Vikram Solar Limited · NSE:VIKRAMSOLR
Vikram Solar — Investor Day (March 2026)
35 slides from Vikram Solar's investor day presentation, Mar 26, 2026
Slide 1: Exchange cover letter for investor presentation
March 26, 2026 VSL/CS/299/2026 dated 26.03.2026 BSE Ltd. National Stock Exchange of India Ltd. Department of Corporate Services Listing Department P. J. Towers, Dalal Street, Mumbai – 400 001. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 (Scrip Code: Equity - 544488) (Symbol: V
Slide 2: Analysts and Investors Day
VIKRAM SOLAR Analysts and Investors Day 24th March 2026 Powering India's Energy Transition BSE: 544390 | NSE: VIKRAMSOL Vikram Solar Limited
Slide 3: Speaker Profiles
Speaker Profiles Mr. Gyanesh Chaudhary Mr. Ranjan Jindal Ms. Neha Agrawal Mr. Sumit Kumar Chairman & Managing Director Chief Financial Officer Whole-Time Director and Senior Vice Vice President-Operations President- Corporate Strategy (Manufacturing) & Technology Mr. Ashwini Agarwal Dr. Vaithianatha
Slide 4: Setting the Context
Setting the Context 01 ENERGY SECURITY & INDIA'S ROLE 520 GW → 1,121 $137bn 88% GW Energy security cannot be built on imports. It has to be Of oil imported — structural India's installed capacity today → India's annual crude import bill (FY25) manufactured at home. vulnerability target by 2035-36 (C
Slide 5: What's Ahead → Capacity, Integration & New Platforms
What's Ahead → Capacity, Integration & New Platforms One of the few companies with a 100% backward integration plan · First XBC cell plant in India · 15 GWh BESS by FY30 DELIVERING TODAY BUILDING TOMORROW GROWING BEYOND Scale, Execution & Earnings Integration, Technology & Cell Sovereignty New Platf
Slide 6: Three pillars. One thesis. The complete Vikram Solar story.
Three pillars. One thesis. The complete Vikram Solar story. PILLAR ONE PILLAR TWO PILLAR THREE Delivering Today: Building Tomorrow: Growing Beyond: Scale, Execution Integration, Technology New Platforms, Global & Earnings & Cell Sovereignty Markets & Strategic Reach "Extending an integrated platform
Slide 7: Consistent Growth at Scale
Consistent Growth at Scale Strong growth fueled by domestic demand, product innovation ORDER BOOK ARCHITECTURE Revenue (9MFY26) EBITDA (9MFY26) 10.6 GW 84% Domestic · 16% Export ₹ 3,350 Cr ₹ 682 Cr IPP — Independent Power Producers 55% ↑ 50% YoY ↑ 154% YoY Baseload visibility & scale economics C&I S
Slide 8: Structural demand from various segments; Well-Positioned across every segment
Structural demand from various segments; Well-Positioned across every segment for FY27 & Beyond Key Thesis: Policy continuity (DCR mandates, KUSUM, PMSGY) will accelerate execution across Utility, C&I, KUSUM & Rooftop create a multi-year, broad-based demand tailwind — positioning Vikram Solar for su
Slide 9: Pockets of overcapacity, entire value chain to be underserved until FY2030
Pockets of overcapacity, entire value chain to be underserved until FY2030 MODULE (ALMM-I) CELL (ALMM-II) FULL VALUE CHAIN FY26 (Today) FY28 (Ahead) FY26 (Today) FY28 (Ahead) Post-ALMM III: Module + Cell + Wafer Announced ✓ ALMM-I: 173 GW module listed Supply ~173 GW Supply 200+ GW ~26 GW Supply Sup
Slide 10: Module Value Chain
PILLAR O NE Module Value Chain Delivering Today: Scale, Execution & Earnings
Slide 11: VSL Product Landscape
VSL Product Landscape Product Evolution WATTPEAK UPTO 735w MAXIMUM EFFICIENCY N-TYPE 23.66 M10R/G12R/G12 N-TYPE/ HJT Solar Cells Bifacial Half Cut 144/132 Cell Module 6 WATTPEAK UPTO WATTPEAK UPTO 740w MAXIMUM EFFICIENCY Monofacial Full Cell 715w 23.82 With Smart JB MAXIMUM EFFICIENCY 23.02 G12R/G12
