We attended the analyst meet of VIKRAMSO, where the company outlined a mediumterm growth roadmap led by capacity expansion, backward integration, and expanding into global markets, while near-term industry overcapacity remains a key monitorable. India solar demand visibility remains robust (utility scaling to ~181GW by FY30E; ~75GW annual module demand); however, elevated capacities under ALMM-I/II indicate near-term supply overhang. The company is executing an aggressive capacity build-out (modules, cells, and wafer/ingot) to achieve full integration by FY30E, which is expected to support margin expansion. Additionally, VIKRAMSO is building a diversified growth engine through BESS...