VIKRAM SOLAR LIMITED
Vikram Solar- A Visionary solar energy creating headways in India’s Solar landscape
Company Overview
Established in 2006, Vikram Solar Limited has become an unrivalled leader in the manufacturing of PV modules and solar energy systems in India. It focuses on EPC contracts, PV modules and Operation and Maintenance services. With six continents and eleven countries under its belt, Vikram Solar has outshined in the industry.
Manufacturing Excellence
With two manufacturing units in Kancheepuram, Tamil Nadu and Falta SEZ, West Bengal, State of the art technologies have been used in the plants. The company has set for itself an annual target production of 2.5 GW. It has so far executed over 1.35 GW worth of solar power generation projects in the country.
High-Quality Products
Vikram Solar has two brands, Somera and Prexos and under those brands the Vikram Solar offers highly efficient mono-crystalline and poly-crystalline silicon photovoltaic modules. The Company has been able to gain confidence as a solar technology provider for rooftop EPC solutions for Berger Paints, Pacific Quartz and Green Ply amongst others.
Resilience Amidst Challenges
Vikram Solar has been strong and active despite the challenges that raw material price huddles and dependency on imports brings forth. The company has bettered itself to one of the top five domestic manufacturers of modules in India with an output capacity of 3.5GW and total installed capacity reaching 5GW.
Uniquely Favorable Export Scenario
For the financial year 2023, Vikram Solar maintained its status as the third largest exporter of solar modules to the US markets. The company captured a significant market share of 4.7%.
Plans for IPO
Vikram Solar has, in March, 2022, filed a draft red herring prospectus indicating its aim to raise Rs. 1,500 crores through IPO. This is a clear sign that the company views excellent growth opportunities in their business.
Vikram Solar Unquoted Shares Price Tag
Find out the most recent details of Vikram Solar’s unquoted shares including prices. Browse our site or Install the TradeUnlisted App to view indicative pricing, availability, reports and more.
Vikram Solar: Awards and Recognition
Vikram Solar, formerly Vikram Solar Private Limited, is one of the India’s solar victors. The company is well known for its strong production capability and occupies a prime place as one of the country’s largest scale solar photovoltaic (“PV”) module manufacturers. Vikram Solar also provides complete solar energy systems that include engineering, procurement and construction (“EPC”) or operations and maintenance (“O&M”) services.
Major Insights on Vikram Solar Unlisted Shares
- Fortune India’s Next 500: According to the preliminary list, Vikram Solar remained the only company in the solar module manufacturing sector on the 2023 Fortune India’s Next 500 list and was ranked 167 Romp, for the second time in another year. The company was announced as the 167th company over the same Ranking in the previous year.
- BloombergNEF Tier 1: The company had regained its place in the BloombergNEF Tier 1 ranking over global manufacturers and this was due to its firm commitment to delivering quality and satisfaction.
- Advanced Manufacturing Capabilities: The company identified itself as having advanced constructs that are Industry 4.0 accredited, equipped with AI and IoT facilities. The company also noted that it has a total installed capacity of 3.5GW and is one of the three biggest makers of solar panels in India.
- Favorable Government Policies: Vikram Solar is on a high note and can glee over the recent government thought of cutting the tax on the solar panel imports. This in turn, gives a likelihood for an upsurge for the firm and the entire renewable space in India.
- Diverse Product Portfolio: The clear-cut reason was its strong product range of solar products like Solar modules, solar plants, and solar cells that enhanced the prospects of the business.
Plans for Expansion of Vikram Solar
- New Manufacturing Facility: The company Vikram Solar is setting up the most cutting-edge 1.3 GW module manufacturing facility in Tamil Nadu that is looking to set new benchmarks in the industry.
- Capacity Expansion: Being one of the largest solar panel manufacturers, Vikram Solar will invest around 5500 Crore to increase its annual module capacity to 2.5GW.
- Long-Term Growth: The Tamil Nadu facility will be aimed to be extended to the capability of 3 GW in the next 5 years as per the future plans, which will further solidify the position of Vikram Solar in the market.
- Contributing to India’s Renewable Energy Goals: The companymatic development should not only help Vikram Solar to further its own growth but also give a helping hand in the contribution towards the renewable energy targets of India.
