Vikram Solar IPO GMP, Subscription Status, Key Risks: Should You Apply?

Vikram Solar Ltd, a major name in solar PV modules, is stepping into the IPO limelight from August 19 to August 21, 2025, offering to raise ₹2,079.37 crore with a price band of ₹315–₹332 per share and a minimum lot size of 45 shares. The IPO allotment is set for August 22, with a tentative listing on August 26. As for the GMP, it’s currently hovering around ₹50–₹60, indicating a 15% to 20% listing gains. If you’ve been tracking IPOs, you know that a solid GMP reflects underlying demand, but it’s been drifting down a bit, reminding us not to chase just the initial hype. In this blog, you'll find an easy-to-digest breakdown of Vikram Solar’s business model, IPO purpose, financials, competitive standing, leadership, and an analyst’s perspective to help you decide if this is an IPO worth your sunshine capital.

IPO Overview

• IPO Date: August 19 to August 21, 2025
• Total Issue Size: ₹2,079.37 crore
• Price Band: ₹315 to ₹332 per share
• Lot Size: 45 shares per lot
• Tentative Allotment Date: August 22, 2025
• Listing Date: August 26, 2025 (Tentative)
• GMP: The GMP for Vikram Solar IPO is ₹48, according to Chittorgarh.com (as of August 19).
  Disclaimer: GMP is an unofficial indicator and is subject to market volatility.

How Does Vikram Solar Make Money?

Vikram Solar makes the core hardware, solar PV modules, that are the working part of solar panels, turning sunlight into electricity. Started in 2009, it now sells these modules to big solar farm builders, rooftop integrators, companies, and homeowners. While exports once made up over half the business, as of FY25, nearly all (99%) of its sales are from India. The company’s vision is to move up the value chain, not only selling panels, but also making the solar cells inside them and getting into battery storage (BESS), which stores sunshine for when the sky is dark.

Objectives of the IPO

• Build a new mega solar factory: ₹769.73 crore for a 3,000 MW solar cell and 3,000 MW module unit in Tamil Nadu.
• Double module capacity: ₹595.21 crore to expand that same module plant up to 6,000 MW.
• The rest: General corporate use and letting some existing shareholders cash out.

Strengths:

• Tier-1 Reputation: Rated by BloombergNEF as a “Tier 1” solar module maker—meaning reliability and trust in big solar markets.
• Big Pending Orders: 10,340 MW in backlog, over twice their current yearly production, suggesting steady future business.
• Efficient Workforce: Revenue per employee around ₹1.3 crore, reflecting tight operational discipline.
• Expanding Product Line: Not stopping at panels, moving into solar cell making and battery storage for extra growth.
• Low Debt: Debt-to-equity ratio at 0.19, way below many competitors.
• Smart Locations: Factories close to ports, cutting both transport time and costs.

Risks:

• Customer Dependence: 77.5% of revenue from top 5 clients, lose one and things get tough.
• Heavy Import Need: 80.7% of key materials come from China and neighboring countries; any supply hiccup could squeeze margins.
• Exports Vanished: From 61.6% exports in FY24 to just 1% in FY25, they’re now mainly riding the Indian market wave.
• Financial Uncertainties: Ongoing disputes over ₹148.52 crore in duties and ₹84.39 crore in delayed payments flag some risk.
• Not Using Full Capacity: Factories have run at only 40-50% utilization in recent years.
• Solar Tech Moves Fast: If Vikram Solar fails to keep up with changing tech, sales and profits could take a hit.

For detailed information, visit Vikram Solar’s IPO page.

Peer Comparison

Vikram Solar’s listed industry peers include Waaree Energies, Premier Energies, and Websol Energy.

