VIKRAMSOLRNSE26 March 2026

Vikram Solar Limited has informed the Exchange about Investor Presentation

Vikram Solar Limited

March 26, 2026

VSL/CS/299/2026 dated 26.03.2026

BSE Ltd. Department of Corporate Services P. J. Towers, Dalal Street, Mumbai – 400 001.

(Scrip Code: Equity - 544488)

National Stock Exchange of India Ltd. Listing Department Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 (Symbol: VIKRAMSOLR, Series EQ)

Dear Sir/Madam,

Sub: Investor’s Presentation pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Further to our intimation regarding the Analysts/Institutional Investors Meeting held on Tuesday, March 24, 2026 at Mumbai and pursuant to Regulation 30 of the of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (''Listing Regulations"), we enclose herewith a copy of the Investor Presentation which was presented in the “Analyst Meet”.

The same has also been uploaded on the Company’s website which may be viewed at www.vikramsolar.com/.

You are requested to take the above information on records.

Thanking You,

For and on behalf of VIKRAM SOLAR LIMITED

Sudipta Bhowal Company Secretary & Compliance Officer

Encl. As Above

Sudipta BhowalDigitally signed by Sudipta Bhowal Date: 2026.03.26 21:22:28 +05'30' V I K R A M S O L A R

Analysts and Investors Day

24th March 2026

Powering India's Energy Transition

BSE: 544390 | NSE: VIKRAMSOL

V i k r a m S o l a r L i m i t e d

Speaker Profiles

Mr. Gyanesh Chaudhary Chairman & Managing Director

Mr. Ranjan Jindal Chief Financial Officer

Ms. Neha Agrawal Whole-Time Director and Senior Vice President- Corporate Strategy

Mr. Sumit Kumar Vice President-Operations (Manufacturing) & Technology

Mr. Ashwini Agarwal Capex Project Director (Interim)

Dr. Vaithianathan Veeramuthu Senior General Manager, Cell Technology, Plant Operations

V i k r a m S o l a r L i m i t e d

Mr. Arun Mittal Chief Executive Officer, VSL PowerHive

Setting the Context

ENERGY SECURITY & INDIA'S ROLE

Energy security cannot be built on imports. It has to be manufactured at home.

$137bn

88%

520 GW → 1,121 GW

India's annual crude import bill (FY25)

Of oil imported — structural vulnerability

India's installed capacity today → target by 2035-36 (CEA, Mar 2026)

AI WILL NOT MOVE WITHOUT RENEWABLE ENERGY

9 GW

321 GWh

The next wave of AI infrastructure runs on clean power. There is no other option.

Global data centre electricity demand by 2030 (IEA)

India data centre capacity by 2030 — up from 1.4 GW today

BESS India needs by 2035-36 for RE grid integration — data centres a key driver (CEA, Mar 2026)

INDIA — THE WORLD'S SECOND SUPPLY CHAIN

173 GW

509 GW

The world cannot de-risk from China without India. There is no third option at scale.

Largest solar module producer outside China — ahead of SE Asia

India's module manufacturing capacity (Mar’2026)

Solar target 2035-36 — ~4x current base of 140 GW (CEA, Mar 2026)

INDIA'S APPETITE FOR RENEWABLE IS ONLY GROWING

786 GW

155 GW

$2.2tn

India is not at peak demand. It is at the beginning of a multi- decade build.