Recent Updates of Vikram Solar Unlisted Shares
- BloombergNEF Tier 1 Status: In 2024, Vikram Solar was able to get a spot in the BloombergNEF global module manufacturers tier one list, this helped the company boost up its efficacy and increased its bankability and product quality.
- DFC Funding: The investment will also underpin Vikram Solar’s ambition to set up a 3 GW facility in Tamil Nadu. It is important to note that at COP 28, DFC and Vikram Solar entered into a ceremonial retainer letter of funding worth about $200 million.
- NTPC Project: Following the completion of the contract awarding process, Vikram solar managed to sign a deal with NTPC for the supply of 152MW high-efficiency mono PERC bifacial PV modules. The supplied modules could be used for NTPC’s Nokh solar power project which is in the state of Rajasthan.
- PVEL Top Performer: Following her qualification for the rigorous PQP tests, Vikram Solar became one of only a handful of leaders to be ever mentioned as a “Top Performer” in PVEL PV Module Reliability Scorecard 2023.
Industry Overview
- Market Growth: India Solar Energy Market size was valued at around USD 38 billion back in 2021, meanwhile forecasts suggest that the market would grow to about USD 238 billion in size by the end of 2030, meaning the compound annual growth rate from 2022 to 2030 would hover around the 40% mark.
- Government Initiatives: In the latest Pradhan Mantri Suryoday Yojana, average subsidies offered on rooftop solar power installation has increased to around 60%. By 2030, it is estimated that solar power will contribute 292 GW out of a total 500 GW of renewable capacity.
- Solar Infrastructure Development: In an effort to better facilitate integration with the grid, India is targeting a solar city in each state and considering floating solar parks while also constructing 57 solar parks with an aggregate capacity of 39.28 GW.
- Climate Goals: As part of its commitment, India has pledged to reduce carbon intensity by greater than 45% by the end of 2030, reach 50% of renewable energy in the energy mix by 2030 and become net carbon-free by the year 2070.
- Production-linked incentive scheme: India’s production-linked incentive scheme seeks to encourage and support the domestic manufacturing of solar PV modules. The scheme has allocated substantial funds to promote the expansion of the solar manufacturing sector.
- Soaring Power Dominance: As on 2023-12-31, Solar Power highest installed capacity for which it is ranked first at 73.31 GW in all renewable sources in India.
Vikram Solar Limited Details as of March 31, 2022
Vikram Solar Outstanding Shares: |
258,830,000 |
Face Value of Vikram Solar Unlisted Share: |
Rs. 10 Per Equity Shares |
ISIN of Vikram Solar Limited Unlisted Share: |
INE078V01014 |
Lot Size of Vikram Solar Limited Unlisted Share: |
500 Shares |
Vikram Solar Share Price: |
Best in Industry |
PAN Number of Vikram Solar Limited: |
AABCI5168D |
Incorporation Details of Vikram Solar Limited
Vikram Solar Limited CIN Number |
U18100WB2005PLC106448 |
Vikram Solar Limited Registration Date |
02-Dec-05 |
Category / Sub-Category of Vikram Solar |
Company limited by Shares |
Vikram Solar Registered Office Address |
The Chambers, 8th Floor, 1865, Rajdanga Main Road, Kolkata – 700107 |
Vikram Solar Limited Company Registrar & Transfer Agent Address and Contact Details |
