Solar module manufacturer Vikram Solar has signed an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium.

As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.

The lenders’ consortium was led by Indian Bank, State Bank of India, Punjab National Bank, Union Bank of India, Axis Bank, ICICI Bank, Standard Chartered Bank, HDFC Bank, and The Hongkong and Shanghai Banking Corporation.

SBICAP Trustee Company will act as the security trustee on behalf of the lenders’ consortium.

Under the terms of the consortium loan agreement, 94.96 million equity shares of Vikram Solar, aggregating to 26.21% of the total equity share capital, will also be released. To secure the earlier working capital facilities available to the Company, the promoters’ equity shares were pledged in favor of Vistra ITCL (India).

Last year, Vikram Solar’s ₹20.79 billion (~$229.49 million) initial public offering was oversubscribed 54.63 times. The company said that the proceeds from the issue would be utilized for capital expenditure through investment in Vikram Solar’s wholly owned subsidiary, VSL Green Power. Of the total amount, ₹7.93 billion (~$87.53 million) will be deployed to partially fund an integrated solar cell and module manufacturing facility.

In the same year, the company commissioned a 5 GW TOPCon solar module manufacturing facility in Vallam, Tamil Nadu, increasing its total production capacity to 9.5 GW.

It also increased the manufacturing capacity of its Falta facility in West Bengal by 1 GW. The manufacturing lines at the facility in Oragadam, Chennai, Tamil Nadu, were upgraded to produce TOPCon and HJT solar modules.

In the third quarter of the financial year 2026, the company reported consolidated revenue from operations of ₹11.06 billion (~$122.08 million), up 8% year over year from ₹10.26 billion (~$113.25 million).