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 ViewLong-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.
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.