Vikram Solar Unlisted Shares
Vikram Solar Ltd.
INE078V01014
Incorporation Date: 02-Dec-2005
Listing Status: DRHP Not Filed
The private placement executed in June 2024 is set to be unlocked on June 19, 2025.
About Vikram Solar Unlisted Shares
Overview of Vikram Solar Unlisted Shares
Vikram Solar Limited
1. About Company
Vikram Solar Limited is an Indian solar energy solutions company headquartered in Kolkata, West Bengal. Established in 2005, the company specialises in manufacturing solar photovoltaic (PV) modules and providing integrated solar energy solutions, including Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) services.
The company serves utility-scale solar developers, commercial and industrial customers, government organisations and other participants in the renewable energy sector. Its business supports the deployment of solar power infrastructure in India and international markets.
2. Introduction & Infrastructure
Vikram Solar operates manufacturing facilities in West Bengal and Tamil Nadu, supported by corporate offices, research and development capabilities, and an international business presence.
Its manufacturing infrastructure is designed to produce solar PV modules for utility-scale solar parks, rooftop installations and commercial and industrial applications. The company also undertakes solar project development and execution activities through its EPC business.
Vikram Solar has established an international presence across multiple markets, supported by overseas subsidiaries and regional operations serving customers outside India.
3. Business Model & Operational Verticals
Solar PV Module Manufacturing: The company manufactures and sells solar photovoltaic modules used to convert sunlight into electricity. This is a core part of its business, serving solar project developers, power producers and other customers.
Engineering, Procurement and Construction (EPC): Vikram Solar provides end-to-end solar project solutions, including engineering design, procurement of equipment, project construction, installation and commissioning. Its projects include ground-mounted and rooftop solar installations.
Operations and Maintenance (O&M): The company provides maintenance and operational support for solar power installations. These services help maintain plant performance, reliability and operating efficiency throughout the project lifecycle.
Research and Development: Vikram Solar invests in solar module technology, product development, manufacturing processes and performance improvement to support evolving customer requirements.
International Business: The company serves overseas markets through its international presence and distribution and customer relationships, expanding the reach of its solar modules and project-related capabilities.
4. Key Product & Service Portfolio
High-Efficiency Solar PV Modules: Photovoltaic modules designed to convert solar energy into electricity for utility-scale, commercial, industrial and rooftop applications.
PERC Technology Modules: Solar modules using Passivated Emitter and Rear Cell technology to improve energy conversion performance.
TOPCon Technology Modules: Modules using Tunnel Oxide Passivated Contact technology, designed to improve efficiency and power output.
Heterojunction Technology (HJT): An advanced solar cell technology that combines different semiconductor layers to improve photovoltaic performance.
Solar EPC Solutions: Engineering, procurement, construction, installation and commissioning services for solar power projects.
Operations and Maintenance Services: Monitoring, maintenance and operational support for solar installations.
Commercial and Industrial Solar Solutions: Solar solutions designed to help businesses meet their electricity requirements through renewable energy installations.
5. Manufacturing, Technology & Research Capabilities
Vikram Solar focuses on manufacturing efficiency, product reliability and technological advancement. Its manufacturing facilities use automated processes and specialised equipment to support consistent product quality and production efficiency.
The company undertakes research and development activities and collaborates with external laboratories to evaluate and improve solar module performance. Its product portfolio incorporates multiple photovoltaic technologies, including PERC, TOPCon and HJT.
Its modules are developed to meet applicable industry testing and certification requirements. The company has also received recognition through independent module reliability assessments, supporting its focus on product quality and durability.
6. Management Details
Gyanesh Chaudhary – Chairman and Managing Director: Leads the company's overall strategy, business development and long-term growth initiatives.
Sameer Nagpal – Whole-Time Director and Chief Executive Officer: Oversees executive management and business operations.
K. K. Maskara – Whole-Time Director, Chief Risk Officer and Chief Operating Officer: Responsible for operational management and risk-related functions.
Ranjan Jindal – Chief Financial Officer: Oversees the company's financial management and related functions.
The company's leadership team combines experience in solar manufacturing, engineering, operations, finance and the renewable energy sector.
7. Industry & Business Ecosystem
Vikram Solar operates within the renewable energy and solar power industry. Its business is supported by growing demand for clean electricity, solar power capacity additions, corporate decarbonisation initiatives and government programmes promoting renewable energy adoption.
Its key stakeholders include solar project developers, independent power producers, commercial and industrial customers, government agencies, equipment suppliers, EPC contractors, electricity utilities and international distributors.
The company operates in a competitive market where module efficiency, manufacturing scale, technology adoption, product quality, delivery capabilities and compliance with domestic manufacturing requirements are important differentiating factors.
8. Key Business Highlights
Established Solar Manufacturer: Incorporated in 2005, with its headquarters in Kolkata, West Bengal.
Integrated Business Model: Combines solar PV module manufacturing with EPC and O&M services.
Multiple Manufacturing Locations: Operates manufacturing facilities in West Bengal and Tamil Nadu.
