Vikram Solar IPO Price: ₹315 to ₹332 per share
IPO Dates: 19th August 2025 – 21st August 2025
Company Overview
Vikram Solar Limited was originally incorporated in December 2005 as International Leather Clothiers Pvt. Ltd. in West Bengal. The company underwent several name changes—becoming International Clothiers India Pvt. Ltd. in May 2006, and Vikram Solar Pvt. Ltd. in September 2008. In August 2017, it was converted into a public limited company and renamed Vikram Solar Limited.
Industry Standing
As of March 31, 2025, Vikram Solar is among India’s largest solar photovoltaic (PV) module manufacturers in terms of operational capacity. The company stands as the largest pure-play module manufacturer in the country, with an installed capacity of 4.50 GW and an enlisted capacity of 2.85 GW, as per MNRE’s approved list of modules and manufacturers as of June 30, 2025.
Product Portfolio
The company’s solar energy product range includes:
- P-Type Monocrystalline Silicon PERC Modules
- N-Type Monocrystalline Silicon (N-Type) Modules
- N-Type Monocrystalline Silicon HJT Modules
Through consistent R&D and technological upgrades, Vikram Solar has improved the average efficiency of its products from 17.52% in CY 2016 to 23.66% in CY 2025 (till March 2025).
Manufacturing Facilities
Vikram Solar operates two advanced solar PV module manufacturing facilities:
- West Bengal – 3.20 GW capacity
- Tamil Nadu – 1.20 GW capacity
Together, these facilities contribute to a total installed capacity of 4.50 GW. The company has outlined ambitious expansion plans to increase its capacity to 15.50 GW by FY 2026 and further to 20.50 GW by FY 2027 through a mix of greenfield and brownfield projects.
Backward Integration
To strengthen its position in the solar value chain, the company is strategically backward integrating into solar cell manufacturing. It is setting up a facility at Gangaikondan, Tamil Nadu, with two units of 3.00 GW and 9.00 GW capacity, expected to be operational by FY 2027.
Domestic and Global Presence
Vikram Solar has built a robust domestic distribution network, serving 19 states and 2 union territories through 83 authorized distributors and over 250 dealers. The company has also expanded internationally, with a sales office in the United States and a procurement office in China. As of March 31, 2025, it has supplied solar PV modules to customers across 39 countries.
Client Base
Domestically, Vikram Solar’s clientele includes marquee organizations such as NTPC, Neyveli Lignite, Gujarat Industries Power Co., Adani Green Energy, and JSW Energy. Internationally, its customers include PureSky Development Inc. and Sundog Solar LLC.
Order Book
As of March 31, 2025, the company maintained a strong order book of 10,340.82 MW, which is approximately 2.3 times its total rated capacity. Of this, 6,424.93 MW is under execution, while 3,915.89 MW represents projects yet to be executed, providing healthy visibility for future revenue growth.
Competitive Strengths
- One of the largest Indian solar PV module manufacturers with 4.50 GW operational capacity and 1,286.10 MW actual production as of March 2025.
- Strong R&D and advanced quality control processes.
- Proven technical expertise in solar PV module manufacturing.
- Strong presence across domestic and international markets.
- Well-recognized brand with a diverse and loyal customer base.
- Robust financial performance with a sizeable order book ensuring future growth visibility.
- Led by experienced promoters and management with a proven industry track record.
Bidding Starts In
Vikram Solar IPO Specifics:
| IPO Date | August 19, 2025 to August 21, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹315 to ₹332 per share |
| Lot Size | 45 Shares |
| Total Issue Size | 6,26,31,604 shares (aggregating up to ₹2,079.37 Cr) |
| Fresh Issue | 4,51,80,722 shares (aggregating up to ₹1,500.00 Cr) |
| Offer For Sale | 1,74,50,882 shares (aggregating up to ₹579.37 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 31,65,36,309 shares |
| Share Holding Post Issue | 36,17,17,031 shares |
Vikram Solar IPO Timetable (Important Dates)
| IPO Open Date | Tuesday, August 19 2025 |
| IPO Close Date | Thursday, August 21 2025 |
| Basis of Allotment | Friday, August 22 2025 |
| Initiation of Refunds | Monday, August 25 2025 |
| Credit of Shares to Demat | Monday, August 25 2025 |
| Listing Date | Tuesday, August 26 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2025 |
Vikram Solar IPO Lot Size
Bidders have the opportunity to bid for a minimum of 45 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | ₹14,940 |
| Retail (Max) | 13 | 585 | ₹1,94,220 |
| S-HNI (Min) | 14 | 630 | ₹2,09,160 |
| S-HNI (Max) | 66 | 2,970 | ₹9,86,040 |
| B-HNI (Min) | 67 | 3,015 | ₹10,00,980 |
Vikram Solar IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Vikram Solar Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 2476.29 | 2585.50 | 2,832.15 |
| Revenue | 2091.91 | 2523.96 | 3459.53 |
| Profit After Tax | 14.49 | 79.72 | 139.83 |
| EBITDA | 186.18 | 398.58 | 492.01 |
| Net Worth | -0.08 | -0.10 | 0.86 |
| Reserves & Surplus | 113.07 | 192.16 | 932.60 |
Key Performance Indicator – Vikram Solar IPO
| KPI | Values |
|---|---|
| Market Cap | ₹12,009.01 Cr |
| EPS | ₹4.42 |
| P/E (x) | 75.16 |
| ROE | 16.57% |
| ROCE | 24.49% |
| PAT Margin | 4.08% |
| RoNW | 11.26% |
| Debt/Equity | 0.19 |
Objects of the Issue:
Vikram Solar Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Funding for Phase-I Project:
An amount of ₹769.73 crore will be allocated towards partial funding of capital expenditure for the Phase-I Project, aimed at enhancing the company’s manufacturing capacity and operational efficiency. - Funding for Phase-II Project:
₹595.21 crore will be utilized to meet the capital expenditure requirements for the Phase-II Project, supporting expansion and strengthening the company’s long-term growth plans. - General Corporate Purposes:
The balance of the proceeds will be used for general corporate activities, which may include administrative expenses, brand development, and other strategic initiatives.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
