| IPO Listing At | BSE, NSE |
| IPO Issue Type | Book Build Issue |
| Issue Size | ₹2079.37 Cr |
| Fresh Issue | ₹1500.00 Cr |
| Offer for Sale | ₹579.37 Cr |
| Face Value | โน10 Per Equity Share |
| Price Band | โน315.00-332.00 per share |
| BSE Code | 544488 |
| NSE Code | VIKRAMSOLR |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead Managers | UBS Securities India Pvt.Ltd. |
Disclaimer: GMP is sourced from grey market dealers and is indicative only. Always conduct your own due diligence.
* Allotment, Refund, Demat Credit & Listing dates are tentative and subject to change.
Minimum bid: 45 shares and in multiples thereof
Incorporated in 2005, Vikram Solar Limited is a solar photo-voltaic (“ PV”) modules manufacturer.
Core Operations:
The company's solar energy products consists of the following high-efficiency solar PV modules: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (“PERC”) modules; (ii) n-type monocrystalline silicon based Tunnel Oxide Passivated Contact (“TOPCon”) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (“HJT”) modules; all of these being either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules.
Manufacturing facilities located at:
Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
The company have established a pan-India presence, serving 23 states and three union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators.
The company's domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd.,
As of March 31, 2025, we have 1,612 employees and 974 contractual employees.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (โน Cr.) |
|---|---|---|
| 1 | Partial funding of capital expenditure for the Phase-I Project. | 769.73 |
| 2 | Funding of capital expenditure for the Phase-II Project | 595.21 |
| 3 | General Corporate Purposes | 49.55 |
| 4 | Issue Expenses | 119.76 |
| Total | 1,534.24 |
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| Total Income | 3,459.53 | 2,523.96 | 2,091.91 |
| Profit After Tax | 139.83 | 79.72 | 14.49 |
| EBITDA | 492.01 | 398.58 | 186.18 |
| NET Worth | 1,241.99 | 445.42 | 365.20 |
| Reserves and Surplus | 932.60 | 192.16 | 113.07 |
| Total Borrowing | 230.67 | 808.33 | 737.79 |
| Amount in ₹ Crore | |||
| KPI | 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 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (โน) | 4.42 | 3.87 |
| P/E (x) | 75.16 | 85.88 |
| Promoter Holding | 77.64% | 63.11% |
| Market Cap | โน12009.01 Cr. | |