With support from govt, increased sales, we see potential for PAT to multiply in FY26: Vikram Solar CMD

Vikram Solar is looking to increase capacity from 4.5 GW to 15.5 GW in FY2026.

Kolkata-based Vikram Solar sees opportunity for its PAT to multiply twenty fold by FY26, driven by a sharp capacity expansion and strong government support, Chairman and Managing Director Gyanesh Chaudhary said at a pre-listing press event on August 13.

The public issue for the solar manufacturer will open next week on August 19, with the public subscription open till August 21. The IPO anchor book for institutional investors will be launched on August 18 and the shares will be available for trading on the bourses effective August 26.

Chaudhary noted that they earned a PAT of Rs 140 crore in FY25.  With the substantial support from the government coming in, they see the "opportunity for it to multiply by 20 in FY26".

Vikram Solar is looking to increase capacity from 4.5 GW to 15.5 GW in FY26.

The IPO consists of fresh issuance of equity shares worth Rs 1,500 crore and an offer-for-sale of 1.7 crore shares by promoters. The company has set a price band of Rs 315 to Rs 322. The IPO price band is nearly 14% lower than the unlisted market price, a move Chaudhary says isn't a negative and is in the best interest of investors. “This is good for our investors. The intention has always been to do what is right,” he said. “Earlier, operations were in a limited stakeholder environment, but now stakeholders are increasing, especially with new investors coming in. The aim is to do right by everyone," he added.

Chief Financial Officer Ranjan Jindal acknowledged that policy changes and geopolitical events could affect the sector but emphasised that Vikram Solar’s core business remains insulated from such shocks as they have taken the steps needed. “There are ups and downs from policy changes for example, decisions in the US or geopolitical events but the focus is whether such changes impact Vikram Solar directly. In our case, the business remains stable,” he noted.

Jindal added that the company has reoriented towards the domestic market. “We have course-corrected to focus strongly on domestic sales. With significant government support and a strong order book that we can’t even fully cater to right now, we have even decided to add capacity this financial year, something not originally planned during the IPO,” he said. “All of this reflects that we are focused on the domestic market and not easily influenced by developments beyond India’s borders, at least for now.”

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