Green Stocks Feb 20- Vikram Solar Laid Low On Lock-In Expiry On Feb 23

On a volatile day when most significant upmoves on the green pack were news-based (KPI Green for commissioning a project, Pace Digitek for winning one), Vikram Solar slumped somewhat inexplicably by 10%. While a check reveals that the drop has been linked to its lock-in expiry on Feb 23 for non-promoters, the sharp drop is still surprising, as recent such dates have not really had as much of an impact as it has for Vikram Solar today.

Either way, with such a wide gap between yesterday and today on a stock that has already lost considerable ground from its IPO price of Rs 332, one has to wonder just what and why an anchor investor would sell now. Let's hope Monday surprises pessimists for now. Much smaller solar manufacturers waiting in the wings with IPO plans should be getting very anxious about the performance here, as stretched valuations in that category simply won't work with some of the biggest players already listed.  

In a quarter where project commissionings usually pick up pace for depreciation benefits, and in India's case, the ISTS exemption of 75% by June end, we are looking to the EPC firms to deliver a good show now.  Large developers like Adani Green have already sounded out key milestones for Fy 26, and all eyes would be on the residential and C&I segments to maintain momentum. While some early reports do indicate problems (again) linked to specific state-level issues, a good beat on the FY 25 numbers will be key to FY 26 being a record year for solar, especially.

Rising oil prices also continue to cast a long shadow on Indian markets, underlining just how important fossil fuels remain to the country's fiscal balance.

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