Vikram Solar Ltd IPO

IPO Details		RHP:
Bidding Date 19 Aug’2025	IPO Price Range ₹315 to ₹332 per share	IPO Size ₹2,079.37 cr
Issue Size ₹2,079.37 Cr	Listing Date 26 Aug 2025	Lot Size 45 Shares

Minimum Investment
₹ 14,175 / 45 shares

IPO Timeline

Open Date Tue, Aug 19, 2025

Close Date Thur, Aug 21, 2025

Allotment FinalisationFri, Aug 22, 2025

Demat Transfer Mon, Aug 25, 2025 2025

Refund InitiationMon, Aug 25, 2025

ListingTue, Aug 26, 2025

The company commenced their manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW, which has grown to 3.50 GW installed capacity. The company’s existing manufacturing facilities are strategically located at Falta SEZ in Kolkata, West Bengal and Oragadam in Chennai, Tamil Nadu, with access to ports, rail and roads, helping the company to facilitate both its domestic as well as international operations. To meet growing demand, the company is currently undertaking significant greenfield and brownfield expansion plans, which are expected to increase the company’s installed manufacturing capacity to up to 10.50 GW by Fiscal 2026 and up to 15.50 GW by Fiscal 2027.

Vikram Solar Ltd Subscription Status

Date	QIB	NII	Retail	Total
TBA	0	0	0	0
TBA	0	0	0	0

Vikram Solar Ltd IPO Financial Status

Particulars (in Rs. Crores)	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	2,832.15	2,585.50	2,476.29
Total Income	3,459.53	2,523.96	2,091.91
Profit After Tax	139.83	79.72	14.49
EBITDA	492.01	398.58	186.18
Net Worth	0.86	-0.10	-0.08
Reserves and Surplus	932.60	192.16	113.07

Vikram Solar Ltd IPO SWOT Analysis

Strengths

To meet growing demand, the company is currently undertaking significant greenfield and brownfield expansion plans, which will increase its installed manufacturing capacity to 10.50 GW by Fiscal 2026 and 15.50 GW by Fiscal 2027.
The company is a leading Indian solar PV module manufacturer with a 3.50 GW capacity and 15 years track record.
Experienced promoters and management team, supported by an advisory board comprising industry experts who provide key strategic inputs.
The company’s technical expertise in solar PV module manufacturing stems from its strong focus on research and development and a robust quality control system.

Risks

The company’s success depends on building a new Tamil Nadu facility in two phases and expanding existing plant capacity cost-effectively. Failure to do so could harm its business, reputation, finances, and operations.
Fluctuations in wafer, solar cell, and raw material prices could increase costs and negatively impact the company’s business, finances, and operations.
Some Directors and a Corporate Promoter are involved in legal proceedings. Adverse outcomes may lead to liabilities or penalties, harming the company’s business, operations, finances, and cash flow.
The company lacks long-term contracts with suppliers of solar cells and raw materials, risking unavailability that could harm its business, finances, operations, and cash flow.