Vikram Solar Limited is one of India’s leading solar photovoltaic (“PV”) module manufacturers, with a strong domestic footprint and expanding global presence. The company specializes in producing high-efficiency PV modules and offers end-to-end services in the solar energy value chain.
The company is primarily engaged in:
- Solar Photovoltaic (PV) Module Manufacturing – Manufactures advanced PV modules catering to both domestic and international markets. The product portfolio includes:
- p-type monocrystalline silicon Passivated Emitter and Rear Contact (PERC) modules
- n-type monocrystalline silicon Tunnel Oxide Passivated Contact (TOPCon) modules
- n-type monocrystalline silicon Heterojunction Technology (HJT) modules
All products are offered in bifacial (glass-to-glass / glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) configurations. - Engineering, Procurement, and Construction (EPC) Services – Provides comprehensive EPC solutions for utility-scale, commercial, and industrial solar projects, ensuring efficient execution from design to commissioning.
- Operations and Maintenance (O&M) – Offers long-term O&M services to enhance performance, reliability, and lifespan of solar installations.
Vikram Solar operates manufacturing facilities at Falta SEZ, Kolkata (West Bengal) and Oragadam, Chennai (Tamil Nadu), equipped to produce high-quality, technologically advanced modules.
The company serves 23 states and 3 union territories in India through an extensive network of 41 authorized distributors, 64 dealers, and 67 system integrators. Internationally, it exports to multiple geographies, leveraging a robust sales and distribution network.
Key domestic customers include leading government entities such as National Thermal Power Corporation (NTPC), Neyveli Lignite Corporation Limited (NLC), and Gujarat Industries Power Company Limited (GIPCL), as well as major private Independent Power Producers (IPPs) like ACME Cleantech Solutions Pvt. Ltd.
As of March 31, 2025, Vikram Solar employed 1,612 full-time employees and 974 contractual staff, supporting its operations across manufacturing, EPC, O&M, R&D, and corporate functions.
Vikram Solar IPO – Details
| IPO Opening Date | 19 August 2025 |
| IPO Closing Date | 21 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 6,26,31,604 Shares Worth ₹2,079.37 Crore Fresh Issue: 4,51,80,722 Shares Worth ₹1,500.00 Crore Offer For Sale: 1,74,50,882 Shares Worth ₹579.37 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹315 – ₹332 per share |
| Market Lot | 45 Shares |
| Min Order | 45 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Vikram Solar IPO – Date Schedule
| IPO Open Date | 19 August 2025 |
| IPO Close Date | 21 August 2025 |
| Basis of Allotment | 22 August 2025 |
| Initiation of Refund | 25 August 2025 |
| Credit of Shares to Demat Account | 25 August 2025 |
| IPO Listing Date | 26 August 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2025 |
Vikram Solar IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | ₹14,940 |
| Retail (Max) | 13 | 585 | ₹1,94,220 |
| S-HNI (Min) | 14 | 630 | ₹2,09,160 |
| S-HNI (Max) | 66 | 2,970 | ₹9,86,040 |
| B-HNI (Min) | 67 | 3,015 | ₹10,00,980 |
Competitive Strength
- One of India’s largest pure-play module manufacturers with 4.50 GW installed capacity (2.85 GW MNRE-approved).
- Expansion plans to 15.50 GW by FY26 and 20.50 GW by FY27, plus backward integration into 12 GW solar cell manufacturing and 1–5 GWh battery storage.
- Strong R&D, robust QC systems, and skilled talent base.
- PV modules range: 395–735 Wp, efficiency 20.23%–23.66%.
- Pan-India presence in 19 states, 2 UTs, with 83 distributors, 250+ dealers, 76 integrators; exports to 39 countries.
- Recognized BloombergNEF Tier-1 manufacturer since 2014.
- Robust financial performance with strong order book.
- Led by experienced promoters and management team.
Company Promoters
- Gyanesh Chaudhary
- Gyanesh Chaudhary Family Trust
- Vikram Capital Management Private Limited
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹2,091.91 Cr | ₹2,073.04 Cr | ₹14.49 Cr | ₹0.09 Cr |
| 31 March 2024 | ₹2,523.96 Cr | ₹2,405.04 Cr | ₹79.72 Cr | ₹0.10 Cr |
| 31 March 2025 | ₹3,459.53 Cr | ₹3,242.16 Cr | ₹139.83 Cr | ₹0.00 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 16.57% |
| ROCE | 24.49% |
| Debt/Equity | 0.19 |
| RoNW | 11.26% |
| PAT Margin | 4.08% |
| EBITDA Margin | 14.37% |
| Price to Book Value | 8.46 |
| Pre IPO | Post IPO | |
| EPS (₹) | 4.42 | 3.87 |
| P/E (x) | 75.16 | 85.88 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Partial funding of capital expenditure for the Phase-I Project. | ₹769.73 |
| Funding of capital expenditure for the Phase-II Project. | ₹595.21 |
| General corporate purposes. |
Vikram Solar IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Waaree Energies Limited | 45.79 |
| 2 | 10 | Websol Energy System Limited | 40.04 |
| 3 | 1 | Premier Energies Limited | 47.01 |
✅Strengths
- Leading solar PV module manufacturer with strong domestic and export presence.
- Aggressive capacity expansion into modules, cells, and battery storage.
- Advanced technology portfolio with high-efficiency products.
- Established distribution network and global customer base.
- Recognized quality and reliable execution record.
- Healthy order pipeline supporting future growth.
⚠️Risks
- Intense competition and pricing pressure.
- Dependence on key raw material suppliers.
- Need for continuous tech upgrades.
- High working capital needs.
- Revenue concentration risk.
- Forex exposure from imports/exports.
- Policy/regulatory changes.
- Execution risk in expansion plans.
Vikram Solar IPO Promoter Holding
| Pre Issue Share Holding | 77.64% |
| Post Issue Share Holding | 63.12% |
Vikram Solar IPO Prospectus
Company Contact Information
| Vikram Solar Ltd. Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata, West Bengal, 700107 Phone: +91 33 2442 7399 Email: secretarial@vikramsolar.com Website: http://www.vikramsolar.com/ |
Vikram Solar IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: vikramsolar.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Vikram Solar IPO Lead Manager(s)
| 1. JM Financial Limited 2. Equirus Capital Private Limited 3. UBS Securities India Private Limited 4. Nuvama Wealth Management Limited 5. PhillipCapital (India) Private Limited |
Vikram Solar IPO FAQs
| What is Vikram Solar IPO? Vikram Solar IPO is a main-board IPO. The issue is priced at ₹315 to ₹332 per equity share. The IPO is to be listed on BSE & NSE. |
| When will Vikram Solar IPO open? The IPO is to open on 19 August 2025 for QIB, NII, and Retail Investors. |
| What is Vikram Solar IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Vikram Solar IPO? You can apply Vikram Solar IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Vikram Solar IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Vikram Solar IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Vikram Solar IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Vikram Solar IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Vikram Solar IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Vikram Solar IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Vikram Solar IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Vikram Solar IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Vikram Solar IPO Size? Vikram Solar IPO size is ₹2,079.37 Crore. |
| What is the Vikram Solar IPO Price Band? Vikram Solar IPO Price Band is ₹315 to ₹332. |
| What is the Vikram Solar IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 45 Shares with ₹14,940 while the maximum bid is 585 Shares with ₹1,94,220. |
| What is the Vikram Solar IPO Allotment Date? Vikram Solar IPO allotment date is 22 August 2025. |
| What is the Vikram Solar IPO Listing Date? Vikram Solar IPO listing date is 26 August 2025. The IPO is to be listed on BSE and NSE. |
