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Vikram Solar IPO
Price Band
₹315.0–332.0
Issue Size
₹2079.37 Cr
Lot Size
45 shares
Min Investment
₹14,940
GMP
+₹35.0 (10.54%)
Issue Price
₹332.0
Subject to Sauda
₹1200
Paid only if allotted
Vikram Solar IPO AI Summary
- Vikram Solar IPO is listed on BSE, NSE in the Other Electrical Equipment sector.
- Price band: ₹315.0–₹332.0 per share, lot size 45 shares (min. investment ₹14,940).
- Subscription window: 19 Aug–21 Aug 2025, listing on 26 Aug 2025.
- Current GMP is +₹35.0 (10.54%), an estimated listing price of ₹367 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Vikram Solar IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 21 Aug 2025 — not a current signal.
2 of 2 reviewers say Neutral
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Vikram Solar IPO Grey Market Premium (GMP) Today
GMP
+₹35.0
GMP %
+10.54%
Est. Listing
₹367.0
Updated: 25 Jul 2026 14:13
About the Company
Incorporated in 2005, Vikram Solar Limited is a solar photo-voltaic (“ PV”) modules manufacturer. Core Operations: Solar Photovoltaic (PV) Module Manufacturing: Specializing in the production of high-efficiency solar PV modules, Vikram Solar caters to both domestic and international markets. Engineering, Procurement, and Construction (EPC) Services: The company provides comprehensive EPC solutions for solar power projects, ensuring efficient project execution from design to commissioning. Operations and Maintenance (O&M): Vikram Solar offers O&M services to optimize the performance and longevity of solar power installations. The company's solar energy products consists of the following high-efficiency solar PV modules: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (“PERC”) modules; (ii) n-type monocrystalline silicon based Tunnel Oxide Passivated Contact (“TOPCon”) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (“HJT”) modules; all of these being either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules. Manufacturing facilities located at: Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu. The company have established a pan-India presence, serving 23 states and three union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators. The company's domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd., As of March 31, 2025, we have 1,612 employees and 974 contractual employees.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| Total Income | 3,459.53 | 2,523.96 | 2,091.91 |
| Profit After Tax | 139.83 | 79.72 | 14.49 |
| EBITDA | 492.01 | 398.58 | 186.18 |
| NET Worth | 1,241.99 | 445.42 | 365.20 |
| Reserves and Surplus | 932.60 | 192.16 | 113.07 |
| Total Borrowing | 230.67 | 808.33 | 737.79 |
Key Ratios
EPS
₹4.42
NAV
₹39.24
ROE
16.57%
ROCE
24.49%
RoNW
11.26%
P/B Value
8.46
P/E Ratio
75.16
Market Cap
₹12009.01 Cr
PAT Margin
4.08%
Debt/Equity
0.19
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Websol Energy System Limited | 65.88 | 55.65% | 40.04 | 36.66 | 36.17 |
| Premier Energies Limited | 62.61 | 33.21% | 47.01 | 21.35 | 21.35 |
| Waaree Energies Limited | 334 | 20.09% | 45.79 | 68.24 | 67.96 |
| Vikram Solar Ltd. This IPO | 39.24 | 11.26% | — | 4.61 | 4.6 |
Promoters
Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust and Vikram Capital Management Pvt.Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Partial funding of capital expenditure for the Phase-I Project. 769.73 2 Funding of capital expenditure for the Phase-II Project 595.21 3 General Corporate Purposes 49.55 4 Issue Expenses 119.76 Total 1,534.24
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹2,091.91 Cr in the year ending 31 Mar 2023, rising to ₹2,523.96 Cr by 31 Mar 2024, and further increasing to ₹3,459.53 Cr by 31 Mar 2025. This shows a consistent upward trend in revenue over the periods.
Profit Trend
Profit after tax was ₹14.49 Cr for the year ending 31 Mar 2023, increasing to ₹79.72 Cr by 31 Mar 2024, and further rising to ₹139.83 Cr by 31 Mar 2025. This indicates a significant growth in profitability across the periods.
Valuation
Vikram Solar's implied P/E at the issue price is approximately 75.16, compared to peers trading at a P/E range of 40.04 to 47.01. This suggests that Vikram Solar is priced at a premium relative to its peers.
Grey Market Premium, Explained
The grey market premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the demand for the shares in the grey market before they are officially listed. A positive GMP suggests that the market expects the stock to list at a higher price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's important to consider the company's fundamentals and market conditions.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable investments may want to avoid IPOs like this, as they can be subject to significant price fluctuations and market uncertainties.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when selling shares on the listing day at a price higher than the issue price. However, there are risks involved, as market conditions can change rapidly, leading to possible losses instead of gains.
This evaluation is generated from Vikram Solar's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Vikram Solar IPO GMP today?
Vikram Solar IPO GMP today is +₹35.0 (10.54%), indicating an estimated listing price of ₹367. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Vikram Solar IPO?
The price band of Vikram Solar IPO is ₹315.0–₹332.0 per share.
When does Vikram Solar IPO open and close?
Vikram Solar IPO opens on 19 August 2025 and closes on 21 August 2025.
When does Vikram Solar IPO list on the stock exchange?
Vikram Solar IPO listed on 26 August 2025 at ₹367.0.
What is the lot size for Vikram Solar IPO?
The lot size for Vikram Solar IPO is 45 shares, requiring a minimum investment of ₹14,940.
What is the price band for the Vikram Solar IPO?
The price band for the Vikram Solar IPO is ₹315.0 to ₹332.0.
What is the minimum investment required?
The minimum investment required is ₹14,940.0.
What is the lot size for the IPO?
The lot size for the IPO is 45 shares.
When does the IPO open and close?
The IPO opens on 19 August 2025 and closes on 21 August 2025.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected price movement of the stock on its listing day.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
19 Aug 2025
Close
21 Aug 2025
Allotment
22 Aug 2025
Listing
26 Aug 2025
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