Bright Ambitions: Vikram Solar’s ₹1,500 Cr IPO Puts the Spotlight on India’s Clean Energy Future

Vikram Solar, one of India’s top solar module manufacturers, is officially stepping into the public market spotlight with its SEBI-approved IPO. The offering comprises a fresh issue worth ₹1,500 crore and an offer for sale (OFS) of 1.745 crore equity shares. But beyond the numbers and the formalities, this IPO tells a bigger story—one of ambition, scale, and India’s accelerating shift toward clean energy self-reliance.

A large part of the proceeds—₹793.36 crore, to be precise—is already earmarked for a green leap forward. The company plans to invest in a massive 3,000 MW solar cell and module manufacturing facility via its subsidiary, VSL Green Power Pvt Ltd. This isn’t just about capacity—this is about building future-ready infrastructure that can compete globally and meet India’s rising renewable demands head-on.

And that’s not all. Another ₹602.95 crore will go into doubling Vikram Solar’s existing solar module manufacturing capacity—from the current 3,000 MW to 6,000 MW—under the first phase of its ambitious expansion plan. This aggressive ramp-up isn’t a mere capacity flex. It aligns with the government’s push to make India a solar manufacturing powerhouse and reduce reliance on imports.

As of the end of FY24, Vikram Solar’s installed capacity stood at an already impressive 4.5 GW. But they’re not stopping there. The roadmap ahead is charged with ambition: 10.5 GW by FY26 and a whopping 15.5 GW by FY27. That’s more than tripling current numbers in just three years—a bet on scale, speed, and the surging demand for renewable energy solutions.

Financially, Vikram Solar is also shining brighter. In FY24, the company clocked a 21.11% jump in revenue, hitting ₹2,510.99 crore compared to ₹2,073.23 crore in FY23. The profitability curve is even more impressive. EBITDA nearly doubled, rising from ₹186.18 crore to ₹398.58 crore—a testament to better operating efficiency, stronger order books, and rising demand for premium solar solutions.

The company’s manufacturing bases—strategically located in the Falta SEZ near Kolkata and Oragadam near Chennai—are key operational strongholds. They’re not just manufacturing plants, but engines driving innovation. Vikram Solar’s product portfolio features some of the most cutting-edge technologies in the solar space, including TOPCon, HJT, and PERC modules, available in both bifacial and monofacial formats.

This IPO is more than just a capital-raising event. It’s Vikram Solar’s pitch to investors—and the nation—that it’s ready to scale heights no Indian solar company has before. It’s about aligning business with the planet, manufacturing with momentum, and profitability with purpose.

As global markets place their bets on clean energy, Vikram Solar’s public listing feels timely, bold, and charged with potential. And for investors looking to plug into the future of energy, this might just be the brightest opportunity on the horizon.