Vikram Solar Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Vikram Solar Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,524.0 | 2,026.6 | 1,789.0 | 1,787.2 | 1,779.6 | 2,120.2 | 2,039.5 |
| Expense | 2,112.4 | 1,824.7 | 1,671.6 | 1,433.1 | 1,499.8 | 1,792.3 | 1,766.4 |
| EBITDA | 411.6 | 201.9 | 71.4 | 177.0 | 139.9 | 164.0 | 136.6 |
| Other Cost | 304.4 | 187.3 | 150.9 | 138.3 | 131.7 | 119.4 | 95.0 |
| PBT | 107.2 | 14.6 | -79.4 | 56.2 | 30.4 | 59.0 | 63.3 |
| Tax Expense | 27.5 | 1.9 | -16.5 | 18.0 | 7.9 | 17.9 | 12.7 |
| PAT | 79.7 | 12.7 | -62.9 | 38.2 | 22.5 | 41.1 | 50.6 |
| Other Inc./Exp. | 0.5 | 3.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | 80.2 | 16.3 | -62.9 | 38.2 | 22.5 | 41.1 | 45.2 |
| Shares O/S | 25.90 | 23.50 | 2.30 | 2.30 | 2.80 | 2.80 | 2.80 |
| EPS (₹) | 3.10 | 0.50 | -2.30 | 16.10 | 8.10 | 12.50 | 15.50 |
| Rev. Growth % | 24.5% | 13.3% | 0.1% | 0.4% | -16.1% | 4.0% | — |
| EBITDA Mgn % | 16.3% | 10.0% | 4.0% | 9.9% | 7.9% | 7.7% | 6.7% |
| Net Mgn % | 3.2% | 0.8% | -3.5% | 2.1% | 1.3% | 1.9% | 2.2% |
| EPS Growth | 520.0% | -121.7% | -114.3% | 98.8% | -35.2% | -19.4% | — |
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Vikram Solar Unlisted Share to Buy.
About Vikram Solar
Vikram Solar Limited (formerly known as Vikram Solar Pvt. Ltd) is India’s largest domestic PV module manufacturer and integrated solar energy solutions provider with a presence in solar photovoltaic (“PV”) modules, engineering, procurement, and construction (“EPC”) services, and operations and maintenance (“O&M”) services. With an international presence across 6 continents, they are an active contributor to shaping the solar revolution.
Vikram Solar Timeline
Year | Milestone |
2006 | Vikram Solar incorporated in Kolkata |
2009 | Commissioned first solar module manufacturing facility |
2013 | Expanded EPC and solar project execution business |
2015 | Entered international markets |
2017 | Crossed 1 GW manufacturing capacity |
2021 | Announced major capacity expansion plans |
2023 | Expanded module manufacturing and utility-scale projects |
2024 | Raised pre-IPO funding from institutional investors |
2025 | Filed IPO and became a listed company |
2026 | Continued capacity expansion and secured 10+ GW order book |
Who is the owner of Vikram Solar?
Vikram Solar was founded by Gyanesh Choudhary in 2006. This was with Manufacturing Solar Modules & then moved to engineering, procurement & construction of solar power plant operations in India.
Business Model of Vikram Solar
Vikram Solar earns revenue from much more than just manufacturing solar panels. Over the years, it has built an integrated renewable energy business that covers the entire solar value chain from making solar modules to building and maintaining power plants.
1. Solar Module Manufacturing
Manufacturing solar PV modules is the company's biggest business. Vikram Solar produces TOPCon, Mono PERC, and bifacial modules used in utility-scale, commercial, and rooftop solar projects. By FY26, it had expanded its manufacturing capacity to 9.5 GW.
2. EPC (Engineering, Procurement & Construction)
The company also designs and builds complete solar power plants for government agencies, independent power producers (IPPs), and commercial & industrial (C&I) customers. This allows Vikram Solar to generate revenue from project execution in addition to module sales.
3. Operations & Maintenance (O&M)
Once a project is operational, Vikram Solar provides long-term maintenance, plant monitoring, and asset management services. These contracts create a steady source of recurring income.
4. International Business & New Energy Solutions
Vikram Solar exports its products to more than 30 countries, including the US, Europe, the Middle East, and Africa. Alongside exports, the company is expanding into battery energy storage systems (BESS), hybrid renewable projects, and floating solar, strengthening its presence in the clean energy sector.
Is Vikram Solar a good buy?
Vikram Solar stands with a manufacturing capacity of 3.5 GW in FY 2023-24, targeting 4.5 GW by FY 2024-25 and 10.5 GW by FY 2025-26.
They are also eligible for key subsidies, including PLI for our 2.4 GW solar facility and TNGO, bolstering our growth and innovation prospects.
Vikram has 61% of the share in exports for revenue.
All these factors present an excellent opportunity for investors to invest in vikram solar unlisted price.
How to buy Vikram Solar shares?
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