Under the agreement, Avaada Electro will supply domestically manufactured half-cut N-Type G12R TOPCon solar cells for Vikram Solar’s module manufacturing operations. Deliveries are scheduled to begin in September 2026, the company said in a regulatory filing.
The agreement covers high-efficiency crystalline solar cells compliant with the Approved List of Models and Manufacturers (ALMM). Vikram Solar said the pact will add to the solar cell supply agreements it has entered into earlier this year and support its strategy to diversify and strengthen its cell supply chain.
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The agreement also complements the company’s backward integration strategy, anchored by its upcoming 9 GW high-efficiency solar cell manufacturing facility, which is scheduled to be commissioned in Q4 FY27, according to the filing.
Vikram Solar said the agreement is aimed at strengthening its position in India’s Domestic Content Requirement (DCR) segment and supporting supply-chain resilience.
The company said there is no shareholding between Vikram Solar and Avaada Electro, and the parties are not related to the promoter, promoter group or group companies. The transaction does not constitute a related-party transaction.
Gyanesh Chaudhary, Chairman and Managing Director, Vikram Solar, said, “The next phase of India’s solar growth will be won or lost on supply chain depth, not just manufacturing scale.
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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.”
Shares of Vikram Solar Ltd ended at ₹163.50, down by ₹3.30, or 1.98%, on the BSE.
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