Vikram Solar Share Price Jumps as NCLAT Sets Aside Insolvency Order, Elara Sees 44 Percent Upside

Vikram Solar share price surged 5.83 percent to Rs 189.11 on Thursday, extending a rally that began after the National Company Law Appellate Tribunal set aside an insolvency admission order against the solar module maker on June 29, 2026, removing a significant legal overhang on the stock.

The NCLAT order superseded an earlier NCLT Kolkata ruling that had admitted an insolvency petition over a relatively small disputed claim, and today’s continued strength in Vikram Solar share price reflects the market’s relief that the company’s operations remain unaffected and solvent.

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Why Vikram Solar Share Price Is Rallying

Vikram Solar, one of India’s leading solar photovoltaic module manufacturers, had faced a corporate insolvency resolution process trigger after NCLT Kolkata admitted a petition from a creditor over dues of roughly Rs 9.4 crore, a claim the company had disputed and appealed. With the NCLAT now confirming the company’s solvency and operational continuity, Vikram Solar share price has been free to re-rate on the back of clearly strong underlying fundamentals.

Adding to the positive momentum, Elara Capital has assigned a target price of Rs 323 on Vikram Solar following strong Q4 FY26 results, implying roughly 44 percent upside from recent levels, with the brokerage citing the company’s plans for a 15.5 GW capacity expansion by FY28 and backward integration into wafers, ingots and battery systems. This is a key data point for anyone tracking the Vikram Solar share price today.

Vikram Solar Key Metrics

Metric	Value
CMP	Rs 189.11
Day Change	+5.83%
Elara Capital Target	Rs 323
Implied Upside	~44%
FY26 Revenue	Rs 4,802.3 Cr (+40% YoY)
FY26 PAT	Rs 470.4 Cr (+236% YoY)

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Vikram Solar posted its highest ever quarterly production of 971 MW in Q4 FY26, with the company’s CFO guiding for FY27 EBITDA to come in at around 1.7 times FY26 levels despite softer module prices, a growth trajectory that appears to be driving renewed investor confidence in Vikram Solar share price now that the insolvency overhang has been cleared. This combination of operational strength and legal clarity is central to today’s Vikram Solar share price story.

Key Risks to Watch on Vikram Solar Share Price

The company’s ambitious capacity expansion plans, including a Rs 3,726 crore investment in a 6 GW solar wafer and ingot facility in Tamil Nadu, will require significant execution over the coming years, and any delays could weigh on the growth trajectory currently supporting Vikram Solar share price. Investors should also note that the company’s margins have declined to 16.1 percent from 18.7 percent previously, reflecting softer module pricing in the broader solar industry even as volumes grow.

Quick take: today’s move in Vikram Solar share price combines genuine legal relief with fresh brokerage conviction, a rare combination that explains the scale of the rally, though execution risk on the company’s large capacity expansion plans remains real.

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Conclusion

Vikram Solar share price rallied sharply as the removal of an insolvency overhang combined with fresh brokerage optimism from Elara Capital, whose Rs 323 target implies roughly 44 percent upside on the back of strong Q4 FY26 results and an ambitious capacity expansion roadmap. With significant capex still ahead and margins under some pressure from softer module prices, investors should track execution on the company’s expansion plans closely. This article is for educational purposes and is not investment advice; consult a SEBI-registered investment adviser before making any investment decision.

FAQs on Vikram Solar Share Price

1. Why did Vikram Solar share price jump today?

Ans. The stock rallied after the NCLAT set aside an NCLT insolvency admission order against the company on June 29, 2026, removing a significant legal overhang.

2. What was the insolvency case against Vikram Solar about?

Ans. NCLT Kolkata had admitted an insolvency petition from a creditor over disputed dues of roughly Rs 9.4 crore, which the company appealed and the NCLAT subsequently set aside.

3. What is Elara Capital’s target price on Vikram Solar?

Ans. Elara Capital has set a target price of Rs 323 on Vikram Solar, implying roughly 44 percent upside, citing strong Q4 FY26 results and expansion plans.

4. How did Vikram Solar perform in FY26?

Ans. The company’s FY26 revenue grew 40 percent year on year to Rs 4,802.3 crore, while PAT surged 236 percent year on year to Rs 470.4 crore.

5. What are Vikram Solar’s expansion plans?

Ans. The company plans a 15.5 GW capacity expansion by FY28, including backward integration into wafers, ingots and battery systems, with a Rs 3,726 crore investment in a 6 GW wafer and ingot facility in Tamil Nadu.

6. What are the key risks to Vikram Solar share price?

Ans. The company’s margins have declined due to softer module prices industry-wide, and its ambitious capacity expansion plans carry execution risk over the coming years.