Vikram Solar Ltd. IPO: All you Need to Know

India’s installed power generation capacity, which stood at 356 GW at the end of FY19, has reached ~475 GW in FY25 on the back of healthy renewable capacity additions (including solar, wind, hybrid, and other renewable sources) even as additions in coal and other fuels have declined. By FY30, renewable energy (RE) capacity excluding large hydro is expected to exceed 210 GW, driven by various government initiatives, favourable policies, competitive tariffs, innovative tenders, development of solar parks, and green energy corridors. RE capacity is estimated to account for about 50% of the installed capacity of 700–710 GW by FY30.

Particulars	Details
IPO Open Date	August 19, 2025
IPO Close Date	August 21, 2025
Price Band	₹315 to ₹332 per share
Lot Size	45 Shares
Issue Size	₹20,793  mln
Listing At	BSE, NSE
Tentative Listing Date	[To be announced]

As of FY25, Vikram 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. With 4.50 GW of installed manufacturing capacity for solar PV modules, Vikram is one of the largest pure-play module manufacturers in India, and its enlisted capacity as per the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (ALMM) is 2.85 GW as of June 30, FY25. To meet growing demand, Vikram is undertaking significant greenfield and brownfield expansion plans, which are expected to increase installed solar PV module manufacturing capacity to up to 15.50 GW by FY26 and up to 20.50 GW by FY27.

Vikram delivered a strong FY25 performance, underpinned by exceptional order book expansion and robust earnings growth. Revenue from operations grew 36.3% YoY to ₹34,234.53 million, translating into a 28.5% CAGR over FY23–FY25. This topline growth was supported by a 92.6% CAGR in the order book over the same period, with the domestic segment more than quadrupling since FY23 (CAGR: 101.6%) and exports registering a healthy 60.8% CAGR. The strong visibility from the expanding order book suggests sustained revenue momentum in the near term. EBITDA for FY25 stood at ₹4,920.11 million, representing a 62.6% CAGR over FY23–FY25, reflecting improved operating leverage and scale benefits. While the EBITDA margin moderated slightly to 14.37% from 15.87% in FY24, it remained materially higher than the 8.98% level in FY23, indicating structural improvement in profitability. ROE came in at 16.57% for FY25, more than quadrupling from FY23 levels (4.05%) and highlighting efficient capital utilization and improved earnings quality. The combination of strong order inflows, rising capacity utilization, and margin resilience positions Vikram well for sustained double-digit growth in earnings and returns.

Objects of the issue:

1. Partial funding of CAPEX of subsidiary for Phase 1 project- ₹7697.30 mln
2. Partial funding of CAPEX of subsidiary for Phase 2 project- ₹5952.08 mln

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