VIKRAMSOLR-EQ

If its Vikram vs Betaal; Vikram always wins. Future is clean energy.

India’s energy landscape is undergoing a once-in-a-generation transformation, with clean power at the core of national policy and investment priorities. A steady pipeline of large-scale solar auctions, stronger domestic manufacturing
mandates, and the emergence of grid-scale storage are reshaping the competitive terrain and rewarding companies that can deliver technology leadership with supply-chain depth. In this environment, VIKRAMSOLAR has high quality product slate and company is scaling its manufacturing footprint, integrating upstream capabilities, and advancing next-generation module technologies while preparing for the coming surge in energy-storage demand. Its ability to align with domestic-content requirements, leverage automation for cost efficiency, and maintain credibility with marquee customers places it squarely at the intersection of policy support and market opportunity, an intersection that offers discerning investors a compelling gateway into India’s accelerating clean-energy revolution.

Initiate buy with a price target of INR 563
As the renewable energy landscape matures, VIKRAMSOLAR’s strategy reflects a rare balance of scale, innovation, and policy alignment. Its transition into advanced technologies, coupled with automation-driven efficiencies, positions it
as a future-ready player capable of sustaining competitiveness in an increasingly demanding market. With deliberate moves into energy storage and domestic content-driven opportunities, the company is building a layered growth
trajectory that goes beyond modules. We assign a valuation multiple of a 35x of its FY27F EPS to arrive at our target price for INR 563.

Report attached below:

Vikram_Solar_Ltd_Sep_30_2025