Vikram Solar LTD IPO: Price Band, Details, Analysis & Our View
Enquire Now
×

Enquire Now

Blogs / IPO Note / Vikram Solar limited IPO Update
By Sushil Finance
19 August 2025 • 9 MINUTES READ
Vikram Solar Limited

Vikram Solar Limited IPO: Price Band, Lot Size, Key Highlights & Our View

Share

IPO Details

Issue Opening Window: Aug 19, 2025
Issue Closing Window: Aug 21, 2025
Issue Size: ₹ 2,079.37 Cr (@ upper band Rs. 332)
Structure ₹ Fresh: 1,500 Cr
OFS: ₹ 579.37 Cr
Price Band: Rs. 315 – Rs. 332 per share
Lot Size: 45 shares & multiples thereafter

Application Amounts

Minimum: ₹ 14,400 (45)
Maximum: ₹ 187,200 (585)
Small HNI: ₹ 2,09,160 (630)
Big HNI: ₹ 10,00,980 (3,015)

Our View
Long-term investment for high-risk investors

Company Overview

Vikram Solar is one of India’s largest solar photo-voltaic (PV) module manufacturers by operational capacity, with over 17 years of industry experience. It is the largest pure-play module manufacturer in India with 4.50 GW installed manufacturing capacity and an enlisted capacity of 2.85 GW (MNRE ALMM), as of June 30, 2025.

The company operates manufacturing facilities at Falta SEZ (Kolkata, West Bengal) and Oragadam (Chennai, Tamil Nadu), strategically connected to ports, rail, and roads for domestic and international logistics. Average product efficiency has improved from 17.52% (CY2016) to 23.66% (CY2025, till March).

Vikram Solar has a pan-India distribution footprint across 19 states and 2 union territories via 83 authorized distributors and 250+ dealers, and supplies to 39 countries. Key Indian customers include NTPC, NLC, GIPCL, Adani Green, and JSW Energy; international customers include PureSky Development Inc and Sundog Solar LLC.


Key Highlights

One of the largest Indian solar PV module manufacturers.
Strong R&D focus with robust quality control systems.
Deep technical proficiency in PV module manufacturing.
Diverse domestic and international presence.
Strong brand recognition and marquee customer base.

Objects of the Issue

Partial funding of capex via investment in wholly-owned subsidiary VSL Green Power Pvt. Ltd. for Phase-I (₹ 769.73 Cr).
Funding of capex via investment in VSL Green Power Pvt. Ltd. for Phase-II (₹ 595.21 Cr).

Offer for Sale: Up to 17,450,882 equity shares; the company will not receive proceeds from the OFS.


Strategy & Capacity Expansion

The company is pursuing backward integration by setting up a solar cell facility (2 units of 3.00 GW and 9.00 GW) in Gangaikondan, Tamil Nadu (target FY2027). Installed module capacity is planned to increase to 15.50 GW by FY2026 and 20.50 GW by FY2027 through greenfield and brownfield expansions.

Vikram Solar provides 12-year product warranties (materials & workmanship) and 27–30 year performance warranties (power output), aligning with global benchmarks.


Risks & Sensitivities

Competitive intensity and rapid technology cycles; risk of obsolescence.
Policy and regulatory risk; subsidy/incentive changes can impact demand.
Customer concentration (top 10 ~88%) and raw material price volatility.
Execution risk in new facilities; high import exposure (~80%).
Cyclicality of the global solar market and FX/logistics volatility.

Financial Snapshot & Valuation

From FY23 to FY25, Revenue/EBITDA/PAT grew at CAGRs of 29% / 62% / 211%, respectively. FY25 EBITDA margin was 14.37%, PAT margin 4.08%; ROCE 24.49%, ROE 16.57%; Debt-to-Equity 0.19x.


Metric
Detail
Price Band Rs. 315 – 332 per share
Implied P/E ~70x (FY25)
P/BV 8.64x (NAV Rs. 39.24)
Sector P/E ~44x (RHP)
Verdict on Pricing Exorbitantly priced vs. sector.

Our View

Vikram Solar offers exposure to India’s accelerating renewable energy transition, supported by scale, brand equity, expansion into cells, and improving product efficiency. However, the issue appears expensive relative to sector benchmarks, with material execution and policy risks.

Stance: Long-term investment for high-risk investors. Cash-rich investors seeking thematic exposure to solar may consider, ideally with a long investment horizon and allocation discipline.

Vikram Solar Limited IPO — Quick FAQs

What are the IPO dates, lot size and price band?
Opens Aug 19, 2025 • Closes Aug 21, 2025 • Lot size 45 shares • Price band Rs. 315–332.
What is the issue structure?
Total Rs. 2,079.37 Cr: Fresh Rs. 1,500 Cr + OFS Rs. 579.37 Cr.
Who should consider this IPO?
Investors comfortable with higher risk, seeking long-term exposure to India’s solar value chain, and mindful of valuation.

