Please find enclosed the Monitoring Agency Report for the quarter ended 31st March 2026
VIKRAMSOLR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Vikram Solar Ltd has submitted its quarterly monitoring agency report for the IPO proceeds utilization. The company raised INR 15,000 million through fresh IPO issue in August 2025. As of March 31, 2026, INR 5,309.18 million (35.4%) has been utilized while INR 9,690.82 million remains unutilized, parked in fixed deposits with various banks earning 3-6.6% returns. The funds are being deployed for Phase I (3,000 MW solar cell and module manufacturing in Tamil Nadu) and Phase II (capacity expansion to 6,000 MW). No deviation from stated objects was observed. Project timelines have slipped by 3 months: Phase I module and Phase II both now expected in June 2026 (vs March 2026 planned), and Phase I cell in December 2026 (vs September 2026 planned). Government approvals for current project stage are partly obtained.
The report indicates normal IPO fund deployment with minor project delays of approximately 3 months. Significant unutilized funds are safely parked in bank FDs. The timeline revisions for solar manufacturing capacity expansion are within acceptable range and not expected to materially impact long-term prospects.