Vikram Solar IPO Opens 19 Aug - Check GMP, Allotment Status

Vikram Solar Limited has an IPO coming out. Vikram Solar Limited is based in Kolkata, West Bengal (India) and is one of the leading players in India's solar energy sector. Vikram Solar Limited makes solar panels and solar solutions. Many analysts believe that this company can create great values in the future. Each share price in this IPO is ₹332. To some, it seems a good opportunity for investors wishing to put money towards clean energy.

Currently, Vikram Solar IPO GMP, is at ₹45 (13.55%) premium rate in grey market. This means investors are ready to pay ₹45 above the IPO price. The fact that there is quite a bit of interest for investors to buy the company's stock.

Vikram Solar IPO Dates

The Vikram Solar Limited IPO will open on August 19, 2025, and close on August 21, 2025. The allotment date is August 22, 2025, and listing will happen on August 26, 2025.

IPO Basic Details

To buy Vikram Solar shares, you need to invest at least ₹14,940 for 45 shares. The current GMP of 13.55% shows good demand from investors. This is one of the biggest IPOs in the solar energy sector this year.

About Vikram Solar Limited

Vikram Solar Limited is a popular solar panel manufacturer in India which is located in West Bengal's Kolkata. The company manufactures solar panels, solar cells, and fully integrated solar power systems. Vikram Solar markets its products throughout India and also sells internationally. 

Vikram Solar has made solar energy more accessible to residential, commercial and industrial customers, and government projects. Vikram Solar has also aided India's efforts to embrace more clean energy by manufacturing leading quality solar products to a high level of integrity. Vikram Solar has a modern factory and employs many skilled workers to manufacture panels which have reliable lifetimes. 

As part of their growth plans, Vikram Solar wants to expand its business and the number of people benefitting from solar energy. The funds from the IPO will assist in Vikram Solar's expansion, construction of new factories, and technological advancement of solar energy products. 

MUFG Intime India Private Limited (Link Intime) is coordinating the IPO process for Vikram Solar. The funds generated will assist in expanding their business and operations needs (e.g. replacing or upgrading equipment, R&D for new technology development, paying off loans, and funding working capital). As the demand for solar energy in India is expanding rapidly, Vikram Solar is ideally positioned to take advantage of that demand. 

Vikram Solar Financial Performance

The company has shown good growth in recent years.

Financial Analysis

Vikram Solar has experienced strong growth recently. The company's assets increased from ₹2476.29 Cr in Mar-23 to ₹2832.15 Cr in Mar-25, a 14.4% increase. In terms of revenue, it has increased from ₹2091.91 Cr, to ₹3459.52 Cr, a 65.4% growth over the two years.

But most strikingly, profit growth is remarkable. Profit after tax increased from ₹14.49 Cr in Mar-23 to ₹139.83 Cr, a 864% increase! This gives a very high level of confidence on the direction of profitability.

Net worth has also increased substantially; it increased from ₹365.91 Cr to ₹1241.98 Cr, a growth of 239%. To steal some thunder from the growth, total borrowing has decreased from ₹737.78 Cr to ₹237.66 Cr - indicating the company has been able to dispose of many of their loans and has effectively reduced borrowings.

Overall, the financial numbers for Vikram Solar are a strong indicator of revenue growth, profit improvement and reduction in liabilities.

IPO Share Distribution

The shares will be divided as per SEBI rules:

Strengths

1. Increasing Solar Sector:
The Indian solar market is booming. The government is encouraging more solar power which is beneficial to businesses such as Vikram Solar.

2. Revenue Growth:
In 2 years, revenue rose 65.4% and profit increased 864%. Great indication of healthy business growth.

3. Debt Reduction:
The company has lowered its debt from ₹737.78 Cr to ₹230.66 Cr, making it financially stronger.

4. Government Support:
The Indian government supports solar energy with favorable policies and attractive subsidies.

5. Exports:
Vikram Solar has markets in other countries, providing additional income opportunities.

6. Management Experience:
The company has been in the solar industry for several years and understands the market well.

7. Good GMP:
The GMP of 13.55% reflects strong investor confidence in the company.

8. Clean Energy Demand:
Increasing consumer demand for clean energy boosts the market for solar products.

Risks

1. Competition:
Numerous solar panel manufacturers lead to fierce price competition and shifting market share.

2. Government Policy Changes:
Reduced government support for solar energy could negatively impact the business.

3. Raw Material Costs:
The use of imported materials in solar panel production makes the company vulnerable to price changes and tariffs.

4. Technology Changes:
Rapid technological advances could make existing products obsolete.

5. Weather Dependency:
Solar projects depend on favorable weather and adequate sunlight.

6. International Competition:
Foreign companies, especially from China, offer low-cost solar products.

7. Project Delays:
Large solar projects can face delays due to land preparation, permitting, or funding issues.

How to Apply for Vikram Solar IPO?

Step-by-step guide (IPO opens August 19, 2025):

1. Log in to your broker app (Zerodha, Angel One, Groww, etc.)

2. Go to the IPO section and select Vikram Solar IPO

3. Click Apply

4. Enter:

   • Lot size (45 shares minimum)

   • Bid price (₹332 or select Cut-Off)

   • Your UPI ID

5. Submit the application

6. Approve the UPI request in your UPI app (PhonePe, GPay, etc.)

⏰ Important: Approve the UPI request before 5 PM on the same day or before the IPO closes on August 21, 2025.

How to Check Vikram Solar IPO Allotment Status?

You can check the allotment status through NSE/BSE and the registrar’s portal once the IPO opens.

Check On NSE/BSE

1. Visit the NSE or BSE official website

2. Go to the IPO Allotment Section

3. Select Vikram Solar IPO

4. Enter PAN number or application number

5. Submit to view the allotment status

Check On the Registrar Portal

1. Visit MUFG Intime India Private Limited (Link Intime) website

2. Select IPO allotment status

3. Choose Vikram Solar IPO

4. Enter PAN or application number

5. Submit to check status

Company Address

Name: Vikram Solar Limited
Address: Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata, West Bengal, 700107
Phone: +91 33 2442 7399
Email: secretarial@vikramsolar.com
Website: http://www.vikramsolar.com/

IPO Registrar

Name: MUFG Intime India Private Limited (Link Intime)
Phone: +91 22 4918 6270
Email: vikramsolar.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Address: Link Intime India Private Ltd, C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400083

Final Thoughts

Vikram Solar Limited is a potentially attractive investment opportunity in India's flourishing solar energy environment. The company has produced stellar financial growth over the past 2 years, with revenue up 65.4% and profit up an astounding 864%. The company has also paid down debt significantly.

At ₹332 per share and with a GMP of 13.55%, the market is showing some confidence in this IPO. The solar energy sector in India is growing rapidly due to ample government support and increasing demand, likely aiding Vikram Solar's further growth.

Nevertheless, investors must remember that the solar business is competitive along with being highly sensitive to government activity, in addition to needing significant investment into improving technology and efficiencies. The excellent recent financial performance by Vikram Solar and India's move toward a clean energy future should make this company an interesting purchase for investors with longer time horizons.

Disclaimer: This analysis is for educational purposes and not financial advice. Please consult a financial advisor before making investment decisions.

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