| Company Name | Vikram Solar Limited |
| Open Date | 19-08-2025 |
| Close Date | 21-08-2025 |
| Exchange | BSE, NSE |
| Lot Size | 45 Shares |
| Issue Price | ₹332 per share |
| Issue Size | 6,26,31,604 shares |
| Application Amount | ₹ 14,940 - ₹ 1,94,220 (45 to 585 shares) |
| Recommendation | Apply (For Long-Term) |
Vikram Solar Limited is one of India’s largest solar photo-voltaic (‘PV’) modules manufacturers in terms of operational capacity with 4.50 GW of installed manufacturing capacity for solar PV modules. The company commenced manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW. The company is currently undertaking significant greenfield and brownfield expansion plans which are expected to increase company’s installed solar PV module manufacturing capacity up to 15.50 GW by Fiscal 2026 and up to 20.50 GW by Fiscal 2027. The company was originally incorporated as ‘Vikram Solar Private Limited’ on Sep-03, 2008. The registered office is located at Kolkata, West Bengal.
| KPI’s | FY 23 | FY 24 | FY 25 |
| Revenue | 2,073.23 | 2,510.99 | 3,423.45 |
| EBITDA | 186.18 | 398.58 | 492.01 |
| Net Profit | 14.49 | 79.72 | 139.83 |
| RoCE | 10.36% | 22.40% | 23.42% |
| ROE | 3.97% | 17.90% | 11.26% |
| P/E | 592.86 | 107.79 | 72.17 |
| Opening Date | 19/08/2025 |
| Closing Date | 21-08-2025 |
| Basis of Allotment | 22-08-2025 |
| Initiation of Refunds | 25-08-2025 |
| Credit of Shares to Demat | 25-08-2025 |
| Listing Date | 26-08-2025 |
| Partial funding of capital expenditure through investment in Subsidiary, VSL Green Power Private Limited for the Phase-I Project |
| Funding of capital expenditure through investment in Subsidiary, VSL Green Power Private Limited for the Phase-II Project |
| General Corporate Purposes |
| Registered Office | Vikram Solar Ltd. Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata, West Bengal, 700107 |
| Phone | +91 33 2442 7399 |
| secretarial@vikramsolar.com | |
| Website | http://www.vikramsolar.com/ |
| Vikram Solar Limited IPO DRHP |
| Vikram Solar Limited IPO RHP |
| Name | MUFG Intime India Pvt. Ltd. |
| Phone | +91-22-4918 6270 |
| vikramsolar.ipo@linkintime.co.in | |
| Website | https://linkintime.co.in/Initial_Offer/public-issues.html |
| QIB Shares Offered | 3,11,65,200 (49.76%) |
| Retail Shares Offered | 2,18,15,640 (34.83%) |
| Employee Shares Offered | 3,01,205 (0.48%) |
| NII (HNI) Shares Offered | 93,49,560 (14.93%) |
| Share Holding Pre Issue (Promoters) | 77.64% |
| Share Holding Post Issue (Promoters) | 63.12% |