Vikram Photo voltaic Restricted is launching its Preliminary Public Providing (IPO) to strengthen its capital base and help enterprise development, together with funding capital expenditures. The IPO includes a contemporary problem of 4.52 crore shares aggregating to Rs. 1,500.00 crores and a proposal on the market of 1.75 crore shares aggregating to Rs. 579.37 crores with a face worth of Rs. 10 every.
GMP of Vikram Photo voltaic Ltd IPO
As of August 18th, 2025, the shares of Vikram Photo voltaic Ltd within the gray market had been buying and selling at a 15.66 p.c premium. The shares within the Gray Market traded at Rs. 384. This provides it a premium of Rs. 52 per share over the cap worth of Rs. 332.00.
Overview of Vikram Photo voltaic Ltd
Vikram Photo voltaic Restricted is one in every of India’s main photo voltaic power suppliers and a globally acknowledged producer of photo voltaic photovoltaic (PV) modules. Established in 2005 and headquartered in Kolkata, West Bengal, the corporate operates throughout the complete photo voltaic worth chain.
It manufactures high-efficiency photo voltaic PV modules, together with mono and polycrystalline varieties, in addition to superior applied sciences reminiscent of bifacial, TOPCon, HJT, and n-type cells. The corporate additionally provides EPC (Engineering, Procurement, and Development) companies, offering turnkey solar energy options for utility, business, industrial, and residential sectors. Moreover, Vikram Photo voltaic offers O&M (Operations & Upkeep) companies, guaranteeing long-term plant efficiency and upkeep.
The corporate, with a producing capability of 4.5 GW in 2024, the corporate is increasing to 10.5 GW by FY 2026 and 15.5 GW by FY 2027. It operates NABL-accredited R&D laboratories to drive innovation in photo voltaic effectivity and sturdiness. Vikram Photo voltaic has amenities in Falta (West Bengal) and Oragadam (Tamil Nadu).
Promoters of Vikram Photo voltaic Ltd
The promoters of Vikram Photo voltaic Ltd., together with Gyansh Chaudhary, the Gyansh Chaudhary Household Belief, and Vikram Capital Administration Personal Restricted, carry in depth experience within the photo voltaic power sector. Their expertise in managing large-scale power initiatives, coupled with a deep understanding of the renewable power panorama, has performed a pivotal function within the development and success of Vikram Photo voltaic Ltd. Their management and strategic imaginative and prescient have been instrumental in positioning the corporate as one in every of India’s main photo voltaic power options suppliers.
Provide For Sale
The Provide for Sale contains the promoter and promoter group promoting shareholders: Gyanesh Chaudhary is providing as much as 6,000,000 fairness shares, with a weighted common price of acquisition of ₹1.85 per fairness share of face worth ₹10 every. Vikram Capital Administration Personal Restricted is providing as much as 1,500,000 fairness shares, with a weighted common price of acquisition of ₹8.50 per fairness share of face worth ₹10 every. Anil Chaudhary is providing as much as 9,950,882 fairness shares, with no specified weighted common price of acquisition. The precise variety of shares to be bought might be based mostly on the ultimate supply worth.
Lead Managers of Vikram Photo voltaic IPO
Equirus Capital Personal Restricted and JM Monetary Restricted, Nuvama Wealth Administration Restricted, UBS Securities India Personal Restricted, Equirus Capital Personal Restricted, and PhillipCapital (India) Personal Restricted are performing because the E book Operating Lead Supervisor. Hyperlink Intime India Personal Restricted is the registrar managing investor purposes and allotment.
Aims of the IPO Provide
The proceeds from Vikram Photo voltaic’s IPO might be used for the next targets: ₹769.73 crore for partial funding of capital expenditure for the Section-I Mission, ₹595.21 crore for funding capital expenditure for the Section-II Mission, and the remaining funds for common company functions.
Monetary Evaluation of Vikram Photo voltaic Ltd
Vikram Photo voltaic Ltd. has demonstrated sturdy monetary efficiency over current years. The corporate’s whole revenue elevated from ₹2,091.91 crore in FY23 to ₹2,523.96 crore in FY24, reflecting a development of 21%, and additional rose to ₹3,459.53 crore in FY25, marking a considerable 37% enhance.
Revenue after tax (PAT) additionally confirmed constant development, rising from ₹14.49 crore in FY23 to ₹79.72 crore in FY24, a rise of 450%, and additional accelerating to ₹139.83 crore in FY25, reflecting a 75% development.
Over the previous three years, Vikram Photo voltaic’s income has grown at a CAGR of roughly 29.68%, whereas revenue grew at a CAGR of round 90.25%, indicating enhancing operational efficiency and rising profitability.
Vikram Photo voltaic Ltd Vs Friends
Vikram Photo voltaic has a stable revenue base of ₹34,595.27 million with an EPS of ₹4.61. The corporate’s Return on Web Price (RoNW) stands at a wholesome 11.26%, indicating good profitability and asset utilization.
As compared, Premier Energies has the best revenue amongst friends at ₹66,520.86 million, with a robust EPS of ₹21.35 and RoNW of 33.21%, reflecting superior profitability and capital effectivity. Regardless of the decrease face worth, it has the next market worth per share in comparison with Vikram Photo voltaic.
Together with it, Websol Vitality exhibits a major EPS of ₹36.66 and RoNW of 55.65%, indicating poor profitability and monetary well being. Nevertheless, its market worth per share is comparably increased to Premier Energies, regardless of its weaker monetary efficiency.
Vikram Photo voltaic Ltd Strengths and Weaknesses
Strengths
- The corporate is likely one of the largest Indian photo voltaic PV module producers with 3.50 GW operational capability as of March 31, 2024.
- It has a robust R&D focus with strong high quality management techniques.
- They supply Finish-to-end service capabilities (Manufacturing → EPC → O&M).
- The corporate is rising its worldwide presence with enlargement plans in the USA by a JV (VSK Vitality LLC).
Weak point
- Income Dependency on Photo voltaic PV Modules: A decline in demand for photo voltaic photovoltaic modules, which account for 97.34% of income in FY24, might negatively impression enterprise, income, and profitability.
- Buyer Dependency Dangers: Income from the highest 5 and prime ten buyer accounts for 76.13% and 89.38%, respectively. Any adversarial modifications in buyer relationships might have an effect on monetary efficiency.
- Manufacturing Facility Enlargement Dangers: The success of the brand new Tamil Nadu facility and the capability enlargement of current crops is crucial. Failure to broaden cost-effectively might negatively impression operations.
- Uncooked Materials Worth Fluctuations: Worth volatility in wafers, photo voltaic photovoltaic cells, and different uncooked supplies might enhance materials prices, adversely affecting the monetary situation and outcomes of operations.
Conclusion
Vikram Photo voltaic Ltd.’s IPO presents a major alternative to put money into one in every of India’s main photo voltaic power suppliers, with a confirmed observe document of development and innovation within the photo voltaic PV module manufacturing sector. With a robust income base and spectacular revenue development over current years, the corporate is positioned for additional enlargement, each domestically and internationally. Nevertheless, buyers ought to take into account potential market dangers, competitors, and the evolving dynamics of the photo voltaic business earlier than making funding selections.
Written by Sridhar J
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