Vikram Solar

470 +0 (0%) 1Y
Price per Unit 470
Minimum no. of Units 60
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Investment Amount 0
Stamp Duty (0.015 %) 0
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Unlisted shares

Vikram Solar

DRHP Status : Not Filed

470

Current Price 470
Market Cap 13548 Cr
ISIN INE078V01014
Face Value 10
P/E Ratio 170
EPS 2.5
P/B Ratio 30.4
Book Value 14
Debt to Equity Ratio 1.81
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
documents
documents
documents
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%

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Vikram Solar Limited (formerly known as Vikram Solar Private Limited) is one of India’s largest module manufacturers, in terms of operational capacity, producing solar photo-voltaic (“PV”) modules (as on March 31, 2024), and is also an integrated solar energy solutions provider offering engineering, procurement and construction (“EPC”) services, and operations and maintenance (“O&M”) services.

Click here to visit the official website of Vikram Solar.

Strengths:

  1. Robust Manufacturing Capacity and Market Presence: Vikram Solar is among India's largest solar PV module manufacturers, with a cumulative production capacity of 2.5 GW. The company has a significant domestic footprint and has supplied modules to customers in 32 countries, including the United States, Germany, and China, demonstrating its global reach.

  2. Diverse Product Portfolio with High Efficiency: The company offers a wide range of solar panels, with power outputs ranging from 340W to 715W and efficiencies between 20.2% and 23%. This versatility caters to various project requirements, from residential installations to large-scale commercial ventures.

  3. Recognition for Product Quality and Innovation: Vikram Solar has been acknowledged as a top performer in reliability testing by PV Evolution Labs (PVEL) in multiple years and is listed as a Tier 1 manufacturer by Bloomberg New Energy Finance (BNEF). These accolades reflect the company's commitment to quality and innovation in the solar industry.

  4. Strategic Expansion and Technological Advancement: The company is pursuing vertical integration by establishing a 3 GW solar cell manufacturing facility in Tamil Nadu and plans to set up a 3 GW manufacturing facility in the United States. Additionally, Vikram Solar has introduced advanced technologies such as n-type monocrystalline cell modules and heterojunction (HJT) PV modules, positioning itself at the forefront of solar innovation.

Weaknesses:

  1. Moderate Financial Risk Profile: Despite a healthy net worth, Vikram Solar exhibits moderate financial risk, characterized by a Debt-to-Equity ratio of 1.50 as of March 31, 2022. The Interest Coverage Ratio (ICR) and Debt Service Coverage Ratio (DSCR) are relatively weak, indicating potential challenges in meeting debt obligations.

  2. Working Capital Intensity: The company's operations are working capital-intensive, with high Gross Current Assets (GCA) and extended debtor periods. While inventory levels are manageable, effective working capital management remains crucial for sustaining operational efficiency.

  3. Limited Global Presence and Accessibility: Although Vikram Solar has a growing international footprint, its primary focus remains on the Indian market. This limited global presence may affect accessibility for customers in certain regions, potentially hindering international market penetration.

  4. Shorter Product Warranty Period: The company offers a 12-year product warranty on its solar panels, which is shorter than the 15 to 25-year warranties provided by some leading competitors. This may influence customer preference when comparing warranty terms

FAQs

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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