On February 20, 2026, Vikram Solar entered into a strategic domestic procurement agreement with Jupiter International to secure 2 GW of high-efficiency crystalline solar cells, a transaction valued at approximately ₹2,000 crore (₹20 billion). The agreement specifies the delivery of Tunnel Oxide Passivated Contact (TOPCon) and monocrystalline Passivated Emitter and Rear Cell (mono PERC) types. All procured components are compliant with the Approved List of Models and Manufacturers (ALMM), ensuring the modules meet upcoming Domestic Content Requirement (DCR) mandates for the Indian market.
Financial and Procurement Specifications
According to regulatory filings with the National Stock Exchange (NSE), the agreement was finalized on February 20, 2026. The contract, valued at approximately ₹20 billion (~$220.43 million), focuses on the supply of high-efficiency cells to support Vikram Solar’s immediate module production targets. This procurement serves as a bridge for the company as it scales its internal manufacturing, allowing it to fulfill its order book—which stood at 10.96 GW as of June 30, 2025—prior to the commissioning of its own cell manufacturing units.
Technical Specifications: TOPCon vs. Mono PERC
The agreement incorporates two primary high-efficiency technologies. TOPCon technology utilizes a thin tunneling oxide layer to improve electron collection, whereas mono PERC uses rear-side passivation to increase light absorption.
| Criteria | TOPCon (Tunnel Oxide Passivated Contact) | Mono PERC (Passivated Emitter and Rear Cell) |
| Structural Difference | Features tunnel oxide passivation on the rear side of the cell. | Employs a passivated emitter side with AlOx passivation and Back Surface Field (BSF). |
| Performance Metrics | Higher efficiency; produces more electricity per cross-section area. | Industry-standard efficiency; enhanced light absorption via rear passivation. |
| Temperature Coefficient | Lower coefficient; maintains stable energy production in hot climates. | Higher coefficient relative to TOPCon; performance decreases more in high heat. |
| Degradation Rate | Lower annual degradation; retains efficiency over longer operational lifecycles. | Standard degradation rates; higher relative to TOPCon. |
| Bifaciality Factor | Enhanced factor; allows for significant electricity generation from both sides. | Lower bifaciality capability compared to TOPCon technology. |
Strategic Rationale: Capacity Mismatch and Merchant Market Constraints
The transaction addresses a significant structural imbalance between Vikram Solar’s module assembly capacity and its in-house solar cell output. While Vikram Solar currently operates 4.5 GW of installed module capacity and is scaling toward a target of 17.5 GW by FY 2027, its internal cell manufacturing is in the early stages of development.
This deal is further necessitated by constraints in the Indian “merchant” cell market. Industrial data indicates that most domestic solar cell capacity is currently utilized for captive consumption by integrated manufacturers, leaving limited volumes available for third-party procurement. This supply-demand mismatch is expected to put upward pressure on solar cell prices in the short to medium term.
Regulatory compliance is the primary driver for the timing of this procurement. The ALMM-II mandate for solar cells requires that all utility-scale tenders submitted after August 31, 2025, utilize domestic cells. Furthermore, domestic cell sourcing becomes mandatory for open access and net metering projects commissioned on or after June 1, 2026.
Corporate Profiles and Manufacturing Footprints
Vikram Solar
Vikram Solar is currently executing a rapid expansion of its manufacturing footprint. The company has a current installed module capacity of 4.5 GW and aims for 17.5 GW of module and 12 GW of cell capacity by FY 2027. Its 5 GW Vallam facility in Tamil Nadu is expected to be commissioned in Q3 FY 2026. The broader Gangaikondan project (AB-IV) in Vallam is planned to house 6 GW of module and 12 GW of cell capacity, with the module plant scheduled for Q1 FY 2026–27 and the first cell production targeted for December 2026. The company maintains existing operations in Falta, West Bengal, and Chennai, Tamil Nadu.
Jupiter International
Jupiter International currently maintains a total installed cell capacity of 2 GW. This follows the recent commissioning of a 1 GW mono PERC facility in Baddi, Himachal Pradesh, developed by its wholly owned subsidiary, Jupiter Solartech. The company is also advancing an integrated facility in Bhubaneswar, Odisha, which is expected to contribute a cumulative 4 GW of cell and 2.8 GW of module capacity upon completion.
Industry Outlook: The ALMM-II Mandate
The implementation of the ALMM-II (cell-level) mandate represents a transition toward full domestic supply chain integration. Key data points regarding this regulatory shift include:
- Tender Cutoff: Utility-scale projects with bid submissions following August 31, 2025, must utilize DCR-compliant domestic cells regardless of the project’s commissioning date.
- Tariff Impact: Analysts estimate that the requirement to use domestic cells will result in a 30–40 paise per unit increase in solar tariffs from the prevailing level of ₹2.5 per unit.
- Import Dependency: Current estimates suggest an import dependency of 40–45 GWp for cells in India, underscoring the strategic importance of merchant providers like Jupiter International during the transition to local sourcing.
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