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Vikram Solar Unlisted Shares
DRHP Status : Not Filed
470
Fundamentals About Vikram Solar
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All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Vikram Solar
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1610 | 1730 | 2073 | 2511 |
| Cost of Material Consumed | 1216 | 1395 | 1717 | 1676 |
| Gross Margins | 24.47 | 19.36 | 17.17 | 33.25 |
| Change in Inventory | 0.5 | -11 | -101 | 3 |
| Employee Benefit Expenses | 87 | 109 | 91 | 96 |
| Other Expenses | 129 | 178 | 179 | 337 |
| EBITDA | 177.5 | 59 | 187 | 399 |
| OPM | 11.02 | 3.41 | 9.02 | 15.89 |
| Other Income | 17 | 13 | 19 | 1 |
| Finance Cost | 99 | 103 | 122 | 155 |
| D&A | 39 | 48 | 64 | 138 |
| EBIT | 138.5 | 11 | 123 | 261 |
| EBIT Margins | 8.6 | 0.64 | 5.93 | 10.39 |
| PBT | 56 | -79 | 20 | 107 |
| PBT Margins | 3.48 | -4.57 | 0.96 | 4.26 |
| Tax | 18 | -16 | 5 | 27 |
| PAT | 38 | -63 | 15 | 80 |
| NPM | 2.36 | -3.64 | 0.72 | 3.19 |
| EPS | 16.17 | -2.43 | 0.58 | 3.09 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 11.02 | 3.41 | 9.02 | 15.89 |
| Net Profit Margin | 2.36 | -3.64 | 0.72 | 3.19 |
| Earning Per Share (Diluted) | 16.17 | -2.43 | 0.58 | 3.09 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 334 | 502 | 644 | 456 |
| CWIP | 66 | 4 | 18 | 28 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 736 | 917 | 959 | 1185 |
| Inventory | 193 | 265 | 373 | 393 |
| Other Assets | 469 | 549 | 482 | 523 |
| Total Assets | 1798 | 2237 | 2476 | 2585 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 23.5 | 258.8 | 258.8 | 258.8 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 391 | 92 | 106 | 186 |
| Borrowings | 621 | 703 | 738 | 808 |
| Trade Payables | 506 | 754 | 446 | 647 |
| Other Liabilities | 256.5 | 429.2 | 927.2 | 685.2 |
| Total Liabilities | 1798 | 2237 | 2476 | 2585 |
About Company
The following table shows a 10-point analysis of Vikram Solar Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹3,415–3,459 cr · PAT ~₹140 cr · PAT margin ~4% | Leading Indian solar PV module manufacturer (one of the largest by capacity); offers high-efficiency modules (PERC, N-type, HJT), EPC & O&M services; expanded to 5 GW+ module facility; strong domestic focus (~84% revenue) with exports; benefits from India's solar push & PLI incentives. |
| Industry & Market Position | Major domestic PV module player · Competitive in organized solar manufacturing · Benefits from Make in India & import curbs | Strong position in high-efficiency modules & scale; edge via quality, backward integration plans & execution; resilient to global competition (China) via policy tailwinds; exposed to module price volatility & supply chain risks. |
| Revenue Growth Trend | FY23–FY25 CAGR ~29–40% (from ~₹2,006–2,100 cr to ~₹3,415–3,459 cr; ~37% YoY in FY25) | Robust growth from capacity ramp-up, higher volumes & realizations; FY25 surge driven by domestic demand & execution; outpaced peers amid solar boom; sustained upside from India’s 500 GW renewable target. |
| Profitability & Margins | EBITDA margin ~14–15% · ROE positive · PAT margin ~4% (improved from prior low) | Margin recovery from cost control & scale despite price pressures; PAT growth ~75–108% YoY; earnings quality moderate amid commodity cycles but strong operational leverage; better than many early-stage players. |
| Cash Flow Quality | OCF positive (from ops & advances) · Dividend policy (payouts noted) | Solid cash from sales & milestones; supports debt & expansion; working capital intensive but managed; quality fair with funding & order buffers. |
| Balance Sheet Strength | Net worth strong (~₹1,242 cr) · Debt moderate (gearing controlled) | Comfortable leverage post-funding; liquidity buffers; downside protected by assets (facilities) & order book; minimal major risk. |
| Valuation Comfort | Unlisted price ~₹410–500 (Feb 2026 range) implies P/E ~20–30x (EPS ~₹4–5 est.) | Reasonable multiple for solar growth story with strong revenue surge; market cap ~₹8,000–9,000 cr range; justified by tailwinds & execution; attractive vs. peers despite cyclicality. |
| Management & Governance | Professional management · Clean disclosures & annual reports | Proven execution in capacity & projects; transparent reporting; governance solid; no major scrutiny noted; benefits from industry expertise. |
| Growth Triggers & Catalysts | Capacity expansion (5 GW+ commissioned) · Domestic solar demand · Export & efficiency gains · Listed status (IPO Aug 2025) | Organic upside from India's solar targets, module demand & realizations; incremental from cost optimization & new tech; listing provides liquidity & visibility. |
| Liquidity & Exit Visibility | Listed on NSE/BSE (since Aug 2025) · High trading liquidity post-IPO | Fully liquid post-listing; easy exit via secondary market; reduced risk with public status & institutional interest. |
Vikram Solar Limited is one of India’s leading solar photovoltaic (PV) module manufacturers and a fully integrated solar energy solutions provider. The following are the important points related to Vikram Solar:
- Founded in 2005, the company began operations in 2009 with a modest module capacity and has scaled up significantly since then.
