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Vikram Solar IPO
Vikram Solar Ltd
₹14,175 /45 sharesMinimum Investment
Vikram Solar IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹332.00 | ₹338.00 | ₹6.00 (1.81%) |
Vikram Solar IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 19 Aug ‘25 - 21 Aug ‘25 | ₹14,175 | 45 | ₹315 - ₹332 |
| Issue Size | IPO Doc |
|---|---|
| 2079.37Cr | RHP PDF |
Subscription rate
As of 21 Aug'25, 04:01 PM
| Qualified Institutional Buyers | 100.90x |
| Non-Institutional Investor | 49.79x |
| Retail Individual Investor | 7.14x |
| Employees | 4.55x |
| Total | 42.44x |
About Vikram Solar
Founded in
2005
Managing director
Mr Gyanesh Chaudhary
Parent organisation
Vikram Solar Ltd
Strengths & Financials of Vikram Solar
Strengths
Risks
Vikram Solar claims to have an installed manufacturing capacity of 4.50 GW for solar PV modules as of the date of this RHP, across its two facilities in Falta, Kolkata (3.20 GW) and Oragadam, Chennai (1.30 GW).
Vikram Solar claims to have a dedicated research and development (R&D) team focused on developing new high-efficiency products, such as M10R, G12R, and HJT modules. Its R&D lab in Falta, West Bengal, is accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL), making it the first solar company in eastern India to receive such accreditation. The company’s products undergo rigorous testing, including artificial intelligence (AI)-enabled inspection, to ensure quality and reliability.
Vikram Solar claims to have strong technical expertise in solar PV module manufacturing, leveraging advanced equipment and technologies from countries like Japan, Germany, the United States (US), and Switzerland. Its manufacturing units are automated with systems, applications, and products (SAP)/business intelligence (BI)-based control algorithms, enhancing quality tracking during production. The company’s latest PV modules have wattages of between 395 Wp and 735 Wp, with efficiencies ranging from 20.23 percent to 23.66 percent, placing it in line with global standards for similar technology.
Vikram Solar claims to have a widespread presence in India, covering 19 states and two Union Territories through a network of 83 authorised distributors and over 250 dealers. This extensive distribution network is further supported by strategically located manufacturing facilities near ports, improving supply chain efficiency. Internationally, the company has supplied solar PV modules to customers in 39 countries, including the US, the UK, and the UAE.
Vikram Solar claims to have strong brand recognition due to its high-quality products and customer-centric approach. The company has been consistently listed as a Tier 1 solar PV module manufacturer by Bloomberg NEF since 2014, with the latest inclusion in 2025.
Both manufacturing facilities of the company hold ISO 14001:2015 certification for their environmental management systems and the ISO 45001:2018 certification for occupational health and safety management systems implementation. Furthermore, the Falta facility is also certified ISO 9001:2015 for its quality management systems, SA 8000:2014 certified for social accountability, and ISO/IEC 27001:2013 certified for its information security systems.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 2,073.23 crore in FY23 to Rs 2,510.99 crore in FY24 and Rs 3,423.45 crore in FY25. PAT increased from Rs 14.49 crore in FY23 to Rs 79.72 crore in FY24 and Rs 139.83 crore in FY25.
A significant portion of the company’s revenue is derived from its sale of solar PV modules. It accounted for Rs 3,363.02 crore (98.23 percent) of the company’s total revenue in FY25, Rs 2,444.11 crore (97.34 percent) in FY24, and Rs 971.15 crore (46.84 percent) in FY23. Any decline in the demand for this product could have an adverse impact on the company’s business, revenue, and profitability.
The top five customers accounted for Rs 2,653.07 of the company’s total revenue in FY25, Rs 1,911.61 crore (76.13 percent) in FY24, and Rs 1,338.72 crore (64.57 percent) in FY23. Any failure to retain these key customers, expand the customer base, or loss of business from any of them could adversely affect the company’s business and financial standing.
The cost of solar PV cells accounted for Rs 1,076.03 crore (44.74 percent) of the company’s total expenses in FY24, Rs 568.22 crore (27.41 percent) in FY23, and Rs 537.45 crore (29.49 percent) in FY22. Any sharp spike in the price of this raw material could increase the cost of materials for Vikram Solar, adversely impacting the company's financial condition and operations.
Vikram Solar's operations rely heavily on raw material imports, particularly from China, East Asia, and Southeast Asia. They accounted for Rs 522.71 crore of the company’s total purchases in FY25, Rs 1,042.78 crore (61.42 percent) in FY24, and Rs 654.27 crore (57.47 percent) in FY23. Any restrictions, such as increased tariffs, export duties, or disruptions in supply from these regions, could adversely affect the company’s cost structure, profitability, and cash flows.
The company, its directors, and promoters are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business and finances.
The top five suppliers accounted for Rs 667.29 crore (44.98 percent) of the company’s total cost of raw materials purchased in FY25, Rs 1,191.09 crore (70.16 percent) in FY24, and Rs 609.42 crore (53.53 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The US accounted for Rs 32.92 crore (0.96 percent) of the company’s total export sales in FY25, Rs 1,534.19 crore (99.22 percent) in FY24, and Rs 375.83 crore (83.80 percent) in FY23. Any unfavourable changes in US government policies, including tariffs, regulations, or trade restrictions, may adversely affect the company’s business and revenue.
Vikram Solar's manufacturing capacity utilisation was 48.09 percent, 39.51 percent, and 36.91 percent in FY24, FY23, and FY22, respectively, which indicates that a significant portion of its manufacturing capacities remains unused. Extended periods of under-utilisation or inefficient use of newly expanded capacities could result in increased overhead costs and a negative impact on the company's financial performance.
As of FY24, the company had trade receivables of Rs 1,228.59 crore in FY25 compared to Rs 1,185.33 crore in FY24. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of March 31, 2025, the company had contingent liabilities amounting to Rs 257.77 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of May 31, 2025, the company had outstanding financial indebtedness amounting to Rs 2,130.20 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Vikram Solar Financials
*All values are in Rs. Cr
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Application Details of Vikram Solar IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹315 - 332 | Upto ₹2 Lakh |
| Employee | ₹315 - 332 | Upto ₹2 Lakh |
| High Networth Individual | ₹315 - 332 | ₹2 - 5 Lakh |
For Vikram Solar IPO, eligible investors can apply as Regular & Employee.