Vikram Photo voltaic Restricted, certainly one of India’s main photo voltaic photovoltaic (PV) module producers, is popping out with its Preliminary Public Providing (IPO). This IPO has generated appreciable buzz within the renewable vitality sector given the corporate’s robust market place, sturdy monetary progress, and bold enlargement plans. On this article, we offer a detailed Vikram Photo voltaic IPO evaluation, masking the corporate profile, aggressive strengths, situation particulars, monetary efficiency, peer comparability, gray market premium (GMP), causes to speculate, danger elements, and our conclusion on whether or not traders ought to subscribe or keep away from.
About Vikram Photo voltaic Restricted
Based in 2005, Vikram Photo voltaic is engaged in manufacturing high-efficiency photo voltaic PV modules and offering Engineering, Procurement, and Building (EPC) providers together with Operations & Upkeep (O&M) options.
Key Operations:
- Photo voltaic PV Module Manufacturing: PERC, TOPCon, and HJT applied sciences in each bifacial and monofacial codecs.
- EPC Providers: Full execution from design to commissioning.
- O&M Providers: Guaranteeing long-term efficiency and effectivity of photo voltaic initiatives.
The corporate operates manufacturing amenities in Falta SEZ, West Bengal and Oragadam, Tamil Nadu, with a pan-India distribution community spanning 23 states and three union territories.
Key purchasers embrace NTPC, Neyveli Lignite Company, Gujarat Industries Energy, and main non-public IPPs like ACME Cleantech.
Aggressive Strengths
- Market Management: Among the many largest photo voltaic PV module producers in India by operational capability.
- Numerous Product Portfolio: Big selection of high-efficiency modules catering to home and world markets.
- Robust Buyer Base: Lengthy-term relationships with marquee authorities and personal purchasers.
- Monetary Progress: 37% income progress and 75% PAT progress in FY25.
- Low Debt: Debt-to-equity ratio of simply 0.19, indicating monetary stability.
- Enlargement Initiatives: Upcoming built-in photo voltaic cell and module manufacturing facility (Section-I and Section-II) to spice up capability.
Vikram Photo voltaic IPO Difficulty Particulars
- IPO Date: August 19, 2025 – August 21, 2025
- Itemizing Date: August 26, 2025 (tentative)
- Value Band: ₹315 – ₹332 per share
- Lot Measurement: 45 shares
- IPO Measurement: ₹2,079.37 crore
- Contemporary Difficulty: ₹1,500 crore
- Supply for Sale (OFS): ₹579.37 crore
- Face Worth: ₹10 per share
- Lead Managers: JM Monetary, Nuvama Wealth, UBS Securities, Equirus Capital, PhillipCapital
- Registrar: MUFG Intime India Pvt. Ltd.
- Market Cap at Higher Value Band: ₹12,009 crore
Monetary Highlights
| (₹ in Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income | 2,091.91 | 2,523.96 | 3,459.53 |
| EBITDA | 186.18 | 398.58 | 492.01 |
| PAT | 14.49 | 79.72 | 139.83 |
| ROE (%) | – | – | 16.57 |
| ROCE (%) | – | – | 24.49 |
| Debt/Fairness | – | – | 0.19 |
| EBITDA Margin (%) | 8.9 | 15.78 | 14.37 |
The corporate has proven constant income and profitability progress, with a considerable enchancment in margins.
Objects of the IPO
- Partial funding of capital expenditure for Section-I Challenge: ₹769.73 crore.
- Funding of capital expenditure for Section-II Challenge: ₹595.21 crore.
- Common company functions.
P/E Ratio & Peer Comparability
On the higher value band of ₹332:
- Put up-IPO EPS: ₹3.87
- P/E Ratio: ~85.88x
Peer Comparability (based mostly on FY25 earnings):
| Firm | P/E Ratio |
|---|---|
| Adani Inexperienced | 112.5x (Highest) |
| Websol Vitality | 42.3x (Lowest) |
| Business Common | ~78x |
| Vikram Photo voltaic | 85.88x |
Valuation is above the business common, indicating premium pricing.
Gray Market Premium (GMP)
As of the most recent replace, Vikram Photo voltaic IPO GMP is ₹40-45, indicating an inventory acquire expectation of round 12-14% over the higher value band. GMP traits can change considerably nearer to itemizing.
Causes to Put money into Vikram Photo voltaic IPO
- Management in Renewable Vitality: Positioned strongly in a fast-growing photo voltaic sector supported by authorities initiatives.
- Strong Monetary Progress: Vital income and revenue progress during the last three years.
- Capability Enlargement: Giant-scale Section-I & Section-II initiatives will increase manufacturing capability.
- Diversified Shopper Portfolio: Robust relationships with authorities and personal sector prospects scale back focus danger.
- World Market Potential: Capability to cater to worldwide photo voltaic demand.
Threat Elements
- Excessive Valuation: P/E greater than business common, leaving restricted margin for error.
- Sector Competitors: Intense home and worldwide competitors might strain margins.
- Uncooked Materials Dependency: Costs of polysilicon and different key inputs can impression profitability.
- Coverage Threat: Adjustments in authorities incentives or commerce tariffs could have an effect on progress.
- Execution Threat: Giant enlargement initiatives require well timed execution to keep away from value overruns.
The way to Apply for Vikram Photo voltaic IPO
Traders can apply through:
- UPI by way of dealer platforms (Zerodha, Groww, Angel One, and so on.).
- Internet banking ASBA facility by way of supported banks.
- Bodily ASBA kinds at designated financial institution branches.
Conclusion – Subscribe or Keep away from?
Vikram Photo voltaic is a frontrunner within the Indian photo voltaic manufacturing house with a confirmed observe report, robust shopper base, and bold progress plans. Nonetheless, the IPO comes at a premium valuation in comparison with friends, and sector dangers stay.
Is that this good or dangerous for funding ? – Our View: Traders with a high-risk urge for food and long-term horizon can think about subscribing. Conservative traders could anticipate higher entry ranges post-listing.
FAQs on Vikram Photo voltaic IPO
1. What’s the IPO date for Vikram Photo voltaic?
The IPO opens on August 19, 2025, and closes on August 21, 2025.
2. What’s the value band for the IPO?
The worth band is ₹315 – ₹332 per share.
3. What’s the lot dimension and minimal funding?
Lot dimension is 45 shares, requiring a minimal funding of ₹14,175.
4. What’s the GMP for Vikram Photo voltaic IPO?
The newest GMP is round ₹40-45.
5. Ought to I put money into Vikram Photo voltaic IPO?
It’s appropriate for long-term traders with the next danger tolerance as a consequence of premium valuation.
6. The place will the shares be listed?
On BSE and NSE.
7. Who’re the lead managers for the IPO?
JM Monetary, Nuvama Wealth, UBS Securities, Equirus Capital, PhillipCapital.
Disclaimer: This text is for academic functions and never a suggestion to purchase, promote, or subscribe. Traders ought to seek the advice of their monetary advisor earlier than making funding selections.
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