As an investor, deciding whether the IPO is Good or Bad to invest in can often be challenging. If you are confused and worried about whether to apply or not to the Vikram Solar IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Vikram Solar IPO review which will help you to make the decision.
Strengths and Weaknesses of Vikram Solar IPO
Strengths:
- As of March 31, 2025, Vikram Solar is one of the largest Indian solar PV module manufacturers with 4.50 GW operational capacity and actual production of 1,286.10 MW.
- The strong focus on research and development (R&D), strict quality control (QC) systems, and skilled talent in making solar PV modules is what attracts and retains customers.
- Vikram Solar holds a strong market presence across India, operating in 19 states and 2 union territories.
- The company has established a strong market reputation and a good customer base, as they understand their customer well to offer high-quality products.
Weaknesses:
- In FY2025, FY2024, and FY2023, the company generated most of its revenue from solar PV modules, meaning any drop in the demand for those products can badly impact the business, cash flow, and profit.
- 77.50% of the company’s revenue comes from its top 5 customers, while 88.72% came from its top 10 customers as of FY25. The company mostly depends on its top customers for its revenue, any negative change with them could harm the company’s financial performance.
- In case any change happens in the prices of wafers, solar PV cells, or other raw materials, or their material cost rises can badly impact the business, finances, and overall performance.
- If the government reduces, removes, or stops subsidies and incentives for solar energy, then the demand for their solar modules can drop, which can hurt the business, cash flow, and overall condition.
Vikram Solar IPO Details
| IPO Size | ₹2,079.37 crores |
| Offer-for-sale | up to 17,450,882 equity shares |
| Fresh issue | ₹1,500 crores |
| Price band | ₹315 to ₹332 |
| Subscription | Opens on August 19, 2025, and the closing date is on August 21, 2025 |
| Purpose of IPO | Fresh Issue and Offer-for-Sale |
Vikram Solar IPO Open and closing date?
Vikram Solar IPO will open for subscription on August 19, 2025, and close for subscription on August 21, 2025.
What is the size of the Vikram Solar IPO?
The company planned to raise funds of around ₹2,079.37 crores via IPO. This IPO comprises both a fresh issue of ₹1,500 crores and an Offer-for-sale up to 17,450,882 equity shares with a face value of ₹10 each.
What are the subscription details of the Vikram Solar IPO?
The Vikram Solar IPO price range is set at ₹315 to ₹332 per share. In this IPO, a total of 45 shares were available in 1 lot size for the minimum Retail category, and for the maximum retail category, 585 shares in 13 lot sizes were available, and for the S-HNI Minimum category, 630 shares were available in 14 lot sizes. While for the B-HNI Minimum category, 3,015 shares were available in 67 lot sizes.
To invest in this IPO, each investor category has specific investment amounts:
- Retail Investors: Minimum investment of ₹14,940 and maximum investment of ₹1,94,220.
- Small HNI (S-HNI): Minimum investment of ₹2,09,160.
- Big HSI (S-HNI): A minimum investment of ₹10,00,980 is required.
What is the Vikram Solar IPO listing Date?
Vikram Solar is a Mainboard IPO shares will be listed on August 26, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).
What are the objectives of the Vikram Solar IPO Issue?
The objective behind raising funds via IPO is to utilize the funds in the investment of VSL Green Power Pvt. Ltd. to set up a 3,000 MW solar cell and 3,000 MW solar module plant in Tamil Nadu (Phase I). Some funds will be used to expand solar module capacity from 3,000 MW to 6,000 MW at the same site (Phase II). Lastly, the remaining funds will be used for the company’s corporate purposes.
About Vikram Solar
Incorporated in 2005, Vikram Solar Limited is one of the growing companies that manufactures solar photovoltaic (“ PV”) modules. Vikram Solar’s main business includes Solar PV Module Manufacturing, EPC Services, and O&M Services. The company makes high-efficiency solar panels that include PERC modules – p-type monocrystalline silicon panels, TOPCon modules – n-type monocrystalline silicon panels, and HJT modules – n-type monocrystalline silicon panels with heterojunction technology. Its manufacturing facility is located at Falta SEZ, Kolkata, West Bengal, and Oragadam, Chennai, Tamil Nadu. Its revenue for 2024 is 25,109.90 million. In order to expand market demand, it has mainly focused on a production capacity of 10.50 GW by FY26 and 15.50 GW by FY27, including building a 3 GW solar cell manufacturing plant in Tamil Nadu.
Vikram Solar IPO Financials
The company reported revenue of ₹3,459.53 crores in 2025 against ₹2,523.96 crores in 2024. The company reported a profit of ₹139.83 crores in 2025 against a Profit of ₹79.72 crores in 2024.
Vikram Solar IPO Promoters
The promoters of the company are Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, and Vikram Capital Management Private Limited.
Who are the Vikram Solar IPO lead managers and registrar?
JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited, PhillipCapital (India) Private Limited are the lead managers of Vikram Solar, while MUFG Intime India Private Limited is the registrar of the company.
Should you apply or not for the Vikram Solar IPO?
Are you torn between whether or not you should apply or not for the Vikram Solar IPO? Well, it is necessary to weigh its strengths/risks, your investment goals, and risk appetite before investing your money in it. Vikram Solar is one of the well-established players in the solar energy sector, with a strong domestic and international presence. With 4.50 GW of installed manufacturing capacity for solar PV modules, Vikram Solar is one of the largest companies in the play module manufacturing in India.
The company is involved in offering a wide range of high-efficiency solar PV modules and expertise in EPC and O&M services. What makes them trusted and established is their strong engineering skills to design highly automated production lines with carefully selected equipment, which helped them to improve their solar module efficiency from 17.52% in 2016 to 23.66% in 2025. If we talk about its financials, over the years, the company has shown a strong revenue growth from promoting its renewable energy. Also, in the future, the company is planning to upgrade all its solar PV module manufacturing lines to be compatible with N-Type module production. So, my final verdict is that the company is showing pretty good growth potential, and investors can evaluate the long-term growth potential from it. However, just like any other IPO, we recommend that investors first check market conditions, financials, the company’s background, and risks before making a final decision, and investing at their own risk.
