Vikram Solar Limited

Sector: Renewable Energy  |  HQ: Kolkata, West Bengal  |  Founded: 2006  |  Employees: ~2,200

Listed as: NSE listed (IPO completed in 2025)  |  NSE  |  Ticker: VIKRAMSOLAR.NS  |  Website →

Key people

• Gyanesh Chaudhary (Vice Chairman and Managing Director)

Company overview

Vikram Solar Limited is one of India's established pure-play solar PV module manufacturers, founded in 2006 and headquartered in Kolkata. The company operates manufacturing facilities at Falta SEZ (West Bengal) and Oragadam (Tamil Nadu) with cumulative module capacity of approximately 3.5 GW expanded to 4.5 GW through FY26 and a planned ramp to 11 GW by FY28 under the PLI scheme. Vikram Solar completed its NSE IPO in 2025 after several years of pre-IPO preparation, joining Waaree Energies and Premier Energies as one of the three listed pure-play solar manufacturers in India.

Business model

Vikram Solar supplies modules to utility-scale developers, IPPs, and EPCs across India and exports to North America, Europe, and Africa. The exports book has been a meaningful contributor in recent years, especially to the US market under the Inflation Reduction Act preferences. The Falta SEZ location is advantageous for export logistics out of Kolkata port. Vikram has historically maintained a strong relationship with NTPC, SECI, and other public sector renewable buyers in domestic auctions.

Operating segments

Financial performance and recent trajectory

Vikram Solar reported FY24 revenue of approximately ₹2,500 crore growing to over ₹3,800 crore in FY25. EBITDA margin sits in the 11 to 13 percent band, below Waaree Energies due to smaller scale and lower captive procurement gravity. The PLI scheme participation and the 11 GW capacity ramp through FY28 are the principal growth drivers for the next three to four fiscal years.

Stock performance and shareholder context

Vikram Solar (NSE: VIKRAMSOLAR) listed in 2025 to strong investor interest. The stock trades with material volatility tracking module pricing and renewable theme sentiment. As a smaller pure-play than Waaree Energies and with less captive group-level demand than Adani Solar, the stock is positioned as a high-beta proxy for Indian solar manufacturing.

Competitive position

Vikram Solar is the third-largest listed pure-play module manufacturer in India after Waaree Energies and Premier Energies. Its competitive position depends on execution of the PLI capacity ramp, the cell-to-module integration timeline, and the export book maintenance under shifting US tariff regimes. Brand recognition in the export markets (particularly Africa and parts of Latin America) is a moderate competitive moat.

Key risks

Smaller scale relative to Waaree Energies and Adani Solar means higher unit cost; PLI execution risk; US tariff policy uncertainty; domestic ALMM enforcement variability; cell technology transition execution.

Outlook

Positive on the FY26-FY28 capacity ramp under PLI, with a clear path to 11 GW. The competitive challenge is to compress the cost gap versus Waaree and Adani while expanding the export book to lock in higher pricing under IRA preferences. Vikram Solar represents a viable smaller-scale alternative for Indian and export utility-scale developers diversifying away from concentration risk on top-two manufacturers.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.