Non-fossil capacity by 2035-36 — 70% of India's total power mix (CEA, Mar 2026)

Wind target 2035-36 — 3x current base of 55 GW (CEA, Mar 2026)

Investment India needs in the power sector over the next two decades

Industry data

V i k r a m S o l a r L i m i t e d

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 Platforms, Global Markets & Strategic Reach

• 9.5 GW module capacity live • Falta (WB), Oragadam & Vallam (TN)

• 9 GW cell plant FY27; 70% backward integration

• 15 GWh BESS - India's largest by FY30

• 3 GW XBC cell ordered; to be commissioned by FY28

• Fully integrated ingot-to-module by FY29

• 12 GW wafer-ingot; to be commissioned by FY29-30

• Export markets: EU / MENA compliance

I N T E G R AT I O N RO A D M A P

FY27 9 GW cell → 70% backward integration

FY28 3 GW XBC cell plant – 90% backward integration

FY29 Phase - I 6 GW wafer-ingot

FY30 Phase - II 6 GW wafer-ingot

100% Backward Integration - Increasing Value Share One of the few companies with a complete integration plan from ingot to module

Module 15.5 GW

Cell 12 GW · FY27-28

Wafer & Ingot 12 GW · FY29-30

Doubling Down on XBC - Tech Differentiation

• 3 GW back-contact (XBC) cell plant ordered – COD in FY28 • First XBC cell plant in India - technology announcement already done • Creating clear technology moat vs. PERC-only peers

BESS - New Growth Engine

15 GWh Target by FY30 - one of India’s largest integrated BESS facility

FY27

FY30

5 GWh Phase 1 Equipment ordered

Scaling to 15 GWh - 3× expansion Aligned with India’s 321 GWh national target

VISION

Solar + Storage = Complete Platform Natural complement capturing full energy transition value

V i k r a m S o l a r L i m i t e d

Three pillars. One thesis. The complete Vikram Solar story.

P I L L A R O N E

P I L L A R T W O

P I L L A R T H R E E

Delivering Today:

Scale, Execution

& Earnings

Building Tomorrow:

Growing Beyond:

Integration, Technology

New Platforms, Global

& Cell Sovereignty

Markets & Strategic Reach

"A business performing at scale — with discipline"

"Not buying yesterday's cells. Building tomorrow's."

"Extending an integrated platform into high-value adjacencies"

V i k r a m S o l a r L i m i t e d

Consistent Growth at Scale Strong growth fueled by domestic demand, product innovation

Revenue (9MFY26)

EBITDA (9MFY26)

₹ 3,350 Cr

↑ 50% YoY

₹ 682 Cr

↑ 154% YoY

Capacity Operational

Net Worth

9.5 GW

₹ 2,950 Cr

Adding another 6 GW by Q1FY27

As of September 2025

O R D E R B O O K A R C H I T E C T U R E

10.6 GW 84% Domestic · 16% Export

55% IPP — Independent Power Producers

Baseload visibility & scale economics

21% C&I Segment

Surged from 4% → 21% in 12 months

24% Distribution, Govt & EPC

41 → 102 distribution outlets in 12 months

16% Global Export

EU / MENA · Non-Chinese cell origin compliance

V i k r a m S o l a r L i m i t e d

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 sustained high-volume offtake through FY27 and beyond.

UTILITY

C&I

KUSUM

ROOFTOP

Peak Execution

Steady 8–10 GW/yr

Policy-Backed DCR Demand

9–10 GW/yr Additions

106 GW FY25 installed

181 GW FY30 target

8.0 GW FY27P demand

10 GW FY30P demand

34.8 GW Target

₹ 34,422 Cr CFA

~9.6 GW Installed (Mar'26)

9 GW FY27P additions

~26 GW DCR tenders

104 GW NDCR backlog (as on Sep’25)

~1.4 - 1.6x Tariff advantages vs Grid

9 GW Data centres (by 2030)

~9.1 GW Component A pending

KUSUM 2.0 Agrivoltaics now in focus

11 GW FY28P additions

PMSGY Scheme

(DCR / NDCR)

Estimated Annual Demand of Modules – ~75 GWDC

FY27 DCR Estimate

FY27 NDCR Estimate

V i k r a m S o l a r L i m i t e d

Industry data, Company estimates 7

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

Supply ~173 GW

Supply 200+ GW

Supply ~26 GW

Supply

ALMM-I listed

Expanding

ALMM-II listed

Announced capacities ~100 GW+

Demand ~75 GW Annual (DC)

