Vikram Solar IPO Details

Incorporated in 2005, Vikram Solar Limited is one of India’s leading solar photovoltaic (PV) module manufacturers with over 15 years of industry experience. The company specializes in the manufacturing of high-efficiency solar PV modules, and also offers comprehensive Engineering, Procurement, and Construction (EPC), along with Operations and Maintenance (O&M) services for solar energy projects.

Market Leadership & Capacity

As of March 31, 2024, Vikram Solar has an installed manufacturing capacity of 3.50 GW, making it one of the largest solar PV module manufacturers in India. Among pure-play non-captive manufacturers, the company holds one of the highest enlisted capacities in the Ministry of New & Renewable Energy’s Approved List of Module Manufacturers (ALMM) with 2.43 GW as of July 2024.

Vikram Solar began its manufacturing journey in 2009 with just 12 MW capacity, growing steadily to its current scale. It has been consistently recognized as a Tier 1 manufacturer by BloombergNEF since 2014 and has been featured as a Top Performer in the PVEL Reliability Scorecard for six consecutive years since 2019.

Manufacturing & Expansion

The company operates two strategically located manufacturing facilities at:

• Falta SEZ, Kolkata, West Bengal
• Oragadam, Chennai, Tamil Nadu

These locations offer logistical advantages for both domestic and international operations. To meet rising demand, Vikram Solar is undertaking large-scale expansions to increase its manufacturing capacity to:

• 10.50 GW by Fiscal 2026
• 15.50 GW by Fiscal 2027

Additionally, the company is establishing a 3.00 GW solar cell manufacturing facility in Tamil Nadu as part of its backward integration strategy.

Product Portfolio

Vikram Solar offers a range of high-efficiency solar PV modules, including:

• PERC (p-type monocrystalline)
• TOPCon (n-type Tunnel Oxide Passivated Contact)
• HJT (n-type Heterojunction Technology)

These modules are available in both bifacial (glass-to-glass / glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) formats, with wattage ranging from 395 Wp to 725 Wp and efficiency levels between 21.51% and 23.34%.

Technology & Innovation

Vikram Solar integrates advanced technologies such as artificial intelligence, machine learning, virtual and augmented reality, and robotic process automation into its manufacturing operations. The facilities are certified under:

• ISO 14001:2015 (Environmental Management)
• ISO 45001:2018 (Occupational Health and Safety)

The company's R&D center at Falta, West Bengal, is NABL-accredited and is developing a Centre of Excellence (CoE) to drive innovations, including a Digital Twin project for real-time simulation and predictive maintenance.

In Fiscal 2024, the company achieved notable improvements in operational efficiency:

• 39.55% reduction in cost of poor quality
• 0.66% reduction in specific power consumption
• 35.83% reduction in specific water consumption

Market Presence & Clients

Vikram Solar has a pan-India presence across 23 states and 3 union territories, supported by a strong network of:

• 41 authorized distributors
• 64 dealers
• 67 system integrators

Key clients include prominent public and private entities such as:

• NTPC (National Thermal Power Corporation)
• Neyveli Lignite Corporation (NLC)
• Gujarat Industries Power Company Limited (GIPCL)
• ACME Cleantech Solutions Pvt. Ltd.

Human Resources

As of March 31, 2024, Vikram Solar employs:

• 1,513 permanent employees
• 728 contractual employees