Vikram Solar Limited, incorporated in 2005, is one of India’s largest solar photovoltaic (PV) module manufacturers, with over 17 years of industry experience. The company’s core operations encompass solar PV module manufacturing, providing a diverse portfolio of high-efficiency products, including advanced PERC, TOPCon, and HJT modules. It also offers comprehensive Engineering, Procurement, and Construction (EPC) services for solar projects and provides Operations and Maintenance (O&M) to ensure the long-term performance of solar installations.

With manufacturing facilities located in Falta, West Bengal, and Oragadam, Tamil Nadu, Vikram Solar has a robust operational capacity of 4.50 GW as of the date of its Red Herring Prospectus. To meet growing demand, Vikram Solar is pursuing ambitious expansion plans, aiming to increase its manufacturing capacity to 15.50 GW by Fiscal 2026 and 20.50 GW by Fiscal 2027. This includes strategic backward integration into solar cell manufacturing and a new venture into Battery Energy Storage Systems (BESS).  The company serves a wide customer base, including key government entities and private independent power producers, through an extensive pan-India network.

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• A deep-rooted presence and dominant market share: The Company is one of India’s largest pure-play solar module manufacturers, boasting a substantial 4.50 GW installed capacity and a recognized presence on the Ministry of New & Renewable Energy’s Approved List.
• An aggressive growth and diversification strategy: It is undertaking aggressive expansion plans, aiming to increase its manufacturing capacity to 20.50 GW by Fiscal 2027 and strategically entering solar cell and battery energy storage system manufacturing.
• Strong brand recognition and an extensive market reach: The Company has a strong brand reputation and customer base, recognized by its inclusion as a BloombergNEF Tier-1 manufacturer since 2014, and an extensive pan-India sales and distribution network.
• Commitment to quality and technological expertise: With a strong focus on R&D and quality control, the company’s solar PV modules offer high efficiency (up to 23.66%), which is competitive with similar products available in the market.

The Company VIKRAM SOLAR IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Partial funding of capital expenditure for the Phase-I Project (₹ 73 Cr.)
• Funding of capital expenditure for the Phase-II Project (₹ 21 Cr.)
• General corporate purposes.

At the upper band of IPO ₹ 332, the stock is valued at a high P/E multiple of 85.88. Hence, well-informed investors subscribe cautiously for medium to long term perspective.