Vikram Solar Limited (formerly known as Vikram Solar Pvt. Ltd.) is India’s largest domestic PV module manufacturer and integrated solar energy solutions provider with a presence in solar photovoltaic (“PV”) modules, engineering, procurement, and construction (“EPC”) services, and operations and maintenance (“O&M”) service. With an international presence across 6 continents, they are an active contributor to shaping the solar revolution.
Vikram, with headquarters in Mumbai, has the support of some marquee institutions, such as:
- Solar PV Module Manufacturing – with a cumulative manufacturing capacity of 3.5 GW+, scaling rapidly toward 5 GW.
- EPC Solutions – executing large-scale utility projects and rooftop solar solutions across India and abroad.
- Operations & Maintenance – managing over 1 GW+ of solar assets across 100+ sites.
Key Achievements By Vikram Solar
- A) Expanded manufacturing capacity to 3.5 GW in FY 2023-24, targeting 4.5 GW by FY 2024-25 and 10.5 GW by FY 2025-26.
B)1,400 MW of EPC Projects in the portfolio -commissioned
C)700 MW+ O&M projects in the portfolio -ongoing
D)Eligible for key subsidies, including PLI for our 2.4 GW solar facility, and TNGO, bolstering our growth and innovation prospects.
E)Top Performer in PVEL’s PV module reliability score
Analysis of Share Price
Although Vikram has already submitted its IPO application, it remains unlisted, providing an exclusive opportunity in the privately available market.
Here’s a financial snapshot (based on FY2024 estimates):
| Key Financial Metrics (FY2023) | Figures |
| Face Value | Rs 10.00 |
| Estimated Market Price | Rs 378 |
| Book Value / Share | Rs 17.2 |
| P/B Ratio | 24.4 |
| Revenue | Rs 2,524 Cr |
| Net Profit | Rs 79.7 Cr |
| Manufacturing Capacity | 3.5 GW (scaling) |
Favourable policy shifts, import duty on Chinese modules, domestic content requirement mandates, and government-led solar park tenders support Vikram Solar’s growth.
Is Vikram Solar a good investment?
Considering Vikram Solar’s key projects, sound financials, and plans, this Solar PV manufacturing company ticks all the boxes for a promising investment. However, investors need to analyse the pros & cons of each company before investing.
Currently, Vikram Solar is not listed on the stock market. Investors can buy pre-IPO shares and own Vikram Solar Unlisted shares before they get traded in the listed market.
