Subscribe for Vikram Solar Ltd IPO; Geojit Financial Services

Geojit Financial Services, 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 / 17:40 IST

IPO

Geojit Financial Services, Vikram Solar Ltd

Vikram Solar Ltd. (VSL) is a leading Indian solar energy company specializing in highefficiency photovoltaic (PV) modules. The company operates two strategically located manufacturing facilities: a 3.20 GW plant at Falta SEZ in Kolkata, West Bengal, and a 1.30 GW plant at Oragadam in Chennai, Tamil Nadu. As of June 30, 2025, VSL ranks among India’s largest pure-play module manufacturers, with 2.85 GW of capacity listed under the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (ALMM). Its key domestic clients include NTPC, Adani Green, JSW Energy, and Neyveli Lignite, while international clients include PureSky and Sundog Solar.

Valuation and Outlook

At the upper price band of ₹332, Vikram Solar is valued at 25x EV/EBITDA (FY25), which is reasonable relative to peers. Despite a stretched P/E compared to peers, improving margins, reduced debt, and a strong order book support its growth outlook. Backed by policy tailwinds, aggressive expansion, backward integration, and entry into energy storage, the company is well-positioned to benefit from India’s renewable energy push. Hence, we recommend a ‘Subscribe’ rating on a long-term basis.

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