Vikram Solar IPO will open for subscription on August 19, 2025, and close on August 21, 2025. Vikram Solar Limited, incorporated in 2005, is a leading manufacturer of solar photovoltaic (PV) modules, serving both domestic and global markets. The company operates across three core business segments: Solar PV Module Manufacturing, Engineering, Procurement, and Construction (EPC), and Operations and Maintenance (O&M).
This IPO update will be followed by details on the issue size, price band, financial performance, and how it is performing as compared to its peers.
Vikram Solar IPO Date
The key pointers for the Vikram Solar IPO dates are:
- Bidding Opening Date: August 19, 2025
- Bidding Closing Date: August 21, 2025
- Allotment Date: August 22, 2025
- Initiation of Refunds (in case of less or no allotment): August 25, 2025
- Shares Credited to Your Demat Account: August 25, 2025
- IPO Listing Date: August 26, 2025
- Listing on Exchange: BSE and NSE
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Vikram Solar: IPO Issue Size
Vikram Solar IPO valuation, as denoted by the market capitalisation, stood at ₹12,009 crores. Here are the important details:
- Vikram Solar IPO Price Band: ₹315 to ₹332 per share
- Lot Size: 45 Shares
- Issue Size and Amount: 6.26 crore shares (totalling up to ₹2,079.37 crores)
- Fresh Issue Size and Amount: 4.52 crore shares (totalling up to ₹1,500 crores)
- Offer for Sale and Amount: 1.75 crore shares of ₹10 (totalling up to ₹579.37 crores)
Vikram Solar IPO Proceeds Usage
The net proceeds from the Vikram Solar IPO are proposed to be utilised for the following purposes:
- Phase I of the Project: Part of the funds will go to VSL Green Power Private Limited (a wholly owned subsidiary) to build a solar cell and solar module manufacturing plant (3,000 MW each) at the SIPCOT Industrial Complex in Tamil Nadu.
- Phase II of the Project: Additional funds will be invested in VSL Green Power Private Limited to increase the solar module manufacturing capacity from 3,000 MW to 6,000 MW at the same site.
- To meet general corporate needs
Vikram Solar IPO Reservations
Vikram Solar IPO reservations to different investors are:
- For QIBs: Not more than 50% of the Net Offer
- For NIIs: Not less than 15% of the Net Offer
- For Retail Investors: Not less than 35% of the Net Offer
Vikram Solar IPO Lot Size
Vikram Solar IPO lot size is 45 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | ₹14,940 |
| S-HNI (Min) | 14 | 630 | ₹2,09,160 |
| B-HNI (Min) | 67 | 3,015 | ₹10,00,980 |
Vikram Solar IPO Details: Promoter Holding
Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, and Vikram Capital Management Private Limited are the promoters of Vikram Solar Limited.
Gyanesh Chaudhary, Vikram Capital Management Private Limited, and Anil Chaudhary are the selling shareholders in this IPO.
Vikram Solar IPO: Company Overview
Vikram Solar Limited, incorporated in 2005, is a manufacturer of solar photovoltaic (PV) modules with a focus on high-efficiency products for both domestic and international markets. The company operates across three main areas: solar PV module manufacturing, engineering, procurement, and construction (EPC) services, and operations and maintenance (O&M) solutions.
The company’s manufacturing facilities are located at Falta SEZ in Kolkata and Oragadam in Chennai. Vikram Solar has built a pan-India presence, serving 19 states and two union territories through a network of 83 authorised distributors, 250 dealers, and 76 system integrators. The company also has a sales office in the United States and a procurement office in China. As of March 31, 2025, solar PV modules have been exported to customers in 39 countries.
Its domestic customer base includes leading government entities such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited, and Gujarat Industries Power Company Limited, along with major private independent power producers like ACME Cleantech Solutions Pvt. Ltd., Adani Green Energy Limited, etc.
Vikram Solar IPO: Financial Performance
Vikram Solar Ltd. key financials and ratios for different periods are as follows:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 3,423 | 2,511 | 36% |
| EBITDA | 492 | 399 | 23% |
| PAT | 140 | 80 | 75% |
| EPS – Basic (₹) | 5 | 3 | 50% |
| Total Equity | 1,242 | 445 | 179% |
| Net Debt | 42 | 693 | -94% |
| Return on Equity (ROE) | 16.57% | 19.67% | -3% |
| Return on Capital Employed (ROCE) | 24.49% | 20.76% | 4% |
| Current Ratio (times) | 1.55 | 1.39 | 0.16 |
| Debt-Equity Ratio (times) | 0.19 | 1.81 | -1.62 |
- Vikram Solar Ltd. recorded a 36% increase in operating revenue, rising from ₹2,511 crores in FY24 to ₹3,423 crores in FY25, supported by higher demand for solar PV modules and EPC projects.
- EBITDA grew by 23%, increasing from ₹399 crores in FY24 to ₹492 crores in FY25, reflecting stronger profitability in core operations.
- Profit after tax surged by 75%, moving from ₹80 crores in FY24 to ₹140 crores in FY25, driven by improved operating efficiency and scale benefits.
- EPS rose 50%, increasing from ₹3 in FY24 to ₹5 in FY25, driven by higher net profitability and efficient capital utilization.
