About Vikram Solar Unlisted Shares
Vikram Solar Limited was established in 2006. The company specializes in solar energy solutions, including manufacturing solar photovoltaic (PV) modules, engineering, procurement, and construction (EPC) services, and operations and maintenance (O&M) services. It is now the largest domestic PV module manufacturer and integrated solar energy solutions provider. Vikram Solar share price trends are keenly tracked by investors, indicating the company's performance in the market.
The company has a strong global presence on six continents and is actively contributing to the development of the solar revolution. It produces high-efficiency monocrystalline and polycrystalline si...
Latest available unlisted share price: ₹425.00
Overview
Vikram Solar Limited was established in 2006. The company specializes in solar energy solutions, including manufacturing solar photovoltaic (PV) modules, engineering, procurement, and construction (EPC) services, and operations and maintenance (O&M) services. It is now the largest domestic PV module manufacturer and integrated solar energy solutions provider. Vikram Solar share price trends are keenly tracked by investors, indicating the company's performance in the market.
The company has a strong global presence on six continents and is actively contributing to the development of the solar revolution. It produces high-efficiency monocrystalline and polycrystalline silicon photovoltaic modules. Vikram Solar's IPO information has attracted industry attention in the renewable energy market as the company keeps growing.
The Company was established to support India's ambitions in the field of renewable energy. Vikram Solar toiled for the creation of a more resilient and sustainable planet for future generations even before the country became vocal for local manufacturing. Investors looking at Vikram Solar's unlisted share price track its market potential before its public listing.
Vikram Solar Limited has a manufacturing facility in Falta Special Economic Zone (FSEZ) in West Bengal with an installed capacity of 1.2 GW solar PV modules. It has recently set up another manufacturing plant in Chennai with 1 GW of capacity. The company operates and sells power from a 10-MW solar power plant, which has a long-term power purchase agreement with the Tirupati temple. Those tracking the Vikram Solar share price NSE and the Vikram Solar share price BSE keep a keen eye on the company’s financial performance and growth trajectory.
Vision
To become one of the most valuable solar companies delivering benchmark sustainable energy solutions worldwide.
Mission
Deliver reliable solar solutions through world-class technology and innovation.
Vikram Solar's Journey
2006: Incorporation Vikram Solar begins its journey towards revolutionizing India’s solar energy landscape.
2011: Early Milestone Installed a 3 MW project under the National Solar Mission of India.
2013: Landmark Achievement Contributed to the solarisation of the first fully solarised airport in India – Cochin International Airport, Kerala.
2014: Recognition and Innovation Ranked as India’s only Tier 1 module manufacturer and commissioned India’s first floating solar plant
2015: Scaling Production Reached a production capacity of 500 MW/year, ticking the substantial growth and commitment promise
2017: Industry Leadership Achieved a significant milestone by reaching a production capacity of 1 GW/year and giving the statement about its position as a leader in the Indian solar industry.
2019: Expansion and Impact Commissioned a 200 MW plant in Andhra Pradesh and East India’s largest single shed rooftop project, totalling 2.15 MW, contributing to both utility-scale and distributed solar energy generation.
2021: Scaling New Heights Reached a production capacity of 2.5 GW, firmly establishing itself as one of India’s largest solar module manufacturers, driving the nation’s transition towards clean and sustainable energy sources.
2022: Recognised as the Top Performer in the PVEL PV Reliability Scorecard — the only Indian manufacturer to receive the honour for advanced technology in half-cut cell multi-busbar solar modules. Bagged a single 350 MW module supply order from the US
2023: The company reached manufacturing capacity to 3.5 GW per year
2024:
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Secured a strategic 250 MW module supply deal with Gujarat Industries Power Company Limited.
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Secured a 397.7 MW module supply contract for NTPC’s Gujarat Solar Project,
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Got 3.5 GW module production capacity listed in Bloomberg NEF Tier-1 global accreditation (Q4 FY 2023-24),
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Launched new TOPCon and heterojunction (HJT) PV modules
Customers of Vikram Solar
The company has served clients like NTPC, WBSDCL, GIPCL, BEL, BHEL, ISRO, IOCL, SBI, APGENCO, IMFA, Century Ply, KBL, Maruti Suzuki Klima, etc.
Manufacturing Units
Operational
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Falta SEZ, Kolkata West Bengal: Manufacturing facility of 2.2GW.
