Two reasons why the stock is in focus on Monday, February 23
Vikram Solar share price: Shares of Vikram Solar are expected to be in the spotlight on Monday, February 23, on the back of two reasons.
Firstly, the six-month shareholder lock-in period comes to an end today. According to a report by CNBC-TV18, which quoted a research firm, as many as 103.9 million shares, or 29% of the company’s outstanding equity, will become available for trading at the end of the lock-in period.
Based on Friday’s closing price, the shares becoming eligible for trading after the lock-in period ends are valued at around ₹2,005 crore.
However, it is important to note that the expiry of the shareholder lock-in does not necessarily mean these shares will be sold in the open market; it only makes them eligible for trading.
On August 26, 2025, shares of solar module maker Vikram Solar made a tepid market debut on the exchanges, listing with a premium of over 2% against the issue price of ₹332.
The stock opened for trading at ₹338 apiece, up by 2.41% on the NSE.
On the BSE, the stock listed at ₹340, up by 1.81%.
The initial public offering (IPO) of Vikram Solar garnered a 54.63 times subscription.
The ₹2,079 crore IPO had a price band of ₹315 to ₹332 per share.
The IPO includes fresh issues of equities worth up to ₹1,500 crore and an offer for sale (OFS) of over 1.74 crore shares, valued at around ₹579.37 crore at the upper end of the price band, by its promoters.
Of the fresh issuance, the company plans to use the proceeds for funding capital expenditure for investment in its wholly owned subsidiary, VSL Green Power Private Ltd, for both Phase I and Phase II of the project.
Other business update
Besides this, Vikram Solar, on February 20, 2026, entered into a strategic domestic cell procurement agreement with Jupiter International Limited to procure high-efficiency TopCon solar cells and high-efficiency mono PERC solar cells (collectively referred to as “products”) aggregating to 2 GW of ALMM-compliant crystalline solar cells.
Vikram Solar Q3 FY26 earnings
The company said its consolidated net profit jumped fivefold to ₹98 crore in the December quarter compared to a year ago, mainly on the back of higher revenues.
Consolidated net profit stood at ₹19 crore in the quarter ended December 2024, a company statement said.
Revenue from operations rose to ₹1,106 crore in the latest third quarter from ₹1,026 crore in the same period a year ago, it said, adding that the company’s order book stood at 10.6 GW as of December 31, 2025.
The company has 84% domestic and 16% export orders.
Solar module sales in the quarter rose to 796 MW compared to 590 MW in the same period a year ago, registering a growth of 35%.
Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar, said that during this quarter, the company delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency.
During the quarter, the company commenced operations at the 5 GW Vallam manufacturing facility, which is ramping up as planned and strengthens our ability to deliver high-quality, large-scale solutions to both domestic and global customers, he added.
About Vikram Solar
Vikram Solar Limited (formerly known as Vikram Solar Private Limited) is one of India’s largest module manufacturers, in terms of operational capacity, producing solar photovoltaic (PV) modules (as of March 31, 2025), and is also an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services and operations and maintenance (O&M) services.
With inputs from PTI
