Vikram Solar Limited
Minimum investment
Bidding date
19 Aug - 21 Aug 2025
Price range
₹315 - ₹332
Minimum quantity
45
Minimum investment
₹14,175
Issue size
—
IPO doc (link)
RHP docs
Listing exchange
NSE/BSE
Category | Subscription |
|---|---|
Qualified Institutional Buyers | 17544.29x |
Retail Individual Investor | 7.56x |
Non-Institutional Investor | 33.84x |
Others | - |
Total | 7.56x |
Vikram Solar Limited was incorporated in 2005 and is one of India’s leading solar photovoltaic (PV) module manufacturers. The company specializes in high-efficiency PV modules and provides Engineering, Procurement & Construction (EPC) as well as Operations & Maintenance (O&M) services for solar power projects.
Its product portfolio includes advanced PV technologies such as PERC, TOPCon, and HJT modules, available in both bifacial and monofacial formats. Vikram Solar has two manufacturing facilities located in Falta SEZ, West Bengal, and Oragadam, Tamil Nadu.
With a pan-India presence, the company serves 23 states and 3 union territories through a network of 41 authorized distributors, 64 dealers, and 67 system integrators. Its client base includes government entities like NTPC, NLC, and Gujarat Industries Power, as well as private IPPs such as ACME Cleantech Solutions. As of March 31, 2025, the company employs over 2,500 staff including contractual employees.
Leading Industry Presence: Vikram Solar is among the largest solar PV manufacturers in India with a strong domestic presence and growing international reach.
Diversified Business Model: The company operates across PV module manufacturing, EPC services, and O&M, creating multiple revenue streams and reducing dependency on a single line of business.
Strong Financial Performance: With a 37% increase in revenue and 75% growth in PAT (FY25 vs FY24), the company has shown robust financial progress and improving profitability.
Reputed Client Base: Trusted by government entities like NTPC, NLC, and Gujarat Industries Power, as well as private players such as ACME Cleantech Solutions, ensuring long-term demand stability.
Expansion Opportunities: Funds raised through the IPO will be used for Phase-I and Phase-II expansion projects, strengthening production capacity and competitiveness.
High Valuation: The post-issue P/E ratio stands at 85.88x, which is considered expensive compared to peers in the renewable energy sector.
Policy Dependence: The company’s growth is closely linked to government renewable energy policies and incentives. Any change in regulations could impact performance.
Intense Competition: Domestic and global solar PV manufacturers pose stiff competition, which may put pressure on pricing and margins.
Technological Upgradation: Continuous innovation in solar PV technologies requires significant R&D investments, increasing cost burden.
Raw Material Price Volatility: Fluctuations in prices of key raw materials such as silicon wafers can directly affect operating margins and profitability.
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Active IPOs | |
|---|---|
Company name | Bid starts |
Citius Transnet Investment Trust | 17-04-2026 |
