Vikram Solar recently signed a domestic solar cell procurement agreement with Jupiter, under which it will purchase TOPCon and monocrystalline PERC cells compliant with India’s ALMM certification, totaling 2 GW. In a regulatory filing, Vikram Solar disclosed that the order value is approximately 20 billion Indian Rupees, equivalent to around 1.523 billion RMB based on current exchange rates.
Vikram Solar is currently expanding its in-house cell production capacity. However, a significant gap still exists between its cell and module manufacturing capacities. This collaboration with Jupiter is precisely aimed at rapidly bridging this supply-demand disparity. India’s new ALCM policy is scheduled to take effect this June, mandating the use of domestically produced cells for new solar projects. Currently, the Indian market exhibits a pronounced mismatch between cell and module production capacities, which is expected to support cell prices in the short to medium term. Besides Jupiter, most cell manufacturing capacity within India is primarily utilized for captive consumption by the producers themselves, resulting in a very limited supply available for external sale.
Vikram Solar’s project at the Gangaikondan site is also progressing concurrently. This project includes the AB-IV facility being developed in Vallam, planning 6 GW of module manufacturing capacity and 1.2 GW of cell manufacturing capacity. All approvals and core infrastructure for the project, including access roads, construction power, and office areas, are now complete. Civil construction for both the module and cell factories is in full swing. The module factory has entered the structural and roofing construction phase and is scheduled to commence production in the first quarter of fiscal year 2026-2027. The cell factory is currently undertaking foundation and substructure work. Key long-lead equipment and supporting solutions are in their final stages, with the first cell expected to roll off the production line in December 2026. The overall project is advancing according to the established milestones, and Vikram Solar will continue to ensure timely delivery and achieve a steady production ramp-up.