- Its core business includes manufacturing high-efficiency solar PV modules (including n‑type, HJT), EPC (engineering, procurement & construction) for solar power plants, and providing operations & maintenance (O&M) services.
- Vikram Solar has two major manufacturing facilities: one at Falta SEZ, Kolkata and another in Oragadam, Chennai, with a combined manufacturing capacity of ~4.5 GW.
- The company has a global presence, exporting modules and providing EPC solutions to customers in over 39 countries.
Challenges in Vikram Solar’s Business
- Capex & expansion risk: Rapid capacity expansion (e.g., plans to scale up manufacturing) requires large investments and disciplined execution
- Raw‑material cost risk: Solar module manufacturing is exposed to fluctuation in costs of key raw materials (silicon, glass, aluminum), which can pressure margins.
- Global trade risk: Exporting to international markets exposes the company to geopolitical risks, tariffs, and supply-chain disruptions.
- Competition: The solar manufacturing space is very competitive, with both domestic and global players pushing for scale, efficiency, and technology leadership.
- Dependence on policy: Growth in module manufacturing and EPC business is linked to government policy (PLI incentives, solar targets), which can change over time.
Strategic Strengths / Advantages
- Made-in-India Scale: With large domestic manufacturing, it leverages “Make in India” advantage and is well‑positioned in the local solar ecosystem.
- Technology Leadership: It manufactures advanced module technologies (n‑type, HJT), which helps improve efficiency and competitiveness.
- Integrated Business Model: By combining module manufacturing, EPC, and O&M, Vikram Solar captures value across the solar value chain.
- Global Reach: Strong export capabilities give it geographic diversification and growth opportunities.
- Quality & Reliability: It is recognized in module‑reliability rankings (e.g., PVEL) for high-quality, durable modules.
Quick Summary
Vikram Solar is a major player in India’s solar manufacturing space, combining strong module capacity, technology depth, and a full-service solar business model (EPC + O&M). Its aggressive capacity expansion plan, global footprint, and commitment to advanced solar technologies make it well-positioned for future growth. However, it also needs to carefully manage capex, raw material costs, and export risks.
Shareholding Pattern of Vikram Solar
| Name | Holding |
|---|---|
| Vikram Capital Management Private Limited | 42.93% |
| Hari Krishna Chaudhary Family Trust | 28.20% |
| Hari Krishna Chaudhary | 5.31% |
| Gyanesh Chaudhary | 5.02% |
| Vikram Financial Services Limited | 5.83% |
| Others | 12.71% |
Promoters of Vikram Solar
| Name | Designation |
|---|---|
| Gyanesh Chaudhary | Chairman & Managing Director |
| Saibaba Vutukuri | Chief Executive Officer (CEO) |
Click here to visit the official website of Vikram Solar.
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Frequently Asked Questions
These shares represent equity in Vikram Solar Ltd, a leading Indian solar PV module manufacturer. Since the company is not yet listed on NSE or BSE, its shares trade privately via platforms like UnlistedKraft.
Yes, UnlistedKraft gives you access to verified deals for Vikram Solar unlisted shares. Complete your KYC, place your order, and the shares are credited to your demat account, typically within 24 hours.
Unlisted shares involve risks such as limited liquidity and less public disclosure. That said, Vikram Solar is a Tier-1 solar manufacturer with strong export credentials and rapid capacity growth. Investing through UnlistedKraft ensures secure, verified, and transparent transactions.
Pricing is based on recent private trades, investor demand, company financial performance, and IPO expectations. Share prices have ranged between INR 275 – INR 495 over the past 52 weeks, reflecting market sentiment and trade volume.
Yes. An active demat account (NSDL or CDSL) is required to receive and hold unlisted shares of Vikram Solar.
There’s no mandatory lock-in unless Vikram Solar goes public. Most investors hold shares until a listing event or strategic exit to materialise returns.
Yes, you can resell your shares through UnlistedKraft’s resale network, subject to available buyers and prevailing market conditions.
Yes. As per SEBI regulations, shares acquired before the IPO are subject to a six-month lock-in period post-listing before sale.
If held for more than two years, gains qualify as long-term capital gains and are taxed at 20% with indexation. Gains from shares held for under two years are treated as short-term and taxed as per your income tax slab.
UnlistedKraft offers a streamlined and secure way to invest in high-potential pre-IPO companies like Vikram Solar, with transparent pricing, expert support, verified sellers, and fast demat credit to your account.
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