Vikram Solar IPO

About Vikram Solar IPO

The Vikram Solar IPO offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 4,51,80,722 equity shares of face value of ₹10 each aggregating up to ₹1,500 crore. The offer for sale portion includes up to 1,74,50,882 equity shares aggregating up to ₹579.37 crore. The total number of shares and aggregate amount is ₹2,079.37 crore.

Vikram Solar Limited commenced their manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW, which has grown to 4.50 GW installed capacity. They have developed strong engineering capabilities in designing highly automated production lines using specifically chosen equipment, allowing them to increase the average efficiency level (i.e., a measure of electrical energy generated from a solar module to the amount of light energy from the sun that is incident on it ("Efficiencies")) of their products from 17.52% in CY 2016 to 23.66% in CY 2025 (till March 2025). This capability has also allowed them to build a strong reputation for their solar PV modules over these years, as evidenced by the company being the first Indian company to be featured in the Kiwa Photovoltaic Evolution Labs ("PVEL") report in 2017 and being a 'Top Performer' for seven consecutive times in PVEL's Reliability Scorecard since 2019 (Source: CRISIL Report), in various segments.

Objectives of Vikram Solar IPO

• Partial capital expenditure funding through investment in their wholly owned subsidiary, VSL Green Power Private Limited, for setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility.

• Funding of capital expenditure through investment in their wholly owned subsidiary, VSL Green Power Private Limited, for expanding the manufacturing capacity of the solar module manufacturing facility set up under the Phase-I Project from 3,000 MW to 6,000 MW at the Project Site (Phase-II Project).

• General corporate purposes.

Vikram Solar IPO Risks

• Any decline in the demand for solar photovoltaic modules.

• Any failure to build new manufacturing plants and add production lines.

• Changes in the price of wafers, solar photovoltaic cells and other raw materials due to changes in demand or other factors.

• Inability to adapt in a timely manner to changing market conditions, evolving customer requirements or technological changes.

• Any restrictions on raw materials from China, East Asian and South East Asian countries.

• Reduced growth in, or the reduction/removal of, exemption of, elimination or expiration of, government subsidies and economic incentives to promote solar energy and domestic production could reduce demand for their solar modules.

• Any adverse change to the economic, regulatory, social and political conditions in the jurisdictions in which they operate or any disruptions to the global supply chains.

• The industry surrounding solar photovoltaic modules and related technologies may not achieve the growth they anticipate.

• Declining solar PV module prices due to market oversupply.

• Any issues with their product quality or performance may require them to incur additional expenses and warranty costs.

Industry Outlook

India aims to build its presence across all stages of PV manufacturing over the next two to three years. In November 2020, the GoI introduced the PLI scheme for manufacturing high-efficiency solar PV modules with a financial outlay of ₹4,500 crores. It later enhanced the outlay by ₹19,500 crores under the Union Budget for fiscal 2023.

Renewable energy installations (incl. large hydro) have increased threefold to ~191 GW as of March 2024, as compared with ~63 GW as of March 2012 (source: MNRE), led by various central and state-level incentives. As of March 2024, installed grid-connected renewable energy generation capacity (incl. large hydro) in India constituted ~43% of the total installed generation base in India.

India is expected to add around 175-180 GW of solar capacity over fiscals 2025-2030. Considering the average module price of USD 0.22/Wp, this capacity addition provides a total opportunity of USD ~3800-4000 crores over fiscals 2025-2030.

Domestic module production is expected to increase by 64-69 GW owing to PLI capacities. Utilisation rate is expected to average between 40-45% between FY24-FY29. About 20-30% of production is to be driven towards exports to the extent of 13-15 GW in FY29. Cumulative exports between FY24-FY29 are to surpass 50 GW with 4 GW exports already seen in 11M FY24. Exports in FY24 are driven by two factors: the USA’s ban on the Chinese region and supply chain diversification. Exports to the USA have grown ~45-50% in FY24 over FY23.

Vikram Solar Company Information

As of March 31, 2025, Vikram Solar Limited is one of India's largest solar photovoltaic ("PV") module manufacturers in terms of operational capacity, with more than 17 years of experience in the industry (Source: CRISIL Report). With 4.50 GW of installed manufacturing capacity for solar PV modules, they are one of the largest pure-play module manufacturers in India, and their enlisted capacity as per Ministry of New & Renewable Energy's Approved List of Modules and Manufacturers ("ALMM") is 2.85 GW as of June 30, 2025 (Source: CRISIL Report).

