Vikram Solar: IPO Overview

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About the Company  

Vikram Solar is a company from India that works with solar energy.

They make things like solar panels and set up systems for using solar power. The company started in 2006 and is known for making good-quality solar products. They help homes, businesses, and big projects use clean and sustainable solar energy.

Vikram Solar is also recognized for being innovative and helping to increase the use of solar power around the world.

The company is primarily engaged in the design, manufacturing, installation, and maintenance of solar photovoltaic (PV) modules and solar power systems.

Product Range

Vikram Solar is known for its diverse range of solar energy products.

They manufacture solar modules and solar cells, which are crucial components in generating electricity from sunlight.

These products are designed for various applications, including residential, commercial, industrial, and utility-scale projects.

Sustainable Practices

The company places a strong emphasis on sustainable and clean energy practices. By focusing on solar power, Vikram Solar contributes to the reduction of carbon emissions and supports the global transition to renewable energy sources.

Value Chain Involvement

Vikram Solar is involved in the entire solar value chain.

This means they participate in every stage, from designing and manufacturing solar components to installing and maintaining solar power systems.

This comprehensive approach allows them to provide end-to-end solutions to their customers.

Innovation and Technology

Vikram Solar is recognized for its commitment to innovation and adopting advanced technologies in the solar energy sector. Staying at the forefront of technological advancements enables the company to offer cutting-edge products and services to its clients.

Global Impact

While rooted in India, Vikram Solar has made a global impact by contributing to the growth of solar energy adoption internationally.

 Their products and solutions have been used in various countries, further establishing their presence on the global stage.

Company Vision and Mission

Vikram Solar’s vision is to create a sustainable future by harnessing the power of the sun to meet global energy needs.

Their mission is to be a leading force in providing innovative solar solutions, empowering communities, and contributing to a cleaner and greener world.

Through cutting-edge technology and a commitment to excellence, Vikram Solar aims to make solar energy accessible and efficient for everyone, driving the transition towards a more sustainable and environmentally friendly energy landscape.

IPO Synopsis

Vikram Solar, a company that makes solar panels in India, wants to raise money by going public.

They plan to do this through an initial public offering (IPO) worth Rs. 2000 crores. Vikram Solar IPO includes a new share sale of up to Rs. 1500 crores and selling existing shares of up to 5 million by current owners.  

The company might also consider selling shares before the IPO for Rs. 300 crores, which could change the original plan.

The people selling shares include Anil Chaudhary, Girish Kumar Madhogaria, Pushpa Madhogaria, and Vikram India Ltd. The main companies helping with this process are JM Financial Limited and Kotak Mahindra Capital Company Ltd.

Objectives of The Issue

The proceeds from the issue will be used for 
1. Worth Rs.1,238.80 crore funding capital expenditure for setting up 2000 megawatts integrated solar cell and solar module manufacturing facility at Tamil Nadu through its wholly owned arm VSL Green Power Pvt Ltd.
2. general corporate purpose.

In 2022, Vikram Solar’s share price was ₹420 which increased to ₹475 in 2023, while the company’s market capitalization has reached ₹12,294 crore.

Vikram Solar Ltd Financial Status

Profit and Loss for the Past 3 Years-

Particulars (in Rs. Crores)FY23FY22FY21

Balance Sheet for the Past 3 Years-

Particulars (in Rs. Crores)FY23FY22FY21
Total Assets2445.542,222.60  1,793.18
Share Capital258.83258.8323.53
Total Borrowings214.23263.93229.63

IPO Key Points


  1. Vikram Solar is one of the biggest companies in India that makes solar panels, with a capacity of 2.5 gigawatts. They sell these panels in India and other countries, and they have a lot of orders, which means they are expected to grow in the future.
  2. Besides making solar panels, Vikram Solar also offers services to set up and maintain solar power systems. This is like an extra benefit for their customers.
  3. Vikram Solar’s business is supported by big economic factors, and the rules and regulations about solar energy are in their favor.
  4. Vikram Solar was quick to use the latest technology in making solar panels. Their factories follow the best ways of doing things from around the world.


  1. Vikram Solar’s success depends on how well it can build new factories and make more solar panels without spending too much money. This can be risky and uncertain.
  2. The company might not get the benefits of some government policies, like the PLI scheme, which could affect its business.
  3. Vikram Solar does not have long-term agreements with the people who supply them with materials to make solar panels. This means they could face problems if these materials become hard to get.
  4. The company makes most of its money from selling one main product.
  5. If the prices of the things they need to make solar panels, like wafers and solar cells, change a lot, it could affect Vikram Solar’s business.

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