Image Source : IndiaMart
India’s solar ambitions are about to hit the stock market. Vikram Solar, one of the country’s largest photovoltaic module manufacturers, is launching its much-anticipated ₹2,079.37 crore initial public offering (IPO) on August 19. With a strategic push into domestic and international markets, including a bold expansion plan in the United States, the IPO is being closely watched by investors, analysts, and clean energy advocates alike.
IPO Snapshot: Key Details You Need to Know
- IPO Dates: Opens August 19, closes August 21
- Price Band: ₹315 to ₹332 per share
- Lot Size: Minimum 45 shares (₹14,940 at upper band)
- Total Issue Size: ₹2,079.37 crore
- Fresh Issue: ₹1,500 crore
- Offer for Sale: ₹579.37 crore by promoters
- Listing Date: Tentatively August 26 on BSE and NSE
- Anchor Book Opens: August 18
Financial Performance: A Steady Climb
Vikram Solar has shown consistent growth in both revenue and profitability over the past three years.
- FY23 Revenue: ₹2,073 crore Net Profit: ₹14.49 crore
- FY24 Revenue: ₹2,524 crore Net Profit: ₹79.72 crore
- FY25 Revenue: ₹3,459 crore Net Profit: ₹139.83 crore
- EBITDA Margin: 14.37% in FY25
- Return on Capital Employed (ROCE): 24.49%
This performance reflects a 75% jump in net profit year-over-year, signaling operational efficiency and strong demand for solar modules.
Strategic Expansion: From Tamil Nadu to Colorado
Vikram Solar is not just betting on India—it’s going global.
- Domestic Expansion:
- ₹769.7 crore allocated for a 3 GW solar plant in Tirunelveli, Tamil Nadu
- ₹595.2 crore earmarked for module manufacturing expansion
- Target capacity: 15.5 GW by FY26 and 20.5 GW by FY27
- International Ambitions:
- Plans to establish a 3 GW solar module facility in Colorado, USA
- Despite regulatory hurdles under the Trump administration, the company is moving forward as US courts begin striking down restrictive measures
- CFO Ranjan Jindal confirmed the project is “still on the cards, not scrapped”
Market Position & Competitive Edge
- Vikram Solar currently operates 4.5 GW of manufacturing capacity across Kolkata and Chennai
- It holds one of the largest enlisted capacities in the Ministry of New & Renewable Energy’s Approved List of Module Manufacturers (ALMM)
- The company has an order book of 10,340.8 MW as of March 31, 2025
- Promoters currently hold 77.64% stake, with the rest held by public investors including Plutus Wealth
Management
Grey Market Buzz & Valuation Strategy
- Grey Market Premium (GMP): ₹64 as of August 14, suggesting a listing price of ₹398
- This implies a potential gain of nearly 20% from the upper price band
- Interestingly, the IPO price band is set 14% below its unlisted market valuation, a move seen as investor-friendly and aimed at ensuring strong subscription
Final Thoughts
Vikram Solar’s IPO is more than a financial event—it’s a litmus test for India’s clean energy narrative. With robust financials, aggressive expansion plans, and a strategic global footprint, the company is positioning itself as a serious contender in the renewable energy space. Whether it outshines its peers will depend on execution, policy tailwinds, and investor confidence. But one thing’s clear: the sun is rising on Vikram Solar’s public journey.
Source: CNBC TV18, August 15, 2025
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