• Revenue: ₹3,423 Cr vs Waaree (₹14,445 Cr) and Premier (₹6,519 Cr). Smaller scale player.
• Margins: EBITDA margin 14.4% vs Waaree (21%), Premier (28.7%), Websol (44%). Lower profitability.
• Profit: ₹140 Cr vs Waaree ₹1,928 Cr and Premier ₹937 Cr. Again behind leader pack.
• ROCE: 24.5%—healthy, but lower than peers (Waaree 35%, Premier 41%).
• P/E Ratio: 72x—way higher than Waaree (46x), Premier (47x), Websol (40x). Valuation looks stretched.

*Market Share as per total solar panel capacity listed in MNRE’s approved manufacturers list | Source: RHP

IPO Valuation

With a P/E of 72.2 times at the upper price band of the IPO, Vikram Solar looks expensive compared to Waaree and Premier. This suggests the IPO is banking on future growth from its new factories and entry into solar cells + storage. Right now, it is smaller in scale and efficiency. So, investors are effectively paying upfront for tomorrow’s growth rather than today’s earnings power.

Disclaimer: The P/E ratio here is calculated using the company’s post-IPO equity and its most recent FY25 net profits at the upper end of the price band.

Who’s Running Vikram Solar?

At the helm is Gyanesh Chaudhary, a solar industry veteran with 25+ years’ experience. Not just a business builder, he also helps shape India’s clean energy policy as a national energy committee co-chair and ESG leader in industry bodies. Trusted for his vision and strategy, Chaudhary has built a leadership team that blends deep solar expertise and finance muscle. Key figures like Krishna Kumar Maskara (finance and corporate law specialist), Neha Agrawal (strategy ace with an EY pedigree), and others in technology, manufacturing, sales, and HR make up a team both seasoned and adaptable. This mix of homegrown talent and industry outsiders gives Vikram Solar a balanced, progressive management, critical for a sector as dynamic as solar.

Industry Outlook

Solar power remains the brightest spot in India’s clean energy push. Module manufacturing capacity nears 89 GW, with demand poised to soar as India targets 150-170 GW new capacity this decade. Government incentives, like the ₹24,000 crore PLI scheme and mandatory domestic sourcing from 2026, give local makers like Vikram Solar a shot in the arm. Yet, competition is fierce, constant innovation and cost pressures keep everyone on their toes.

Who’s Making Money via the IPO OFS: Selling Shareholders

Promoters of Vikram Solar, Gyanesh Chaudhary is selling shares worth up to ₹199.2 crore in the offer for sale, making 179.5x returns on investment (considering the Weighted Average Share Acquisition Cost or Average Share Purchase Cost). The promoter entity, Vikram Capital Management Pvt Ltd, is cashing out with 39.1x gains amounting to ₹49.8 crore, while Anil Chaudhary (part of the promoter group) is selling shares worth ₹330.4 crore via the IPO.

Analyst View

Momentum for the Vikram Solar IPO exists—the GMP suggests listing gains near 15–20% unless sentiment sours. But, look closer: the valuation is rich (P/E of 72.2x), and its margins lag behind leaders like Waaree and Premier. The order book and leadership inspire confidence, as does expansion into cells and batteries, but customers are concentrated, and the export engine has slowed. In short, this IPO is a classic India growth story with both promise and pitfalls, the upside of solar’s future, the risk of high valuations, and execution. New investors should weigh if they’re comfortable paying extra now for a tomorrow Vikram Solar has yet to fully prove.

If you want a solid stake in India’s solar manufacturing race, with an eye on long-term growth and are okay with volatility, this could be a spot in your renewable portfolio. But as always, watch the fundamentals, not just the GMP.

How to Apply for an IPO on INDmoney?

1. Download the INDmoney app and complete your KYC.
2. Go to INDstocks → IPO, or just search “IPO”.
3. Tap on an IPO from the list of live IPOs.
4. View key details like price band, lot size, and dates.
5. Tap Apply Now and choose your number of lots.
6. Use INDpay UPI for instant mandate tracking.
7. Your funds will be blocked until the share allotment is finalized.

For a seamless application process, visit the INDmoney IPO page.

Disclaimer

Source: Vikram Solar's RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.