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15 Days Price Change

Vikram Solar IPO

Closing In

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Profile
Issue Size 1506.01 Cr
Profile
Price Range 315  to  332 per share
Profile
Min Investment ₹332
Profile
Lot Size 1
Profile
Face Value ₹10
Profile
Draft Prospectus
Invest Before the IPO Goes Live

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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

As of December 31, 2021, we are one of India’s largest module manufacturers, in terms of operational capacity, producingsolar photo-voltaic (“PV”) modules (Source: CRISIL Report), and are also an integrated solar energy solutions provider offering engineering, procurement and construction (“EPC”) services, and operations and maintenance (“O&M”) services to our customers. Further, our Company had a domestic market share of approximately 19.00% (calculated as a percentage of operational modules capacity) with 2.5 GW(inclusive of trial production i.e. which is not yet commercially available) of installed manufacturing capacity for solar PV modules, as of December 31, 2021. (Source: CRISIL Report). We strive to deliver reliable solar solutions through innovative products, and we achieve this through our specialized high efficiency PV module manufacturing, comprehensive EPC solutions and O&M services. Read More

Basic Info

Face Value 10 per share

Price 315  to  332 per share

P/E (x) 72.2

Sales( Cr.) 3423

PAT( Cr.) 140

EPS 4.6

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

Gyanesh Chaudhary Family Trust Vikram Capital Management Pvt Ltd(Formarly Monolink Trexim Pvt Ltd) Gyanesh Chaudhary

Pre Issue Share Holding 77.64%

Post Issue Share Holding 63.11%

Listing Details:

Listing Price: 340

Listing Gain: 2.35%

Current Price: 199.2

Gain On Issue: 199.2 | 0%

GMP: --

GMP %: -- %

IPO Tentative Timetable

Opening Date Aug 19, 2025
Closing Date Aug 21, 2025
Allotment Aug 22, 2025
Refund Aug 25, 2025
Delivery of Shares Aug 25, 2025
Listing Date Aug 26, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 45 14,940
Retail (Max) 13 585 194,220
S-HNI (Min) 14 630 209,160
S-HNI (Max) 66 2970 986,040
B-HNI (Min) 67 3015 1,000,980

Objective of the Issue

1. Partial funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power Private Limited, for setting up of an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility at plot no. A-5, A-6, A-7 & A-10, SIPCOT Industrial Complex, Gangaikondan, District Tirunelveli 627 352, Tamil Nadu (“Project Site”) (“Phase-I Project”). 2. Funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power Private Limited, for expanding the manufacturing capacity of the solar module manufacturing facility set up under the Phase-I Project from 3,000 MW to 6,000 MW at the Project Site (“Phase-II Project”). 3. General corporate purposes.

Issue

Category Nos Bid Bid (x)
QIB 12667954 1808816760 142.8x
NII 9712871 494381250 50.9x
Retail 22663365 173422845 7.7x
EMP 317460 1537110 4.8x
Total 45361650 2478157965 54.6x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Vikram Solar Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 641 933 1719 1903 1956 1640 1610 1730 2073 2511 3423
Other Income 5 8 18 33 15 22 18 13 19 13 36
Total Income 646 941 1737 1936 1972 1662 1628 1743 2092 2524 3460
Total Expenditure 553 809 1559 1778 1793 1500 1433 1672 1887 2112 2931
Operating Profit 93 132 179 158 178 162 195 71 205 412 528
Interest 37 50 65 68 91 95 99 103 122 155 155
Depreciation 11 17 23 27 28 37 39 48 64 138 156
Exceptional Income / Expenses -11 -2 0 0 0 0 0 0 0 -12 0
Profit Before Tax 34 62 91 63 59 30 56 -79 19 107 217
Provision for Tax 10 7 21 13 18 8 18 -16 4 28 78
Profit After Tax 24 55 70 51 41 23 38 -63 14 80 140
Adjustments -0 -0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 24 55 70 51 41 23 38 -63 14 80 140
Adjusted Earnings Per Share 0.8 1.8 2.3 1.6 1.3 0.7 1.5 -2.4 0.6 3.1 4.4

Vikram Solar Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 155 218 259 310 348 362 414 351 365 445 1242
Minority's Interest 1 1 0 0 0 0 0 0 0 0 0
Borrowings 176 254 258 263 204 187 230 264 214 199 77
Other Non-Current Liabilities 20 20 4 27 57 40 104 139 601 519 115
Total Current Liabilities 351 437 654 690 825 987 1050 1482 1296 1422 1397
Total Liabilities 702 930 1175 1290 1434 1576 1798 2237 2476 2585 2832
Fixed Assets 173 363 317 299 335 357 381 547 644 505 554
Other Non-Current Assets 92 20 63 101 68 88 151 71 79 102 117
Total Current Assets 438 547 796 890 1030 1132 1266 1619 1753 1978 2161
Total Assets 702 930 1175 1290 1434 1576 1798 2237 2476 2585 2832

