Vikram Solar Limited is launching an IPO with a total offering of 6,26,31,604 equity shares, each with a face value of ₹10. This includes a fresh issue of 4,51,80,722 equity shares of face value ₹10/- each, and an offer for sale of 1,74,50,882 equity shares of face value ₹10/- each. The company plans to use the funds raised to set up a 3,000 MW solar cell and module facility (Phase I), expand module capacity to 6,000 MW (Phase II) at SIPCOT, Gangaikondan, Tamil Nadu, and for general corporate purposes.

Vikram Solar Ltd IPO – Important Dates

Vikram Solar Ltd IPO Date	August 19, 2025 to August 21, 2025
Vikram Solar Ltd IPO Listing Date	August 26, 2025
Vikram Solar Ltd IPO Price	₹315 to ₹332 per share
Vikram Solar Ltd IPO Lot Size	45 Shares
Vikram Solar Ltd IPO Total Issue Size	6,26,31,604 shares
Vikram Solar Ltd IPO Basis of Allotment	August 22, 2025
Vikram Solar Ltd IPO Initiation of Refunds	August 25, 2025
Vikram Solar Ltd IPO Credit of Shares to Demat	August 25, 2025
Vikram Solar Ltd IPO Issue Type	Bookbuilding IPO
Vikram Solar Ltd IPO Listing At	BSE, NSE

Vikram Solar Ltd IPO – Company Profile

Vikram Solar Limited, incorporated in 2005 and headquartered in Kolkata, is one of India’s leading solar photovoltaic (PV) module manufacturers. The company produces high-efficiency PV modules, including PERC, TOPCon, and HJT technologies, through its facilities at Falta SEZ (West Bengal) and Oragadam (Tamil Nadu), with a capacity of 4.5 GW as of March 2024.

It also offers EPC and O&M services, having executed over 1.6 GW of projects, and maintains a strong domestic presence across 23 states and 3 union territories with exports to 39 countries. Their key clients include NTPC Renewable Energy, Neyveli Lignite Corporation, ACME Cleantech, and JSW Energy.

The company has reported robust growth with revenues rising at 28.5% CAGR, PAT at 210.6% CAGR, and an order book expanding to 10,341 MW, positioning it strongly to benefit from India’s growing solar demand and supportive policies.

Vikram Solar Ltd IPO Fundamental Analysis 

Vikram Solar Limited’s financial analysis reveals a growing performance. Revenue has increased, along with an increase in profitability. There is an increase in the EPS and a decrease in the RoNW, along with asset growth and rising liabilities, indicating potential operational efficiency.

• Revenue Trend: The revenue has increased from ₹25,109.90 millions in March 2024 to ₹34,234.53 millions in March 2025.
• Equity and Liabilities: Equities have shown a consistent increase over the periods, reflecting potential growth and expansion. 
• Profitability: The profit after tax (PAT) has increased from ₹797.18 million in March 2024 to ₹1,398.31 million in March 2025.
• Earnings per Share (EPS): The basic EPS has increased from ₹3.08 in March 2024 to ₹4.61 in March 2025, indicating an increase in earnings per share for investors. 
• Return on Net Worth (RoNW): The RoNW has decreased from 17.90% to 11.26%, indicating a decrease in the company’s ability to generate returns on shareholder equity. 
• Financial Position: Total assets have increased, suggesting business expansion. Also, the current ratio has increased, indicating an increase in the ability to meet short-term obligations compared to the previous year.

Vikram Solar Ltd IPO Financial Analysis

Particular	As of 31 March 2023	As of 31 March 2024	As of 31 March 2025
Revenue From Operations (₹ in million)	20,732.30	25,109.90	34,234.53
Total Income (₹ in million)	20,919.11	25,239.62	34,595.27
EBITDA (₹in million)	1,861.78	3,985.79	4,920.11
EBITDA Margin (%)	8.98%	15.87%	14.37%
Profit After Tax (₹ in million)	144.91	797.18	1,398.31
Earnings per Share (EPS)	0.56	3.08	4.61
Return on Net Worth (%)	3.97%	17.90%	11.26%
Return on Capital Employed (%)	12.78%	20.76%	24.49%
Debt-Equity Ratio	2.02	1.81	0.19
Current Ratio	1.35	1.39	1.55

Vikram Solar Ltd IPO Peer Comparison

Vikram Solar Limited reports relatively lower EPS and RoNW compared to listed peers, highlighting moderate profitability despite healthy revenues. Waaree Energies Limited leads the industry with the highest income, robust EPS, strong RoNW, and the largest market capitalization. Premier Energies Limited shows steady growth with balanced EPS, RoNW, and a solid net worth base. Websol Energy System Limited, though smaller in scale, reflects strong RoNW and healthy EPS performance.

