Vikram Solar's Board has approved a Rs 4,371 crore capital expenditure for its foray into the battery energy storage systems (BESS) market, through its wholly-owned subsidiary, VSL Powerhive.

The BESS project will begin with lithium-ion battery packs, with plans for a five gigawatt hours (GWh) facility expected to be commissioned by FY27. Vikram Solar reported over five-fold increase in net profit for the third quarter of the current financial year, driven by strong volume growth and improved operating efficiency. The company also saw a 35 percent rise in module sales, reaching 796 MW compared to 590 MW in Q3FY25. Capacity utilisation stood at 90 percent in Q3FY26.

Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar, stated, “We delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency.”