Vikram Solar IPO Review
Vikram Solar Limited stands among India’s leading manufacturers of high-efficiency solar photovoltaic (PV) modules, with a diversified presence across domestic and international markets. The company operates in three core business segments:
- PV Module Manufacturing – Offering advanced modules such as p-type monocrystalline PERC, n-type monocrystalline TOPCon, and n-type monocrystalline HJT, available in both bifacial (glass-to-glass / glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) configurations.
- Turnkey EPC Solutions – Delivering comprehensive Engineering, Procurement & Construction services for solar power projects.
- Operations & Maintenance (O&M) – Providing plant performance optimisation and long-term asset management services.
The company’s manufacturing units are located at Falta SEZ, Kolkata (West Bengal) and Oragadam, Chennai (Tamil Nadu). Its distribution footprint covers 23 states and 3 union territories, supported by 41 authorized distributors, 64 dealers, and 67 system integrators.
Since commencing production in FY 2009 with an installed capacity of 12 MW, Vikram Solar has expanded to 4.50 GW by the date of the RHP. As of 31 March 2025, its order book stood at 10,340.82 MW — approximately 2.3 times its rated capacity. The company is executing significant greenfield and brownfield expansion projects, targeting 15.50 GW capacity by FY 2026 and 20.50 GW by FY 2027.
In a strategic move towards backward integration, the company plans to enter the Battery Energy Storage Systems (BESS) segment with an initial capacity of 1.00 GWh, scalable to 5 GWh by 2027. Over the past three years, Vikram Solar has delivered substantial improvement in its financial metrics.
Valuation & Recommendation:
The IPO is priced at a P/E multiple of 72.17, which is notably higher than most peer companies. However, given its robust expansion pipeline, diversified product portfolio, and strong order visibility, the issue presents healthy growth prospects. We expect positive listing gains – Apply.
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