Subscribe for Vikram Solar Ltd IPO; Ajcon Global

Ajcon Global, has come out with its report on Vikram Solar Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on August 19, 2025.

Broker Research

August 20, 2025 / 17:39 IST

IPO

Ajcon Global, Vikram Solar Ltd

Vikram Solar Ltd. (VSL) is one of India's largest solar photo-voltaic ("PV") module manufacturers in terms of operational capacity, having over 17 years of industry experience. With 4.50 GW of installed manufacturing capacity for solar PV modules as of the date of this RHP, it is one of the largest pure play module manufacturers in India, and enlisted capacity according to the Ministry of New and Renewable Energy's Approved List of Modules and Manufacturers ("ALMM") is 2.85 GW as of June 30, 2025. It aims to provide dependable solar solutions through high efficiency and innovative products, which the firm intends to do through its specialized high efficiency PV module manufacturing. It began manufacturing operations in 2009 with an installed capacity of 12.00 MW for solar PV modules, which has now risen to 4.50 GW as of the date of this RHP. Its present production facilities are ideally located at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu, with easy access to ports, rail, and roadways, allowing it to conduct both domestic and international operations.

Valuation and Outlook

At the upper price band of Rs. 332, the issue is priced at a P/E multiple of 85.79 its FY25 post IPO EPS of Rs. 3.87. We give a ‘SUBSCRIBE’ rating to the issue for the following reasons.

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