Demand 10 GW DCR today

Demand ~75 GW Post ALMM-II

✓ ALMM-I: 173 GW module listed

✓ ALMM-II: 26 GW cell listed (Jun 2026)

✓ ALMM-III: Nil as at today (Jun 2028)

Bottleneck moves upstream

OVERCAPACITY: YES Supply ~2.3x demand. Spreads rationalize

UNDERCAPACITY: YES, TODAY *FY28 announced capacity will take longer to fully commission

POCKETS OF UNDERCAPACITY ALMM always creates scarcity until FY30

THE REAL PICTURE • Module overcapacity is real (173 GW supply vs 75 GW demand) •

Cell overcapacity premature — supplies for cell increase in FY27 and FY28 but demand too rises post full implementation of ALMM-2; supply projections today are too aggressive; Capital-rich, execution-proven players gain a structural moat.

•

Industry data, Company estimates

V i k r a m S o l a r L i m i t e d

P I L L A R O N E

Module Value Chain

Delivering Today: Scale, Execution & Earnings

VSL Product Landscape Product Evolution

Monofacial Full Cell With Smart JB

Solar Cells Bifacial HC 108/120/144/156 Cell Module

N-TYPE

WATTPEAK UPTO

735w

MAXIMUM EFFICIENCY

23.66 M10R/G12R/G12 N-TYPE/ HJT Solar Cells Bifacial Half Cut 144/132 Cell Module

WATTPEAK UPTO

715w

MAXIMUM EFFICIENCY

23.02 M10/M10R/G12 PERC/N-TYPE Solar Cells Bifacial Half Cut 144/132 Cell Module

WATTPEAK UPTO

740w

MAXIMUM EFFICIENCY

23.82 G12R/G12 N-TYPE/ HJT

Solar Cells Bifacial Half Cut 96/132 Cell Module

8 times

KIWA PVEL Top Performer

99.95%

Sustained BORM Yield FY25 Vs FY24

V i k r a m S o l a r L i m i t e d

The Competitive Edge Product Innovation

NEXT-GEN TECHNOLOGY INTEGRATION

PRODUCT INNOVATION

OPTIMIZING MODULE DESIGN

CELL TECH

▪ Zero Busbar Cells

▪ Perovskite Cells

▪ Tandem Cells (Perovskite + Silicon)

PEROVSKITE CELL

ZERO BUSBAR CELL

ADVANCED MODULE DESIGN

▪ Integrating smart junction boxes

▪ Anti-Dust Coating

TANDEM CELL

PERFORMANCE OPTIMIZATION

ADVANCE MATERIALS

▪ Light Capturing Ribbons (LCR)

▪ Ultra High Transmittance Glass

▪ Advanced Films

LIGHT CAPTURING COMPONEN T

SMART MONITORING

V i k r a m S o l a r L i m i t e d

▪ CTM loss minimization

▪ High-level automation

▪ MES (Manufacturing Execution System)

1 1

Future-Proof: Our Lines Evolve — No Replacement, Just Upgrades Seamless Manufacturing Integration

E S T A B L I S H E D

TOPCon

NOW

23–24%

efficiency

I N T R A N S I T I O N

→

HJT

CAPABLE

23–24%

efficiency

W A Y F O R W A R D

→

XBC

PLANNED

24%-25%

efficiency

◈ S T R I N G E R / B U S B A R

Minor tooling upgrade

◆ C E L L T H I C K N E S S

Parameter-only adjustment

High-precision alignment with new Stringer

Automated paper placement to prevents scratches on rear contacts

◎ S O L D E R I N G

Existing stations, parameter tuning Optimized low-temp profiles

◉ E N C A P S U L A T I O N

Lamination recipe optimized via DOE

New equipment

X B C F U T U R E R E A D I N E S S :

1 Zero-BB architecture emerging as xBC future · All transitions require NO new production halt — only targeted equipment additions 2

