Vikram Solar IPO
Vikram Solar IPO — date, price band, lot size & details 2025
Vikram Solar listed on 26 Aug 2025 at ₹338, 1.8% above the ₹332 issue price.
Vikram Solar makes solar photovoltaic modules and provides EPC and operations services for solar projects. Its total income rose from Rs 2,091.91 crore in FY2023 to Rs 3,459.53 crore in FY2025.
Stock price
Vikram Solar is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 19 Aug 2025
- Close 21 Aug 2025
- Allotment 22 Aug 2025
- Refund/credit 25 Aug 2025
- Listing 26 Aug 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 19 to 21 Aug, 2025 |
|---|---|
| Price Band | ₹315 – ₹332 |
| Face Value | ₹10 |
| Lot Size | 45 Shares |
| Issue Size | ₹2079.37 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,940 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 45 shares at the ₹332 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 45 | ₹14,940 |
| Retail (max) | 13 | 585 | ₹1,94,220 |
| S-HNI (min) | 14 | 630 | ₹2,09,160 |
| S-HNI (max) | 66 | 2,970 | ₹9,86,040 |
| B-HNI (min) | 67 | 3,015 | ₹10,00,980 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 2,091.91 crore in FY2023 to Rs 3,459.53 crore in FY2025.
- 02Profit after tax rose from Rs 14.49 crore in FY2023 to Rs 139.83 crore in FY2025.
- 03Total borrowing fell from Rs 808.33 crore on 31 March 2024 to Rs 230.67 crore on 31 March 2025.
- 04Return on capital employed was 24.49% and debt to equity was 0.19.
- 05Rs 1,364.94 crore of the proceeds was planned for two capacity projects.
Risks · 7
- 01The P/E was 85.88 at the upper band of Rs 332, based on post-issue EPS of Rs 3.87.
- 02The PAT margin was low at 4.08%.
- 03Rs 579.37 crore of the Rs 2,079.37 crore issue was offer for sale and did not reach the company.
- 04Return on net worth was 11.26%, against a P/E of 85.88.
- 05Solar module prices and import rules can change quickly, which affects income of Rs 3,459.53 crore.
- 06Net worth jumped from Rs 445.42 crore on 31 March 2024 to Rs 1,241.99 crore on 31 March 2025, so the record at this size is short.
- 07Promoters held 77.64% before the issue and held 63.11% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Vikram Solar offer document.
| Metric | 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Vikram Solar RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Vikram Solar IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.42 | ₹3.87 |
| P/E Ratio (x) | 75.16 | 85.88 |
| Market Cap at Offer Price (₹ Cr) | ₹10,503.07 | ₹11,995.75 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹332 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹1,534.25 Cr of the issue is earmarked to named objects.
Vikram Solar IPO Anchor Investors
43 anchor investors across 29 fund houses committed ₹620.80 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The company also provides engineering, procurement and construction services for solar projects. It offers operations and maintenance services for solar power installations.
The promoters are Gyanesh Chaudhary, the Gyanesh Chaudhary Family Trust and Vikram Capital Management.
The IPO was Rs 2,079.37 crore, with Rs 1,500.00 crore of fresh issue and Rs 579.37 crore of offer for sale. Rs 769.73 crore was planned for the Phase-I project and Rs 595.21 crore for the Phase-II project.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Vikram Solar IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
53 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Nuvama Wealth Management Ltd.
23 issues handledBest listing: Sambhv Steel Tubes (+34.1%). Weakest: Ajax Engineering (-8.4%).
Equirus Capital Pvt.Ltd.
8 issues handledBest listing: CMR Green Technologies (+39.6%). Weakest: Omnitech Engineering (-9.7%).
Ubs Securities India Private Limited
5 issues handledBest listing: Jio Platforms (+21.4%). Weakest: LEAP India (+4.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Vikram Solar?
The current Grey Market Premium is ₹34, or 10% over the issue price.
What is the Vikram Solar IPO price band?
₹315 to ₹332, on a face value of ₹10.
When is the allotment?
The basis of allotment is 22 August 2025, with listing on 26 August 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
