Vikram Solar Share Price 2025 | Live Updates, Forecast.

Vikram Solar Share Price India’s renewable energy sector is experiencing unprecedented growth in 2025, driven by the country’s ambitious targets to achieve 500 GW of renewable energy capacity by 2030. At the forefront of this revolution is Vikram Solar Limited, a leading solar photovoltaic (PV) module manufacturer and integrated solar energy solutions provider.

With its recent Initial Public Offering (IPO) listing on August 26, 2025, Vikram Solar has garnered significant attention from investors, analysts, and renewable energy enthusiasts.

This article provides a comprehensive analysis of Vikram Solar’s share price performance in 2025, including live updates, forecasts, financial insights, and a detailed examination of its market position, supported by a data table summarizing key metrics.

Vikram Solar Share Price Overview

Vikram Solar Share Price Founded in 2005 and headquartered in Kolkata, West Bengal, Vikram Solar is one of India’s largest pure-play solar PV module manufacturers.

The company specializes in high-efficiency monocrystalline and polycrystalline silicon PV modules, alongside providing engineering, procurement, and construction (EPC) services and operations and maintenance (O&M) for solar power projects.

With a global presence across six continents, Vikram Solar has reduced carbon emissions by 1.4 million tonnes, contributing significantly to the global solar revolution.

Vikram Solar Share Price As of March 31, 2025, Vikram Solar boasts an installed manufacturing capacity of 4.5 GW for solar PV modules and 2.85 GW enlisted under the Ministry of New & Renewable Energy’s Approved List of Module Manufacturers (ALMM).

The company operates two manufacturing facilities in Falta SEZ, Kolkata, and Oragadam, Chennai, with a new solar cell manufacturing facility in Gangaikondan, Tamil Nadu. Vikram Solar’s strategic plans include expanding its capacity to 15.5 GW by FY 2026 and 20.5 GW by FY 2027, positioning it as a global leader in solar energy.

Vikram Solar IPO: A Game-Changer

Vikram Solar’s IPO, launched from August 19 to August 21, 2025, was a landmark event, raising ₹2,079.37 crore through a combination of a fresh issue of 4.52 crore shares (₹1,500 crore) and an offer for sale of 1.75 crore shares (₹579.37 crore).

The IPO was priced at a band of ₹315 to ₹332 per share, with a minimum lot size of 45 shares, requiring a retail investment of ₹14,940 at the upper price band. The IPO was subscribed 54.63 times, reflecting strong investor demand, particularly from Qualified Institutional Buyers (142.79 times) and Non-Institutional Investors (50.90 times).

The shares were listed on both the BSE and NSE on August 26, 2025, opening at a modest premium. On the listing day, the share price closed at ₹357.50 on the NSE (7.68% premium over the IPO price of ₹332) and ₹356.45 on the BSE (7.36% premium).

However, intraday trading saw the stock reach ₹368.30, a 10.93% gain from the issue price, indicating robust market interest.

Live Share Price Updates: August 26, 2025

Vikram Solar Share Price As of August 26, 2025, at 4:23 PM IST, Vikram Solar’s share price reflects a stable yet conservative performance post-IPO. The stock opened at approximately ₹340 on the NSE, slightly above the upper price band, but below the grey market premium (GMP) expectations of ₹373 (a 12.35% premium).

Throughout the day, the share price fluctuated, peaking at ₹368.30 before settling at ₹357.50 by the close of trading. This performance aligns with analyst predictions of a modest debut, tempered by high valuations (P/E of 85.8 based on FY25 earnings) and concerns about client concentration and global supply chain risks.

The grey market premium (GMP) prior to listing ranged from ₹37 to ₹46, suggesting an estimated listing price of ₹369 to ₹377.

While the actual listing was slightly below these expectations, the stock’s ability to maintain a positive premium reflects investor confidence in Vikram Solar’s long-term growth potential, driven by its strong order book and government-backed incentives.

Financial Performance and Key Metrics

Vikram Solar’s financials demonstrate robust growth, positioning it as a strong contender in the renewable energy market. Below is a summary of its financial performance for FY23 to FY25:

• Revenue Growth: Vikram Solar’s revenue increased by 37% from ₹2,523.96 crore in FY24 to ₹3,459.53 crore in FY25, driven by strong demand for solar PV modules (98.23% of FY25 revenue).
• Profitability: Profit after tax (PAT) rose 75% from ₹79.72 crore in FY24 to ₹139.83 crore in FY25, reflecting improved operational efficiency.
• Debt Reduction: The company significantly reduced its debt-to-equity ratio to 0.19 in FY25, down from 2.02 in FY23, indicating a stronger balance sheet.
• Order Book: As of March 31, 2025, Vikram Solar’s order book stood at 10,340.82 MW (2.3 times its FY25 capacity), with 6,424 MW under execution and 3,915 MW pending, ensuring revenue visibility of approximately ₹20,000 crore over the next 18 months.

These metrics highlight Vikram Solar’s financial stability and growth trajectory, making it an attractive investment despite its high valuation.

