New Delhi, August 2025– Vikram Solar, India’s best solar module maker, is moving forward with a huge backlog of orders, which will help the company grow quickly over the next 18 to 24 months.
Why the Order Book Is Important
Vikram Solar had an order book of 10,340.82 MW as of March 31, 2025. This is more than twice their manufacturing capacity for FY25. About 6,425 MW of this is already being built, and the other 3,915 MW is waiting to be built. (Source: mint, ICICI Direct)
Industry insiders estimate that Vikram Solar’s total pipeline could effectively reach 25 GW, valued at ₹47,000-49,000 crore, highlighting the strong demand it continues to attract. (Source: Equitymaster)
IPO Sparks Investor Confidence
People are much more sure about Vikram Solar’s future now that company has gone public. A huge number of Qualified Institutional Buyers (QIBs) bought the ₹2,079 crore issue. It was bought more than 54 times. Shares started trading on the first day with a little 2% premium and then went up about 9% in the next trading session, closing 12% above the issue price. (Source: The Economic Times, mint, INDmoney, ICICI Direct)
Growth Catalysts and Production Expansion
| Metric | Details |
|---|---|
| Order Book (Mar 2025) | 10.34 GW – 2.3× FY25 capacity |
| Execution Pipeline | ~6.4 GW under execution; ~3.9 GW lined up |
| Expansion Plans | Module capacity to reach 15.5 GW by FY27 |
| Backward Integration | Cell production ramp-up to 12 GW by FY27 |
| Capacity Strategy | Entry into BESS (1-5 GWh) and domestic cell-making |
| Recognitions | PVEL Top Performer (8th time), EcoVadis Platinum Award(Source: Vikram Solar) |
What It Means for Vikram Solar and Investors
- Execution Visibility: Vikram Solar is in a strong position to provide ongoing revenue growth since it has a robust order backlog and a major chunk of an order that is now being executed.
- Long-Term Scaling: Planned ramp-up of module capacity and vertical integration through in-house cell production will strengthen cost efficiencies and margins.
- Investor Trust: IPO reception and notable institutional support reflect confidence in the company’s strategy and market position.
- Risks to Monitor: High concentration of revenue in solar modules, reliance on a few marquee customers, and potential policy or tariff shifts.
Bottom Line
With a strong order pipeline, a clear plan for growth, and a good name in the market, Vikram Solar is a strong solar solutions provider. India’s clean energy shift is a great opportunity for long-term investors because it has both the ability to carry out plans and infrastructure that is ready for the future.