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Oragadam, Chennai, Tamil Nadu: Our manufacturing facility is located in Kancheepuram, with a capacity of 1.3GW, this facility aims to tap into the escalating demand within the solar energy sector, enhancing our dedication to sustainable progress.
Upcoming
Gangaikonda, Tamil Nadu: The Company’s upcoming 3 GW cell and 6 GW module manufacturing facility in Gangaikonda, Tamil Nadu, is set to significantly ramp up its capacity.
Manufacturing facility in the USA: The Company’s solar PV manufacturing facility in the USA is currently in the site selection stage. With this new manufacturing facility, it aims to leverage the increasing demand for renewable energy within the United States.
Board of Directors
Mr. Gyanesh Chaudhary, Chairman & Managing Director
Mr. Vikram Swarup, Independent Director
Ms. Ratnabali Kakkar, Independent Director
Mr. Subramanya Krishnappa, Independent Director
Mr. Ivan Saha, Whole Time Director & CEO
Mr. Krishna Kumar Maskara, Whole Time Director
Ms. Neha Agrawal, Whole Time Director
Products
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Hypersol: Hypersol is an n-type TOPCon Bifacial, M10, and G12 module, which is generally preferred for utility-scale projects with power output ranging from 415 to 715 Wp.
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Paradea: Paradea is a Bifacial glass-glass multi busbar module, which is generally preferred for utility scale projects with power output ranging from 395 to 680 Wp.
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Somera: These modules are preferred across all solar segment projects having land constraints, and It is Monofacial multi-busbar PV modules with power output ranging from 395 to 680 Wp.
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Prexos: Prexos is a PERC Bifacial Half Cut Cell and Glass-to-Transparent Back Sheet module, which is preferred for rooftop projects with different roofing materials with power output ranging from 395 to 565 Wp.
Dividend Details
No dividend was declared by the company for the year 2023-24.
IPO Details
In October 2024, Vikram Solar filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for fund raising for a fresh issue of ₹1500 crore and Offer for Sale (OFS) up to 17.45 million shares by the promoter group. The face value of each equity share in the IPO is ₹10
Business Model
Solar PV Module Manufacturing: Vikram Solar manufactures high-efficiency solar modules using both monocrystalline and polycrystalline cell technology. Their products can be categorized based on the use of solar cell technology and cell size.
Solar EPC and Rooftop Solutions: Vikram Solar stands as one of India’s top five Engineering, Procurement, and Construction (EPC) players, leveraging over a decade of experience and a robust portfolio comprising more than 300 projects as of March 31, 2024. The company’s proficiency in executing EPC projects for solar plants is widely acknowledged, cementing its prominent position within the industry.
Operation and Maintenance Services: Over the years, Vikram Solar has established a sustainable O&M business division to provide customers with forward-integrated, full life cycle services. Its O&M services include repairs, ongoing maintenance, and complete operational solutions. These services are primarily offered for executed EPC projects as bundled value-add services. Vikram Solar provides these services across India and to clients in industries such as railways, airports, hospitals, defence, and automobiles.
Revenue Mix
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Around 97.34% of the revenue comes from PV modules, and the remaining 2.66% comes from EPC.
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The company earns 38.42% from domestic sales and 61.58% from international sales.
