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VIKRAMSOLR IPO

Vikram Solar Limited

IPO Doc

Start Date19-08-2025

Application Timing10am-5pm

Price Range₹315 - ₹332

Min Qty45

Min. Investment₹14175

Listing Date26-08-2025

Close Date21-08-2025

About Vikram Solar Limited

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.

Why To Invest in Vikram Solar Limited

Strong Market Position: Vikram Solar is a leading Indian manufacturer of advanced PV modules with established domestic and international market presence.
Financial Growth: Revenue grew 37% YoY, and Profit After Tax rose by 75% between FY24 and FY25.
Healthy Profit Margins: EBITDA margin stands at 14.37% and PAT margin at 4.08%, indicating improving operational efficiency.
Robust Order Book & Clients: Strong relationships with top government bodies and large IPPs ensure consistent project flow.
Industry Tailwinds: With India pushing renewable energy targets, the solar sector is expected to see accelerated growth, benefiting companies like Vikram Solar.
Expansion Plans: IPO proceeds will be used for Phase-I and Phase-II expansion projects, strengthening long-term capacity and revenue potential.

Financial Table

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	2,832.15	2,585.50	2,476.29
Total Income	3,459.53	2,523.96	2,091.91
Profit After Tax	139.83	79.72	14.49
EBITDA	492.01	398.58	186.18
Net Worth	0.86	-0.10	-0.08
Reserves and Surplus	932.60	192.16	113.07
Total Borrowing	0.00	0.10	0.09

Strengths And Risks

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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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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ARN-35911

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We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

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1. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment. No worries for refund as the money remains in the investor's account. 2. KYC is a 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.

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VIKRAMSOLR IPO

About Vikram Solar Limited

Why To Invest in Vikram Solar Limited