Vikram Solar Subscription
Last updated on 21-Aug-2025 18:53:02
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 12466080 | 1808816760 | 145.1 |
| HNIs | 9349560 | 494381250 | 52.88 |
| HNIs 10+ | 6233040 | 371360295 | 59.58 |
| HNIs 2+ | 3116520 | 123020955 | 39.47 |
| Retail | 21815640 | 173422845 | 7.95 |
| Employees | 301205 | 1537110 | 5.1 |
| Total | 43932485 | 2478157965 | 56.41 |
Application-Wise Breakup (Approx. no. of Apps) | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 9894 | 121237 | 12.25 |
| HNIs (2-10L) | 4947 | 189192 | 38.24 |
| Retail | 484792 | 3170281 | 6.54 |
| Employee | - | 25794 | - |
| Total Applications: 3506504 | |||
| © IPO Premium | |||
| Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIBs | 413.87 | 60052.72 | 145.1 |
| FIIs | - | 18258.54 | - |
| DIIs | - | 28757.19 | - |
| Mutual funds | - | 2324.38 | - |
| Others | - | 10712.61 | - |
| HNIs | 310.41 | 16413.46 | 52.88 |
| HNIs 10+ | 206.94 | 12329.16 | 59.58 |
| HNIs 2+ | 103.47 | 4084.3 | 39.47 |
| Retail | 724.28 | 5757.64 | 7.95 |
| Employees | 10 | 51.03 | 5.1 |
| Total | 1458.56 | 82274.84 | 56.41 |
| QIB Interest Cost per share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹64.7 | @8% ₹73.9 | @9% ₹83.1 | @10% ₹92.4 | @11% ₹101.6 | @12% ₹110.9 |
Vikram Solar About
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 45 | 14940 | 484792 |
| sHNI | 14 | 630 | 209160 | 4947 |
| bHNI | 67 | 3015 | 1000980 | 9894 |
IPO Details
| Total Issue Size | 62,631,605 shares (aggregating up to [2079.37] Cr) |
| Fresh Issue | 45,180,723 shares (aggregating up to 1,500.00 Cr) |
| Offer for Sale | 1,74,50,882 shares of (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 |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 50% of the Net Offer |
| Retail Shares Offered | Not more than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
Key Performance Indicators
| KPI | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE | 16.57% | 19.67% | 4.05% |
| ROCE | 24.49% | 20.76% | 12.78% |
| RONW | 11.26% | 17.90% | 3.97% |
| EPS (basic) | 4.61 | 3.08 | 0.56 |
| P/E Pre IPO | 75.16 | ||
| P/E Post IPO | 85.88 |
Company Financials In Crores
| Period Ended | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| Revenue | 3,459.52 | 2,523.96 | 2,091.91 |
| Profit After Tax | 139.83 | 79.72 | 14.49 |
| Net Worth | 1,241.98 | 445.41 | 365.91 |
| Total Borrowing | 230.66 | 808.33 | 737.78 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP* (₹) | Face value (₹) |
|---|---|---|---|
| Vikram Solar | - | - | 10 |
| Waaree Energies | 45.79 | 3112.1 | 10 |
| Premier Energies | 47.01 | 1003.6 | 1 |
| Websol Energy System | 40.04 | 1448.3 | 10 |
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Vikram Solar | 39.24 | 11.26 | 4.61 |
| Waaree Energies | 334 | 20.09 | 68.24 |
| Premier Energies | 62.61 | 33.21 | 21.35 |
| Websol Energy System | 65.88 | 55.65 | 36.66 |
About Company
Core Business Segments
- PV Module Manufacturing: Vikram Solar produces advanced solar modules using the latest technologies to meet a wide range of energy needs across geographies.
- EPC Solutions: The company offers turnkey Engineering, Procurement, and Construction services, managing solar power projects from design through to final commissioning.
- O&M Services: To ensure long-term efficiency and reliability, the company also provides operations and maintenance support for solar installations.
Product Technologies
The company’s product portfolio includes high-performance modules using cutting-edge technologies:
- PERC Modules: Based on p-type monocrystalline silicon with Passivated Emitter and Rear Contact design.
- TOPCon Modules: Using n-type monocrystalline silicon with Tunnel Oxide Passivated Contact.
- HJT Modules: Built on n-type silicon with Heterojunction Technology.
These modules are available in both bifacial (glass-to-glass or glass-to-transparent back sheet) and monofacial (glass-to-white or black back sheet) variants.
Manufacturing Footprint
Vikram Solar’s production facilities are located at two strategic locations:
- Falta SEZ in Kolkata, West Bengal
- Oragadam in Chennai, Tamil Nadu
Strength
Strong Brand & Customer Base: Built through deep customer understanding and consistent product quality.
Advanced Manufacturing Capabilities: Automated plants equipped with global technologies from Japan, Germany, the U.S., and Switzerland.
Robust R&D and Technical Expertise: Backed by strong research focus, strict quality control, and skilled talent pool.
Weakness
Raw Material Price Volatility: Fluctuations in wafer and solar cell prices may increase costs and impact profitability.
Ongoing Legal Proceedings: Involvement in legal cases by the company and promoters may lead to liabilities or penalties.
Lack of Long-Term Supplier Contracts: Dependency on spot purchases poses a risk of raw material unavailability.
Vikram Solar Lead Manager(s)
Vikram Solar Address
789, Anandapur Main Road, Eastern Metropolitan
Bypass, E.K.T,
Kolkata, West Bengal, 700107
Phone: +91 33 2442 7399
Email: secretarial@vikramsolar.com
Website: http://www.vikramsolar.com/
Vikram Solar Registrar
MUFG Intime India Private Limited (Link Intime)
Link Intime India Private Ltd
C 101, 247 Park,
L.B.S.Marg Vikhroli (West),
Mumbai - 400083