V i k r a m S o l a r L i m i t e d

P I L L A R T W O

Solar Cells – Moving up the value chain

Building Tomorrow: Integration, Technology & Cell Sovereignty

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

★★★★★ Readiness for India Industry Standard

Efficiency

24.7 – 25.0% Complexity 6/10

TOPCon+

★★★★☆ Readiness for India In Progress

Efficiency

25.5–26.0%

Complexity 7/10

XBC

★☆☆☆☆ Readiness for India Niche / Premium

Efficiency

25.7–26.2%

Complexity 9/10

Finer grid lines; copper-assisted metallisation to reduce silver cost

Selective etching of rear passivation; advanced laser & edge processing tools

Multiple masking steps; advanced laser for interdigitated patterning

V i k r a m S o l a r L i m i t e d

Cell Plant Execution Roadmap Equipment Journey to commissioning

1. Equipment Journey — Contract To COD

2. 24 months of OEM Support

Contract Signed

Build | FAT Dispatch

Arrival I&C

~120–150 days

~45–60 days

~120–180 days

COD

Dec 2026

PHASE 1 Installation & SAT

Equipment move-in, installation, individual tool SAT

PHASE 2 Commissioning & Ramp-Up

Line integration, process optimization, yield ramp-up

PHASE 3 Stabilization & Post-SAT

Knowledge transfer, local team training, steady-state support

PHASE 4 Remote Support

Critical process/equipment support only

100+ OEMs

CRITICAL

50+ OEMs

HIGH PRIORITY

35+ OEMs

STABILIZE

>12 months OEMs

SUSTAIN

2,200+ Peak Own Headcount

2 Yrs Total Support Locked V i k r a m S o l a r L i m i t e d

VSL — Yield Stabilization Strategy

Y I E L D G U A R D R A I L S

Incoming Wafer QC 100% check - Lifetime, Resistivity, Thickness

In-Process Control PL imaging is added at all critical process steps

Final Audit 100% EL imaging; LID sampling; Reliability testing

P R O C E S S C O N T R O L

Q U A L I T Y

T E C H S U P P O R T

Process Window Control

1 Water, Chemicals & Gases

Annealing temp uniformity · Tunnel Oxide thickness control ✓ 97%+ yield vs. 95% industry std.

LID Mitigation

Pre-stab light soaking + Optimized firing profiles

✓ <1.2% UV degradation vs. 2.2%

Interface Engineering

H₂ passivation during firing · Real-time PL/EL monitoring

✓ iVoc improvement 5–10 mV

Contamination Control

Optimized Quantity

24 months warranty

12 months OEM stay at site; Post-SAT

V i k r a m S o l a r L i m i t e d

The Execution Triad Experience & Leadership

Technology & Operations

Technology & Integration

Plant Setup & Execution

Dr. C.V. Kannan

22+ Years

Ph.D. Materials Science · Ex-Adani & Moser Baer

F O C U S Dr. Vaithianathan Veeramuthu

Mr. Uma Maheswara Rao Gundapu

22+ Years

Ph.D. Materials Science · Global Scale-ups

30+ Years

Greenfield Ramp-up Specialist

F O C U S

Full PV Value Chain & Large-Scale TOPCon Scale-ups

Full PV Value Chain Large Scale Mfg. Technology, Process Integration

Greenfield Cleanroom Engineering & Multi-GW CAPEX Alignment

70+ Combined Years of Global PV Manufacturing Mastery — Purpose-built to take VSL from commissioning to steady-state yield without a learning curve.

