Vikram Solar IPO Review

Vikram Solar is one of India’s largest module manufacturers, in terms of operational capacity, with 4.5 GW of installed manufacturing capacity for solar PV modules, Producing N-Type, HJT bifacial PV modules across their factories located at Falta SEZ, Kolkata, West Bengal and at Oragadam in Chennai, Tamil Nadu. Both of these factories are strategically located with access to ports, rail and roads helping facilitate both our domestic as well as international operations. 

Mr. Gyanesh Chaudhary, the Chairman, Managing Director, and Promoter, has over 20 years of experience in the solar industry and has received several honours, including Visionary of the Year at the Solar Quarter State Leadership Awards 2024 – Rajasthan. He serves as Co-Chair of the ICC National Expert Committee on Energy and Chair of the CII Eastern Region ESG Committee for Fiscal 2026. Backed by an experienced management and technical team, he is well-positioned to lead our operations and future growth.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 34,595.27 Million, ₹ 25,239.62 Million and ₹ 20,919.11 Million. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 5,280.85 Million, ₹ 3,999.07 Million and ₹ 2,048.59 Million. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,398.31 Million, ₹ 797.18 Million and ₹ 144.91 Million respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 4.61 and post-issue EPS of ₹ 3.87 for FY24. The pre-issue P/E ratio is 72.01x, while the post-issue P/E ratio is 85.88x against the Industry P/E ratio is 44x. The company's ROCE for FY24 is 24.49%, ROE for FY24 is 16.57% and RoNW is 11.26%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Vikram Solar showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Vikram Solar Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.