IPO Details
Bidding Dates
19 Aug 25 - 21 Aug 25
Lot Size
45
Price Range ₹
315 - 332
Exchange Status
BSE,NSE
Total Equity
₹ 0.00Cr
IPO Doc
IPO Timeline
Listing
--
Offer start
19 Aug 2025
Offer end
21 Aug 2025
Allotment
22 Aug 2025
Refund initiation
25 Aug 2025
Demat transfer
25 Aug 2025
Listing
--
Offer start
19 Aug 2025
Offer end
21 Aug 2025
Allotment
22 Aug 2025
Refund initiation
25 Aug 2025
Demat transfer
25 Aug 2025
About Company
Incorporated in 2005, Vikram Solar Limited is one of India’s leading manufacturers of high-efficiency solar photovoltaic (PV) modules. The company operates in three core segments — PV module manufacturing, Engineering Procurement & Construction (EPC) services, and Operations & Maintenance (O&M) solutions — serving both domestic and global clients.Its product portfolio includes PERC, TOPCon, and HJT modules, available in bifacial and monofacial formats. Manufacturing is carried out at two facilities located in Falta SEZ (Kolkata) and Oragadam (Chennai).Vikram Solar has a pan-India presence, operating in 23 states and 3 union territories, with a strong distributor network (41 authorized distributors, 64 dealers, and 67 system integrators). Key clients include NTPC, Neyveli Lignite, Gujarat Industries Power, and private IPPs like ACME Cleantech.Financially, the company has shown strong growth — FY25 revenue grew 37% YoY, and PAT surged 75%, with a healthy EBITDA margin of 14.37%. Debt levels remain low (Debt/Equity of 0.19), and ROCE is robust at 24.49%. However, the IPO comes at a high valuation with a post-issue P/E of 85.88.
Year Founded
02-12-2005
Promotor Details
Gyanesh Chaudhary
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 77.64 | 0 |
| Share Capital | 245769820 | 0 |
Highlights
- Leading PV module manufacturer with recognized brand presence in India and growing global footprint.
- Multiple advanced solar technologies (PERC, TOPCon, HJT) catering to varied customer needs.
- Strong revenue and PAT growth in FY25 with improved profitability metrics.
- Debt/Equity ratio of just 0.19 offers financial stability and room for expansion.
- Strong relationships with state-owned entities and major private IPPs ensure steady order flow.
Challenges
- Post-IPO P/E of 85.88 and Price-to-Book Value of 8.46 may limit near-term upside.
- PAT margin at 4.08% leaves limited cushion against cost escalations, especially raw material prices.
- Intense competition from domestic and global PV manufacturers could pressure market share
- Heavy reliance on government renewable energy policies, subsidies, and tariffs for demand growth.
- Large-scale capex for Phase-I and Phase-II projects may face delays or cost overruns, impacting returns.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2022 | 22,370.36 | 2,588.30 | 1,398.31 | 1,398.31 | 4.4175 |
| 2021 | 17,978.85 | 235.30 | 5,505.39 | 5,503.29 | 1.7916 |
| 2025 | 28,320.81 | 3,165.36 | 144.91 | 144.91 | 0.5599 |
| 2023 | 24,762.50 | 2,588.30 | 5,505.39 | 5,503.29 | 1.7916 |
| 2024 | 25,854.52 | 2,588.30 | 5,505.39 | 5,503.29 | 1.7916 |
