---
title: "Horay Solar vs Vikram Solar - Brand Comparison | ComparePV"
description: "Compare Horay Solar vs Vikram Solar solar panels: full portfolio, efficiency, cell technology breakdown, warranty terms and company background."
source: "https://comparepv.com/horay-solar-vs-vikram-solar"
---

# Horay Solar vs Vikram Solar

Vikram Solar has the broader catalog (202 vs 182 models). Vikram Solar leads on peak efficiency at 23.69%.


## The two companies


| Attribute | Horay Solar | Vikram Solar |
| --- | --- | --- |
| Country | China | India |
| Headquarters | Wuxi, Jiangsu Province | Kolkata |
| Founded | 2010 | 2005 |
| Employees | 400 | 1,895 |
| Annual capacity | 2.5 GW/year | 9.5 GW/year |
| Tier 1 | yes | yes |
| Listed |  | NSE, BSE: VIKRAMSOLR |
| Website | [http://www.horaysolar.com](http://www.horaysolar.com) | [http://www.vikramsolar.com](http://www.vikramsolar.com) |

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...

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...


## Catalog & Power


| Measure | Horay Solar | Vikram Solar | Margin |
| --- | --- | --- | --- |
| Panel Models | 182 | 202 | +20 |
| Max Power | 720 W | 735 W | +15 W |
| Avg Power | 536 W | 553 W | +17 W |


## Efficiency


| Measure | Horay Solar | Vikram Solar | Margin |
| --- | --- | --- | --- |
| Max Efficiency | 23.30% | 23.69% | +0.39 pp |
| Avg Efficiency | 22.46% | 21.45% | +1.01 pp |


## Reliability & Warranty


| Measure | Horay Solar | Vikram Solar | Margin |
| --- | --- | --- | --- |
| Avg Temp Coefficient | -0.280%/°C | -0.334%/°C | +0.054 |
| Bifacial Share | 122 (67%) | 150 (74%) | +7 pp |
| Avg Warranty | 30.0 yrs | 28.6 yrs | +1.4 yr |


## Efficiency distribution

Horay Solar skews to higher efficiency: 14% of lineup is 23%+


| Efficiency band | Horay Solar | Vikram Solar |
| --- | --- | --- |
| 21-22% | 24 (13.2%) | 106 (52.5%) |
| 22-23% | 133 (73.1%) | 27 (13.4%) |
| 23%+ | 25 (13.7%) | 16 (7.9%) |
| \<20% | 0 | 11 (5.4%) |
| 20-21% | 0 | 42 (20.8%) |


## Power distribution

Vikram Solar offers more 600W+ panels (42% of lineup)


| Power band | Horay Solar | Vikram Solar |
| --- | --- | --- |
| 400-499W | 55 (30.2%) | 54 (26.7%) |
| 500-599W | 91 (50.0%) | 52 (25.7%) |
| 600-699W | 33 (18.1%) | 69 (34.2%) |
| 700W+ | 3 (1.6%) | 15 (7.4%) |
| \<400W | 0 | 12 (5.9%) |


## Cell technology

Dominant cell tech: **TOPCon** (56%)

Dominant cell tech: **PERC** (75%)


| Technology | Horay Solar | Vikram Solar |
| --- | --- | --- |
| TOPCon | 102 (56.0%) | 8 (4.0%) |
| N-type | 80 (44.0%) | 30 (14.9%) |
| PERC | 0 | 152 (75.2%) |
| HJT | 0 | 12 (5.9%) |


