Vikram Solar Limited IPO

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Vikram Solar Limited is one of India’s leading solar energy solution providers and among the largest domestic solar PV module manufacturers with an operational capacity of 3.50 GW as of March 31, 2024. Founded in 2005 and headquartered in Kolkata, the company specializes in high-efficiency PV module manufacturing and EPC solutions for utility-scale and rooftop solar projects. With nearly two decades of experience, it has built a strong reputation for quality, innovation, and reliability in the solar industry.

Business Model & Services

Vikram Solar operates an integrated business model covering:

  • PV Module Manufacturing: Tier-1 certified, with current capacity of 3.5 GW (2.2 GW at Falta, WB and 1.3 GW at Oragadam, TN), using advanced tech like TOPCon and HJT.

  • EPC Services: Turnkey solar project solutions for utility-scale, rooftop, and commercial applications.

  • O&M Services: Operations and maintenance for solar plants to ensure performance longevity.

  • Future Expansion: Plans to set up a new 3 GW integrated facility in Tamil Nadu for solar cells and modules, scaling to 6 GW in phase 2.

R&D and Innovation

  • An 18-member R&D team supported by 145+ QC personnel drives new product development.

  • Innovations include lightweight, hail-ready, and high-efficiency modules using AI, machine learning, AR/VR, and robotic automation.

  • R&D lab in Falta is NABL-accredited (ISO/IEC 17025:2017) — one of only two solar labs in India with this status.

  • Continuous efforts in cost reduction, improved yield, and digital product traceability (SAP-based 30-year database) ensure superior quality and performance.

Distribution & Market Reach

  • Domestic Reach: Present in 23 states and 3 Union Territories with a distribution network of:

    • 41 authorized distributors

    • 64 dealers

    • 67 system integrators

  • International Presence: Products exported to 39+ countries with a total of 5.4+ GW modules shipped globally. Manufacturing utilizes top-tier equipment sourced from Japan, Germany, the US, and Switzerland.

  • Strategically Located Units: Both factories are within 60 km of ports, optimizing import/export logistics.

Key Strengths

i) Top-tier manufacturing capacity with robust scaling capability.
ii) Strong domestic and global footprint, backed by years of operational excellence.
iii) Advanced R&D and automation, enabling fast adaptation to technology shifts.
iv) Fully certified quality systems, earning customer trust and compliance with global standards.
v) Integrated supply chain management, enabling efficient operations and competitive pricing.

Positioning for Growth

As India targets 19–21 GW of solar capacity addition in FY 2025, Vikram Solar is well-positioned to capitalize on this opportunity through its large-scale manufacturing, broad distribution, and technology leadership. The company’s backward integration plans (solar cells), digital innovation, and long-standing industry experience provide a strong competitive edge over new entrants.

Objects of the Vikram Solar Limited IPO:

The Company Vikram Solar IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
  1. Partial funding of capital expenditure for the Phase-I Project.
  2. Funding of capital expenditure for the Phase-II Project
  3. General Corporate Purposes
DRHP of Vikram Solar Limited IPO

Vikram Solar Limited IPO Details:

Face Value: ₹ 10 Per Equity Share
Issue Size: 1500 Cr.
Listing At: NSE,BSE

Promoters And Management:

1. Gyanesh Chaudhary, Chairman and Managing Director- Gyanesh holds a B.Sc. in Business Administration from the University of Wales and has completed the OPM program at Harvard Business School. With over 24 years of experience in the tea and solar sectors, he was earlier associated with Vikram India Ltd. He has been with the company since 2008 and was appointed CMD in March 2023. He oversees the overall growth and management of the company.

2. Krishna Kumar Maskara,Whole-time Director & President – A Chartered Accountant and management graduate from IGNOU, Krishna has 20+ years of experience in finance and the solar industry. Formerly with Vikram India Ltd., he joined the Board in 2009. He leads fundraising, taxation, legal, and corporate governance functions. He plays a pivotal role in ensuring financial discipline and regulatory compliance across the organization.

3. Neha Agrawal,Whole-time Director & Head – Neha is a qualified Company Secretary and Chartered Accountant. She has prior experience at Idea Cellular and Ernst & Young LLP. With 14+ years in consultancy and solar, she joined the company in 2014 and the Board in 2021. She drives corporate strategy, business planning, and functional alignment. She is instrumental in driving strategic initiatives and long-term value creation for the company.

Financials of Vikram Solar Limited IPO: 

To be updated shortly

Comparison With Peers:

To be updated shortly

Lead Manager of Vikram Solar Limited IPO:

  1. Equirus Capital Private Limited
  2. JM Financial Consultants Private Limited
  3. Nuvama Wealth Management Limited
  4. PhillipCapital (India) Private Limited
  5. UBS Securities India Private Limited

Registrar of Vikram Solar Limited IPO:

  1. Link Intime India Private Limited

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