| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 315 to ₹ 332 | 45 | 19th Aug, 2025 –21th Aug, 2025 | ₹2079.37 Cr |
Vikram Solar Ltd
Incorporated in 2005, Vikram Solar Limited has established itself as a leading player in the solar energy industry, specializing in the manufacturing of high-efficiency solar photovoltaic (PV) modules. The company operates in three core areas: manufacturing solar PV modules, providing Engineering, Procurement, and Construction (EPC) services, and offering Operations and Maintenance (O&M) services. Over the years, Vikram Solar has built a robust reputation for quality and innovation in the renewable energy sector, positioning itself as a trusted partner for solar solutions in India and globally. Vikram Solar’s solar energy products are known for their advanced technology and high efficiency. The company manufactures a variety of solar PV modules, including: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (“PERC”) modules; (ii) n-type monocrystalline silicon based Tunnel Oxide Passivated Contact (“TOPCon”) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (“HJT”) modules; all of these are available in both bifacial (glass-to-glass or glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) designs. Vikram Solar has manufacturing facilities in Falta SEZ, Kolkata, and Oragadam, Chennai, which are certified under ISO 14001:2015 (environment management) and ISO 45001:2018 (occupational health and safety). Vikram Solar is poised for substantial growth, with plans to expand its production capacity to 15.5 GW by FY26 and 20.5 GW by FY27. The company is also backward integrating by establishing a solar cell manufacturing unit in Tamil Nadu, aiming for a 12 GW capacity by FY27. Moreover, it is diversifying into battery energy storage systems (BESS), targeting 5 GWh by FY27. The company has established a pan-India presence, serving 19 states and two union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators. The company’s domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd.
Objective of the Vikram Solar Ltd IPO
The company proposes to utilise the net proceeds from the issue towards the following objects:
- Partial funding of capital expenditure for the Phase-I project;
- Funding of capital expenditure for the Phase-II project; and
- General corporate purposes.
Rationale To Vikram Solar Ltd IPO
Leading solar PV module manufacturer in India, with an operational capacity of 4.5 GW
Vikram Solar Limited, one of India’s largest solar PV module manufacturers, presents a strong investment case due to its robust growth trajectory, technological leadership, and expanding market presence. As of March 31, 2025, the company operates with a capacity of 4.5 GW, producing 1,286.1 MW annually, with manufacturing facilities in Falta SEZ (3.2 GW) and Oragadam, Chennai (1.3 GW). The company plans to scale its capacity to 15.5 GW by FY26 and 20.5 GW by FY27, with a backward integration strategy into solar cell production, including a planned 12 GW facility in Tamil Nadu. Vikram Solar’s commitment to adopting advanced technologies, such as N-Type, PERC, and HJT modules, positions it as a technology leader in the solar energy space. Its R&D team, backed by a NABL-accredited lab, focuses on continuous innovation, developing cutting-edge products like M10R, G12, and N-Type modules, while prioritizing cost-efficiency and market trends. Additionally, the company ensures high-quality production through strict quality control processes and an SAP-based traceability system, meeting international certifications like IEC, UL, and BIS. With a proven track record, expanding capacity, and a solid technological foundation, Vikram Solar is well-positioned for sustained growth.
Strong presence in domestic and international markets
The company has an extensive presence in the domestic market, with pan-India presence in 19 states and two union territories. The company has expanded its distributor network from 41 authorised distributors and 64 dealers as on September 30, 2024 to 83 authorized distributors and more than 250 dealers as on August 12, 2025. Focused on high-demand regions like Gujarat, Rajasthan, Uttar Pradesh, and Uttarakhand, the company is increasing its footprint by onboarding new distributors and dealers. Additionally, it has partnered with channel financing companies to improve liquidity and streamline transactions for distributors. The company’s manufacturing facilities are strategically located near ports, providing cost benefits and faster access to raw materials and global markets. With India’s solar market expected to grow, Vikram Solar aims to leverage its extensive distribution network to capture a larger share of the market. Additionally, the company is launching an e-commerce platform and exploring new product offerings like inverters, cables, and solar kits to expand its sales channels both domestically and internationally.
