Today, August 26, 2025, marks a landmark moment for Vikram Solar’s Market Debut, one of India’s largest solar photovoltaic (PV) module manufacturers, as its shares made their debut on the BSE and NSE. The market response was cautious at open but quickly turned positive — here’s how the day unfolded.
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Listing Price & Initial Performance
- On the BSE, shares listed at ₹340, offering a modest 2.4% premium over the ₹332 IPO price.
- On the NSE, the listing was at ₹338 — a 1.8% premium.
Though these premiums were lower than the 11% grey market premium (GMP) that had suggested higher expectations, they signaled a solid entry into the stock market.
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Strong Momentum Builds Intra-Day
Investor sentiment quickly turned bullish post-listing:
- Vikram Solar’s shares climbed upwards of 9–9.8%, trading around ₹363–₹368 by mid-session, rallying well above the IPO price.
- By market close, the stock was trading at:
- ₹357.50 on NSE (7.7% premium to IPO)
- ₹356.45 on BSE (7.4% premium to IPO).
Some intraday highs reached ₹381.65, taking the stock nearer to its 52-week high.
Key Market Confidence Drivers
Why the surge? Several factors fueled investor optimism:
- Strong IPO subscription: The IPO was oversubscribed by more than 54 times in total — QIBs subscribed ~142x; NIIs ~51x; retail ~7.6x.
- Robust financials: Vikram Solar posted a revenue CAGR of 28.5%, and EBITDA CAGR of 62.6% over FY23–25. EBITDA margins improved from 9% to 14.4%.
- Strong backorder book and future revenue: The company’s pipeline and earnings forecasts are seen as highly promising.
Present Share Metrics Snapshot
According to Moneycontrol, as of today:
- Open Price: ₹338
- Previous Close: ₹332
- 52-Week High/Low: ₹381.65 / ₹332
- Market Cap: ~₹12,892 crore
- VWAP: ₹362.28.
Screener reports a current price around ₹356, with P/E ratio near 80–90x, ROCE at 26.4%, and ROE at 16.6%.
An alternate close price from Finology suggests approximately ₹363.70 today.
Behind the Numbers: Why This Matters
- Clean energy tailwinds: With the world shifting toward renewables and India boosting solar capacity, Vikram Solar is positioned strongly in a high-growth sector.
- Investor sentiment positive: Early enthusiasm reflects confidence in the company’s track record and growth trajectory.
- Valuation premium: Elevated P/E signals expectations of sustained growth — but also demands caution from investors.
Quick Overview Table
| Metric | Value/Range |
|---|---|
| IPO Price | ₹332 |
| Listing Price (BSE/NSE) | ₹340 / ₹338 |
| Intraday High | ₹381.65 |
| Close Price (NSE/BSE) | ₹357.50 / ₹356.45 |
| Market Cap | ₹12,800–13,100 crore |
| Revenue CAGR (FY23–25) | 28.5% |
| EBITDA CAGR | 62.6%, Margin up to 14.4% |
| P/E Multiples | ~80–90x |
| ROCE / ROE | 26.4% / 16.6% |
Final Thoughts: A Promising Dawn
Vikram Solar’s debut wasn’t blazing hot from the start, but the intelligent climb through the day shows strong belief in its renewable energy future. If you’re watching India’s clean-tech landscape, this stock is one to track closely. Whether it sustains today’s enthusiasm will depend on sector policies, supply chain trends, and evolving financial performance.
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