Kolkata-based solar module maker Vikram Solar has entered into a domestic cell supply agreement with Avaada Electro. Under the pact, Avaada Electro will supply Vikram Solar with 1 GW of ALMM-compliant, domestically manufactured half-cut N-Type G12R TOPCon solar cells.
1 GW domestic cell supply agreement
The size of the agreement is approximately Rs 1,250 crore, according to the disclosure filed by the company.
Deliveries under the agreement are scheduled to begin in September 2026. Vikram Solar said the cells will feed into its module manufacturing operations.
In its filing, the company clarified that Avaada Electro is not related to its promoter or promoter group. It also said the transaction will not fall within the ambit of related party transactions.
Domestic cells strengthen Vikram Solar’s DCR play
The agreement is aimed at strengthening Vikram Solar’s position in India’s Domestic Content Requirement market. DCR-compliant modules, made using domestically produced cells, are mandated for certain government-backed solar projects in India.
The company said the deal adds to other cell supply agreements it has signed earlier this year. It described the move as part of a broader strategy to diversify its cell supply chain and reduce dependence on any single source.
The agreement also ties into Vikram Solar’s backward integration plans. The company is setting up a 9 GW high-efficiency solar cell manufacturing facility, which is expected to be commissioned in the fourth quarter of FY27, as per the filing.
What Vikram Solar’s CMD said
“The next phase of India’s solar growth will be won or lost on supply chain depth, not just manufacturing scale. This arrangement is another step in that direction- one that widens our supplier base, strengthens our hand on DCR, and gives us the confidence to commit to India’s energy security with fewer variables outside our control. Atmanirbhar Bharat won’t be built by any single partnership; it’ll be built by companies that keep making these choices, year after year,” Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar, said.
About Vikram Solar
Vikram Solar is one of India’s leading solar module manufacturers, with operations spanning photovoltaic module production and a presence across 39 countries. Headquartered in Kolkata, West Bengal, the company is among the largest PV module manufacturers in the country.
It has been named a “Top Performer” in PVEL’s PV Module Reliability scorecard for nine consecutive years and has featured in Bloomberg NEF’s Tier 1 solar PV module manufacturer list for nine consecutive quarters. The company sells through a network of 119 authorised distributors and more than 750 dealers across India.
Vikram Solar share price today
Vikram Solar’s share price has increased by 0.28% as of early trade on September 16. The company’s share price has declined 10.58% in the past month. Furthermore, Vikram Solar’s share price has declined 53.95% in the last year.