SYNOPSIS:
Not too long ago listed Vikram Photo voltaic Restricted, certainly one of India’s largest photo voltaic module makers, plans to develop capability to twenty.5 GW by FY27, diversify into photo voltaic cells and BESS, whereas delivering sturdy monetary development.
Certainly one of India’s largest module producers, when it comes to operational capability, produces photo voltaic photovoltaic (PV) modules. This firm is not too long ago listed and is price keeping track of. Are you able to guess which one?
We’re speaking about Vikram Photo voltaic Restricted, an built-in photo voltaic power options supplier engaged within the enterprise of providing engineering, procurement and building (EPC) providers, and operations and upkeep (O&M) providers. On this article, we’ll take a more in-depth take a look at the corporate’s monetary efficiency, key ratios, administration steerage, and extra.
Inventory Efficiency
With a market cap of Rs. 11,419.4 crores, shares of Vikram Photo voltaic Restricted hit an intraday excessive at Rs. 323.95 on Friday morning, up by round 1 p.c on BSE, as in opposition to its earlier closing value of Rs. 321.85.
The corporate’s IPO, with a problem dimension of Rs. 2,079.37 crore, witnessed sturdy investor participation with an total subscription of 54.63 instances. The problem comprised a contemporary fairness sale of 4.52 crore shares price Rs. 1,500 crore and a proposal on the market of 1.75 crore shares amounting to Rs. 579.37 crore. The value band was mounted between Rs. 315 and Rs. 332 per share.
Following the strong demand, the shares of Vikram Photo voltaic made a modest inventory market debut. On the BSE, the inventory was listed at Rs. 340 per share, reflecting a 2.41 p.c premium over the difficulty value of Rs. 332, whereas on the NSE, it opened at Rs. 338 per share, a 1.81 p.c premium.
Administration Steerage
Vikram Photo voltaic is scaling up its photo voltaic PV module manufacturing capability to fifteen.5 GW by FY26 and 20.5 GW by FY27 by means of a mixture of greenfield and brownfield expansions. The corporate can be diversifying into photo voltaic cell manufacturing, with two amenities in Tamil Nadu including as much as 12 GW of capability by FY27.
In parallel, it’s organising a greenfield battery power storage system (BESS) undertaking, beginning with 1 GWh capability and expandable to five GWh by FY27, marking its entry into power storage to drive long-term development and profitability. As of March 2025, Vikram Photo voltaic held an executable order e book of 10.34 GW, making certain sturdy visibility for capability utilisation and income momentum.
Monetary Efficiency
Vikram Photo voltaic reported a big development in its income from operations, displaying a year-on-year enhance of round 36 p.c from Rs. 2,511 crores in FY24 to Rs. 3,423 crores in FY25. Equally, its web revenue elevated throughout the identical interval from Rs. 80 crores to Rs. 140 crores, representing a formidable rise of about 75 p.c YoY. Between FY20 and FY25, Vikram Photo voltaic income grew at a 5-year CAGR of round 16 p.c, whereas web revenue surged at a CAGR of about 45 p.c.
By way of key monetary metrics, the corporate has a Return on Fairness (RoE) of 16.6 p.c and a return on capital employed (RoCE) of 26.4 p.c, with a debt-to-equity ratio of 0.22.
Written by Shivani Singh
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