Apply for IPO with Sushil Finance

Brief Financials

PARTICULARS ₹ in Million
FY ’25 FY ‘24 FY ‘23
Total Income 34,595.27 25,239.62 20,919.11
Total Expenditure 32,421.64 24,050.35 20,730.37
EBITDA 4,920.11 3,985.79 1,861.78
Profit before Tax 2,173.63 1,072.83 188.74
Profit after Tax 1,398.31 797.18 144.91
E.P.S. (Diluted) 4.60 3.08 0.56
P/E (x) (Diluted) 72 - -
RONW (%) 11.26 17.90 3.97

PRICE CHART (@ ₹ 332) (Retail Category)

LOT SIZE
Amount
45 14,940
90 29,880
135 44,820
180 59,760
225 74,700
270 89,640
315 104,580
360 119,520
405 134,460
450 149,400
495 164,340
540 179,280
585 194,220

HNI Payment Chart

Category
No. of Shares Minimum Bid Lot Amount (Rs.)
Small HNI 630 209,160
Big HNI 3.015 1,000,980

Indicative Time Table

Tentative Events
Indicative Dates
Finalisation of Basis of Allotment with the Designated Stock Exchange 22/8/2025
Initiation of refunds/unblocking ASBA Fund 25/8/2025
Credit of Equity Shares to demat accounts of Allottees 25/8/2025
Commencement of trading of the Equity Shares on the Stock Exchanges 26/8/2025



Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.


Checkout More Blogs
IPO Note
News & Views

ATTENTION INVESTORS:
Short Sell Reporting • || • Precautions for clients dealing in options • || • Investor Charter : Annexure A – Stock Broker | Annexure A – Research Analyst (RA) | Annexure A – DP | Annexure B - DP • || • Advisory for KYC updation • || • Advisory for Investors • || • Investor Awareness regarding the revised guidelines on Margin Collection • || • Link your Aadhar number with us here. • || • IPO Subscription: " UPI Mechanism is Compulsory for Retail Investors. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account." • || • Prevent Unauthorized Transactions in your Demat Account remains in investor's account." • || • Prevent Unauthorized Transactions in your Demat Account- Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile number for all debit and other important transactions in your demat account directly from CDSL on the same day. “ISSUED IN THE INTEREST OF INVESTORS” "Prevent unauthorised transactions in your account --> Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day . Issued in the interest of Investors."

About the company

Established in 1982 by Mr. Sushil N. Shah as a proprietary concern, SUSHIL FINANCE, over a period of time, has emerged as one of India’s leading Financial Services.... Read More
Sushil Connect App for Stock Recommendations QR Code Savashare Mobile Trading App for Stock Trading QR Code


"Gain key market insights and stay informed with a real-time Economic Calendar that tracks major global financial events"
Registered Office : Sushil Financial Services Private Limited., 12, Homji Street Fort Mumbai-400 001 • Tel. No. +91-22-40936000Fax No. +91-22-22665758Email: info@sushilfinance.com

KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. Receive alerts on your Registered Mobile number for all debit and other important transactions in your demat account directly from CDSL on the same day. Prevent unauthorised transactions in your account Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day.

Sushil Financial Services Private Limited - CIN No. U67120MH1991PTC063438- Member : BSE/ NSE. SEBI Registration No. - INZ000165135.. Depository Participant (CDSL) SEBI Registration No.- IN-DP-504-2020. Research Analyst SEBI Registration No.- INH000000867. BSE Enlistment no for RA : 5051. IPO Distributor. AMFI Registered Mutual Fund Distributor ARN No. 77875 Registered Since : 04-Jan-2010 Valid till : 03-Jan-2027

Compliance Officer Details: Name: Mr. Suresh Nemani, Email id: suresh.nemani@sushilfinance.com, Contact No: 022-40935000. In case of any grievances, please write to us on compliance@sushilfinance.com

Disclaimer :

For Research Analyst: Registration granted by SEBI, Enlistment as RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Mutual fund investments are subject to market risks, read all scheme related documents carefully.

Protect Yourself from Fraudulent Activities: We want to ensure your safety and keep you informed. While we have not encountered any cases of impersonation involving our brand, it is important to stay vigilant. Fraudsters may misuse Sushil Finance name or Logo to promote fake brokerage schemes, investment opportunities, or other financial services. If you come across any suspicious activities or are unsure about the authenticity of an offer, please do not hesitate to contact us at : 📞 022-40934060 | 022-40934096 📧 social@sushilfinance.com Stay connected with us on our official social media platforms. Your security is our priority. Stay alert and verify any communication you receive to ensure it is from us.
Attention : We have identified a fake Telegram Channel misusing our brand name Sushil Finance. The channel is misleading and may potentially harm our brand’s reputation and misguide our clients. Fake Telegram Channel Link : https://t.me/SushilFinanceee
Request you all to report this channel immediately by clicking on the above link > Tap on the Channel Name > More with 3 dots > Select Report > Choose Scam or spam >Then choose Impersonation >This channel is impersonating our brand Sushil Finance & is engaged in spam activities. Our official channel is: https://t.me/sushilfinancecompanies

© 2025 Sushil Finance. All rights reserved.