V i k r a m S o l a r L i m i t e d

P I L L A R T W O

Project Execution

How we are developing our Gangaikondan site as one of the biggest solar value chain locations

Five Dimensions That Trip Up Cell Projects — All Green at VSL The Execution Pentagon

Site &

Infrastructure

Regulatory

& Utilities

Critical Path

Timeline

Procurement

Scorecard

Risk

Mitigation

✓ ON TRACK

V i k r a m S o l a r L i m i t e d

Gangaikondan Campus — Full Integrated Manufacturing Footprint

MODULE PLANT

CELL PLANT Ph-I

6 GW | FAB V

FMO: Jun'26

9 GW | FAB VI

FCO: Dec'26

Why Single-Campus Integration Matters

CELL Ph-II + WAFER and INGOT

3 GW + ~12 GW

FY28–30

Zero transport cost

Cell output feeds

directly into module lines

Shared utilities

Power, water, gas, waste

treatment across all units

Compressed timeline

Adjacent construction

reduces integration risk

Module building: civil completed · PEB erection completed · Critical utility equipment delivered on site · Module equipment delivery starts next month

V i k r a m S o l a r L i m i t e d

Front-Loaded Approvals — Zero Pending on Critical Path

Where most Indian cell projects lose 12–18 months, we’ve front-loaded every approval

Water Allocation

Power Utilities

Fully secured

Transformer already manufactured for cell (earlier than scheduled)

Environmental

Clearance

Fully secured

✓ SECURED

Strategy: deliberately front-loaded so no approval is on the critical path when equipment arrives

V i k r a m S o l a r L i m i t e d

Key challenges

Lead Time

of Machines

INDUSTRY

12-18 month

OEM delivery

Regulatory

Approvals

INDUSTRY

Years of delays

for clearances

Vendor

Ecosystem

INDUSTRY

Immature base

Skill gaps

Ramp-Up

Risk

INDUSTRY

Yield failures

Revenue delays

✓ OUR PROGRESS

Equipment orders placed and delivery on track

Approvals secured

Vendors appointed and 1,100 workers on site today

Phased targets

70yr team exp

Where others are still scrambling, we’ve already de-risked all challenges

V i k r a m S o l a r L i m i t e d

P I L L A R T H R E E

BESS

Growing Beyond: New Platforms, Global Markets & Strategic Reach

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 to reach 250M+ vehicles by 2030 (BNEF), driving both traction & grid- balancing demand.

Grid modernization & Energy Security

800+ GW new transmission needed globally by 2030. BESS as cost-effective alternative where grid upgrades are delayed.

V i k r a m S o l a r L i m i t e d

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 Manufacturing (DCR) Mandates Mandatory localization targets — 60% domestic value addition within 5 years

Solar + Storage Colocation ISTS transmission waivers enabling cost-effective co-located BESS deployment

PLI Scheme (1 & 2) 40 GWh already incentivized under Advanced Chemistry Cell PLI scheme

Mandatory Storage Requirements Storage obligations tied to new renewable energy projects and tenders

Viability Gap Funding (VGF) Government bridges economics gap — ₹18,000 Cr ($2.1 Bn) planned spend

ISTS Transmission Waiver National grid access for BESS without inter-state transmission charges

V i k r a m S o l a r L i m i t e d

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: Active participation across FDRE/RTC, Solar + BESS, and standalone BESS

5 GWh Assembly FY26-27

7.5 GWh FY28-29

15 GWh

30 GWh

5 GWh BESS Facility

7.5 GWh Integrated Cell & BESS Manufacturing

Scaling of 7.5 GWh to 15 GWh

Scaling of 15 GWh to 30 GWh

Ultimate Ambition: 30 GWh of fully integrated BESS manufacturing capacity

V i k r a m S o l a r L i m i t e d

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

1.28 – 15.36 kWh range VION LFP 12160 / LFP 12320 60-Month Warranty | Made in India

5 – 7.5 kWh | LFP Chemistry High cycle life | IP67 36-Month Warranty

BESS Cabinet (C&I/Utility)

5MWh 20 ft container Liquid Cooled | Stacked to MWh ~1330 Vdc system voltage

K C A P & L L E C

Our Upcoming Advanced-Chemistry Cell Manufacturing

52.2 – 104.4 kWh modules Liquid Cooled | IP67 ~165 Vdc system voltage

V i k r a m S o l a r L i m i t e d

How we capitalize on this opportunity VSL's right to win. Anchored in execution capability, not speculative positioning

RESIDENTIAL

Technical Leadership

Solar Adjacency & Market Access

•

Leadership with prior LFP cell-line and battery manufacturing exposure.

