Vikram Solar IPO Upcoming
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About Vikram Solar
Incorporated in 2005, Vikram Solar is one of India’s largest solar photovoltaic (PV) module manufacturers with an installed capacity of 3.50 GW as of March 31, 2024. Backed by over 15 years of industry experience, the company provides high-efficiency PV modules, EPC, and O&M services to domestic and global markets. Its clients include NTPC, Neyveli Lignite Corporation, ACME, and Azure Power. With facilities in West Bengal and Tamil Nadu, Vikram Solar is recognised for innovation, Tier-1 BloombergNEF ranking, and extensive ALMM enlistment, positioning it as a trusted partner in India’s renewable energy transition.
Financials of Vikram Solar
*All figures are in ₹ Crores.
Issue size
| Funds Raised in the IPO | Amount |
| Overall | – |
| Fresh Issue | ₹1500 crores |
| Offer for sale | – |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Partial funding of capital expenditure for the Phase-I project | 793.36 (53%) |
| Funding of capital expenditure for the Phase-II project | 602.95 (40%) |
| General corporate purposes | 103.69 (7%) |
Strengths
- One of India’s largest solar PV module manufacturers (3.50 GW capacity)
- Strong R&D and quality control systems
- High technical expertise in solar PV module manufacturing
- Established presence in domestic and international markets
- Strong brand recognition and loyal customer base
- Deep understanding of customer needs and focus on product quality
Risks
- No long-term contracts with suppliers, making raw material availability uncertain.
- Some subsidiaries have reported losses in recent years, which could affect our reputation.
- Heavy reliance on Vikram Solar US Inc. for US sales — any disruption may impact business.
- Cost estimation errors or delays in EPC projects could harm finances and cash flow.