Solar Module Manufacturer Vikram Solar IPO

India’s solar photovoltaic (PV) module manufacturer, Vikram Solar, is set to make its stock market debut.

Founded in 2009, Kolkata-based Vikram Solar operates large solar PV module manufacturing facilities in West Bengal and Tamil Nadu with 4.5 GW installed capacity.

The company launched its Initial Public Offering (IPO) through a book-built issue from August 19 to August 21, 2025, aiming to raise approximately ₹2,079.37 crore (~ US$240 million), comprising a fresh issue of ₹1,500 crore and an offer for sale of about ₹579.37 crore.

The proceeds from the IPO will be primarily used to fund expenditure for the company’s expansion projects and general corporate purposes.

The solar module manufacturer also plans to fund capital expenditure by investing in the wholly owned subsidiary, VSL Green Power Private Limited, located in Tamil Nadu, for the development of an integrated manufacturing facility with a capacity of 3 GW for solar cells and 3 GW for solar modules.

For fiscal year 2025, the company’s revenue from operations surged by 36% to ₹3,423 crore, up from ₹2,511 crore the previous year. Profit after tax (PAT) increased by 75%, reaching ₹140 crore in FY25 compared to ₹80 crore in FY24.

The company’s EBITDA also strengthened, showcasing improved margins and operational efficiency. Vikram Solar’s net profit margin improved significantly to 3.17% in FY24 from 0.70% in FY23, and its return on capital employed (ROCE) rose to 20.76% from 12.78% a year earlier.

This growth was driven by both domestic expansion and strong export momentum, especially to the US market, where higher margins contributed to profitability.

Further, the company has maintained consistent operational effectiveness, as reflected in its stable net capital turnover ratio. Despite earlier challenges with a relatively high debt-to-equity ratio (1.73x in March 2024), Vikram Solar managed its finances efficiently and undertook a ₹700 crore private placement to lower financial leverage, positioning itself for future growth.

Earlier this month, India achieved a landmark milestone of 100 GW of solar PV module manufacturing capacity listed under the Approved List of Models and Manufacturers (ALMM) for Solar PV Modules.

Vikram Solar is part of the approved manufacturers included in the ALMM list under India’s Ministry of New and Renewable Energy (MNRE).

The price band of Vikram Solar IPO is set between ₹315 and ₹332 per share, with a minimum lot size of 45 shares. The tentative IPO allotment date is August 22, 2025, and listing on the BSE and NSE is expected on August 26, 2025.