Link Intime India Private Limited, The Chambers, 8th Floor 1865, Rajdanga Main Road, Kolkata – 700107, Tel. No.: 0332447299 |
Particular of Subsidiary Companies of Vikram Solar Limited
| S. No. | Name of the Company | Subsidiary | % of shares held |
| 1. | VP Utilities & Services Private Limited | Subsidiary | 100% |
| 2. | VSL Green Power Private Limited | Subsidiary | 100% |
| 3. | Vikram Solar RE Power Private Limited | Subsidiary | 100% |
| 4. | Vikram Solar Foundation | Subsidiary | 100% |
| 5. | Vikram Solar Cleantech (P) Ltd. | Subsidiary | 100% |
| 6. | Indriya Labs Pvt. Ltd. | Subsidiary | 100% |
| 7. | Vikram Solar GmbH | Subsidiary | 100% |
| 8. | Vikram Solar Pvt. Limited | Subsidiary | 100% |
| 9. | Vikram Solar Us Inc. | Subsidiary | 100% |
Board of Directors of Vikram Solar Limited
| S. No. | Name of Directors | Category of Directors |
| 1. | MR. H.K. CHAUDHARY | CHAIRMAN |
| 2. | MR. J.P. DUA | INDEPENDENT DIRECTOR |
| 3. | MR. PROBIR ROY | INDEPENDENT DIRECTOR |
| 4. | MR. GYANESH CHAUDHARY | MANAGING DIRECTOR |
| 5. | MR. VIKRAM SWARUP | INDEPENDENT DIRECTOR |
| 6. | MR. K.K. MASKARA | WHOLE-TIME DIRECTOR |
| 7. | MS. NEHA AGRAWAL | WHOLE-TIME DIRECTOR |
Principal Business Activities of Vikram Solar Limited
| S. No. | Name & Description of main products/services | NIC Code of the Product /service | % to total turnover of the company |
| 1 | Sale of Solar PV Modules | 35105 | 70.84% |
| 2 | Engineering, Procurement, and Construction (EPC) | 42201 | 29.16% |
| TOTAL | 100.00% |
Shareholding Pattern of Vikram Solar Limited (As on 31-03-2021)
| S. No. | Shareholder’s Category | No. of Shares | % of total Shares of the company |
| 1 | Promoter and Promoters Group | 2,40,91,92,500 | 93.08% |
| 2 | Public | 6,91,90,000 | 2.67% |
| 3 | Non-Promoter Non-Public | 10,99,17,500 | 4.25% |
| Total | 2,58,83,00,000 | 100.00% |
Balance Sheet of Vikram Solar Limited (Rs. In Lakhs)
| PARTICULARS | 2023 | 2022 | 2021 |
| Equity & Liabilities | |||
| Equity share capital | 25,883.00 | 25,883.00 | 2,353.00 |
| Other equity | 12,867.70 | 10,797.80 | 40,082.90 |
| Non-current liabilities | |||
| Financial liabilities | |||
| Borrowings | 21,422.70 | 26,392.70 | 22,962.92 |
| Trade payables | – | 433.90 | 852.84 |
| Other financial liabilities | 4,866.40 | 4,356.70 | 5,304.05 |
| Provisions | 762.60 | 778.80 | 651.42 |
| Deferred tax liabilities (net) | – | – | 2,444.81 |
| Other liabilities | 53,876.60 | 8,344.90 | 3,109.40 |
| Current liabilities | |||
| Financial liabilities | |||
| Borrowings | 52,356.00 | 43,918.00 | 33,275.03 |
| Trade payables | 44,269.10 | 74,280.30 | 49,067.95 |
| Other financial liabilities | 8,638.00 | 4,691.50 | 10,719.66 |
| Provisions | 125.80 | 99.60 | 55.06 |
| Current tax liabilities (net) | – | – | – |
| Other liabilities | 19,486.20 | 22,282.50 | 1,262.51 |
| Liabilities associated with assets in disposal group | – | – | – |
| Regulatory deferral account credit balances | |||
| Total liabilities | 2,05,803.40 | 1,85,578.90 | 1,29,705.65 |
| Total equity and liabilities | 2,44,554.10 | 2,22,259.70 | 1,72,141.55 |
| Assets | |||
| Non-current assets | |||
| Property plant and equipment | 61,585.80 | 52,617.90 | 36,705.09 |
| Capital work in progress | 730.40 | 293.80 | 6,605.91 |
| Investment property | – | – | – |
| Goodwill | – | – | – |
| Intangible assets | 1,118.70 | 1,542.50 | 1,394.35 |
| Intangible assets under development | 72.90 | 63.30 | 48.80 |
