Vikram Solar Ltd. share price target

We attended the analyst meet of VIKRAMSO, where the company outlined a mediumterm growth roadmap led by capacity expansion, backward integration, and expanding into global markets, while near-term industry overcapacity remains a key monitorable. India solar demand visibility remains robust (utility scaling to ~181GW by FY30E; ~75GW annual module demand); however, elevated capacities under ALMM-I/II indicate near-term supply overhang. The company is executing an aggressive capacity build-out (modules, cells, and wafer/ingot) to achieve full integration by FY30E, which is expected to support margin expansion. Additionally, VIKRAMSO is building a diversified growth engine through BESS...

Vikram solar is one of largest the pure-play solar module manufacturer, with an extended operational experience of 17 years.

IPO NOTE

Vikram Solar Ltd. (VSL) is among India's largest solar PV module manufacturers with 4.50 GW of installed capacity and 17+ years of industry experience as of Mar'25. 2.85 GW of capacity is listed under MNRE's ALMM (Ministry of New & Renewable Energy's Approved List of Modules and Manufacturers) (June'25). To meet rising demand, Vikram Solar is expanding its solar PV module manufacturing capacity to 15.50 GW by FY26 and 20.50 GW by FY27 through greenfield and brownfield projects. The company is also entering solar cell production with two units totaling 12 GW in Tamil Nadu by FY27. Additionally, it...