Vikram Solar fires up Gangaikondan mega-plant, targets 9 GW cell by FY27
First Hypersol N-Type TOPCon module produced at 6 lakh sq ft fully automated facility. Roadmap includes 12 GW wafer/ingot by FY30.
— 1 earlier story on Vikram Solar Ltd. →What's new
- Commissioned 6 lakh sq ft module plant at Gangaikondan, Tamil Nadu.
- First Hypersol N-Type TOPCon module produced; efficiency up to 23.69%.
- Roadmap: 9 GW cell by FY27, 12 GW wafer/ingot by FY30, 1,500 jobs.
Why this matters
Vikram Solar is betting big on vertical integration — moving from module assembly into cells and wafers. For a mid-cap with trailing revenue of ₹1,453 cr and a debt/equity of 0.19, the capital intensity is high. The plant is a tangible milestone, but funding the roadmap remains an open question.
What we're watching
- Funding plans for the 9 GW cell capex.
- Order book conversion for the new capacity.
- Outcome of the NCLAT appeal on the ₹9.44 cr insolvency claim.
The full read
Vikram Solar fired up its new 6 lakh sq ft module mega-facility at Gangaikondan, Tamil Nadu. The first Hypersol N-Type TOPCon module is out. The plant is fully automated, employs 1,500 people, and achieves module efficiencies up to 23.69%. But the real story is the roadmap: 9 GW of cell capacity by FY27, an additional 3 GW by FY28, and 12 GW of wafer and ingot by FY29-30. That is a capital-intensive bet for a mid-cap with trailing revenue of ₹1,453 crore and a debt/equity of just 0.19. The company says it is building against demonstrated demand; it has crossed 10 GW cumulative global deployments. The open question is funding. Meanwhile, the NCLAT stay on a ₹9.44 crore insolvency claim is a reminder that the balance sheet is not entirely clean. The plant is a positive milestone, but the heavy lifting on execution and capital is yet to come.
Questions answered
- How big is the new plant?
- The facility spans 6 lakh sq ft and is expected to employ over 1,500 skilled professionals. It is fully automated and initially produces Hypersol N-Type TOPCon modules.
- What modules does it produce and at what efficiency?
- The plant makes Hypersol N-Type TOPCon G12R modules with efficiencies up to 23.69%.
- What is the company's manufacturing roadmap beyond modules?
- Vikram Solar targets 9 GW of solar cell capacity by FY27, an additional 3 GW by FY28, and 12 GW of wafer and ingot manufacturing by FY29-30.
- How much has Vikram Solar deployed globally so far?
- The company says it has crossed 10 GW in cumulative global module deployments.
- Is the financial impact of this commissioning quantified?
- No immediate financial impact was disclosed. Analyst notes the commissioning was likely anticipated, limiting the surprise element.
Vikram Solar Ltd.
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All notes on VIKRAMSOLR →- 6 Jul 2026 · 10:39 AM IST Vikram Solar fires up Gangaikondan mega-plant, targets 9 GW cell by FY27
- 12d ago Vikram Solar gets NCLAT stay on ₹9.44 cr insolvency claim