VIKRAM SOLAR LIMITED
Vikram Solar Limited – Company Profile, Financials, Fundamentals & Annual Reports
Vikram Solar Limited (CIN U18100WB2005PLC106448) is a leading Indian solar module manufacturer and EPC solutions provider. Founded in 2006 by Gyanesh Chaudhary, it has grown into a 3.5 GW annual manufacturing capacity company with a diversified global footprint across India, Europe, North America, Africa, and Asia-Pacific.
Company Profile
- Incorporation: December 2, 2005 (Public limited)
- Registered Office: The Chambers, 8th Floor, 1865, Rajdanga Main Road, Kolkata – 700107.
- Face Value: ₹10 per equity share; Outstanding Shares: 31.88 million; ISIN: INE078V01014.
- Business: High-efficiency mono-PERC and bifacial PV module manufacturing; solar EPC; O&M services; R&D in next-gen technologies (TOPCon, HJT).
- Subsidiaries: VSL Green Power Pvt. Ltd., Vikram Solar RE Power Pvt. Ltd., Vikram Solar Foundation, VSL Cleantech Pvt. Ltd.
Founders & Leadership
Gyanesh Chaudhary founded Vikram Solar in 2006, leveraging his family’s industrial expertise. A Harvard Business School alumnus, he steered the company to Fortune India’s Next 500 list in 2023, emphasizing Make in India and advanced module technologies.
Latest Fundamentals
| Metric | Latest | Prior Year |
|---|---|---|
| Annual Manufacturing Capacity | 3.5 GW | 2.5 GW |
| Target Capacity by FY26 | 10.5 GW | N/A |
| Order Book | 8,214 MW | 5,000 MW (FY23) |
| Module Production (FY24) | 2.5 GW | 2.0 GW |
| PLI Scheme Eligibility | Yes (2.4 GW) | No |
| Export Markets | 23 countries | 18 countries |
Financial Performance (₹ Crore)
Income Statement
| Particulars | FY 2023-24 | FY 2022-23 | Change (%) |
|---|---|---|---|
| Revenue from Operations | 2,510.99 | 2,073.23 | 21.1% |
| Other Income | 10.86 | 18.68 | –41.8% |
| Total Income | 2,521.85 | 2,091.91 | 20.6% |
| Cost of Materials & Services | 1,676.02 | 1,717.35 | –2.4% |
| Employee Benefits Expense | 9.63 | 9.12 | 5.6% |
| Finance Costs | 15.46 | 12.20 | 26.7% |
| Depreciation & Amortization | 13.80 | 6.39 | 116.1% |
| Other Expenses | 33.72 | 17.92 | 88.2% |
| EBITDA | 39.86 | 18.62 | 114.0% |
| Profit Before Tax | 25.36 | 2.30 | 1002.6% |
| Profit After Tax | 7.97 | –4.99 | – |
Balance Sheet
| Particulars | As of Mar 31, 2024 | As of Mar 31, 2023 |
|---|---|---|
| Non-Current Assets | 1,198 | 1,181 |
| Current Assets | 5,939 | 6,710 |
| Total Assets | 7,137 | 7,891 |
| Equity Share Capital | 259 | 259 |
| Other Equity | 1,064 | 1,866 |
| Non-Current Liabilities | 2,600 | 2,593 |
| Current Liabilities | 3,214 | 3,173 |
| Total Equity & Liabilities | 7,137 | 7,891 |
Cash Flow Statement
| Particulars | FY 2023-24 | FY 2022-23 |
|---|---|---|
| Net Cash from Operations | 253.88 | 46.22 |
| Net Cash from Investing | –477.25 | –80.37 |
| Net Cash from Financing | 204.10 | 75.46 |
| Net Increase in Cash & Equivalents | –19.27 | 41.31 |
Annual Reports & Compliance
Vikram Solar publishes audited annual reports under Ind-AS, available via its website’s Financial Performance section and on the MCA portal. Key reports:
- FY 2023-24: First profitable year, expansion plans, ESG disclosures
- FY 2022-23: Capacity ramp-up, PLI scheme eligibility
- FY 2021-22: Breakthrough revenue, Chennai facility launch
Related Insights
Explore other unlisted opportunities on UnlistedShareBrokers, such as Sterlite Grid 5 Limited and Polymatech Electronics to diversify your portfolio.
FAQs – How to Buy or Sell VIKRAM SOLAR Unlisted Shares
- How can I purchase Vikram Solar unlisted shares?
Contact a SEBI-registered unlisted share broker, complete KYC (PAN, Aadhaar, bank proof, demat), and place an off-market order. - What is the minimum lot size?
Typically 500 shares per lot at current prices of ₹450-475/share. - Which documents are required?
PAN, Aadhaar, Client Master Report, cancelled cheque, demat account (NSDL/CDSL), KYC with your broker. - What is the typical lock-in period?
SEBI mandates a six-month lock-in for pre-IPO unlisted shares. - How do I sell Vikram Solar unlisted shares?
Place a sell order via your broker and submit a Delivery Instruction Slip (DIS) to transfer shares. - How long does settlement take?
Off-market transfers typically settle in T+3 working days. - Will I receive dividends?
Yes, unlisted shareholders earn dividends declared by the Board. - What are the tax implications?
Long-term gains (>24 months) taxed at 20% with indexation; short-term gains taxed per income slab. - Can I pledge these shares for loans?
Many NBFCs accept quality unlisted shares as collateral—LTV ratios vary. - Is an IPO planned?
Vikram Solar received SEBI IPO approval in June 2025; listing expected late 2025.