• Established solar presence with strong relationships across IPPs,

PSUs, EPC, C&I clients.

• Direct market access to BESS buyers without cold-start sales cycle.

Phased Capital Efficiency

Technology Edge

• Assembly-first approach minimizes upfront capex. • Each phase funded from revenue and demand visibility.

•

• •

Evaluating multiple technology choices with various equipment partners Faster capability build-up. Reduced time-to-market for cell manufacturing phase.

V i k r a m S o l a r L i m i t e d

P I L L A R T H R E E

Exports

Tapping Key Markets Strategically

Our Vision for Exports Building a credible, diversified international identity

S T R A T E G I C P I L L A R S

Global Repositioning

Evolving from India's leading manufacturer to a

globally trusted, compliance-first solar partner — recognised in US, EU and APAC markets

Diversified Revenue Model

From India-centric to balanced multi-region

revenues: USA, Europe & APAC as primary international markets

Trusted Non-Chinese Alternative

Compliance, traceability and geopolitical China+1

sentiment drive demand — Vikram positioned as the credible choice

Scale, Credibility & Partnerships

Anchored in manufacturing scale, supply-chain

transparency, quality differentiation and long-term customer partnerships

KEY METRICS

Primary Global Markets

39+

International Location of Business Presence

China +1 Procurement Compliance Shift

Non- Chinese Origin Advantage

“Vikram Solar's export vision is to become the world's most trusted, compliance-first solar manufacturer — delivering quality, traceability and lasting value across every market we serve”

V i k r a m S o l a r L i m i t e d

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

Partnerships Strong traction with US distributors, IPPs, C&I buyers + utility project developers

CBAM Carbon-intensity benchmarks under CBAM favour Vikram's clean, documented supply chain

Australia Strong rooftop + utility demand; premium pricing; high compliance expectations

FEOC / Non-PFE Fully traceable, non-PFE and FEOC compliant supply chain — key US procurement criterion

Net Zero Act EU Net Zero Industry Act creates preferential treatment for non-Chinese supply chains

Japan Long-term, stable DG market with stringent quality and documentation standards

Certifications UL + PVEL certifications actively being executed for US market acceptance

Validated Docs Supply chain documentation + ESG audit compliance fully in place for EU buyers

SE Asia Markets transitioning to utility-scale procurement — early mover advantage

✓ Non-PFE + FEOC Compliant Supply Chain

✓ ESG Audited + CBAM Ready

✓ Initial conversations with customers

V i k r a m S o l a r L i m i t e d

3 1

F I N A N C I A L C L O S E

Closing remarks by CFO

Financial Synthesis & The Re-Rating Case — Tying all three pillars through a financial lens

<1.0x

D:E at Peak

+154%

EBITDA Growth (9M FY26)

Capacity Expansion Roadmap Backward Integration Strategy · Module → Cell → Wafer → Ingot

Module

Cell

Wafer / Ingot

BESS

7.5

9.5

FY26

15.5

FY27

FY28

FY29

FY30

15.5 GW Module Capacity Target FY27 onwards — fully integrated

4 Layers Backward Integration Module · Cell · Wafer/Ingot · BESS

FY30 Cell, Wafer/Ingot, BESS Online Three new segments commissioned

15.5 + 12 + 12 + 15 GW Total Integrated Capacity FY30 cumulative across segments

V i k r a m S o l a r L i m i t e d

Thank You

V I K R A M S O L A R

www.vikramsolar.com BSE: 544390 | NSE: VIKRAMSOL

V i k r a m S o l a r L i m i t e d

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