Vikram Solar IPO; Vikram Solar’s IPO is expected to open in the first week of March 2025. The IPO will comprise a fresh issue of ₹1,500 crores and an offer for sale of up to 17,450,882 equity shares. The shares will have a face value of ₹10 each. Vikram Solar IPO price band is expected to be around Rs 535 per share. As of now, Vikram Solar IPO GMP Live quotation is not yet started. Live IPO Grey Market Premium details will be visible online.
Stay tuned with IPO Wheel to get more details about Vikram Solar IPO Date, Price, GMP Review Details including business overview, financial performance, live subscription status, allotment details, daily grey market premium (GMP), listing date, and listing price.
Vikram Solar IPO Overview
| Company Name | Vikram Solar Ltd |
| IPO Open Date | 2025 |
| IPO Close Date | 2025 |
| Face Value | ₹10 per Equity Share |
| IPO Price Band | ₹[.] to ₹[.] per Share |
| Issue Size | Approx ₹[.] Crores |
| Fresh Issue | Approx ₹1,500 Crores |
| Offer for Sale (OFS) | Approx 17,450,882 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE & NSE |
| Retail Quota | Not more than 35% |
| QIB Quota | Not more than 50% |
| NII Quota | Not more than 15% |
Vikram Solar IPO GMP (Grey Market Premium) Trend Live Rates
| Date | IPO GMP (₹) | GMP Trend | Kostak (₹) | Subject to (₹) |
|---|---|---|---|---|
| 4 March | ₹- | – | ₹- | ₹- |
| 3 March | ₹- | – | ₹- | ₹- |
| 2 March | ₹- | – | ₹- | ₹- |
Vikram Solar IPO Lot Size & Investment Details
| Application Type | Lot Size | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Minimum) | |||
| Retail (Maximum) | |||
| S-HNI (Minimum) |
Vikram Solar IPO Financial Information (Restated) (₹ in Crores)
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
| 2022 | ₹1,743.05 | ₹1,822.49 | ₹62.94 | ₹2,237.23 |
| 2023 | ₹2,091.91 | ₹2,073.04 | ₹14.49 | ₹2,476.29 |
| 2024 | ₹2,523.96 | ₹2,405.04 | ₹79.72 | ₹2,585.50 |
Insights on Vikram Solar IPO
1. Revenue Growth & Stability
- The company’s revenue has shown consistent growth, increasing from ₹1,743.05 Cr (2022) to ₹2,523.96 Cr (2024), indicating strong demand for its products.
- A 21% YoY revenue growth from 2023 to 2024 suggests an expanding market presence.
2. Profitability Trends
- Despite high expenses in 2022 and 2023, profits surged in 2024, reaching ₹79.72 Cr (compared to ₹14.49 Cr in 2023).
- The 2024 profit margin of ~3.16% shows improved cost management but remains relatively low for the sector.
3. Expense Control & Operational Efficiency
- Expense growth (2023 to 2024) was 16%, while revenue grew 21%, showing better efficiency.
- Reduction in cost as a percentage of revenue (from ~99% in 2023 to ~95% in 2024) highlights improving financial health.
4. Asset Expansion & Business Growth
- Asset base increased from ₹2,237.23 Cr (2022) to ₹2,585.50 Cr (2024), signaling continuous investment in infrastructure and expansion.
- The company’s higher asset value suggests a focus on scaling production capabilities.
5. Competitive Positioning & Market Potential
- Being a leading solar PV manufacturer, Vikram Solar is well-positioned to capitalize on India’s renewable energy push and government incentives for solar power.
- The growing demand for solar infrastructure, sustainability policies, and global ESG investments can work in its favor.
Investment Considerations
- Strong revenue growth with improving profitability.
- Cost control efforts are yielding results.
- Government’s focus on renewable energy is a big plus.
- Profit margins still relatively low compared to industry peers.
- High capital requirements in a competitive solar sector.
Vikram Solar Peer Group Comparison
| Company | EPS (₹) | PE Ratio | RoNW (%) | NAV (₹) | Revenue (₹ Cr.) |
|---|---|---|---|---|---|
| Vikram Solar Limited | Data Not Available | N/A | N/A | N/A | 2,523.96 |
| Premier Energies Limited | 6.93 | 191.48 | 35.06 | 15.63 | 3,171.31 |
| Websol Energy System Limited | (29.99) | N/A | (112.29) | 26.70 | 26.81 |
Key Takeaways
- Premier Energies Limited is the strongest competitor with an EPS of 6.93 and RoNW of 35.06%, though its PE Ratio of 191.48 suggests an expensive valuation.
- Websol Energy System Limited is struggling, with negative EPS (-29.99) and poor return on net worth (-112.29%), making it a weaker player in the sector.
- Vikram Solar shows strong revenue generation (₹2,523.96 Cr) but lacks clear valuation metrics (EPS, PE, RoNW), making direct comparison difficult.
Final Thoughts
- Vikram Solar has strong revenue but needs to improve profitability & return metrics.
- Premier Energies is performing well but is expensive from a valuation perspective.
- Websol is struggling and not an immediate competitor.
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About Vikram Solar Limited Company
Vikram Solar Limited is an Indian company based in Kolkata, the largest solar module manufacturer in India (by capacity) with 2.5 GW module manufacturing capacity annually and the second-largest solar energy company in India by revenue. The company’s primary business focus is manufacturing solar PV modules and also carries out engineering, procurement and construction services and operations & maintenance of solar power plants.
- Founded in – 2005
- Managing Director – Gyanesh Chaudhary
When Vikram Solar IPO will open for subscription?
The IPO is to open on 2025 for QIB, NII, and Retail Investors. The IPO will close on 2025.
What is Vikram Solar IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
How to Apply the Vikram Solar IPO?
You can apply for Vikram Solar IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.
What is Vikram Solar IPO Issue Size?
Vikram Solar IPO issue size is ₹[.] crores.
Mukesh Thakur is a prolific writer with over a decade of professional experience. A person of wide interests, he found his true calling in the field of investing and specifically the stock market. He has an amazing skill of presenting the most complex financial concepts (and there is no shortage of complexity in investing) in simple language and terms.