August 20, 2025

Vikram Solar is creating quite the storm with its Rs 2,079-crore IPO, which opened for subscription on Tuesday and will close on Thursday. This exciting offering includes a fresh issue worth Rs 1,500 crore and an offer for sale (OFS) of Rs 579 crore. Investors are already showing love — in the grey market, Vikram Solar shares are at a sizzling 16% premium over the issue price! The company has set the price band between Rs 315 and Rs 332 per share. The minimum lot size is 45 shares. If shares sell at the top price, Vikram Solar will collect around Rs 2,079 crore. After the listing on BSE and NSE, its market value will fall between Rs 11,471 crore to Rs 12,009 crore. The IPO shares are divided neatly: 50% reserved for big players called Qualified Institutional Buyers (QIBs), 35% for retail investors like you and me, and 15% for Non-Institutional Investors (NIIs). Who is Vikram Solar? It stands as one of India’s largest solar PV module makers, boasting a whopping 4.5 GW installed capacity. Globally, it has shipped over 7 GW across 39 countries! Big clients like NTPC, Adani Green, JSW Energy, Azure Power, and ACME Solar trust Vikram Solar. But this green giant is not stopping there. It plans to take its capacity to a dazzling 15.5 GW by FY26 and a massive 20.5 GW by FY27. Plus, it wants to dive into solar cell manufacturing and battery energy storage systems—power moves that can sparkle profits. Financially, Vikram Solar is on fire. In FY25, it earned Rs 3,423 crore in revenue, Rs 492 crore in EBITDA, and Rs 140 crore in net profit. Its revenue grew at 29% every year from FY23 to FY25, while profit numbers jumped even faster — 63% for EBITDA and a whopping 211% for net profit! Should you hop on this solar train? SBI Securities says, “Subscribe!” They admit that Vikram Solar’s margins are a bit low now because of limited exports and no backward integration. But the big plan to start making solar cells by FY27 is expected to boost profits skyrocketing upwards. At the top price of Rs 332, Vikram Solar's stock trades at about 86 times its FY25 earnings and 21 times EV/EBITDA—right in line with its peers. What’s powering this growth? Government schemes like PM Surya Ghar Muft Bijli Yojana and PM Kusum, plus the booming utility-scale and commercial solar market, are lighting the way. The IPO is backed by some big names like JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and Phillip Capital India. MUFG Intime India is managing the registrar duties. So, Indian investors — are you ready to catch some sunshine and tap into Vikram Solar’s bright future?

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Tags: Vikram solar, Ipo, Solar energy, Stock market, Investment, Renewable energy,