About the Company:
Vikram Solar is one of India’s largest makers of solar panels, with 4.5 gigawatts (GW) of factory capacity and over 17 years of experience. The company is quickly expanding its ability to make more panels, aiming for 15.5 GW by 2026 and 20.5 GW by 2027, to keep up with strong demand for clean energy. Vikram Solar will also make solar cells and battery storage systems to help store more electricity; the first big battery plant starts at 1 GWh and can grow to 5 GWh by 2027. Founded in 2009, Vikram Solar has grown from a small start to a renewable energy leader with ₹2,510 crore revenue in 2024. Its products include solar panels, inverters, and cleaning systems, helping both quality and efficiency. The company’s strong growth plans show it is serious about supporting India’s solar and green energy future.
READ DRHP:SEBI |PUBLIC ISSUES| VIKRAM SOLAR IPO
IPO Details – What You Need to Know
| Detail | Information |
|---|---|
| Issue Price Range | ₹315 – ₹332 per share |
| Face Value | ₹10 per share |
| Minimum Lot (Retail) | 45 shares (₹14,940 approx) |
| Maximum Lot (Retail) | 13 lots (585 shares, ₹1,94,220 approx) |
| Minimum Lot (HNI) | 14 lots (630 shares, ₹2,09,160 approx) |
| Issue Type | Fresh Issue + Offer for Sale (OFS) |
| Total Issue Size | ₹2,079 crore (₹1,500Cr Fresh + ₹579Cr OFS) |
| Listing | NSE, BSE |
| Registrar | Link Intime India Pvt. Ltd CLICK HERE |
IPO Timeline (Important Dates)
| Event | Date |
|---|---|
| IPO Opens | 19th August 2025 |
| IPO Closes | 21st August 2025 |
| Allotment Final | 22nd August 2025 |
| Refunds Start | 25th August 2025 |
| Shares in Demat | 25th August 2025 |
| Listing Date | 26th August 2025 |
What’s the Money Used For?
- To build new solar panels and cell factories.
- To help the company grow faster and invest in new projects.
- To meet General corporate needs.
Key Financial Metrics (in simple terms)
| Financial Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue (₹ crore) | 2,073 | 2,511 | 3,423 |
| Profit After Tax | 14 | 80 | 140 |
| EBITDA (₹ crore) | 186 | 399 | 492 |
| EBITDA Margin (%) | 9.0% | 15.9% | 14.4% |
| PAT Margin (%) | 0.7% | 3.6% | 4.1% |
| Return on Equity | 4.0% | 20.5% | 11.3% |
| Return on Capital Employed | 12.8% | 21.8% | 25.3% |
| Debt/Equity Ratio | 2.0 | 1.8 | 0.2 |
| Earnings Per Share (EPS, ₹) | — | — | 4.42–3.87 (pre/post IPO) |
What do these numbers mean?
- Revenue: Total sales made from business.
- EBITDA:Profits before interest, taxes, and certain costs.
- PAT (Profit After Tax): Final profit after all expenses.
- ROE/ROCE: How well the company uses investor money.
- EPS: Profit for each share.
ANALYSIS:
- Revenue: Sales are increasing every year, showing strong business growth.
- Profit After Tax: Company profits have gone up sharply, indicating improving performance.
- EBITDA: Operating profit is rising, meaning the business is managing costs better as it grows.
- EBITDA Margin (%): Profitability from core operations is getting stronger.
- Return on Equity: The company used shareholders’ money much more efficiently in FY24, but slightly less so in FY25.
- Return on Capital Employed: The business is using its overall funds more effectively each year.
- Debt/Equity Ratio: The company has reduced its debt a lot, making it financially safer.
- Earnings Per Share (EPS): Profit for every share is expected to rise after the IPO, making each share more valuable.
Why Some Investors Like This Mainboard IPO
- Vikram Solar is riding on India’s push for clean, renewable energy.
- Trusted by major companies and government buyers.
- Its profits and sales are growing, but margins are moderate compared to global players.
- The company is expanding and growing fast, especially in domestic sales.
- Plans to increase production to meet India’s rising solar power demand.
POINTS THAT NEEDS CAUTION:
- Most money comes from selling solar panels; if demand for solar panels drops, profits could be hit.
- Relies heavily on a few big customers (top 10 provide nearly 89% of sales).
- Growth depends on expanding new factories—delays could hurt profits.
- Prices of raw materials (like solar cells/wafers) can go up and affect cost.
- Some ongoing legal cases (found in the DRHP, common in large companies).
IPO FAQS
What is an IPO?
- An IPO (Initial Public Offering) is when a private company sells its shares to the public for the first time to raise money.
- Example: If a well-known pizza company wants to grow, it can list its shares on the stock exchange so anyone can buy a piece of the company.
How can you apply for an IPO (using Zerodha or Upstox)?
- Make sure you have a Demat account and your bank account is linked.
- Steps:
- Log in to your broker’s app (e.g., Zerodha Kite, Upstox).
- Go to the IPO section.
- Select the company’s IPO you want to apply for.
- Enter how many shares (or ‘lots’) you want and the price you wish to bid.
- Enter your UPI ID, submit your application, and approve the UPI payment request.
How are IPO shares allotted?
- If more people want shares than are available, the company uses a lottery system to decide who gets them.
- If you don’t get shares, your money is simply returned.
What is GMP (Grey Market Premium)?
- GMP shows the extra price people are willing to pay for IPO shares before they officially start trading.
- Example: If IPO price is ₹100 and GMP is ₹20, people are unofficially ready to pay ₹120. It hints at the IPO’s popularity but isn’t a guarantee.
Where to check upcoming IPOs (IPO calendar)?
- Visit popular finance sites like Chittorgarh, IPOWatch, or official exchange websites (NSE, BSE) and look for the “Upcoming IPO” section.
What are IPO listing gains?
- If the share’s price rises on the first trading day, you can make instant profit.
- Example: You buy at ₹150, and it opens at ₹200, you gain ₹50 per share.
How can you make profit from an IPO?
- Quick gains on listing day (if the stock price goes up).
- Long-term: If the company grows, the share price could increase further.
Which IPO is best to buy?
- There is no single best IPO. Check the company’s background, current demand, and GMP, but always research before investing.
- High GMP or popularity doesn’t guarantee profits.
Are IPOs safe?
- IPOs can be profitable but also risky; prices can go up or down sharply.
- Only invest if you are ready for potential losses.
How to check IPO allotment status?
- After the IPO process, check on exchanges (BSE/NSE websites) or the IPO registrar’s site (like K-Fintech, Bigshare,or mufg-intime) by entering your PAN or application number to see if you got shares.
Important Tips for Retail Investors Applying for an IPO
- Use Only Your Own PAN Card:
Avoid using the same PAN card for multiple IPO applications. For example, if you have already applied using your PAN for one IPO, don’t try to apply again with the same PAN under different accounts or through others. - Apply in the Right Category:
Ensure you select the correct investor category (such as Retail Individual Investor) when filling out your application. Applying under a wrong category can lead to rejection or disqualification. - Maintain Sufficient Bank Balance:
Before applying, ensure your bank account linked to the application has enough funds to cover the full bid amount. For instance, if the IPO application requires a payment of ₹15000, make sure your account holds at least that amount. - Use Your Own Bank Account:
Always apply through your own bank account. Using someone else’s account can cause your application to be rejected during the verification process. - Avoid Last-Minute Applications:
Don’t wait until the deadline day or moments before to apply. Last-minute submissions may face technical glitches or processing delays, reducing the chances of success.