Vikram Solar's IPO was a huge hit: What to know
Vikram Solar's IPO was a huge hit, oversubscribed 56.42 times.
Shares listed on August 26, 2025, at ₹340—about 2% above the issue price—and quickly surged over 9%, touching ₹371.25, nearly 12% higher than the original offer.
Impressive growth in revenue and profit
Started in 2005, Vikram Solar makes solar panels for big names like NTPC, Adani Green, and JSW Energy.
In FY2025, it grew revenue by 37% to ₹3,459 crore and boosted profit by 75% to ₹139.8 crore—pretty impressive numbers for a manufacturing company.
Institutional investors were especially excited
Institutional investors were especially excited, subscribing their portion 145.10 times; retail interest was strong too. Before listing day, anchor investors put in ₹621 crore—clear sign of demand.
Now valued near ₹12,000 crore with a P/E ratio around 72x, Vikram Solar plans to expand its production capacity massively by FY2027.
But heads up: its margins are slimmer (4%) and it takes longer to get paid compared to some rivals.