these subsidies allowed exporters to offer products at prices that undercut American solar manufacturers, thereby distorting competition in the US market.
The development triggered a sharp sell-off in domestic renewable energy stocks, with investors factoring in potential headwinds to export volumes and revenue growth for these companies.
In addition to India, the US Commerce Department announced preliminary duties ranging between 86% and 143% on solar imports from Indonesia and 81% on imports from Laos.
NDL Ventures Ltd, Transworld Shipping Lines Ltd, Creative Eye Ltd and Shyam Telecom Ltd are among the other losers in the BSE's 'B' group today, 20 February 2026.
Vikram Solar Ltd lost 10.33% to Rs 193.65 at 14:30 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 3.57 lakh shares were traded on the counter so far as against the average daily volumes of 86869 shares in the past one month.
NDL Ventures Ltd tumbled 9.13% to Rs 114.1. The stock was the second biggest loser in 'B' group.On the BSE, 9818 shares were traded on the counter so far as against the average daily volumes of 10583 shares in the past one month.
Transworld Shipping Lines Ltd crashed 8.72% to Rs 144.4. The stock was the third biggest loser in 'B' group.On the BSE, 5723 shares were traded on the counter so far as against the average daily volumes of 2781 shares in the past one month.
Creative Eye Ltd corrected 8.03% to Rs 6.3. The stock was the fourth biggest loser in 'B' group.On the BSE, 8982 shares were traded on the counter so far as against the average daily volumes of 2201 shares in the past one month.
Shyam Telecom Ltd shed 7.83% to Rs 9.77. The stock was the fifth biggest loser in 'B' group.On the BSE, 15 shares were traded on the counter so far as against the average daily volumes of 1844 shares in the past one month.
Profit before exceptional items and tax soared 402.2% to Rs 148.45 crore in Q3 FY26 compared with Rs 29.56 crore posted in corresponding quarter last year. Exceptional items during the quarter included labour code charges amounting to Rs 5.61 crore.
EBITDA rose sharply to Rs 205 crore in Q3 FY26, registering a 142% increase from Rs 85 crore reported in the year-ago period. The EBITDA margin expanded significantly to 19% in Q3 FY26 from 8% in Q3 FY25.
Order book stood at 10.6 GW as of 31st December 2025. Domestic operations accounted for 84% of total revenue, while exports contributed the remaining 16%.
In Q3 FY26, module sales jumped 35% YoY to 796 MW. Capacity utilization stands at 90% in during the quarter.
Gyanesh Chaudhary, chairman & managing director, Vikram Solar, said, “During this quarter, we delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency. Revenues grew 8% yearon-year, reflecting the steady scale-up of our manufacturing operations and our ability to execute consistently in a dynamic market environment. The broader solar industry continues to be firmly positioned for long-term growth, supported by robust demand fundamentals, enabling policy frameworks, and a growing shift toward high-efficiency and technologically advanced solutions.
Our order book remains robust at 10.6 GW, providing strong medium-term revenue visibility across utility-scale, C&I, and other customer segments. During the quarter, we successfully commenced operations at our 5 GW Vallam manufacturing facility, which is ramping up as planned and meaningfully strengthens our ability to deliver high-quality, large-scale solutions to both domestic and global customers.
In parallel, our Gangaikondan cell and module projects continue to progress in line with our roadmap, reinforcing our focus on backward integration, cost competitiveness, and long-term resilience of the value chain. During the quarter, we successfully transitioned our entire portfolio to high-efficiency N-Type modules, with our HYPERSOL series delivering power outputs of up to 640 Wp. This marks an important step in aligning Indian manufacturing with international standards on efficiency, form factor, and long-term bankability.”
Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 9.5 GW.
PSU bank shares witnessed selling pressure for third consecutive trading session.
At 12:25 IST, the barometer index, the S&P BSE Sensex declined 276.82 points or 0.36% to 81,854.74. The Nifty 50 index fell 97.85 points or 0.39% to 25,134.65.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.95% and the S&P BSE Small-Cap index fell 0.75%.
The market breadth was weak. On the BSE, 1,184 shares rose and 2,892 shares fell. A total of 152 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.71% to 13.59. The Nifty 27 January 2026 futures were trading at 25,162.30, at a premium of 27.65 points as compared with the spot at 25,134.65.
The Nifty option chain for the 27 January 2026 expiry showed a maximum call OI of 151.4 lakh contracts at the 26,000 strike price. Maximum put OI of 125.3 lakh contracts was seen at 25,000 strike price.
Buzzing Index:
The Nifty PSU Bank index declined 1% to 8,779. The index fell 2.61% in the previous three consecutive trading sessions.
Canara Bank (down 1.57%), Union Bank of India (down 1.45%), Indian Overseas Bank (down 1.27%), Punjab National Bank (down 1.11%), State Bank of India (down 0.82%), Bank of Baroda (down 0.79%), Bank of India (down 0.79%), Indian Bank (down 0.51%), Punjab & Sind Bank (down 0.4%) and Central Bank of India (down 0.24%) declined.
Stocks in Spotlight:
Shoppers Stop tanked 6.29% after the company’s standalone profit slipped 74.14% to Rs 12.61 crore in Q3 FY26, compared with Rs 48.78 crore in Q3 FY25. Revenue from operations marginally rose 0.71% year on year (YoY) to Rs 1,320.85 crore in Q3 FY26.
Vikram Solar tumbled 6.86% after the company reported a 25.2% decline in consolidated net profit to Rs 96.1 crore on a 0.36% fall in revenue from operations to Rs 1,105.95 crore in Q3 FY26 over Q2 FY26.
The counter declined 9.71% to settle at Rs 214.90 on the BSE.
Further, the company is also advancing backward integration into battery cell manufacturing, with plans to set up a 7.5 GWh cell manufacturing facility that is expected to be fully operational by FY29, subject to receipt of applicable statutory and regulatory approvals. A core component of this venture will be a dedicated R&D lab, tasked with developing future-ready battery products and innovative solutions to maintain market leadership.
The proposed capital expenditure shall be funded through a combination of debt and equity.
Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 4.5 GW.
The company's consolidated net profit surged to Rs 128.49 crore in the quarter ended September 2025 as against Rs 7.36 crore during the previous quarter ended September 2024. Sales jumped 93.72% to Rs 1,109.91 crore in Q2 FY26 over Q2 FY25.
The scrip rose 0.06% to Rs 235.55 on the BSE.