Name of the Company	Total Income (₹ in Million)	Face Value (₹)	P/E Ratio	EPS (₹)	RoNW (%)	NAV per Equity Share (₹)
Vikram Solar Limited	34,595.27	10	–	4.61	11.26	39.24
Waaree Energies Limited	1,48,460.60	10	45.79	68.24	20.09	334
Premier Energies Limited	66,520.86	1	47.01	21.35	33.21	62.61
Websol Energy System Limited	5,774.30	10	40.04	36.66	55.65	65.88

Vikram Solar Ltd IPO Objective

The main objective of Vikram Solar Ltd is to utilise the Net Proceeds from the Issue to invest in setting up a 3,000 MW solar cell and 3,000 MW solar module facility (Phase-I) and expand the solar module capacity from 3,000 MW to 6,000 MW (Phase-II) at the SIPCOT Industrial Complex, Gangaikondan, Tirunelveli, Tamil Nadu, along with allocations for general corporate purposes.

1. Investment towards Phase-I Project for setting up a 3,000 MW solar cell and 3,000 MW solar module facility at Tamil Nadu: The Company plans to use ₹7,697.30 million from the Net Proceeds to set up a 3,000 MW solar cell and 3,000 MW solar module facility at SIPCOT Industrial Park, Gangaikondan, Tamil Nadu (Phase-I Project). With 15+ years in solar PV technologies, it aims to achieve backward integration, improve cost efficiency, and benefit from the PLI scheme and state incentives, with subsidies directed towards repayment of the IREDA Project Loan.
2. Investment towards Phase-II Project for expanding solar module capacity from 3,000 MW to 6,000 MW in Tamil Nadu: The Company proposes to invest ₹5,952.08 million from the Net Proceeds to expand the solar module facility at the Project Site from 3,000 MW to 6,000 MW (Phase-II Project) through the Project Company. While Phase I marks its entry into solar cell manufacturing, Phase II leverages its expertise in PV module production. The investment will be made in the form of equity, with no incentives or subsidies proposed for this phase. 
3. General Corporate Purposes: The Company proposes to deploy the balance proceeds towards general corporate purposes as approved by its management from time to time, subject to such utilisation not exceeding 25% of the gross proceeds, in compliance with the SEBI ICDR Regulations.

Vikram Solar Ltd IPO Risks And Challenges

Vikram Solar Limited faces risks such as dependence on government subsidies, exposure to raw material price fluctuations, risk of technological obsolescence, heavy reliance on imports from China and East Asia, and execution risks in setting up and expanding manufacturing facilities.

• The business is highly dependent on government subsidies and incentives for solar energy and domestic manufacturing; any reduction, removal, or expiry of these benefits could reduce demand and adversely affect revenue and profitability.

• The business is exposed to fluctuations in the prices of wafers, solar PV cells, and other raw materials, which could materially increase costs and affect profitability.

• Rapid technological changes, evolving customer needs, and industry trends may render current technologies obsolete, requiring significant capital investment; failure to adapt could harm competitiveness.

• A significant portion of raw material imports comes from China, East Asia, and Southeast Asia; any restrictions on imports from these regions may disrupt operations and financial performance.

• Growth plans rely on building a new manufacturing facility under its subsidiary VSL Green Power Pvt. Ltd. in Tamil Nadu (in two phases) and expanding existing plants; delays or failures here could adversely affect operations, financials, and reputation.

Vikram Solar Ltd IPO – Industry & Market Potential

India’s solar sector has witnessed robust growth, with installed capacity reaching nearly 108 GW and annual generation of 144 TWh in FY 2024–25, reflecting strong demand momentum. Within this backdrop, Vikram Solar has expanded its manufacturing base significantly, growing from 12 MW in 2009 to 4.5 GW by March 2024, supported by its expertise in solar PV module technologies.

The company has delivered strong financial growth, with revenues rising at a 28.5% CAGR to ₹3,423 crore in FY 2025 and PAT surging at a 210.6% CAGR, while margins improved to over 4%. Its robust order book expanded from 2,787 MW to 10,341 MW, underscoring strong demand visibility and market confidence.

Vikram Solar is also pursuing backward integration into solar cell manufacturing to enhance cost efficiency and mitigate duty risks, while leveraging its EPC and O&M expertise with over 1.6 GW of executed projects. With marquee domestic clients such as NTPC, JSW Energy, and Adani Green, and an international presence spanning 39 countries, the company is well-positioned to scale further despite being smaller in size compared to peers like Waaree Energies.

Vikram Solar Ltd IPO – Type of Offer

Vikram Solar Limited plans to issue 6,26,31,604 equity shares of face value ₹10/- each, which includes fresh issue of 4,51,80,722 equity shares of face value ₹10/- each and an offer for sale of 1,74,50,882 equity shares of face value ₹10/- each to set up a 3,000 MW solar cell and module facility (Phase-I), expand module capacity to 6,000 MW (Phase-II) at SIPCOT, Gangaikondan, Tamil Nadu, and for general corporate purposes. 

