Vikram Solar Unlisted Share Price Description – Founded in 2005 and originally engaged in textile and leather goods, Vikram Solar underwent a transformative shift, rebranding and redirecting its business to focus entirely on solar energy. Over nearly two decades, the company has evolved into one of India’s largest pure-play solar photovoltaic (PV) module manufacturers, with 3.50 GW of installed module manufacturing capacity as of 31 March 2024.
With manufacturing plants in Falta SEZ, West Bengal, and Oragadam, Tamil Nadu, Vikram Solar is expanding rapidly. It aims to scale its capacity to 15.50 GW by Fiscal 2027 and vertically integrate its value chain by establishing 5.00 GW of solar cell manufacturing capacity over the same period.
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Business Model of Vikram Solar
Vikram Solar, with over 15 years in the solar industry, is one of India’s leading PV module manufacturers. As of March 2024, it has a manufacturing capacity of 3.50 GW, with plans to scale up to 15.50 GW by FY2027, including 3 GW in the U.S. and 3 GW of solar cell manufacturing in Tamil Nadu. The company’s business model focuses heavily on module manufacturing and exports, which made up over 61% of FY2024 revenue. Notably, exports to the U.S. alone accounted for over 650 MW.
India’s rapidly growing solar sector, supported by favorable government policies (PLI, ALMM, BCD), low tariffs, and high C&I demand, offers a strong growth environment. Vikram Solar is leveraging this momentum with advanced technologies like PERC, TOPCon, and HJT, and strong R&D capabilities. Its module efficiency has risen from 17.52% (2016) to 23.34% (2024), and it maintains a strong domestic and global client base across 39 countries.
Financially, the company recorded INR 2,510 crore in revenue and a significant rise in EBITDA and PAT in FY2024. However, risks include high customer concentration, policy dependency, high debt (D/E: 1.81x), and execution challenges related to rapid expansion.
Services of Vikram Solar
- Solar PV Module Manufacturing
- Engineering, Procurement & Construction (EPC) Services
- Operations & Maintenance (O&M) Services
- Solar Project Development
- Turnkey Solar Solutions
- R&D and Product Innovation
- Export of Solar Modules
- Quality Assurance & Testing (NABL-accredited Lab)
Product Portfolio of Vikram Solar
- Monocrystalline PERC Modules: High-efficiency panels ideal for rooftop and utility projects with excellent performance in low-light conditions.
- Bifacial Modules: Capture sunlight from both sides, enhancing energy yield, especially in reflective or high-albedo environments.
- TOPCon Modules: Next-gen technology offering higher efficiency and better temperature coefficient for long-term energy output.
- HJT (Heterojunction) Modules: Advanced modules with superior efficiency, lower degradation, and better performance in extreme climates.
- Smart Modules (With Optimizers): Integrated with power optimizers, enabling panel-level monitoring and improved system reliability and performance.
- Off-Grid Modules: Tailored for remote applications, ensuring a reliable power supply where grid connectivity is unavailable.
- Flexible & Lightweight Modules: Ideal for unconventional surfaces and BIPV applications where traditional panels can’t be installed.
- Solar Water Pumping Systems: Efficient solutions for agriculture and irrigation, powered entirely by solar energy.
- Customized Module Solutions: Designed for niche applications, including defense, telecom, and portable solar requirements.
- Solar Rooftop Solutions: Residential and commercial rooftop systems with complete turnkey installation and monitoring support.
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Key Highlights – FY 2023 – 24
- Vikram Solar, a Kolkata-based solar energy solution provider, is set to file its DRHP for an IPO worth INR 2,000 crore, combining a fresh issue and offer-for-sale.
- 🌍 Strong export focus: 61.58% of FY2024 revenue from exports.
- Major export destination: 652.36 MW shipped to the U.S. in FY2024.
- Backward integration: 3 GW solar cell facility in Tamil Nadu.
- ⚙️ Current manufacturing capacity: 3.50 GW, targeting 15.50 GW by FY2027.
- 💰 FY2024 revenue: INR 2,510.99 crore, with 20.46% CAGR (FY22–24).