Valuation of Vikram Solar Ltd IPO
India’s solar photovoltaic (PV) manufacturing sector is benefiting from immense policy support, rising renewable energy targets, and robust domestic demand, emerging as one of the fastest-growing segments in the country’s transition to clean energy. Government initiatives like the Production Linked Incentive (PLI) scheme and increasing customs duties on imports have accelerated domestic capacity addition, with expected growth in PV module demand from both large-scale utility and distributed solar projects. This industry tailwind provides strong multi-year visibility for sector participants. Vikram Solar Limited is exceptionally well placed to capture this growth. As one of India’s largest and most technologically advanced solar PV module manufacturers, with an operational capacity of 4.5GW and a proven product range including high-efficiency PERC, TOPCon, and HJT modules, the company combines scale with a reputation for innovation and quality. Its industry leadership is underpinned by “Tier 1” global rankings and repeated recognition as a top performer in international module reliability tests. The company’s ambitious expansion plan targets a leap in module capacity to 20.5GW and backward integration into 12GW of solar cell manufacturing by FY27, alongside new investments in battery energy storage systems. These initiatives will enable Vikram Solar to address a greater share of the value chain, diversify its product offering, and mitigate supply chain risks, reinforcing growth visibility. Financially, the company demonstrated consistent improvement over last three years. The revenue from operations grew at a CAGR of 28.5% from Rs. 20,732 million in FY23 to Rs. 34,235 million in FY25. The EBITDA grew at a CAGR of 62.6% from Rs. 1,862 million in FY23 to Rs. 4,920 million in FY25, with a robust improvement in its EBITDA margin from 9.0% in FY23 to 14.4% in FY25. This financial performance was supported by a strong order book from Rs. 2,787 million in FY23 to Rs. 10,341 million in FY25. The current issue is priced at a P/E of 72.2x on the upper band, which is comparatively higher than its peers. However, the company’s strong market positioning, technological edge, strategic capacity expansion, and industry tailwinds position it well for sustained growth. Therefore, we recommend a “SUBSCRIBE” rating for the issue, with a medium- to long-term investment horizon.
What is the Vikram Solar Ltd IPO?
The initial public offer (IPO) of Vikram Solar Limited offers an early investment opportunity in Vikram Solar Ltd . A stock market investor can buy Vikram Solar Ltd IPO shares by applying in IPO before All Vikram Solar Ltd shares get listed at the stock exchanges. An investor could invest in Vikram Solar Ltd IPO for short term listing gain or a long term.
How to apply for the Vikram Solar Ltd IPO through StoxBox?
To apply for the Vikram Solar Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Vikram Solar Ltd IPO open?
Vikram Solar Ltd IPO is opening on 12th Aug 2025. Apply Now
What is the lot size of the Vikram Solar Ltd IPO?
The Lot Size of Vikram Solar Limited IPO is 144 equity shares. Login to your account now.
When is the Vikram Solar Ltd allotment date?
The allotment Date for Regaal Resources Ltd IPO is 14th Aug 2025. Login to your account now.
When is the Vikram Solar IPO listing date?
The listing Date for Vikram Solar Ltd IPO is 26th Aug 2025. Login to your account now
What is the minimum investment required for the Vikram Solar Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,940. Login to your account now
What is the maximum investment allowed for the Vikram Solar Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,90,944. Login to your account now
What are the risks associated with investing in the Vikram Solar Ltd IPO?
- As of Fiscal 2025, 2024, and 2023, the company derived 98.2%, 97.3%, and 46.9%, respectively, of its operational revenue from solar photovoltaic modules. Therefore, the continued success of this product is crucial for the company’s business and prospects. A decline in demand for solar PV modules could negatively impact its revenue, business performance, and profitability.
- As of Fiscal 2025, 77.5% and 88.7% of the company’s revenue from operations is derived from its top five and top ten customers, respectively. This indicates a high dependence on a limited number of customers. Any adverse changes affecting these customers or the company’s relationship with them could negatively impact its financial performance and operational results.
- The company’s success is dependent on its ability to establish a new manufacturing facility under its wholly owned subsidiary, VSL Green Power Private Limited, in Tamil Nadu, planned in two phases, and expand the capacity of existing plants cost-effectively. However, these endeavors are subject to risks and uncertainties. Any failure to build the new manufacturing plant or add production lines could negatively affect the company’s business, reputation, financial condition, and operational results.
When will the Vikram Solar Ltd IPO shares be credited to my Demat account?
The Vikram Solar Ltd IPO be credited to the account on allotment date which is 25th Aug 2025. Login to your account now
Where can I find the Vikram Solar Limited IPO prospectus?
The prospectus of Vikram Solar Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