Slide 12: The Competitive Edge
The Competitive Edge Product Innovation NEXT-GEN TECHNOLOGY INTEGRATION PRODUCT INNOVATION OPTIMIZING MODULE DESIGN 1 CELL TECH 1 ADVANCED MODULE DESIGN ZERO BUSBAR ▪ Zero Busbar Cells CELL ▪ Integrating smart junction boxes ▪ Perovskite Cells ▪ Anti-Dust Coating PEROVSKITE ▪ Tandem Cells (Perovskit
Slide 13: Future-Proof: Our Lines Evolve — No Replacement, Just Upgrades
Future-Proof: Our Lines Evolve — No Replacement, Just Upgrades Seamless Manufacturing Integration ESTABLISHED NOW IN TRANSITION CAPABLE WAY FORWARD PLANNED TOPCon 23–24% → HJT 23–24% → 24%-25% efficiency efficiency XBC efficiency ◈ STRINGER / BUSBAR High-precision alignment with new Minor tooling up
Slide 14: Solar Cells – Moving up the value chain
PILLAR TWO Solar Cells – Moving up the value chain Building Tomorrow: Integration, Technology & Cell Sovereignty
Slide 15: Starting Right, Built to Evolve — N-Type First, Future-Proof by Design
Starting Right, Built to Evolve — N-Type First, Future-Proof by Design Technology Roadmap INDIA-READY · NOW Industry standard NEAR-TERM UPGRADE VSL Now 3 GW CELL 2 · 4Q 2028 3 GW PLANNED TOPCon TOPCon+ XBC ★★★★★ ★★★★☆ ★☆☆☆☆ Readiness for India Readiness for India Readiness for India Industry Standar
Slide 16: Cell Plant Execution Roadmap
Cell Plant Execution Roadmap Equipment Journey to commissioning 1. Equipment Journey — Contract To COD 2. 24 months of OEM Support Contract PHASE 1 Installation & SAT Signed A 100+ OEMs Equipment move-in, installation, individual tool SAT CRITICAL ~120–150 days Build | FAT PHASE 2 Commissioning & Ra
Slide 17: VSL — Yield Stabilization Strategy
VSL — Yield Stabilization Strategy YIELD GUARDRAILS Incoming Wafer QC In-Process Control Final Audit 100% check - Lifetime, Resistivity, Thickness PL imaging is added at all critical process steps 100% EL imaging; LID sampling; Reliability testing PROCESS CONTROL QUALITY TECH SUPPORT Process Window
Slide 18: The Execution Triad
The Execution Triad Experience & Leadership Technology & Operations Technology & Integration Plant Setup & Execution FOCUS Dr. C.V. Kannan Dr. Vaithianathan Mr. Uma Maheswara Veeramuthu Rao Gundapu Ph.D. Materials Science · Ex-Adani & Moser Baer Ph.D. Materials Science · Greenfield Ramp-up 22+ Years
Slide 19: Project Execution
PILLAR TWO Project Execution How we are developing our Gangaikondan site as one of the biggest solar value chain locations
Slide 20: Five Dimensions That Trip Up Cell Projects — All Green at VSL
Five Dimensions That Trip Up Cell Projects — All Green at VSL The Execution Pentagon 1 2 3 4 5 Site & Regulatory Critical Path Procurement Risk Infrastructure & Utilities Timeline Scorecard Mitigation ✓ ON TRACK ✓ ON TRACK Vikram Solar Limited 19
Slide 21: Gangaikondan Campus — Full Integrated Manufacturing Footprint
Gangaikondan Campus — Full Integrated Manufacturing Footprint CELL Ph-II + WAFER and MODULE PLANT CELL PLANT Ph-I INGOT 6 GW | FAB V 9 GW | FAB VI 3 GW + ~12 GW FMO: Jun'26 FCO: Dec'26 FY28–30 Why Single-Campus Integration Matters Zero transport cost Shared utilities Compressed timeline Cell output
Slide 22: Front-Loaded Approvals — Zero Pending on Critical Path
Front-Loaded Approvals — Zero Pending on Critical Path Where most Indian cell projects lose 12–18 months, we’ve front-loaded every approval Environmental Water Allocation Power Utilities Clearance Transformer already manufactured for Fully secured Fully secured cell (earlier than scheduled) ✓ SECURE
Slide 23: Key challenges
