Vikram Solar IPO: Worth the Hype or Risky Bet?

The much-awaited Vikram Solar IPO has opened its doors to investors from August 19-21, 2025. With India’s renewable energy sector witnessing remarkable growth, this IPO has caught the attention of both retail and institutional investors. 

Here’s your complete guide to understanding whether this solar manufacturing company deserves a spot in your portfolio.

Is This IPO Right for You?

Why Investors Are Interested

1. Industry Leadership: Established position in India’s growing solar market
2. Strong Financials: Consistent revenue growth and improving profitability
3. Global Reach: Export presence in 32 countries provides diversification
4. Expansion Plans: Clear roadmap for capacity expansion to meet growing demand
5. Debt Reduction: Significant improvement in debt-to-equity ratio

Concerns to Keep in Mind

1. Industry Competition: Intense competition in the solar manufacturing space
2. Raw Material Dependency: Exposure to global supply chain disruptions
3. Policy Changes: Dependence on government renewable energy policies
4. Capital Intensive: Future expansion requires substantial capital investment

Vikram Solar IPO Details: Price, Dates & Structure

IPO Date	August 19, 2025 to August 21, 2025
Tentative Listing Date	August 26, 2025
Face Value	₹10 per share
Issue Price Band	₹315 to ₹332 per share
Lot Size	45 Shares
Sale Type	Fresh Capital-cum-Offer for Sale
Total Issue Size	6,26,31,604 shares(aggregating up to ₹2,079.37 Cr)
Fresh Issue	4,51,80,722 shares(aggregating up to ₹1,500.00 Cr)
Offer for Sale	1,74,50,882 shares of ₹10(aggregating up to ₹579.37 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE
Share Holding Pre Issue	31,65,36,309 shares
Share Holding Post Issue	36,17,17,031 shares

For further information, refer to the Vikram Solar IPO RHP.

About Vikram Solar Limited

Vikram Solar Limited stands as one of India’s largest solar module manufacturers, with its headquarters in Kolkata. The company’s journey began in 2005, but production actually started in 2009 with a modest 12MW annual capacity. Fast forward to 2025, and the company now boasts an impressive 3.5GW manufacturing capacity.

What Makes Vikram Solar Special?

The company has built a comprehensive ecosystem in the renewable energy space:

• Core Business: High-efficiency photovoltaic (PV) solar module production
• EPC Services: Engineering, procurement, and construction for solar projects
• O&M Contracts: Operations and maintenance for solar installations
• Global Presence: Exports to 32 countries worldwide

The company continues investing heavily in R&D, focusing on cutting-edge technologies like bifacial and monocrystalline modules to stay ahead of the competition.

Expansion Plans

The company has outlined multiple expansion targets:

• FY26 Target: Scale production to 10.5GW
• FY27 Vision: Further expansion to 15.5GW capacity
• New Facility: 3GW integrated manufacturing plant under construction in Tamil Nadu

Vikram Solar Financials

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets (₹ cr.)	2,832.15	2,585.50	2,476.29
Total Income (₹ cr.)	3,459.53	2,523.96	2,091.91
Profit After Tax (₹ cr.)	139.83	79.72	14.49
EBITDA (₹ cr.)	492.01	398.58	186.18
Net Worth (₹ cr.)	1,241.99	445.42	365.20
Reserves and Surplus (₹ cr.)	932.60	192.16	113.07
Total Borrowing (₹ cr.)	230.67	808.33	737.79

Vikram Solar IPO GMP Today: Market Sentiment Analysis

Current Grey Market Premium (August 20, 2025)

Latest GMP: ₹54-₹56 per share

The grey market premium has been relatively stable, fluctuating between ₹54-₹72 in the week leading up to the IPO opening. As of August 20, 2025, the GMP has settled around ₹54-₹56.

What Does This GMP Mean?

With the upper price band at ₹332 and current GMP of ₹54-₹56:

• Expected listing price: ₹386-₹388
• Potential listing gains: 16-17%

This strong GMP suggests healthy demand in the unofficial market and indicates positive investor sentiment toward the IPO.

Who Should Consider This IPO?

Long-term Investors: Those bullish on India’s renewable energy transition and willing to ride out short-term volatility.

Growth Seekers: Investors looking for exposure to the rapidly expanding solar sector.

Diversification Players: Those wanting to add renewable energy exposure to their portfolio.

Final Thoughts

The Vikram Solar IPO comes at a time when India is aggressively pursuing its renewable energy goals. The company’s strong financial performance, expansion plans, and established market position make it an interesting proposition for investors.

However, like any IPO investment, it’s crucial to consider your risk appetite, investment horizon, and portfolio allocation before making a decision. 

Apply for Vikram Solar IPO here!

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