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India is witnessing growing momentum around the adoption of Domestic Content Requirement (DCR) cells, with the mandate set to come into effect in June 2026. Companies such as Vikram Solar Limited are expanding their solar cell manufacturing capacities to cater to rising demand from the commercial and industrial (C&I), utility-scale and rooftop DCR markets. 
Reflecting on the anticipated surge in demand ahead of the implementation deadline, Sameer Nagpal, Chief Executive Officer (CEO) of Vikram Solar, said during the company’s investor call, “We see strong structural tailwinds going forward, with over 80 GW of grandfathered non-DCR demand over the next two years, along with approximately 28 GW of live utility-scale DCR tenders, providing a robust runway for the core utility segment and around 25 GW of inherent DCR demand driven by the C&I and rooftop segments. Put simply, the demand environment is the strongest and most durable we have seen.” 
The company attributed the rapid growth in the solar cell market to three major factors critical to the long-term competitiveness of industrial companies — rising domestic demand, increasing localisation of manufacturing, and deeper integration across the value chain, which is gradually becoming a competitive advantage rather than merely a cost consideration. 
Management indicated that India’s DCR-linked solar demand could rise to around 20–25 GW in FY27, compared with around 10 GW in the previous year, driven by stricter enforcement of localisation norms from June 2026 onward. Management further added, “Even in fiscal ’27 and fiscal ’28, you will have a much larger demand number versus what the supply could provide.” 
According to the company, DCR demand is expected to more than double in FY27 as domestic cell procurement mandates begin taking effect across utility-scale, C&I and rooftop segments. Management also indicated that a large portion of the existing non-DCR market is expected to transition toward DCR due to the evolving policy framework, adding that the company is “well placed with this staggered demand setup.” 
Addressing concerns around FY27 margins ahead of commissioning its captive cell manufacturing capacity, management said around 75% of Vikram Solar’s FY27 execution is expected to continue coming from the non-DCR segment, which is expected to generate EBITDA of around ₹1.75–2 per watt. 
The company also noted that it has secured a procurement agreement with a large cell supplier, with the remaining 25% of execution expected to deliver EBITDA of around ₹2–2.5 per watt. The company said these numbers, combined with economies of scale, are expected to support strong growth going forward. 
The company said its FY27 execution plan would remain largely dependent on non-DCR volumes, which are expected to contribute nearly 75% of total execution and generate EBITDA of around ₹1.75–2 per watt. 
A company representative said, “We already have a procurement deal with a large cell supplier, and that segment of 25% of the execution plan is also going to yield us slightly better margins, between ₹2 and ₹2.5 per watt. Hence, these steady numbers at the scale at which people operate will yield phenomenal growth.” 
The company also spoke about its global expansion plans, particularly in the United States market. Management said, “Exports from India to the US have slimmed down to an almost negligible level. The current export order book that we carry is with reputed IPPs that we have worked with in the past. These are long-term conversations, and we still believe we will be able to execute them.” 
The company added that it is working on building a traceable and compliant supply chain that avoids prohibitive tariffs and duties. It said it is exploring sourcing opportunities in North Africa, where some cell manufacturing capacity is available without attracting excessive tariffs. It further highlighted plans to diversify into other international markets.
“Yes, absolutely. We are exploring Europe as a market. There are some non-Chinese supply tenders underway in a couple of countries. We are also focusing on Australia and the Middle East. The conversations are very encouraging,” management said. 
Nagpal further stated that the company’s 9 GW TOPCon solar cell manufacturing plant remains on track for phased commissioning through Q4 FY27, with the first cell expected to roll out by December 2026. He noted that the development would take the company to nearly 70% backward integration, significantly strengthening its manufacturing capabilities amid India’s accelerating push for domestic solar production. 
Nagpal further said that the company plans to add another 3 GW of cell capacity in FY28, which would complete its cell manufacturing stack and enable full cell-level integration. 
Moving ahead in its backward integration roadmap, Vikram Solar is also preparing to enter the wafer and ingot manufacturing segment. Nagpal said the company plans to develop the first phase of its proposed 12 GW wafer and ingot facility at its existing site in Gangaikondan. The investment for the initial 6 GW phase was approved during the company’s board meeting held yesterday, with an estimated investment of around ₹3,700 crore and commissioning targeted for FY29. 
Discussing the increasing integration of battery energy storage systems (BESS) with solar projects, management explained that storage requirements depend heavily on project configurations and end-use applications. 
Management noted that current storage tenders range between 2-hour and 6-hour durations, while applications such as commercial and industrial facilities or data centres could require round-the-clock power supply with significantly higher storage capacities. 
The company said that although it is difficult to assign a fixed multiplier to storage demand, a broad estimate suggests that 80 GW of solar capacity paired with four-hour storage could require nearly 320 GWh of battery energy storage deployment. 
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