## Top panels, Horay Solar


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [HS720TC-MHG-D](https://comparepv.com/panel/horay-solar-hs720tc-mhg-d) | 720 | 23.2 | -0.280 | Monocrystalline |
| 2 | [HS710TC-MHG-D](https://comparepv.com/panel/horay-solar-hs710tc-mhg-d) | 710 | 22.9 | -0.280 | Monocrystalline |
| 3 | [HS700TC-MHG-D](https://comparepv.com/panel/horay-solar-hs700tc-mhg-d) | 700 | 22.5 | -0.280 | Monocrystalline |
| 4 | [HS690TC-MHG-D](https://comparepv.com/panel/horay-solar-hs690tc-mhg-d) | 690 | 22.2 | -0.280 | Monocrystalline |
| 5 | [HS680TC-MHG-D](https://comparepv.com/panel/horay-solar-hs680tc-mhg-d) | 680 | 21.9 | -0.280 | Monocrystalline |
| 6 | [HS650TC-MHD-D](https://comparepv.com/panel/horay-solar-hs650tc-mhd-d) | 650 | 23.3 | -0.280 | Monocrystalline |
| 7 | [HS645TC-MHD-D](https://comparepv.com/panel/horay-solar-hs645tc-mhd-d) | 645 | 23.1 | -0.280 | Monocrystalline |
| 8 | [HS640TC-MHD-D](https://comparepv.com/panel/horay-solar-hs640tc-mhd-d) | 640 | 22.9 | -0.280 | Monocrystalline |
| 9 | [HS635TC-MHD-D](https://comparepv.com/panel/horay-solar-hs635tc-mhd-d) | 635 | 22.7 | -0.280 | Monocrystalline |
| 10 | [HS635TC-MHG-D](https://comparepv.com/panel/horay-solar-hs635tc-mhg-d) | 635 | 22.4 | -0.280 | Monocrystalline |


## Top panels, Vikram Solar


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [SURYAVA VSMDH.66.735.05](https://comparepv.com/panel/vikram-solar-suryava-vsmdh-66-735-05) | 735 | 23.7 | -0.260 | Monocrystalline |
| 2 | [SURYAVA VSMDH.66.730.05](https://comparepv.com/panel/vikram-solar-suryava-vsmdh-66-730-05) | 730 | 23.5 | -0.260 | Monocrystalline |
| 3 | [SURYAVA VSMDH.66.725.05](https://comparepv.com/panel/vikram-solar-suryava-vsmdh-66-725-05) | 725 | 23.3 | -0.260 | Monocrystalline |
| 4 | [SURYAVA VSMDH.66.720.05](https://comparepv.com/panel/vikram-solar-suryava-vsmdh-66-720-05) | 720 | 23.2 | -0.260 | Monocrystalline |
| 5 | [HYPERSOL VSMDH.66.AAA.05-720](https://comparepv.com/panel/vikram-solar-hypersol-vsmdh-66-aaa-05-720) | 720 | 23.2 | -0.280 | Monocrystalline |
| 6 | [SURYAVA VSMDH.66.715.05](https://comparepv.com/panel/vikram-solar-suryava-vsmdh-66-715-05) | 715 | 23.0 | -0.260 | Monocrystalline |
| 7 | [HYPERSOL VSMDH.66.715.05](https://comparepv.com/panel/vikram-solar-hypersol-vsmdh-66-715-05) | 715 | 23.0 | -0.300 | Monocrystalline |
| 8 | [HYPERSOL VSMDH.66.AAA.05-715](https://comparepv.com/panel/vikram-solar-hypersol-vsmdh-66-aaa-05-715) | 715 | 23.0 | -0.280 | Monocrystalline |
| 9 | [SURYAVA VSMDH.66.710.05](https://comparepv.com/panel/vikram-solar-suryava-vsmdh-66-710-05) | 710 | 22.9 | -0.260 | Monocrystalline |
| 10 | [HYPERSOL VSMDH.66.710.05](https://comparepv.com/panel/vikram-solar-hypersol-vsmdh-66-710-05) | 710 | 22.9 | -0.300 | Monocrystalline |


## 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.

Written by claude-sonnet from the figures above.


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Source: https://comparepv.com/horay-solar-vs-vikram-solar

Not in this file, on the page: the distributions above drawn as charts.