Investors are closely tracking Vikram Solar Limited on Monday, February 23, 2026, as the company’s six-month post-listing lock-in period comes to an end. The development makes a substantial portion of previously restricted shares eligible for trading in the secondary market.

According to estimates by Nuvama Alternative & Quantitative Research, approximately 103.9 million shares, accounting for nearly 29% of the company’s total outstanding equity, will become tradable following the expiry. While this increases the potential supply of shares in the market, it does not automatically translate into selling pressure. The expiry simply grants early investors and certain shareholders the flexibility to trade their holdings if they choose to do so.

Listing Performance and Subsequent Decline

Vikram Solar Limited made its stock market debut in August 2025 with a relatively subdued listing on Dalal Street. The stock opened at ₹340 on the BSE, marking a modest 2.4% premium over its IPO price of ₹332. On the National Stock Exchange of India, it listed at ₹338, reflecting a 1.81% premium.

Although the stock initially gained momentum after listing, it later faced significant downward pressure. It is currently trading around ₹192.36, representing a steep correction of nearly 53% from its post-listing high. The current price is about 42% below its IPO issue price and only slightly above its 52-week low of ₹188.25. The sharp pullback has kept investor sentiment cautious despite broader optimism in the renewable energy sector.

Strong Q3FY26 Financial Performance

Despite the share price volatility, the company reported a solid financial performance for the December quarter (Q3FY26).

• Revenue: ₹1,106 crore
• EBITDA: ₹205 crore (more than double year-on-year)
• Net Profit: ₹98 crore (up from ₹19 crore in the same quarter last year)

The company also noted a one-time impact of ₹56 crore related to labour code adjustments during the quarter. Excluding this impact, operational performance remained robust, supported by improved manufacturing efficiencies and consistent execution.

As of the December quarter, promoters held a 63.12% stake in the company, reflecting continued majority ownership.

Management Commentary and Industry Outlook

Mr. Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar Limited, highlighted that the company delivered a disciplined performance during the quarter. He emphasised steady revenue growth driven by expanding manufacturing capacity and improved operational efficiencies.

Management remains optimistic about the broader solar industry’s prospects, citing supportive policy measures, increasing demand for renewable energy, and the ongoing shift toward high-efficiency solar modules. India’s renewable energy push, combined with global decarbonisation efforts, continues to provide long-term tailwinds for the sector.

What the Lock-in Expiry Means for Investors

The expiry of the six-month lock-in period is a significant event as it potentially increases free float in the market. However, historical trends suggest that not all eligible shares are necessarily sold immediately. Investor behaviour will depend on factors such as market conditions, company performance, and long-term growth expectations.

With improved quarterly earnings but a sharply corrected stock price, market participants will closely observe trading volumes and price action in the coming sessions.

Summary

Vikram Solar Limited is under investor focus as 103.9 million shares (29% of equity) become eligible for trading following the end of its six-month lock-in period. While the stock has corrected sharply since its August 2025 listing, the company reported strong Q3FY26 results with revenue at ₹1,106 crore and net profit at ₹98 crore. The lock-in expiry may increase share supply, but actual market impact will depend on shareholder decisions and broader sentiment toward the renewable energy sector.

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