Vikram Solar Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 5 8 3 4 4 15 32 9 19 2 9
Cash Flow from Operating Activities 2 -105 -28 128 252 227 13 201 195 152 299
Cash Flow from Investing Activities -111 -67 -4 -51 -38 -36 -40 -155 -111 -64 -169
Cash Flow from Financing Activities 112 198 32 -78 -202 -174 4 -36 -102 -81 -100
Net Cash Inflow / Outflow 3 27 0 -0 11 16 -23 10 -17 7 30
Closing Cash & Cash Equivalent 8 35 4 4 15 32 9 19 2 9 39

Vikram Solar Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.82 1.79 2.27 1.65 1.34 0.73 1.48 -2.43 0.56 3.08 4.42
CEPS(Rs) 1.2 2.35 3.02 2.52 2.25 1.93 2.98 -0.58 3.03 8.41 9.35
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 5.23 7.1 8.45 10.1 11.32 11.78 16.01 13.57 14.11 17.21 39.05
Core EBITDA Margin(%) 13.78 13.23 9.35 6.58 8.34 8.53 10.98 3.39 8.98 15.87 14.37
EBIT Margin(%) 11.12 12.08 9.04 6.91 7.69 7.65 9.67 1.35 6.8 10.43 10.87
Pre Tax Margin(%) 5.36 6.7 5.27 3.33 3.02 1.86 3.49 -4.59 0.91 4.27 6.35
PAT Margin (%) 3.77 5.9 4.05 2.66 2.1 1.37 2.37 -3.64 0.7 3.17 4.08
Cash Profit Margin (%) 5.51 7.73 5.4 4.06 3.53 3.62 4.78 -0.86 3.78 8.67 8.64
ROA(%) 3.44 6.75 6.61 4.11 3.02 1.5 2.26 -3.12 0.61 3.15 5.16
ROE(%) 15.65 29.54 29.15 17.76 12.5 6.34 9.84 -16.44 4.05 19.67 16.63
ROCE(%) 12.49 15.94 17.12 13.25 15.37 13.75 16.26 2.24 13.06 22.23 27.29
Receivable days 71.89 68.93 72.15 93.79 99.17 119.17 143.7 174.39 165.18 155.85 128.68
Inventory Days 87.05 76.58 48.81 40.08 37.66 48.27 47.56 48.3 56.18 55.72 43.82
Payable days 70.61 36.94 26.79 36.27 64.99 129.09 148.94 106.44 55.32 44.66 26.59
PER(x) 0 0 0 0 0 0 0 0 0 0 0
Price/Book(x) 0 0 0 0 0 0 0 0 0 0 0
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.54 0.66 0.4 0.34 0.27 0.27 0.34 0.48 0.43 0.38 0.1
EV/Core EBITDA(x) 3.69 4.7 3.81 4.14 2.92 2.69 2.79 11.57 4.36 2.31 0.68
Net Sales Growth(%) 0 45.4 84.33 10.68 2.8 -16.18 -1.8 7.46 19.82 21.11 36.34
EBIT Growth(%) 0 58.03 37.86 -15.34 14.36 -16.66 24.16 -84.95 501.33 85.85 42.07
PAT Growth(%) 0 127.55 26.43 -27.31 -18.68 -45.31 69.72 -264.79 123.02 450.12 75.41
EPS Growth(%) 0 119.53 26.48 -27.3 -18.69 -45.31 101.42 -264.79 123.03 450.08 43.43
Debt/Equity(x) 2.69 2.86 2.75 2.27 1.71 1.43 1.5 2 2.02 1.81 0.19
Current Ratio(x) 1.25 1.25 1.22 1.29 1.25 1.15 1.21 1.09 1.35 1.39 1.55
Quick Ratio(x) 0.81 0.71 0.88 1.01 1 0.92 1.02 0.91 1.06 1.11 1.24
Interest Cover(x) 1.93 2.24 2.4 1.93 1.65 1.32 1.56 0.23 1.15 1.69 2.4
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 36% 26% 16% 18%
Operating Profit CAGR 28% 95% 27% 19%
PAT CAGR 75% 0% 44% 19%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 17% 13% 7% 13%
ROCE Average 27% 21% 16% 15%

Company Contact Information

Vikram Solar Ltd.

Sudipta Bhowal

+91 33 2442 7399

secretarial@vikramsolar.com

Biowonder, Unit No. 1102, 11th Floor 789, Anandapur Main Road Eastern Metropolitan Bypass, E. K. T

IPO Lead Manager(s)

Vikram Solar Ltd.

JM Financial Ltd.

Nuvama Wealth Management Ltd.

UBS Securities India Pvt Ltd

Equirus Capital Pvt Ltd

Phillip Capital (India) Pvt Ltd.

Registrar Info

Vikram Solar Ltd.

MUFG Intime India Pvt Ltd.

C 101, 247 Park, LBS Marg, Vikhroli (W), Mumbai (Old Address:) C-13 Pannalal Silk Compound, L B S Marg, Bhandup Mumbai Maharashtra

+91 810 811 8484

91-022-49186060

rnt.helpdesk@in.mpms.mufg.com

https://in.mpms.mufg.com/

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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