1. Fresh Issue: The company will issue 4,51,80,722 new shares of face value ₹10/- each new share to raise capital. The company intends to utilise the proceeds from the fresh issue to set up a 3,000 MW solar cell and module facility (Phase I), expand module capacity to 6,000 MW (Phase II) at SIPCOT, Gangaikondan, Tamil Nadu, and for general corporate purposes.

2. Offer for sale: Vikram Solar Limited is offering to sell 1,74,50,882 existing shares of face value ₹10/-. The following are the details of the existing shareholders who are also the promoters selling the shares:

Name of the promoter selling shareholder

Gyanesh Chaudhary

Vikram Capital Management Private Limited

Anil Chaudhary

Vikram Solar Ltd IPO Offer Size

The offer size of Vikram Solar Limited IPO is 6,26,31,604 equity shares, each with a face value of ₹10. This includes a fresh issue of 4,51,80,722 shares, and an offer for sale of 1,74,50,882 shares. The company plans to utilise the Net Proceeds to set up a 3,000 MW solar cell and module facility (Phase I), expand module capacity to 6,000 MW (Phase II) at SIPCOT, Gangaikondan, Tamil Nadu, and for general corporate purposes.

Vikram Solar Ltd IPO Allotment Structure

Vikram Solar Ltd allocation will be as follows: 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII) according to SEBI regulations.

● Qualified Institutional Buyers (QIB): As per SEBI regulations, 50% of the shares offered through the IPO will be reserved for Qualified Institutional Buyers. These include entities such as banks, mutual funds, and insurance companies.

● Non-Institutional Investors (NII): 15% of the shares will be reserved for Non-Institutional Investors. These typically include corporate bodies or individuals investing more than Rs. 2 lakhs.

● Retail Individual Investors (RII): The remaining 35% of the shares will be allotted to Retail Individual Investors. These individual investors apply for shares with a total value of less than Rs. 2 lakhs. 

How to apply for the Vikram Solar Ltd IPO?

To apply for the Vikram Solar Limited IPO through Alice Blue, follow these steps:

Open a Demat and Trading Account: If you don’t have one already, you must open a Demat and trading account with Alice Blue.

1. Check for IPO Details: Once your account is active, you can check for the Vikram Solar Limited IPO details in the IPO section of the Alice Blue platform.
2. Place the Bid: Enter the number of shares you wish to buy and place your bid within the IPO’s price band.
3. Submit the Application: Confirm all your details and submit your application.

You can apply for the Vikram Solar Limited IPO at Alice Blue in just a few clicks!

Check Allotment Status: After the allotment process, you can check the allotment status to see if you have received any shares.

Please note that the allotment of shares is not guaranteed and will depend on the demand for the IPO.

How do you check Vikram Solar Ltd IPO Allotment Status?

Checking the allotment status of an IPO in Alice Blue is usually straightforward. Please follow these general steps:

1. Log in to your Alice Blue Account: You can do this through the Alice Blue website or the trading app.
2. Navigate to the Portfolio or IPO Section: This might differ based on the layout of Alice Blue’s platform, but generally, you can find the status of your IPO application under the ‘Portfolio’ or ‘IPO’ section.
3. Find the IPO Allotment Status: Look for a sub-section called ‘IPO Allotment Status’ or something similar. This is where you can see the status of the IPOs you have applied for.
4. Select the Vikram Solar IPO: If you have applied for multiple IPOs, there might be a dropdown menu or a list where you can select the IPO you are interested in. Select the Vikram Solar Limited IPO.
5. Check the Status: The status of your application should be displayed here. If the shares have been allocated to you, it would be mentioned here.

 If you face any issues, we request you to reach out to our customer support team at Alice Blue for detailed assistance. 

Apart from Alice Blue, there are other ways to check the allotment status of the Vikram Solar Limited IPO:

● Registrar’s Website: Visit the website of MUFG Intime India Private Limited, the registrar of the Vikram Solar IPO. On the homepage, look for the ‘IPO Allotment Status’ option. You must enter your PAN, application, or Demat account number to check your allotment status. Click on the ‘Submit’ button to view your IPO allotment status. 

● BSE NSE: You can also check the allotment status on the official websites of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). You would need your application number and PAN to check the status. 

Please note that the allotment status will only be available after completing the allotment process, a few days after the IPO window closes.

Vikram Solar Ltd IPO Offer Registrar

The registrar for the Vikram Solar Limited IPO is MUFG Intime India Private Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.

Contact information for the registrar:

MUFG Intime India Private Limited

Tel.: +91 40 6716 2222

Email: [email protected]

Vikram Solar Ltd IPO – FAQs

Disclaimer: The above article is written for educational purposes and the companies’ data mentioned in the article may change with respect to time. The securities quoted are exemplary and are not recommendatory.