Horay Solar vs Vikram Solar - solar panel manufacturer comparison
Vikram Solar has the broader catalog (202 vs 182 models). Vikram Solar leads on peak efficiency at 23.69%.
Both catalogues are read from the manufacturers' own datasheets. A brand is not scored against the market here, only against the other brand on this page.
The two companies
Horay Solar is an integrated photovoltaic company specializing in the R&D, production, and sales of solar modules and solar power systems. They are committed to globalization and offer standard and customized solar module solutions. The company's products are exported globally, providing efficient clean energy...
- Founded
- 2010
- Headquarters
- Wuxi, Jiangsu Province, China
- Annual capacity
- 2.5 GW/year
- Employees
- 400
- Tier 1 bankable
- Yes
Vikram Solar Limited is a leading Indian solar photovoltaic (PV) module manufacturer and solar solutions provider. They offer engineering, procurement, construction (EPC), and operations & maintenance (O&M) services for solar plants. The company manufactures high-efficiency solar PV modules and has a pan-India...
- Founded
- 2005
- Headquarters
- Kolkata, India
- Annual capacity
- 9.5 GW/year
- Employees
- 1,895
- Listed
- NSE, BSE: VIKRAMSOLR
- Tier 1 bankable
- Yes
Catalogue against catalogue
An average over a catalogue describes the range a manufacturer publishes, not the module you would buy. A brand with two flagship panels and eighty older ones averages worse than one that has retired its back catalogue.
What each of them builds
Horay Solar skews to higher efficiency: 14% of lineup is 23%+
Vikram Solar offers more 600W+ panels (42% of lineup)
Dominant cell tech: <strong>TOPCon</strong> (56%)
Dominant cell tech: <strong>PERC</strong> (75%)
The flagships
Written summary
Vikram Solar is an Indian solar module manufacturer headquartered in Kolkata, West Bengal, founded in 2005 by Gyanesh Chaudhary. The company began production in 2009 and has grown into one of India's largest PV manufacturers, with total installed module manufacturing capacity reaching 9.5 GW following the commissioning of a new 5 GW automated facility in Vallam, Tamil Nadu, in late 2025. Vikram Solar regained BloombergNEF Tier 1 status in Q1 2024, reflecting its bankability for non-recourse project financing, and completed an IPO on the Bombay Stock Exchange and National Stock Exchange of India in August 2025. Horay Solar is a Chinese manufacturer based in Wuxi, Jiangsu Province, established in 2010. Operating from internationally certified automated production lines, the company reports an annual capacity of approximately 2.5 GW and entered the BloombergNEF Tier 1 list for the first time in Q1 2025 - a significant milestone for a mid-scale Chinese producer. In terms of institutional footprint, track record, and production scale, Vikram Solar holds a materially stronger position globally.
Vikram Solar's product range targets utility-scale ground-mount projects as well as commercial and industrial (C&I) rooftop applications. The company has been recognized as a Top Performer in PVEL's PV Module Reliability Scorecard, and its modules have reached efficiencies of up to 23.7%, making them well-suited for land-constrained or performance-sensitive projects. Horay Solar addresses a broader segment mix: its portfolio spans residential rooftop, small commercial, and C&I systems, and covers both mono PERC and N-type TOPCon cell technologies, including bifacial variants based on 182 mm and 210 mm cells. The company holds TUV, IEC, and CE certifications, supporting its push into European distribution channels.
For international buyers financing large-scale solar projects, Vikram Solar is the more defensible choice given its longer operating history, greater production scale, and established PVEL reliability credentials. Horay Solar is a credible option for residential and smaller commercial installers seeking a competitively priced module from a newly bankable Chinese manufacturer. The two brands are not directly interchangeable: Vikram skews toward institutional utility buyers while Horay is better positioned for cost-driven distributed generation markets.
Generated by Claude Sonnet · 2026-06-11
Other brand comparisons
Comparisons are computed from manufacturer datasheets held in the ComparePV database and may not reflect a brand's complete current lineup. Nothing on this page is paid placement.