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 industry experience, the company provides high-efficiency PV modules, EPC, and O&M services to domestic and global markets. Its clients include National Thermal Power Corporation (NTPC), Neyveli Lignite Corporation, ACME, and Azure Power. With facilities in West Bengal and Tamil Nadu, Vikram Solar is recognised for innovation, Tier-1 BloombergNEF ranking, and extensive Approved List of Models and Manufacturers (ALMM) enlistment, positioning it as a trusted partner in India’s renewable energy transition.
IPO schedule
Issue open date
2025-08-19
Issue close date
2025-08-21
UPI mandate deadline
2025-08-21 (5 PM)
Allotment finalization
2025-08-22
Refund initiation
2025-08-25
Share credit
2025-08-25
Listing date
2025-08-26
Mandate end date
2025-09-05
Lock-in end date for anchor investors (50%)
2025-09-21
Lock-in end date for anchor investors (remaining)
2025-11-20
Financials
Financial Year Ended
March 2023
March 2024
March 2025
Total Assets
2476.29
2585.5
2832.15
Revenue
2091.91
2523.96
3459.53
Profit After Tax
14.49
79.72
139.83
Issue size
Funds Raised in the IPO
Amount
Overall
₹2079.37 crores
Fresh Issue
₹1500 crores
Offer for sale
₹579.37 crores
Utilisation of proceeds
Purpose
INR crores (%)
Partial funding of capital expenditure for the Phase-I project
793.36 (53%)
Funding of capital expenditure for the Phase-II project
602.95 (40%)
General corporate purposes
103.69 (7%)
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.