Image Source : Business Today
Vikram Solar Limited, one of India’s premier solar photovoltaic (PV) module manufacturers, marked its market entry on the National Stock Exchange (NSE) on August 26, 2025, with shares opening 1.8% higher in pre-open trading. The listing highlights investor confidence in the company’s growth trajectory and India’s accelerating renewable energy sector.
Key Highlights of Vikram Solar’s Market Debut
Shares debuted above the issue price band of ₹315-₹332, suggesting positive investor sentiment and robust demand.
The IPO raised ₹2,079.37 crore comprising a fresh issue of ₹1,500 crore and an offer for sale (OFS) worth ₹579.37 crore.
The initial public offering was oversubscribed over 54 times, with strong participation across retail, institutional, and non-institutional investors.
Vikram Solar’s upper band was set at ₹332, with grey market premiums indicating expected listing price around ₹373, reflecting nearly 13% premium.
The company’s manufacturing capacity stood at 3.5 GW as of March 2024 with plans to ramp up to 15.5 GW by FY26 and 20.5 GW by FY27.
About Vikram Solar Limited
Founded in 2005, Vikram Solar boasts over 17 years of experience in manufacturing high-efficiency solar PV modules, catering to domestic and international markets.
It offers integrated EPC (engineering, procurement, and construction) and O&M (operations and maintenance) services.
Manufacturing facilities span Falta SEZ in Kolkata and Oragadam in Chennai, strategically located for export-import logistics.
Clients include national power utilities like NTPC, NLC India, and prominent renewable firms ACME, Azure Power.
Growth Drivers and Market Position
Vikram Solar operates in India’s fast-growing renewable energy sector, benefiting from government renewable targets, falling solar power costs, and private sector demand.
India aims to reach 500 GW renewable capacity by 2030, with solar playing a key role.
Vikram Solar’s products feature in the Ministry of New & Renewable Energy’s Approved List of Models and Manufacturers (ALMM), essential for government tenders.
The firm’s scaling capacity reflects demand for clean power solutions and supports India’s decarbonization goals.
Listing Day and Investor Outlook
The listing day gains are bolstered by optimism regarding India’s green energy growth and Vikram Solar’s strong fundamentals.
The grey market premium and pre-open trade performance indicate investor eagerness.
Analysts note the firm’s healthy revenue growth, improving margins, and strategic expansion projects.
Observers expect the company to benefit from the government’s continued support for renewable energy infrastructure.
Future Prospects and Strategic Expansion
With raised capital, Vikram Solar plans expansive growth focusing on capacity augmentation and technology innovation.
The Phase I project will see new capacity investments targeting integrated 3,000 MW solar cell and module production.
Phase II expansion aims to almost double module capacity to 6,000 MW.
R&D initiatives focus on enhancing module efficiency and new product segments like bifacial and high wattage panels.
Conclusion: Vikram Solar’s Market Debut Ushers A Bright Future in Renewables
Vikram Solar’s successful NSE debut with a strong opening sets a positive tone for stakeholders. It embodies the burgeoning potential of India’s solar industry and highlights investor appetite for clean energy success stories. As the company scales manufacturing and technological advances, it is poised to play a pivotal role in India’s sustainable energy transition.
Sources: NSE India, Vikram Solar official disclosures, Business Standard, Economic Times, Univest
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