Vikram Solar shares zoom 9% after a muted D-Street debut

Shares of Vikram Solar surged 9.2% on Tuesday, gaining sharply after a tepid market debut. The stock is now trading nearly 12% above its IPO price, as investor sentiment improves on the back of strong revenue guidance and a growing solar order book.

At day’s high, the stock touched the Rs 371.25 mark on the BSE.

After listing marginally above its issue price, the counter witnessed renewed buying interest as analysts pointed to underlying growth visibility.


Vikram Solar's initial public offering was priced at Rs 320 per share at the end of the upper price band.

The company's IPO, which opened on August 19 and closed on August 21, drew significant interest from institutional and retail investors alike, subscribing 56.42 times overall. Qualified Institutional Buyers (QIBs) led the momentum, subscribing 145.10 times, followed by Non-Institutional Investors (NIIs) at 52.87 times and retail investors at 7.98 times.

Also Read: Vikram Solar makes a muted D-St debut, shares list at 2% premium over IPO price

Ahead of the issue, Vikram Solar raised Rs 621 crore from anchor investors on August 18, reinforcing institutional confidence in the company’s growth prospects.

ounded in 2005, Vikram Solar has grown into one of the country’s leading solar module producers, serving marquee clients like NTPC, Adani Green, JSW Energy, and ACME. The company’s diverse product line includes high-efficiency PERC, TOPCon, and HJT modules, targeting both domestic and global markets.

For the financial year 2025, Vikram Solar reported a robust 37% year-on-year increase in revenue to Rs 3,459 crore. Profit after tax soared 75% to Rs 139.8 crore. Following the IPO, the company’s market capitalization stands at approximately Rs 12,009 crore.


“The strong subscription reflects broad-based confidence in India’s solar growth story and Vikram Solar’s leadership, backed by its expansion plans to 20.5GW modules and 12GW cells by FY27,” said Gaurav Garg of Lemonn Markets Desk.


He added, “While valuations at a P/E of 72x are at a premium to peers, the company’s improving financial performance, marquee clientele, and industry tailwinds make it a compelling long-term renewable energy play.”


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