Vikram Solar Limited strives to deliver reliable solar solutions through highly efficient and innovative products, and they propose to achieve this through their specialised high-efficiency PV module manufacturing.

They have developed strong engineering capabilities in designing highly automated production lines using specifically chosen equipment, allowing them to increase the average efficiency level (i.e., a measure of electrical energy generated from a solar module to the amount of light energy from the sun that is incident on it ("Efficiencies")) of their products from 17.52% in CY 2016 to 23.66% in CY 2025 (till March 2025).

Anchor Investor Information

Anchor Investor Bidding Date: 18 August 2025*

*The Company may, in consultation with the BRLMs, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations

• Registrar: MUFG Intime India Private Limited
• Book Running Lead Managers:
• JM Financial Limited
• Nuvama Wealth Management Limited
• UBS Securities India Private Limited
• Equirus Capital Private Limited
• PhillipCapital (India) Private Limited

Registrar for the IPO is Link Intime India Private Limited

Vikram Solar Company Business Model

The company earns its revenue through the following sources:

(i) Domestic solar PV module sales that comprises:
(a) key customer accounts for orders with a larger volume (10MW –500MW and above) and
(b) sales through a distribution network for smaller retail orders, whereby they sell their products to distributors via exclusive arrangements who resell onwards to end-customers;
(ii) export of solar PV module sales to their global key customer accounts and
(iii) integrated end-to-end solar energy solutions, offering engineering, procurement and construction (EPC) services, operations and maintenance (O&M) services to their customers.

Vikram Solar Company Growth Trajectory

Vikram Solar Limited's total income increased by 37.07% to ₹3,459.53 crore in fiscal 2025 compared to ₹2,523.96 crore in fiscal 2024, primarily due to an increase in revenue from operations.

Revenue from operations increased by 36.34% from ₹2,510.99 crore in fiscal 2024 to ₹3,423.45 crore in fiscal 2025. This growth was primarily driven by an increase in the volume of module sales in the domestic market.

Other income increased by 178.09% from ₹12.97 crore in fiscal 2024 to ₹36.07 crore in fiscal 2025. This substantial growth was primarily driven by (i) increase in interest income from fixed deposits, and (ii) increase in government grants.

Profit for the year increased by 75.41% from ₹79.72 crore in fiscal 2024 to ₹139.83 crore in fiscal 2025. Total comprehensive income for the year increased by 71.87% from ₹80.22 crore in fiscal 2024 to ₹137.88 crore in fiscal 2025. EBITDA was ₹492.01 crore as of March 31, 2025 compared to an EBITDA of ₹398.58 crore as of March 31, 2024, while EBITDA margin (EBITDA as a percentage of their revenue from operations) was 14.37% as of March 31, 2025 as compared to 15.87% as of March 31, 2024.

Vikram Solar Company Market Position

As of March 31, 2025, Vikram Solar Limited is one of India's largest solar photovoltaic ("PV") module manufacturers in terms of operational capacity, with more than 17 years of experience in the industry (Source: CRISIL Report).

Vikram Solar Limited is the first Indian company to be featured in the Kiwa Photovoltaic Evolution Labs ("PVEL") report in 2017 in relation to the results of their modules' reliability testing and being a 'Top Performer' for seven consecutive times in PVEL's Reliability Scorecard since 2019 (Source: CRISIL Report), in various segments (namely simulated hail, thermal cycling, damp heat, UV exposure and degradation, light-induced degradation, static and dynamic load, and light and elevated temperature-induced degradation tests).

Their capability in the solar domain extends beyond solar PV manufacturing, where in 2013, they designed and installed a 100kW installation at the Cochin International Airport, Kochi, Kerala, which is the world's first fully solarised airport, and further they were also one of the first to execute floating solar plant in India (Source: CRISIL Report).

As of 31st March, 2025, the company’s Total Income, Profit After Tax, and EBITDA stood at ₹3459.527 crores, ₹139.831 crores, and ₹492.011 crores, respectively.

How to apply for Vikram Solar Limited IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.

How To Check Allotment Status of Vikram Solar IPO?

You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Link Intime India Private Limited. To check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt (Equity in this case)
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Vikram Solar Limited
• Enter your application number or PAN number
• Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status

Follow these steps to know the allotment status on the registrar’s website:

• Visit the Link Intime India Private Limited website
• Choose “Public Issues” from the “Investor Services” drop-down
• Select Vikram Solar Limited from the drop-down
• Enter your PAN number or Application number
• Click on “Submit” to know the allotment status