Vikram Solar share price surges on L&T deal — IPO investors in profit
- 8th September 2025
- 01:30:00 PM
- 4 min read
Summary
Vikram Solar listed at ₹338 a share in August, barely above its IPO price of ₹332, giving investors limited gains since debut. The stock has now crossed that mark after a 336 MW supply order from L&T, offering fresh momentum but leaving execution risks in focus.
Mumbai | September 8 – Vikram Solar share price jumped sharply on Monday, September 8, after the company bagged a major supply order from L&T Construction. The rally not only pushed the stock higher for the day but also took it above its IPO issue price of ₹332, offering some respite to investors who had seen limited gains since the listing.
IPO investors back in the green
Vikram Solar’s IPO in August 2025 was one of the most talked-about issues of the year. The ₹2,079 crore offer comprised a fresh issue worth ₹1,500 crore and an offer for sale (OFS) of ₹579 crore. With a price band of ₹315–₹332 per share, the issue attracted bids 54.63 times over, backed strongly by institutional investors and retail participants. The company also secured ₹621 crore from anchor investors ahead of the public sale.
Shares debuted on the bourses on August 26 at ₹338, reflecting a modest 1.8% premium over the issue price. Since then, the counter had hovered near its IPO level, leaving investors with little to cheer about.
That changed on September 8. As of 9:31 am on the NSE, Vikram Solar was trading at ₹343.25, up 6.3% intraday. This move has lifted IPO investors into positive territory for the first time since listing, albeit with modest gains of around 3.4% from the issue price.
Buzzing: IPO buzz continues in the week of September 8 with nine issues opening
Vikram Solar: At a Glance
- IPO issue price: ₹332 per share
- Listing date: August 26, 2025
- Listing price: ₹338 (1.8% premium)
- Current price (Sept 8, 9:31 am, NSE): ₹343.25 (+6.3% intraday)
- IPO size: ₹2,079 crore (₹1,500 crore fresh + ₹579 crore OFS)
- Subscription: 54.63 times overall
- Anchor book: ₹621 crore raised
- Business: Solar PV module manufacturer, 4.5 GW capacity, exports to 39 countries
The L&T order that sparked the rally
In an exchange filing, Vikram Solar confirmed that it has secured a mandate to supply 336 MW of Hypersol G12R solar modules to L&T Construction for deployment in Gujarat’s Khavda region, a key renewable energy hub.
Deliveries are scheduled between November 2025 and March 2026, offering medium-term revenue visibility. These advanced N-type modules feature bifaciality of up to 80%, improved tolerance in high-temperature conditions, and a low annual degradation rate of 0.4%, making them suitable for utility-scale projects.
Chairman and Managing Director Gyanesh Chaudhary described the deal as a “landmark project” that reinforces both the potential of Khavda and the trust in Vikram Solar’s technology and performance.
Why this order matters
For investors, the significance of the deal goes beyond the headline number. Large-scale domestic orders highlight:
- Stronger order book with visibility for FY26 revenues.
- Technological edge with next-generation modules.
- Market positioning as a preferred supplier to leading infrastructure players.
This combination could improve both sentiment and valuation for a newly listed stock that has so far seen muted price action.
Fundamentals and outlook
Vikram Solar is among India’s leading solar PV module producers, with a manufacturing capacity of 4.5 GW and a footprint spanning 39 countries. Its participation in projects like Khavda strengthens its role in India’s renewable energy transition, which targets 500 GW of non-fossil capacity by 2030.
That said, the solar module industry remains competitive, with pricing pressures, reliance on government policies, and execution risks weighing on performance. For Vikram Solar, the key will be converting marquee orders like the L&T mandate into sustainable earnings growth.
Bottom line
The rally in Vikram Solar share price above its IPO issue level marks an important psychological boost for investors. While the L&T order provides visibility and credibility, the longer-term stock story will depend on execution, margins, and the pace of new order wins. For now, IPO investors are finally sitting on gains — but the real test begins from here.
PL Capital
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