Vikram Solar Share Price Forecast for 2025

Analysts have mixed views on Vikram Solar’s share price trajectory for 2025, balancing its growth potential against valuation concerns. Below are key factors influencing the forecast:

Bullish Factors

1. Strong Order Book: The 10.34 GW order book provides significant revenue visibility, with management projecting FY26 PAT of ₹600–800 crore and improved margins of 14.3%.
2. Capacity Expansion: Plans to scale capacity to 20.5 GW by FY27, including new solar cell and battery projects in Tamil Nadu, position Vikram Solar to capture growing global demand.
3. Government Support: Eligibility for Production Linked Incentive (PLI) schemes and TNGO subsidies enhances profitability and supports expansion.
4. Technological Advancements: Adoption of n-TOPCon technology and a seven-year streak as a “Top Performer” in Kiwa PVEL reliability testing bolster its competitive edge.
5. Global Presence: Operations across six continents and key clients like NTPC, Adani Green Energy, and Azure Power ensure diversified revenue streams.

Bearish Factors

1. High Valuation: At a P/E of 85.8 based on FY25 earnings, the stock is considered aggressively priced compared to peers (average P/E of ~45).
2. Client Concentration: 77.50% of FY25 revenue comes from the top five customers, and 88.72% from the top ten, posing risks if key clients are lost.
3. Global Supply Chain Risks: Dependence on imported equipment and exposure to international market fluctuations could impact costs.
4. High Capital Expenditure: Expansion plans require significant capex, which may strain cash flows in the short term.

Analyst Predictions

• Short-Term (Q3-Q4 2025): Analysts expect the share price to stabilize between ₹350 and ₹400, driven by post-IPO momentum and strong quarterly results. The GMP trend suggests potential for a 10-15% gain from the listing price.
• Medium-Term (End of 2025): With continued execution of the order book and capacity expansion, the share price could reach ₹450–₹500, assuming stable market conditions and no major global disruptions.
• Long-Term (FY26-FY27): Posts on X suggest a fair value of ₹471 based on a 15x FY27E PAT multiple, implying a 42% upside from the listing price. However, this assumes successful capacity scaling and margin improvement.

Market Position and Competitive Landscape

Vikram Solar is a dominant player in India’s solar PV market, holding one of the largest capacities among non-captive manufacturers. Its competitors include Adani Solar, Waaree Energies, and Tata Power Solar. Key differentiators include:

• Manufacturing Scale: 4.5 GW installed capacity, with plans for 20.5 GW by FY27, outpacing many peers.
• Technological Edge: Investments in R&D, including collaborations with global institutions like INES (France) and UNSW (Australia), ensure high-efficiency modules (23.66% efficiency in FY25).
• Government Backing: PLI and TNGO subsidies provide a cost advantage, unlike some competitors reliant on market-based funding.
• Global Reach: Exports to countries like the US, Belgium, and Saudi Arabia diversify revenue, reducing dependence on domestic demand.

Vikram Solar Share Price However, competitors like Waaree Energies, with a larger market cap and established US operations, pose a challenge. Vikram Solar’s focus on backward integration (e.g., solar cell manufacturing) and a strong order book mitigates these risks.

Risks and Challenges

Investors should consider the following risks:

• Market Volatility: Renewable energy stocks are sensitive to global economic conditions and policy changes.
• Client Dependency: High reliance on a few key customers could impact revenue if contracts are delayed or canceled.
• Regulatory Changes: Shifts in government subsidies or import tariffs could affect profitability.
• Capex Risks: Delays or cost overruns in expansion projects could strain finances.

Investor Sentiment and Market Reception

Vikram Solar Share Price Posts on X highlight strong investor optimism, with users like @BharatStockLive emphasizing the ₹20,000 crore revenue visibility from the 10.34 GW order book.

However, concerns about the high P/E ratio (85.9 vs. peer average of 45) suggest caution, as noted by @AmitxUpdates. The IPO’s 54.63x subscription rate and anchor investor participation from firms like Goldman Sachs, Morgan Stanley, and HSBC reflect institutional confidence.

Investment Considerations

Vikram Solar is a compelling investment for those bullish on India’s renewable energy sector. Its strengths include:

• Growth Potential: Aggressive capacity expansion and government support position it for long-term growth.
• Financial Stability: Reduced debt and strong revenue growth enhance its financial health.
• Market Leadership: A top-tier player with global reach and technological innovation.

However, investors should weigh the high valuation and client concentration risks. Those with a long-term horizon (2-3 years) may benefit from potential upside as capacity scales and margins improve. Short-term investors should monitor quarterly results and global market trends.

Conclusion

Vikram Solar Share Price in 2025 reflects a balance of strong fundamentals and cautious optimism post its IPO listing on August 26, 2025. Closing at ₹357.50 on the NSE, the stock has shown resilience despite a modest debut.

With a robust order book, ambitious expansion plans, and government backing, Vikram Solar is well-positioned to capitalize on the global shift to renewable energy. However, its high valuation and client concentration warrant careful consideration.

For investors seeking exposure to India’s solar energy boom, Vikram Solar offers a promising opportunity, particularly for those with a long-term perspective.

As the company executes its growth strategy, its share price could see significant upside, potentially reaching ₹450–₹500 by the end of 2025, driven by strong financials and market demand.