Subscribe for Vikram Solar Ltd IPO; Anand Rathi

Anand Rathi, 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 20, 2025.

Broker Research

August 20, 2025 / 17:37 IST

IPO

Anand Rathi, Vikram Solar Ltd

Incorporated in 2005, headquarters in Kolkata Vikram Solar one of India's largest solar module manufacturers its primary business is the manufacturing of solar photovoltaic (PV) modules, but it also offers a full range of services, including engineering, procurement, and construction (EPC) for solar power plants, as well as operations and maintenance. The company is the largest pure play module manufacturers in India, with 4.50 GW of installed manufacturing capacity and an enlisted capacity of 2.85 GW as per MNRE’s approved listed of modules & manufacturers, as on June 30, 2025. The company’s portfolio of solar energy products consists of (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (“PERC”) modules; (ii) N-Type monocrystalline silicon (“N-Type”) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (“HJT”) modules.

Valuation and Outlook

On the valuation front, based on annualized FY25 earnings, the company is seeking a P/E of 85.8 times, and a post-issue market capitalization of approximately Rs 1,20,090 million, making the issue appear aggressively priced. We believe, business includes high capex and lower margin profile, client concentration, and global supply chain exposure. Yet, strong order book (10.3 GW), backward integration, and government support position it well for long-term growth. Thus, we assign SUBCRIBE for LONG TERM rating for this issue.

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