Vikram Solar Ltd. IPO
Incorporated in 2005, Vikram Solar is one of India’s largest solar photovoltaic (PV) module manufacturers with an installed capacity of 3.50 GW as of March 31, 2024. Backed by over 15 years of in ...
Read moreIPO Timeline
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19 Aug 2025Bidding Starts
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21 Aug 2025Bidding Ends
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22 Aug 2025Allotment Finalization
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25 Aug 2025Refund Date
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25 Aug 2025Demat Date
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26 Aug 2025Listing Date
Vikram Solar Ltd. IPO Financial Result in crore
| Year | Asset | Revenue | Profit |
|---|---|---|---|
| 31 Mar 2023 | 2,476.29 Cr | 2,091.91 Cr | 14.49 Cr |
| 31 Mar 2024 | 2,585.50 Cr | 2,523.96 Cr | 79.72 Cr |
| 31 Mar 2025 | 2,832.15 Cr | 3,459.53 Cr | 139.83 Cr |
About Vikram Solar Ltd. IPO
About Vikram Solar Limited
Vikram Solar Limited is one of India’s leading solar photovoltaic (PV) module manufacturers, with over 17 years of industry experience. As of March
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The company is also listed in the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (ALMM) with a capacity of 2.85 GW as of June 2025. The company began operations in 2009 with a modest 12 MW capacity, which has now expanded significantly through its facilities located in West Bengal and Tamil Nadu.
Both locations are strategically positioned with access to ports, rail, and road networks, supporting domestic as well as international markets. Expansion plans are underway to increase capacity to 15.50 GW by fiscal 2026 and further to 20.50 GW by fiscal 2027. In addition, Vikram Solar is backward integrating into solar cell manufacturing with capacities of 3 GW and 9 GW by fiscal 2027.
The company has built a strong reputation for high-efficiency and reliable solar modules. Product efficiencies have improved from 17.52% in 2016 to 23.66% in 2025. Its modules undergo rigorous quality and stress testing, enabling product warranties of up to 12 years and performance warranties of up to 30 years.
With continuous investment in research, advanced technologies, and expansion projects, Vikram Solar Limited is positioning itself as a key player in the renewable energy space and a trusted partner in sustainable power solutions.
Strengths
- One of India’s largest solar PV module manufacturers (3.50 GW capacity).
- Strong R&D and quality control systems
- High technical expertise in solar PV module manufacturing
- Established presence in domestic and international markets
- Strong brand recognition and loyal customer base
- Deep understanding of customer needs and focus on product quality
Risks
- No long-term contracts with suppliers, making raw material availability uncertain.
- Some subsidiaries have reported losses in recent years, which could affect our reputation.
- Heavy reliance on Vikram Solar US Inc. for US sales — any disruption may impact business.
- Cost estimation errors or delays in EPC projects could harm finances and cash flow.
Vikram Solar IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to fund capital expenditure for setting up a 3,000 MW solar cell and 3,000 MW solar module manufacturing facility in Tamil Nadu through subsidiary VSL Green Power Private Limited (Phase-I Project).
- Part of the proceeds will be used to invest in expanding solar module manufacturing capacity from 3,000 MW to 6,000 MW at the same project site under Phase-II Project.
- Any remaining funds will be allocated toward general corporate purposes to support business operations and growth.
Vikram Solar IPO Promoter Holding
Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust and Vikram Capital Management Private Limited are the company promoters.
| Share Holding Pre Issue 77.64% Share Holding Post Issue 63.11% |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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