Fundamentals
Financials
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1610.00 | 1730.00 | 2073.00 | 2511.00 |
| Other Income | 17.00 | 13.00 | 19.00 | 13.00 |
| COGS | 1216.30 | 1395.50 | 1717.40 | 1676.00 |
| Gross Profit | 411.30 | 347.60 | 374.60 | 847.90 |
| Total Expense | 216.80 | 276.20 | 169.70 | 436.40 |
| EBIDTA | 194.50 | 71.40 | 204.90 | 411.60 |
| D&A | 38.80 | 48.00 | 63.90 | 138.10 |
| EBIT | 155.70 | 23.40 | 140.90 | 273.50 |
| Interest Expense | 99.50 | 102.90 | 122.00 | 154.60 |
| PBT | 56.20 | -79.40 | 18.90 | 107.20 |
| TAX | 18.00 | -16.50 | 4.40 | 27.50 |
| PAT | 38.20 | -62.90 | 14.50 | 79.70 |
| Diluted EPS | 1.48 | -2.43 | 0.56 | 3.08 |
| Basic EPS | 1.48 | -2.43 | 0.56 | 3.08 |
| Total income | 1,627.00 | 1,743.00 | 2,092.00 | 2,524.00 |
ASSETS
| CURRENT ASSETS | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Cash and Cash Equivalents | 8.59 | 18.87 | 1.63 | 9.00 |
| Trade Payables | 736.00 | 917.00 | 959.00 | 1185.00 |
| Inventory | 193.00 | 265.00 | 373.00 | 393.00 |
| Other Current Assets | 327.90 | 418.30 | 418.90 | 391.30 |
| Total Current Assets | 1,265.49 | 1,619.17 | 1,752.53 | 1,978.30 |
| NON CURRENT ASSETS | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Plant Property and Equipment | 433.35 | 533.89 | 650.26 | 526.58 |
| Long Term Investment | - | - | - | - |
| Other Non Current Assets | 99.00 | 84.00 | 73.00 | 80.64 |
| TOTOAL NON CURRENT ASSSETS | 532.35 | 617.89 | 723.26 | 607.22 |
| Total Assets | 1,797.84 | 2,237.06 | 2,475.79 | 2,585.52 |
|---|
| CURRENT LIABILITES | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| TRADW Payable | - | - | - | - |
| Other Current Liab | 1050.00 | 1482.30 | 1296.20 | 1422.30 |
| Total Current Liab | 1,050.00 | 1,482.30 | 1,296.20 | 1,422.30 |
| NON CURRENTLIABILITIES | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Long Term Debt | 230.00 | 264.00 | 214.00 | 199.00 |
| Deffered Tax Liab | 18.00 | - | - | 8.00 |
| Other Non Current Liab | 85.60 | 139.60 | 600.90 | 510.80 |
LIABILITIES
| EQUITY | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 24.00 | 259.00 | 259.00 | 259.00 |
| Reserves And Surplus | - | - | - | - |
| Other Equity | 391.00 | 92.00 | 106.00 | 187.00 |
| Retained Earnings | - | - | - | - |
| share Equity | 415.00 | 351.00 | 365.00 | 446.00 |
| Total Liabilities | 748.60 | 754.60 | 1,179.90 | 1,163.80 |
|---|
| CASH FLOW STAT | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Cash Flow from operating | 13.00 | 201.00 | 195.00 | 152.00 |
| Cash Flow from financing | 4.00 | -36.00 | -102.00 | -81.00 |
| Cash Flow from investing | -40.00 | -155.00 | -111.00 | -64.00 |
| Net cash flow | -23.00 | 10.00 | -18.00 | 7.00 |
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Events
Promoters or Management
The lockin period is of 6 months for pre-ipo investors i.e. they cannot sell their shares for 6 months after they get listed. However, they can definitely sell the shares in pre-ipo market before they get listed.
With BharatInvest, you can now invest in unlisted/pre-ipo shares with as low as 25-50k depending upon the share.
- 1. You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
- 2. Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
- The value of share in unlisted space is determined in the same way as it is done in listed market. Demand and supply decide the price of any share. If the demand more than the supply, then the prices of the share increases and vice versa.
- When a new shares is introduces in the unlisted space, the value of the company is decided upon the last funding raised by company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
A Public Unlisted Shares Is Not Listed on Stock Exchange, Where as a Listed Public Company Is Listed On Stock Exchange Such As BSE Or NSE For Trading Of Shares.
If you sell your shares within 2 years, then you will have to pay Short-term Capital gain on unlisted shares. Short-Term Capital Gain is added in your Income. So, as per individual tax slab you need to pay capital gain tax.
If you sell your shares after 2 years, then you will have to pay Long-term Capital gain on unlisted shares LTCG is 12.5% without indexation benefits.
After listing of shares, the unlisted shares which you have bought through unlisted market, will be taxed at listed rates, if sold through exchange. So, taxes of listed market will be applicable. And, to calculate holding time, for determining LTCG or STCG, the purchase date of unlisted shares will be applicable.
Absoluetly NOT! Grey market is all about speculation relation to open price, subscription rate etc. And does not include physical delivery of shares. Whereas in pre ipo market you get to invest in shares much before the ipo too and it involves physical delivery of shares. It is compeletly legal and does not include any such speculation.
Existing stakeholders, promoters or employees who have equity shares of an unlisted company and early investors who wish to get value of their investment.
1. Yes, investing in unlisted shares is undoubtedly legal in India. The trading takes place in the over-the-counter market.
Related News
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