- 📈 EBITDA margin improved to 15.87%, PAT turnaround to INR 79.72 crore.
- 🔋 Advanced tech: PERC, TOPCon, HJT modules with up to 23.34% efficiency.
- 📦 Strong order book: 8.21 GW, ensuring future revenue visibility.
- 🌞 Operates in 23 states, 3 UTs, and exports to 39 countries.
- 🏛️ Clients include NTPC, NLC, JSW Energy, Azure, and ACME.
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Vikram Solar Board of Directors
- Mr. Gyanesh Chaudhary, Chairman & Managing Director
- Mr. Sumit Binani, Independent Director
- Mr. Subramanya Krishnappa, Independent Director
- Ms. Ratnabali Kakkar, Independent Director
- Mr. Krishna Kumar Maskara, Whole-time Director and President
- Ms. Neha Agrawal, Whole-time Director and Head
Vikram Solar Limited Share Price Details
| Name | Vikram Solar Unlisted Share Price Details |
| Face Value | INR 10 per share |
| ISIN Code | INE078V01014 |
| Lot Size | 100 shares |
| Demat Status | NSDL, CDSL |
| Share Price of Vikram Solar | INR 385 per share |
| Market Cap | INR 12,273 crores |
| Total number of shares | 31,87,84,996 shares |
| Website | www.vikramsolar.com |
Vikram Solar Unlisted Share Price Details – Shareholding Pattern
The details of shareholders’ holding of equity shares:
| Shareholder Name | % to Holding | No. of shares |
| Vikram Capital Management | 42.93 | 11,11,09,900 |
| Hari Krishna Chaudhary Family Trust | 28.20 | 7,29,86,090 |
| Vikram Financial Services | 6.34 | 1,64,21,900 |
| Hari Krishna Chaudhary | 5.31 | 1,37,31,146 |
| Anil Chaudhary | 5.24 | 1,35,65,882 |
| Gyanesh Chaudhary | 5.02 | 1,30,04,332 |
| Vikram India | 4.25 | 1,09,91,750 |
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Vikram Solar Unlisted Share Price – Financial Performance
| FY 2022 | FY 2023 | FY 2024 | |
| Revenue | 1,730.31 | 2,073.23 | 2,510.99 |
| Revenue Growth (%) | 7.46 | 19.82 | 21.11 |
| Expenses | 1,822.49 | 2,073.04 | 2,404.05 |
| Net income | (62.94) | 14.49 | 79.72 |
| Margin (%) | (3.64) | 0.70 | 3.17 |
| ROCE (%) | 2.22 | 12.78 | 20.76 |
| EBITDA Margin (%) | 3.39 | 8.98 | 15.87 |
| Debt/Equity | 2.00 | 2.02 | 1.81 |
| EPS | (2.43) | 0.56 | 3.08 |
Vikram Solar Annual Reports
Vikram Solar IPO DRHP
Vikram Solar Annual Report FY 2023 – 24
Vikram Solar Annual Report FY 2022 – 23
Vikram Solar Annual Report FY 2021 – 22
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Vikram Solar Unlisted Share Price – Peer Comparison
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Vikram Solar | 125.0 | 3.08 | 17.90 | 17.21 | 12,273 |
| Premier Energies | 191.48 | 6.93 | 5.48 | 15.63 | 3,171.31 |
| Websol Energy System | – | (29.99) | (29.99) | 26.70 | 26.81 |
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Vikram Solar Unlisted Share Price FAQs
Is it safe to purchase unlisted shares in India?
While there are risks associated with unlisted shares, purchases made from credible brokers and after conducting due diligence considerably lower these risks.
What is Vikram Solar’s unlisted share price?
Vikram Solar share price today is INR 385 per share. Shares are purchased in lots of 100 shares.
Who determines the Vikram Solar unlisted share price?
Vikram Solar share price is determined by various factors including recent transaction price, supply and demand, valuation in the latest funding round, profitability, and return ratios.
When is Vikram Solar IPO planned?
Vikram Solar plans to launch its IPO in the first/second week of August 2025. It received SEBI’s in-principle approval in May 2025.