Technology-Focused Portfolio: Offers solar modules incorporating PERC, TOPCon and HJT technologies.
Research and Development: Maintains R&D capabilities and collaborates with external laboratories to support product development and performance improvement.
International Presence: Serves customers across multiple international markets.
Renewable Energy Focus: Participates in the expansion of solar power generation and the wider transition towards cleaner energy sources.
Insights of Vikram Solar Unlisted Shares
Vikram Solar Ltd.
Based on the consolidated profit and loss figures provided for FY26 and FY25. All monetary figures are in ₹ crore.
1. Financial Highlights
| Particulars | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Net Revenue | 656.35 | 556.74 | +17.9% |
| Total Operating Cost | 771.77 | 783.24 | -1.5% |
| EBITDA | -115.43 | -226.50 | Loss narrowed |
| EBITDA Margin | -17.6% | -40.7% | +23.1 pp |
| Other Income | 16.76 | 23.74 | -29.4% |
| Depreciation & Amortisation | 18.08 | 20.19 | -10.5% |
| Finance Costs | 1.94 | 2.87 | -32.4% |
| Profit Before Tax | -118.68 | -225.81 | Loss narrowed |
| Income Tax | 3.54 | 1.40 | +152.9% |
| Total PAT | -122.23 | -227.22 | Loss narrowed 46.2% |
pp = percentage points. Percentage changes are calculated from the supplied figures; for negative earnings, the table describes the direction of the loss rather than treating it as conventional growth.
2. What the Numbers Tell Us
Revenue is growing. Revenue increased by 17.9%, from ₹556.74 crore to ₹656.35 crore, indicating stronger reported business activity.
Operating losses have narrowed considerably. Total operating costs declined by 1.5% even as revenue increased. EBITDA improved from a loss of ₹226.50 crore to a loss of ₹115.43 crore. The EBITDA margin also improved from -40.7% to -17.6%.
Other income declined. Other income fell by 29.4% to ₹16.76 crore. Therefore, the improvement in reported earnings was not driven by an increase in this income line.
Finance costs and depreciation decreased. Finance costs declined by 32.4%, while depreciation and amortisation fell by 10.5%. These reductions supported the improvement in the reported loss, although the business remains loss-making.
3. Key Financial Observations
Improving operating efficiency: Revenue grew while total operating costs declined, leading to a substantial reduction in operating losses.
Margins remain negative: Despite the improvement, the company is still spending more on operating activities than it earns in revenue.
Losses remain significant: FY26 net loss was ₹122.23 crore, so the company has not yet achieved overall profitability.
Monitor cost structure: Employee benefit expenses declined from ₹504.90 crore to ₹445.38 crore, while other expenses increased from ₹278.34 crore to ₹326.40 crore. The composition of these costs deserves further review.
4. Key Takeaways
Revenue increased by 17.9% in FY26.
EBITDA loss narrowed by approximately 49.0%, from ₹226.50 crore to ₹115.43 crore.
EBITDA margin improved by approximately 23.1 percentage points.
Net loss narrowed by 46.2%, from ₹227.22 crore to ₹122.23 crore.
The company is showing progress in reducing losses but still needs to achieve positive operating earnings.
Financial Charts of Vikram Solar Unlisted Shares
Balance Sheet of Vikram Solar Unlisted Shares
Profit and Loss of Vikram Solar Unlisted Shares
Ancillary of Vikram Solar Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Vikram Solar Unlisted Shares
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How to buy Vikram Solar Ltd.?
Below are three ways through which you can purchase Vikram Solar Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Vikram Solar Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Vikram Solar Ltd.?
Below are three ways through which you can sell Vikram Solar Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Vikram Solar Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Vikram Solar Ltd.?
We provide a two way quote on all the shares we deal in. Your buy price for Vikram Solar Ltd. is ₹371 and your sell price for Vikram Solar Ltd. is ₹300. The price is based on our estimates and market conditions.
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What is the lock-in period of Vikram Solar Ltd.?
The lock-in period for Vikram Solar Ltd. varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Vikram Solar Ltd.
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Vikram Solar Ltd.
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Vikram Solar Ltd. price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Vikram Solar Ltd.. The price is also determined from the most recent funding round for Vikram Solar Ltd.. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Vikram Solar Ltd.?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Vikram Solar Ltd. with us kindly click here.
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What are the financials of Vikram Solar Ltd.?
The financials of Vikram Solar Ltd. which includes the P/L of Vikram Solar Ltd. and the Balance Sheet of Vikram Solar Ltd. is in the financials section (Click on link).
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Where can I find the annual report of Vikram Solar Ltd.?
The annual report of Vikram Solar Ltd. is available in the annual report section (Click on link).
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Is buying Vikram Solar Ltd. legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Vikram Solar Ltd.?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Vikram Solar Ltd. and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Vikram Solar Ltd. once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Vikram Solar Ltd.?
At Altius Investech, our approach to sourcing Vikram Solar Ltd. unlisted shares involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Vikram Solar Ltd. unlisted shares. This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Vikram Solar Ltd. from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
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