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Vikram Solar IPO: How does it stack up against Premier Energies and Waaree Energies?
5 min read | Updated on August 19, 2025, 13:02 IST
SUMMARY
Vikram Solar IPO will open for subscription on August 19 2025 to raise ₹2,079 crore. The company competes with Waaree Energies and Premier Energies in solar PV module space. Here is a brief comparison of three players based on their revenue, profitability, order book, and capacity along with future sector outlook.
Stock list
Solar PV manufacturing industry has emerged as the fastest-growing segment and is expected to reach a capacity of 175-185 GW by FY30.
Incorporated in December 2005, Vikram Solar Limited is one of India’s largest solar photovoltaic (PV) module manufacturers with over 17 years of industry experience. As of FY25, it has an installed manufacturing capacity of 4.50 GW and an ALMM-listed capacity of 2.85 GW. The company began operations in 2009 with 12 MW capacity and now operates two manufacturing facilities at Falta SEZ, West Bengal, and Oragadam, Tamil Nadu, strategically located near ports and major transport networks to cater to both domestic and international markets. It operates through three key business divisions: domestic PV module sales, exports, and EPC & O&M services.
In FY25, Vikram Solar derived 97.2% of its revenue from domestic sales, backed by an order book of 10,340.82 MW. The company is undertaking significant capacity expansion, targeting 15.50 GW PV module capacity by FY26 and 20.50 GW by FY27.
The company will use ₹1,364.9 crore (90.9%) from net IPO proceeds towards capital expenditure for the phase-I and phase-II projects of its subsidiary, VSL Green Power Private Limited, while the rest of the IPO proceeds will be used for general corporate purposes.
Industry outlook
Within the renewable energy space, the solar PV manufacturing industry has emerged as the fastest-growing segment and is expected to reach a capacity of 175-185 GW by FY30, painting a promising picture of the industry's future. During H1CY25, India added a record-breaking 22 GW of renewable capacity, with solar energy leading with 18.4 GW - a 51% jump compared to the same period last year.
This growth is supported by many policy tailwinds and a vision for India to meet its 2030 renewable energy target of 500 GW of installed capacity from non-fossil fuel sources. The government has launched several initiatives, including the PLI scheme, a budget sanction of ₹4,500 crore, and the Atmanirbhar Bharat Abhiyan, to reduce dependence on solar imports. The government’s focus on net zero emissions, localisation, and global competitiveness is clear, with solar energy unlocking the new era of clean energy.
Some of the major players in the industry, such as Waaree Energy and Premier Energy, are well-positioned to compete with the soon-to-listed Vikram Solar. As of March 31, 2025, these peers have installed operational capacity ranging from 0.60 GW to 13.30 GW each and have a strong presence in the market.
Financial Snapshot: FY25 results
| Company (in crore) | Revenue | Net profit | P/E (x)* |
|---|---|---|---|
| Vikram Solar | ₹3,423 (▲ 36.3% YoY) | ₹139.8 (▲ 75.4% YoY) | 72.01 |
| Waaree Energies | ₹14,444 (▲ 26.7% YoY) | ₹1,928 (▲ 51.3% YoY) | 38.5 |
| Premier Energies | ₹6,519 (▲ 107% YoY) | ₹937 (▲ 305% YoY) | 43.8 |
All three companies have reported strong double-digit growth in revenue and net profit in FY25. In the recently concluded June quarter, Waaree Energy achieved its highest-ever quarterly output, a 64% increase in production, reaching 2.3 GW, alongside a 31% YoY revenue increase and a 94% YoY jump in PAT. A strong start to the financial year was registered by Premier Energies, marking a 12% YoY growth in revenue and PAT rising 55% YoY. Meanwhile, Vikram Solar is also rapidly growing in terms of scalability and profitability, recording a CAGR rise of 18.2% in revenue from FY23 to FY25, while its net profit grew at over 112% CAGR during the same period.
Orderbook, capacity, and execution
| Company | Operational capacity | Market share* | Orderbook(MW) | No. of manufacturing facilities |
|---|---|---|---|---|
| Vikram Solar | 4.5 GW modules | 3.14% | 10,340 | 1 each in West Bengal and Tamil Nadu |
| Waaree Energies | 15 GW modules 5.4 GW cells | 13.16% | 25,000 | 4 in Gujarat |
| Premier Energies | 5.1 GW modules, 2 GW cells | 4.01% | 5,545 | 2 in Telangana |
*Market share % of total enlisted capacity as per ALMM List (30- June-25)
Vikram Solar has strong expansion plans to move forward with 3 GW solar manufacturing modules in the US and to expand its production capacity by 15.50 GW by FY26. Waaree Energies has built a robust pipeline that exceeds 100 GW and is focused on maintaining a healthy order book in the coming quarters. Premier Energy with 100% domestic exposure is pursuing an ambitious roadmap of building an integrated module manufacturing system by 2028.
Before you go
The solar energy sector offers compelling opportunities for investors, especially when focusing on companies with clear expansion roadmaps. Waaree Energies aims to grow by ~2x by FY27 to meet the growing demand in the sector. Premier Energy is one of the first Indian companies to produce TOPCon cells, and is on track for its mission 2028 to become India’s leading provider of cleantech solutions. Vikram Solar is preparing for its market debut with IPO proceeds marked for strategic expansion plans and building a new manufacturing facility under its wholly owned subsidiary, VSL Green Power Private Limited. Investors can track capacity additions, order book conversion, and margin sustainability of these solar PV makers.
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