The renewable energy sector in India is witnessing an unprecedented growth trajectory, with solar energy at the forefront. As the country pushes towards its ambitious clean energy targets, companies in this space are poised for significant expansion. One such company, Vikram Solar Ltd., is set to launch its Initial Public Offering (IPO) on August 19, 2025, to capitalize on this growth.
This article provides a comprehensive overview of the Vikram Solar IPO, including its business model, financial performance, and a look at the competitive landscape to help you make an informed investment decision.
About Vikram Solar Ltd.
Founded in 2005, Vikram Solar is one of India’s largest solar photovoltaic (PV) module manufacturers, with a significant global presence. The company operates across the entire solar value chain, offering manufacturing, engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) of solar power plants. As of March 31, 2025, Vikram Solar has an operational manufacturing capacity of 4.50 GW for solar PV modules. With a strong focus on research and development (R&D) and high-efficiency modules, the company has an extensive client base that includes government entities like NTPC and NLC India, as well as private independent power producers (IPPs).
Vikram Solar Ltd. IPO Details
The Vikram Solar IPO is a book-built issue of ₹2,079.37 crore. The offering consists of a fresh issue of shares aggregating up to ₹1,500 crore and an Offer for Sale (OFS) of 1,74,50,882 equity shares by its promoters.
Key IPO Details
| Event | Date |
| IPO Open Date | Tue, Aug 19, 2025 |
| IPO Close Date | Thu, Aug 21, 2025 |
| Tentative Allotment | Fri, Aug 22, 2025 |
| Initiation of Refunds | Mon, Aug 25, 2025 |
| Credit of Shares to Demat | Mon, Aug 25, 2025 |
| Tentative Listing Date | Tue, Aug 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2025 |
Important IPO Timeline
| Event | Details |
| IPO Date | August 19, 2025 to August 21, 2025 |
| Listing Date | – |
| Face Value | ₹10 per share |
| Issue Price Band | ₹315 to ₹332 per share |
| Lot Size | 45 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 6,26,31,604 shares (aggregating up to ₹2,079.37 Cr) |
| Fresh Issue | 4,51,80,722 shares (aggregating up to ₹1,500.00 Cr) |
| Offer for Sale | 1,74,50,882 shares of ₹10 (aggregating up to ₹579.37 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 31,65,36,309 shares |
| Share Holding Post Issue | 36,17,17,031 shares |
Lot Size of Vikram Solar Ltd.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1.00 | 45 | ₹14,940 |
| Retail (Max) | 13.00 | 585 | ₹1,94,220 |
| S-HNI (Min) | 14 | 630 | ₹2,09,160 |
| S-HNI (Max) | 66 | 2,970 | ₹9,86,040 |
| B-HNI (Min) | 67 | 3,015 | ₹10,00,980 |
Company Financial Snapshot
Vikram Solar has demonstrated robust financial growth, particularly in recent years. Its revenue and profitability have shown a strong upward trend, driven by increasing demand for solar solutions.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Crore) | 2,832.15 | 2,586 | 2,476.29 |
| Total Income (₹ Crore) | 3,459.53 | 2,524 | 2,091.91 |
| Profit After Tax (₹ Crore) | 139.83 | 79.72 | 14.49 |
| EBITDA (₹ Crore) | 492.01 | 398.58 | 186.18 |
| Net Worth (₹ Crore) | 0.86 | -0.1 | -0.08 |
| Reserves and Surplus (₹ Crore) | 932.6 | 192.16 | 113.07 |
Key Performance Indicators (as of Mar 31, 2025)
- ROE: 16.57%
- ROCE: 24.49%
- Debt/Equity: 0.19
- RoNW: 11.26%
- PAT Margin: 4.08%
- EBITDA Margin: 14.37%
- Price to Book Value: 8.46
Vikram Solar IPO Peer Comparison
The solar energy sector is highly competitive. Vikram Solar’s key listed peers include Websol Energy System and Premier Energies. While these companies operate in the same industry, they have different capacities, product portfolios, and market strategies. When evaluating the Vikram Solar IPO, investors should consider its leading market position, ambitious expansion plans, and strong R&D focus relative to its peers.
Use of IPO Proceeds
The funds raised through the fresh issue will be instrumental in supporting Vikram Solar’s ambitious growth plans.
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Part-financing of capital expenditure for Phase-I of the Project | 770 |
| 2 | Financing capital expenditure for Phase-II of the Project | 595 |
| 3 | For general corporate purposes | – |
Conclusion
Vikram Solar’s IPO presents a compelling opportunity for investors to participate in India’s booming solar energy sector. The company’s proven track record, substantial manufacturing capacity, and strategic expansion plans position it as a key player in the clean energy transition. With a focus on high-efficiency products and a strong global presence, Vikram Solar appears well-equipped to capitalize on the growing demand for renewable energy. However, like all investments, it is crucial to consider the risks associated with the highly competitive and policy-driven nature of the industry. Investors with a long-term vision for the renewable energy space may find this IPO a promising prospect.
