Vikram Solar one of India’s most prominent renewable energy companies, began trading on the stock market in August 26 2025 following an IPO that was a blockbuster (IPO). The IPO generated approximately 2,079 crore via a combination of fresh issuances and an offer to purchase by promoters. It also drew massive participation from both institutional and retail investors.
Although the IPO subscriber numbers were impressive However, the performance on the day of the listing was much more muted than expected, which reflects the cautious mood of the market amid global uncertainty.
Vikram Solar IPO Highlights
- issue price band 315-Rs332 shares
- Minimum Lot Size: 45 shares (Rs14,175 minimum investment)
- Funds Raised: Approx. 279 crore rupees
- Subscription Status Subscriptions: Oversubscribed 54.63 times over the course of the year.
- QIBs: 143x
- Non-Institutional Investors: 50x
- Retail Investors: 23x
- Anchor Investors in the amount of Rs621 crore of capital invested prior to IPO opening
The extraordinary increase in subscriptions reflected investors’ confidence in both the fundamentals of the company and the growth of renewable energy in India.
Use of IPO Proceeds & Growth Plans
Vikram Solar is planning to invest IPO profits into capacities expansion and growth projects:
- The establishment of an solar cell manufacturing plant and module production facility located in Tamil Nadu (Phase I – 3000 megawatts).
- The capacity of the module will be increased to 6,600 MW in phase II.
- The capacity of manufacturing overall is increasing by 4.5 gigawatts (FY25) up to 15.5 GW in FY26 then increasing to 20.5 GW in FY27..
- Assisting in the management of working capital requirements.
Through this growth, Vikram Solar aims to become the prominent player in India’s solar manufacturing industry.
Listing Day Performance
- Expected Listing (GMP Signal): Around Rs373 per share (12.3 percent premium).
- Real Listing The price is Rs340 on BSE around 2.4 percent above the issue price.
- Profit for Retail Investors: Approx. Rs360 for each lot of 45 shares.
Despite high grey market premiums prior to listing, the tiniest debut demonstrated investors’ prudence in the face of volatility on markets and worries regarding global tariff policies that could affect solar imports.
Financial Performance & Valuation
- FY25 Profit 359 crore (up from the FY24 figure of Rs2,523 crore.).
- FY25 Net Profit of $140 million (vs. $79 million in FY24).
- Value The price-to-earnings (P/E) ratio of 85.8x FY25 earnings, which makes it an extremely priced growth stock..
Analysts point out that, while the fundamentals are strong, there are risks. These are:
- Needs for capital investment that are large.
- Dependence on a handful of large customers.
- Margin pressures result from supply chain disruptions in the supply chain.
With an order book of 10 GW and a strong support from the government for renewable energy sources, Vikram Solar’s long-term trajectory of growth is not a problem.
Sector Outlook
The sector of renewable energy in India is experiencing an revolution that includes:
- Solar manufacturing is a subject of government-sponsored incentives.
- Growing demand for clean and green energy sources.
- Opportunities for growth the storage of batteries as well as solar cell technology.
Investors, Vikram Solar represents exposure to one of India’s top industries.
Should You Invest in Vikram Solar After Listing?
- The Short-Term Perspective In light of the tepid debut investors seeking quick gains might consider taking a look at booking part gains.
- Long-Term Perspective People with a greater risk tolerance may see substantial upside potential as the company increases capacity and reaps the benefits of the renewable push in India.
Conclusion
Its Vikram Solar IPO is a significant milestone in India’s renewable energy sector and reflects both the enthusiasm of investors as well as the difficulties of a growth stock that is high-valued. While the price of listing was lower than what analysts had expected but the company’s aggressive expansion plans as well as strong market tailwinds will make this an important stock worth keeping an eye on over the years ahead.
Disclaimer
This article is intended for solely informational use and is not meant to be considered as for investment or financial advice. Investments in the stock market include IPOs are prone to risk. It is recommended that investors conduct their own research or consult with a licensed financial advisor prior to making any investment decision.