Vikram Solar IPO: Price, Analysis, And GMP

Vikram Solar IPO - Company Analysis

Vikram Solar IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 2,079.37 Cr (~6.26 crore Shares) by Vikram Solar Ltd., which was incorporated in 2005 and is a manufacturer of photovoltaic solar panels, or “PV” modules.  

Core Operations: Vikram Solar is well-known for its high-efficiency solar photovoltaic (PV) modules supplied to international and domestic markets.  

EPC Services: Comprehensive solar power projects include planning, design, and commissioning, confirming the company’s EPC solar power project services provide everything under one roof. 

Operations and Maintenance (O&M) Services: Maintaining and enhancing the efficiency and operational life of solar power systems is the core purpose of Vikram Solar’s O&M Services.  

Vikram Solar’s module manufacturing plants are located in two states of the country, which include West Bengal and Tamil Nadu. It also provides high-efficiency solar photovoltaic (PV) modules.

The company’s domestic customers are the prominent government institutions, including the National Thermal Power Corporation.

Products Offerings

Vikram Solar IPO Details

The Vikram IPO open date is from Aug 19 to Aug 21, with IPO allotment on Aug 22, refund initiation on Aug 25, 2025.

The Rs. 2,079.37 Cr mainline IPO comprises a combination of 4.52 crore shares (Rs. 1,500 Cr and an offer for sale (OFS) of 1.75 crore shares (Rs. 579.37 Cr).                                                                                                                                                                                                                                                                       

The Vikram Solar IPO listing date might be on Tuesday, 26 August 2025, and it will be listed at the BSE and NSE.

The Vikram Solar IPO price band is Rs. 315 to Rs. 332 for each Share. 

Events	Date
IPO Opening Date	Aug 19, 2025
IPO Closing Date	Aug 21, 2025
IPO Allotment Date	Aug 22, 2025
Refund Initiation	Aug 25, 2025
IPO Listing Date (Tentative)	Aug 26, 2025

 
Vikram Solar IPO: Hidden Facts That Investors Must Know

• Gyanesh Chaudhary had acquired 16,286,905 equity shares at just Rs. 1.85 per Share, whereas the IPO price range is set at Rs. 332.

Impact: The market may experience post-listing profit-booking pressure as a result of the promoter's possible enormous profit booking.

• Just 19.32% of the company's raw materials in FY25 came from domestic sources, while 80.68% came from foreign suppliers, primarily from China, Vietnam, Cambodia, and Laos.

Impact: a danger of supply and cost disruptions due to tariffs or geopolitical unrest.

Vikram Solar Unlisted Shares

Vikram Solar unlisted share price is Rs. 385 as of 13 Aug 2025. While its IPO price is Rs. 332 which is approximately 16% discount from the current price in the unlisted market.

Industry Outlook

Between the fiscal years 2015 and 2025, India's electricity consumption increased at a CAGR of ~4.7% and is anticipated to expand between FY2025 and 2030 at a robust CAGR of 5-7%.

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	2,832.15	2,585.50	2,476.29
Total Revenue	3,459.53	2,523.96	2,091.91
PAT	139.83	79.72	14.49
EBITDA	492.01	398.58	186.18
Net Worth	12,41.98	4,45.41	3,65.19
Total Borrowing	932.60	192.16	113.07

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	2,986.75	1,520.24	1,954.30
Net Cash Flow Investing Activities	(1,688.38)	(636.91)	(1,105.06)
Net Cash Flow Financing Activities	(997.18)	(810.26)	(1,022.23)

 

Revenue Bifurcation 

Income Source

 

Segment-wise Revenue from Sales Breakdown

(Source RHP)

The Objective of The Issue

• Phase-I Project capital expenditures for partial funding. ~ Rs. 769.73 Cr.

• Phase-II Project capital expenditures for funding. ~ Rs. 595.21 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Vikram Solar Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Waaree Energies Limited	10	68.24	45.79
Premier Energies Limited	1	21.35	47.01
Websol Energy System Limited	10	36.66	40.04

Valuation

Metric	Value
ROE	16.57%
ROCE	24.49%
Debt/Equity	0.19
PAT Margin	4.08%
EBITDA	14.37%
Price to Book Value	8.46
RoNW	11.26%

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 4.61 from the last year, the resulting P/E ratio is 72.01x. When compared with the industry’s average P/E of 44.28x, it indicates an overvaluation (on a P/E ratio basis only). Hence, the price of the Share seems aggressively priced for the investors.

Explore the Shreeji Shipping Global IPO.

IPO's Strengths 

• Integrated solar solutions provider

• Established brand with a large installed base

• Manufacturing capacity expansion underway

• Strong customer relationships

• Technical expertise and R&D focus.
  
  

IPO’s Weaknesses 

• Risk linked to PLI and ALMM. Demand for services can be stimulated or suppressed by policy shifts. 

• Large amounts of materials sourced from a small number of foreign vendors create vulnerability to disruptions in the supply chain. 

• Funding, regulatory approvals, and logistics often lead to delays that impact EPC projects as well as planned expansions in manufacturing.  
  
  

Vikram Solar IPO GMP 

Vikram Solar IPO GMP today is Rs. 66 as of 14 Aug 2025, while writing this information. Hence, the Vikram Solar IPO listing price (estimated) might be Rs. 398 (upper price + current GMP or grey market premium).

Vikram Solar Limited IPO Summary

IPO Opening & Closing Date	Aug 19, 2025 to Aug 21, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 315 to Rs. 332
Lot Size	45 Shares
Issue Size	6,26,31,604 Shares (Rs. 2,079.37 Cr)
Offer for Sale	1,74,50,882 Shares (Rs. 579.37 Cr)
Fresh Issue	4,51,80,722 Shares (Rs. 1500 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt.Ltd.

 

 

Vikram Solar IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (45 Shares) amounting to Rs. 14940 and 13 Lots (585 Shares) amounting to Rs. 194220, respectively, while for S-HNI investors, the minimum Lot is 14 (630 Shares) amounting to Rs. 209160.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	66 Lots
BHNI (Minimum)	67 Lots

Vikram Solar IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

Vikram Solar IPO Allotment Status

To check the Vikram Solar IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website - Link Intime IPO allotment status

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Vikram Solar Ltd.

• Gyanesh Chaudhary

• Gyanesh Chaudhary Family Trust

• Vikram Capital Management Private Limited.
  
  

Pre-Issue Promoter Shareholding	77.64%
Post-Issue Promoter Shareholding	63.11%

Vikram Solar IPO Lead Managers

• JM Financial Ltd. 

 

 

Dividend Policy

The company has not paid a dividend during the last three years.

Conclusion

Exposure to one of India's top suppliers of integrated solar solutions, Vikram Solar IPO offers robust production capabilities and a developing domestic market presence. Its aggressive valuations, policy-linked demand, and significant reliance on imports are obvious hazards, even while its expansion plans, PLI eligibility, and reputable clientele are advantages.  
 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.