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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Capital expenditure for the Phase I project
Investment into a wholly owned subsidiary to part fund an integrated facility in Tamil Nadu producing solar cells and solar modules, which would take the company into cell manufacturing rather than buying cells in.
Capital expenditure for the Phase II project
Funding the second phase at the same site, doubling the planned module manufacturing capacity there.
General corporate purposes
The balance of the net proceeds, after issue related expenses, is retained for general corporate purposes.
(₹ in Crore)
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Vikram Solar Limited manufactures solar photovoltaic modules, the panels that convert sunlight into electricity and form the largest single cost component of a solar power plant. It is among the larger module makers in India by installed capacity, and it sells both into the domestic market and for export. Alongside manufacturing it runs two service lines: engineering, procurement and construction, where it builds solar plants on a turnkey basis, and operations and maintenance, where it looks after plants once they are running. The company was set up in 2005 and is based in Kolkata, with production at Falta in West Bengal and at Oragadam near Chennai in Tamil Nadu. It reaches customers across most of the country through a network of distributors, dealers and system integrators, and it employs some two thousand people between permanent and contract staff. Module capacity has grown from a few megawatts at the outset to several gigawatts, and the company has an American selling arm through which it supplies the United States market. Revenue rose from roughly Rs 2,092 crore in FY23 to about Rs 3,460 crore in FY25, while profit after tax climbed from around Rs 14 crore to nearly Rs 140 crore, so profitability improved sharply even though margins remain thin at about 4 percent of revenue, which is characteristic of a business that buys in cells and wafers and assembles them. The company does not make its own solar cells, and the fresh issue proceeds were earmarked for exactly that: building an integrated cell and module plant in Tamil Nadu, which would move it further up the value chain and reduce its dependence on imported cells. Customer concentration is high, with the largest handful of buyers accounting for most of the revenue.
Ahead of the issue the company placed 1,86,99,120 equity shares with 43 anchor investors at Rs 332 per share, the top of the price band, raising Rs 620.81 crore. Roughly half the anchor book went to mutual funds. The larger allocations went to Goldman Sachs, Prudential Hong Kong, Morgan Stanley, Pinebridge Global Funds, Societe Generale, Integrated Core Strategies (Asia), Citigroup Global, Kotak Mahindra Asset Management, Franklin India and Nippon Life India, with UTI, Tata Mutual Fund, HSBC Mutual Fund, Edelweiss, ICICI Prudential Life Insurance and SBI General Insurance among the remainder.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 6:37 PM
Scale in Indian module manufacturing
The company is among the larger domestic producers of solar modules by installed capacity, which matters in a market where developers increasingly need locally made panels to qualify for government schemes.
Research and quality infrastructure
In house research and testing capability supports higher efficiency module lines, which is what separates producers able to hold price from those competing purely on cost.
Long operating record and brand
Two decades in the business has given the company an established name with developers and a repeat customer base, in a sector where warranty credibility over a 25 year panel life is a real purchase criterion.
Presence beyond manufacturing
Engineering and construction work plus operations and maintenance contracts give the company revenue streams that do not depend solely on module pricing.
Both domestic and export channels
Sales into the United States through a dedicated arm, alongside a distribution network across most Indian states, spreads demand across more than one market.
Severe customer concentration
The five largest customers accounted for the large majority of FY25 revenue, so losing even one of them, or a delay in a single big order, would move the whole top line.
No captive cell supply
The company buys in solar cells and wafers rather than making them, which leaves it exposed to the price and availability of those inputs. Fixing this was the whole point of the issue.
Thin margins
Profit after tax was around 4 percent of revenue, so a swing in module prices or input costs can erase a large share of earnings.
Vikram Solar Limited
Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata, West Bengal, 700107
View on Maps →MUFG Intime India Private Limited
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No long term supplier contracts
Raw material is bought without long term commitments, so a supply squeeze or a sharp price move passes through with little cushion.
Dependence on policy support
Demand rests heavily on government solar targets, subsidies and local content rules, and a change in any of those would alter the order pipeline.
Loss making subsidiaries and US exposure
Some subsidiaries have reported losses, and a substantial part of overseas revenue runs through the United States arm, which carries both trade policy and concentration risk.