25 October 2023
Vikram Solar successfully rebounded from financial setbacks in FY23, primarily attributed to the decline in raw material prices. It's worth noting that over 80% of India's solar raw materials are sourced from China and imported through free trade routes, such as Vietnam. Despite a commendable 20% year-over-year increase in sales, the company's net profit margin remains modest at 0.7%. The company is actively pursuing expansion in the United States, with plans to add 2GW of manufacturing capacity, potentially reaching 4GW in the future, backed by a $1.5 billion investment. Notably, Vikram Solar is one of India's top five domestic module manufacturers, boasting a production capacity of 3.5 GW. In FY23, the company emerged as the third-largest domestic module exporter to the United States, capturing a market share of 4.7%. Given its robust performance and strategic expansion plans, industry experts hold optimistic expectations for Vikram Solar's future trajectory.
