Vikram Solar (VIKRAMSOLR) is trading at ₹346.90 as of September 8, 2025, showing significant volatility and recent strength. The stock has gained approximately 7.45% from its previous closing price of ₹322.85, driven by a major order win from L&T Construction.
The stock recently surged following a major order win from L&T Construction for supplying 336 MW of high-efficiency solar modules for deployment at the Khavda Renewable Energy Park in Gujarat.
Vikram Solar made its stock market debut on August 26, 2025, following a successful IPO that was subscribed 56.42 times.
Subscription Details
| Category | Subscription |
|---|---|
| QIB | 145.10 times |
| NII | 52.87 times |
| Retail | 18.45 times |
| Total | 56.42 times |
FY25 Financial Highlights
| Metric | Value | Growth (YoY) |
|---|---|---|
| Revenue | ₹3,423 crore | 36% |
| EBITDA | ₹492 crore | 23% |
| Net Profit | ₹140 crore | 75% |
| EPS | ₹5 | 50% |
Multi-Year Growth Trajectory (CAGR)
Balance Sheet Improvement
Short-term Outlook (2025-2026)
Long-term Growth Projections (2027-2030)
| Year | Minimum Target | Maximum Target |
|---|---|---|
| 2027 | ₹1,075 | ₹1,524 |
| 2028 | ₹1,445 | ₹1,941 |
| 2029 | ₹1,887 | ₹2,558 |
| 2030 | ₹2,482 | ₹3,058 |
These projections are based on the company’s expansion plans, including the 12 GW solar cell and module facility in Tamil Nadu and 1 GWh battery storage system.
Indian Solar Sector Growth
Policy Support
- Waived ISTS charges for solar projects commissioned by June 2025
- 100% FDI under automatic route in renewable energy
- PLI schemes boosting domestic manufacturing
- PM Surya Ghar Yojana driving residential solar adoption
Vikram Solar’s Competitive Position
Bull Case Factors
Revenue grew 36% to ₹3,423 crore in FY25
Over 60% revenue from exports
Expanding from 4.5 GW to 15.5 GW
Major orders from L&T and other clients
Risk Factors
Elevated P/E ratio of 83.52×
Competitive solar market pressures
Dependence on government policy support
78% revenue from top 5 customers
Conclusion: Vikram Solar represents a compelling investment opportunity in India’s rapidly growing renewable energy sector, with strong fundamentals, ambitious expansion plans, and supportive market dynamics. However, investors should monitor execution of expansion plans and market competition.