- Total equity jumped 179%, climbing from ₹445 crores in FY24 to ₹1,242 crores in FY25, supported by retained earnings and possible equity infusion.
- Net debt declined sharply by 94%, dropping from ₹693 crores in FY24 to ₹42 crores in FY25, indicating stronger cash flows and improved balance sheet health.
- ROE moderated from 19.67% in FY24 to 16.57% in FY25, reflecting a larger equity base despite higher profits.
- ROCE improved from 20.76% in FY24 to 24.49% in FY25, showcasing better capital efficiency and profitability.
- Current ratio improved from 1.39 in FY24 to 1.55 in FY25, indicating enhanced liquidity and short-term financial strength.
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Vikram Solar IPO: Peer Comparison
Here is the competitor analysis of Vikram Solar Ltd. with the listed peers in the solar PV industry:
| Company Name (FY25) | Total Rated Capacity (MW) | EPS (₹) Basic | P/E (x) |
|---|---|---|---|
| Vikram Solar Ltd. | 4,500 | 4.61 | 75.16 |
| Waaree Energies Limited | 15,000 | 68.24 | 45.79 |
| Premier Energies Limited | 5,100 | 21.35 | 47.01 |
| Websol Energy System Limited | 550 | 36.66 | 40.04 |
- Vikram Solar has an installed capacity of 4,500 MW, smaller than Waaree (15,000 MW) and Premier (5,100 MW) but much larger than Websol (550 MW). This shows a strong mid-to-large-scale presence in the solar industry.
- The company’s EPS is 4.61, lower than Waaree (68.24) and Premier (21.35), reflecting smaller per-share earnings.
- Vikram Solar’s P/E ratio is 75.16, the highest among peers, indicating strong market confidence in future growth or potential risk of overvaluation.
Vikram Solar IPO: Key Strengths
- Leading Manufacturing Capacity: Vikram Solar is one of India’s largest solar module manufacturers, with 4.5 GW of installed manufacturing capacity. The Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers recognizes 2.85 GW of this capacity as of June 30, 2025.
- Expansion Plans: The company is working on significant greenfield and brownfield expansions to increase its installed module manufacturing capacity to 15.5 GW by FY26 and 20.5 GW by FY27.
- Strong Backward Plans: It also plans to integrate backwards into the solar value chain. This includes establishing solar cell manufacturing units (3 GW and 9 GW) in Gangaikondan, Tamil Nadu by FY27. There is also a project for a greenfield battery energy storage system with an initial 1 GWh capacity that can expand to 5 GWh.
- Technical Expertise and R&D Focus: Vikram Solar has strong technical expertise in solar PV module manufacturing. This comes from a strong focus on research and development (R&D), strict quality control (QC) systems, and the ability to attract and keep top talent.
- Strong Brand and Customer Base: Vikram Solar has high brand recognition and a loyal customer base. The company has been recognized as a Tier-1 solar PV module manufacturer by BloombergNEF, with the latest inclusion in Q1 CY 2025.
- Robust Financial Performance: The company sees consistent financial growth, supported by a strong order book that provides clear visibility on future growth. Financial metrics have steadily improved over the last three fiscal years, driven by careful risk management and well-defined internal business processes.
- Experienced Leadership: The company is led by promoters and a skilled management team with a strong track record of execution and industry experience.
Vikram Solar IPO Risk Factors
Vikram Solar IPO GMP is ₹66 as of August 14, 2025 (at 13:54). It is expected to list at a 19.88% gain at a price of ₹398. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Vikram Solar Ltd. is exposed to various risk factors that can eventually affect its business and investors’ perception:
- In FY25, 77.50% of revenue from operations came from the top five customers, and 88.72% came from the top ten customers. This heavy reliance on a limited customer base means that any adverse developments affecting these customers or their relationships with the company could significantly impact financial performance and operational results.
- Fluctuations in the prices of wafers, solar photovoltaic cells, and other raw materials could increase costs and have a material adverse effect on the company’s business, financial condition, and results of operations.
- A large share of export sales was to the United States, accounting for 96.60% in FY25. The business is therefore sensitive to policy changes in the U.S. and tariff applications. Any unfavourable shifts could adversely affect operations, results, and future growth prospects.
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Frequently Asked Questions – FAQs
1. What are the Vikram Solar IPO dates?
The IPO will open for subscription on August 19, 2025, and close on August 21, 2025. The allotment is expected on August 22, 2025, and the tentative listing date is August 26, 2025 on both BSE and NSE.
2. What is the price band and lot size for the Vikram Solar IPO?
The price band is ₹315 to ₹332 per share. The lot size is 45 shares, and retail investors can apply with a minimum investment of ₹14,940.
3. How will the IPO proceeds be used?
The proceeds will be utilised to partly fund capital expenditure for the Phase-I project, fund capital expenditure for the Phase-II project, and meet general corporate purposes.
4. Who are the promoters of Vikram Solar Limited?
The promoters are Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, and Vikram Capital Management Private Limited.
References:
https://www.sebi.gov.in/filings/public-issues/aug-2025/vikram-solar-limited-rhp_96054.html
https://www.investorgain.com/gmp/vikram-solar-ipo-gmp/1377/
Author: All Content is verified by SMC Global Securities.
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