Key challenges Lead Time Regulatory Vendor Ramp-Up of Machines Approvals Ecosystem Risk INDUSTRY INDUSTRY INDUSTRY INDUSTRY 12-18 month Years of delays Immature base Yield failures OEM delivery for clearances Skill gaps Revenue delays ✓ OUR PROGRESS ✓ OUR PROGRESS ✓ OUR PROGRESS ✓ OUR PROGRESS Vendo
Slide 24: BESS
PILLAR THREE BESS Growing Beyond: New Platforms, Global Markets & Strategic Reach
Slide 25: Global Battery Market Landscape
Global Battery Market Landscape Three mega-trends are converging to create an unprecedented storage opportunity Renewable Integration Global solar & wind capacity is projected to triple by 2030 (IEA), requiring 10x more storage to manage intermittency EV & Electrification Global EV fleet projected t
Slide 26: India's BESS Market — Large, Policy-backed & Underpenetrated
India’s BESS Market — Large, Policy-backed & Underpenetrated 321 GWh 40+ GWh ₹18,000 Cr 35-40% Expected Li-ion market in India by FY35 Already incentivized via VGF INR $2.1 Bn planned PLI Support EV penetration in India expected by FY30 INDIA BESS MARKET — THE SCALE OF OPPORTUNITY Domestic Manufactu
Slide 27: Capacity Expansion Roadmap
Capacity Expansion Roadmap Phased, capital-efficient scale-up from BESS assembly to fully integrated cell manufacturing • Chemistry Choice: LFP — proven for safety, long cycle life & stationary storage • Product Fit: Aligned with utility, hybrid, and standalone BESS applications • Market Readiness:
Slide 28: Product Portfolio → Full Stack, India made
Product Portfolio → Full Stack, India made From residential inverter batteries to utility-scale BESS — powered by VION LFP chemistry RESIDENTIAL E-MOBILITY C&I AND UTILITY Home UPS Battery E-Rickshaw Battery Pack BESS Cabinet (C&I/Utility) 1.28 – 15.36 kWh range 5 – 7.5 kWh | LFP Chemistry 5MWh 20 f
Slide 29: How we capitalize on this opportunity
How we capitalize on this opportunity VSL's right to win. Anchored in execution capability, not speculative positioning RESIDENTIAL 01 02 Technical Leadership Solar Adjacency & Market Access • Established solar presence with strong relationships across IPPs, • Leadership with prior LFP cell-line and
Slide 30: Exports
PILLAR THREE Exports Tapping Key Markets Strategically
Slide 31: Our Vision for Exports
Our Vision for Exports Building a credible, diversified international identity KEY METRICS STRATEGIC PILLARS 3 Global Repositioning Primary Global Markets Evolving from India's leading manufacturer to a globally trusted, compliance-first solar partner — recognised in US, EU and APAC markets 39+ Dive
Slide 32: Key Markets: US | Europe | APAC
Key Markets : US | Europe | APAC Positioned as the credible, compliant, Non-Chinese alternative across every priority market USA 50 GW EUROPE 70 GW APAC 14 GW Deep channel penetration + compliance readiness Regulatory tailwinds: CBAM + Net Zero Industry Act High-compliance, high-quality markets Part
Slide 33: Closing remarks by CFO
FINANCIAL CLOSE Closing remarks by CFO Financial Synthesis & The Re-Rating Case — Tying all three pillars through a financial lens <1.0x +154% D:E at Peak EBITDA Growth (9M FY26)
Slide 34: Capacity Expansion Roadmap
Capacity Expansion Roadmap Backward Integration Strategy · Module → Cell → Wafer → Ingot Module Cell Wafer / Ingot BESS 15.5 GW Module Capacity Target FY27 onwards — fully integrated 15 4 Layers 7.5 Backward Integration 12 Module · Cell · Wafer/Ingot · BESS 6 FY30 12 12 12 Cell, Wafer/Ingot, BESS On
Slide 35: Thank You
Thank You VIKRAM SOLAR www.vikramsolar.com BSE: 544390 | NSE: VIKRAMSOL Vikram Solar Limited