| Financial assets | |||
| Investments | 3,494.30 | 3,097.30 | 2,764.05 |
| Trade receivables | – | – | – |
| Loans | – | – | 281.10 |
| Other financial assets | 5,460.20 | 6,017.80 | 5,291.18 |
| Deferred tax assets (net) | – | – | – |
| Other assets | 599.10 | 721.00 | 1,145.25 |
| Current assets | |||
| Inventories | 33,912.90 | 25,956.60 | 19,176.01 |
| Financial assets | |||
| Investments | – | – | – |
| Trade receivables | 95,884.80 | 89,910.40 | 63,421.59 |
| Cash and cash equivalents | 100.60 | 1,682.20 | 307.16 |
| Other bank balances with banks | 8,909.40 | 10,472.00 | 9,468.47 |
| Loans | 2,941.70 | 936.40 | 587.94 |
| Other financial assets | 19,407.00 | 18,090.80 | 19,693.36 |
| Current tax assets | 673.30 | 803.60 | 46.90 |
| Other assets | 9,663.00 | 10,054.10 | 5,204.39 |
| Noncurrent assets held for sale | – | – | – |
| Regulatory deferral account debit balances | |||
| Total assets | 2,44,554.10 | 2,22,259.70 | 1,72,141.55 |
Profit & Loss Statement of Vikram Solar Limited (Rs. In Lakhs)
| PARTICULARS | 2023 | 2022 | 2021 |
| Continuing Operations | |||
| Revenue from operations | 2,00,648.30 | 1,70,046.60 | 1,57,658.50 |
| Other income | 2,013.30 | 1,281.50 | 1,769.11 |
| Total revenue | 2,02,661.60 | 1,71,328.10 | 1,59,427.61 |
| Cost of materials consumed | 1,63,966.80 | 1,38,385.80 | 1,20,560.00 |
| Purchases of stock in trade | – | – | – |
| Changes in inventory | -7,046.90 | -742.00 | 1.82 |
| Employee benefit expenses | 8,366.10 | 9,694.30 | 7,581.15 |
| Finance costs | 12,344.40 | 10,287.40 | 9,944.68 |
| Depreciation and amortization | 6,391.90 | 4,792.10 | 3,875.09 |
| Other expenses | 17,177.60 | 17,396.60 | 12,087.95 |
| Total expenses | 2,01,199.90 | 1,79,814.20 | 1,54,050.69 |
| Profit before exceptional items and tax | 1,461.70 | -8,486.10 | 5,376.92 |
| Exceptional items before tax | – | – | – |
| Profit before tax | 1,461.70 | -8,486.10 | 5,376.92 |
| Current tax expense | 340.00 | 52.50 | 940.00 |
| Deferred tax expense | -148.20 | -2,524.30 | 722.92 |
| Net movement in regulatory deferral account balances | – | – | – |
| Profit / loss from continuing operations | 1,269.90 | -6,014.30 | 3,714.00 |
| Profit / loss from discontinuing operations (after tax) | – | – | – |
| Net profit/loss after tax | 1,269.90 | -6,014.30 | 3,714.00 |
| Other comprehensive income | 361.40 | 259.00 | -24.97 |
| Total comprehensive income / losses for the year | 1,631.30 | -5,755.30 | 3,689.03 |
Financial Ratios of Vikram Solar Limited:
| Particulars | 2023 | 2022 | 2021 |
| Total Debt/Equity Ratio | 4.15 | 3.00 | 1.81 |
| Total Debt/Total Assets Ratio | 0.66 | 0.49 | 0.45 |
| Total Assets/Equity Ratio | 6.31 | 6.06 | 4.06 |
| Net Debt/Equity Ratio | 4.14 | 2.95 | 1.80 |
| Quick Ratio | 0.77 | 0.63 | 0.68 |
| Current Ratio | 1.37 | 1.09 | 1.25 |
| Interest Coverage Ratio | 1.12 | 0.18 | 1.54 |
| Gross Margin | 21.79 | 19.06 | 23.53 |
| Net Margin | 0.63 | -3.51 | 2.33 |
| EBITDA Margin | 9.97 | 3.85 | 12.04 |
| Return on Fixed Assets | 2.00 | -11.03 | 8.30 |
| Return on Equity | 3.28 | -16.40 | 8.75 |
| Return on Capital Employed | 12.54 | 2.68 | 22.44 |
| Total Asset Turnover | 0.83 | 0.77 | 0.93 |
| Fixed Asset Turnover | 3.16 | 3.12 | 3.52 |
| Days Receivables Outstanding | 174.00 | 192.00 | 146.00 |
| Days Payables Outstanding | 92.00 | 175.00 | 137.00 |
| Days of Inventory | 78.00 | 68.00 | 58.00 |
