Solar energy is becoming a crucial part of India’s renewable energy push, and companies like Vikram Solar are leading this transformation. The government is also boosting the sector, as seen in the Interim Budget for 2024-2025, where the allocation for India’s solar power grid infrastructure was raised to Rs. 8,500 Cr (US$ 1.02 billion) from Rs. 4,970 Cr (US$ 0.60 billion).
With such strong backing, the solar industry is growing rapidly, and Vikram Solar is now preparing to launch its Vikram Solar IPO. This IPO is expected to be a major event in the market, drawing interest from investors and industry watchers.
This blog will look closely at Vikram Solar, including what the company does, Vikram Solar's share price, its market position, and its financial performance. We will also discuss why Vikram Solar is launching its IPO, along with important details like the issue date. Whether you are tracking the latest IPOs or just curious about the company’s expansion plans, this blog will give you all the key information you need.
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What is Vikram Solar??
Vikram Solar Limited, previously known as Vikram Solar Pvt. Ltd., is one of India’s top solar energy companies, specializing in the manufacturing of solar PV modules and offering EPC (Engineering, Procurement, and Construction) services. The company has established itself as a key player in the renewable energy sector and is recognized as one of India’s largest solar module manufacturers.
With a 3.5 Gigawatt (GW) annual manufacturing capacity, Vikram Solar focuses on producing efficient solar PV modules, providing EPC solutions, and offering operations and maintenance services for solar projects
The company has a strong international presence, spanning six continents, and has been expanding its reach since 2006
Built on the Vikram Group’s four decades of manufacturing experience, the company offers a diverse range of solar modules tailored to different energy needs and financial plans
Now that you know what Vikram Solar is all about, let’s take a closer look at the current share price.
What is the Vikram Solar Share Price?
Vikram Solar is not yet publicly listed on the stock exchange. However, its shares are available for trading in the unlisted market. The face value of each share is ₹10, and as of February 12, 2025, the price of Vikram Solar’s unlisted shares is ₹432.
(Source: Financial reports)
Now that we’ve covered the basics, let's explore Vikram Solar's market position to see where it stands in the industry.
Vikram Solar's Market Position
Vikram Solar holds a strong market position as one of India's leading solar energy solutions providers, specializing in the manufacturing of high-efficiency Photovoltaic (PV) modules and offering comprehensive EPC services for solar projects. Here's how they stand in the market:
Tier 1 Manufacturer: Recognized as a Tier 1 module manufacturer by BloombergNEF since 2014, Vikram Solar's status was reaffirmed in 2024.
Order Book: As per their Draft Red Herring Prospectus (DRHP), Vikram Solar’s order book stood at 8,214.63 Megawatt (MW), exceeding its rated capacity for the fiscal year 2024.
Capacity Expansion: To meet growing market demand, Vikram Solar plans to increase its manufacturing capacity to 10.50 GW by FY 2026 and 15.50 GW by FY 2027, including the establishment of a 3.00 GW solar cell manufacturing plant in Tamil Nadu.
Notable Projects: The company secured several large projects, including a 397.70 MW deal from NTPC Renewable Energy and a 1.00 GW order from JSW Energy’s subsidiary in 2024.
With the market position in mind, let's now examine Vikram Solar’s financial performance and the numbers that reveal its growth potential.
Vikram Solar's Financial Performance: Key Metrics and FY24 Analysis
Vikram Solar has shown impressive financial growth, reflecting its strong position in the solar energy sector. Here is a look at the company's key financial metrics as of February 12, 2025, and a breakdown of its financial performance for FY24:
Key Financial Metrics
Outstanding Shares: 258,830,000
Market Capitalization: ₹11,181.46 Crore
Earnings Per Share (EPS): ₹3.08
Price-to-Earnings Ratio (P/E): 140.26
(Source: Financial reports)
Financial Analysis for FY24
Return on Equity (ROE): 19.67%
Return on Capital Employed (ROCE): 22.24%
Revenue from Operations: ₹2,510.99 Crore
Profit After Tax (PAT): ₹79.72 Crore
(Source: Financial reports)
With the financial details in place, it's important to understand why Vikram Solar is opting for an IPO at this stage.
Why is Vikram Solar Launching the IPO?
Vikram Solar is planning to raise funds through its upcoming IPO to support its growth initiatives. The company has submitted a Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹1,500 crore, including an offer for the sale of 17.45 million shares by its promoters.
The proceeds from the IPO will be utilized as follows:
Now that we’ve discussed the purpose of the IPO, it’s time to explore the issue date and other crucial details you need to know.
Vikram Solar IPO Issue Date and Details
The official dates for Vikram Solar’s IPO have not been finalized yet.
Once the dates are finalized, you can expect more details on the issue opening and closing dates, as well as the price band for the IPO.
Keep an eye on updates from the company or SEBI for further announcements.
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