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About Vikram Solar Unlisted Shares
Established in 2006 and now the largest indigenous PV module manufacturer and integrated solar energy solutions provider across India, Vikram Solar is present in the field of solar PV modules, engineering, procurement, and construction (EPC) services, and operations and maintenance (O&M) service. Having an international coverage across six continents, they are one of the active players in the solar revolution. Vikram Solar manufactures high-efficiency mono-crystalline and polycrystalline silicon PV modules. They have three manufacturing bases in West Bengal and Tamil Nadu. In FY23, Vikram Solar generated 6% of revenue from EPC and O&M businesses, while 94% of revenue came from solar module sales.
Highlights of Vikram Solar
- a) Presence on six continents.
- b) The solar plants installed by Vikram Solar throughout the world together contribute to a carbon emission reduction of 1.4 million tons.
- c) They have exported PV modules totaling 3.5 GW.
- d) Currently, the overall employee force is 1962+ people.
- e) 42+ distributors covering 600 districts within the total of 718 districts in India.
- f) 970 MW are under O&M. Carrying forward the rich heritage and extensive manufacturing experience of the Vikram Group, Vikram Solar has been building on the success story from over 4 decades since 2005. They have been able to successfully demonstrate their capabilities since well before the solar sector actually blossomed in India.
Fundamentals
Vikram Solar Unlisted Shares Price
₹ 460
Per Equity Share
Per Equity Share
Lot Size
100 Shares
52 Week High
₹ 495
52 Week Low
₹ 185
Depository
NSDL & CDSL
PAN Number
AABCI5168D
ISIN Number
INE078V01014
CIN
U18100WB2005PLC106448
RTA
Link Intime
Market Cap (in cr.)
₹ 14664
P/E Ratio
183.27
P/B Ratio
32.24
Debt to Equity
1.82
ROE (%)
17.99
Book Value
14.27
Face Value
10
Total Shares
318784996
Financial
Income Statement
Balance Sheet
Cash Flow
Income Statement
P&L Statement
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1610 | 1730 | 2073 | 2511 |
| Cost of Material Consumed | 1216 | 1395 | 1717 | 1676 |
| Gross Margins | 24.47 | 19.36 | 17.17 | 33.25 |
| Change in Inventory | 0.5 | -11 | -101 | 3 |
| Employee Benefit Expenses | 87 | 109 | 91 | 96 |
| Other Expenses | 129 | 178 | 179 | 337 |
| EBITDA | 177.5 | 59 | 187 | 399 |
| OPM | 11.02 | 3.41 | 9.02 | 15.89 |
| Other Income | 17 | 13 | 19 | 1 |
| Finance Cost | 99 | 103 | 122 | 155 |
| D&A | 39 | 48 | 64 | 138 |
| EBIT | 138.5 | 11 | 123 | 261 |
| EBIT Margins | 8.6 | 0.64 | 5.93 | 10.39 |
| PBT | 56 | -79 | 20 | 107 |
| PBT Margins | 3.48 | -4.57 | 0.96 | 4.26 |
| Tax | 18 | -16 | 5 | 27 |
| PAT | 38 | -63 | 15 | 80 |
| NPM | 2.36 | -3.64 | 0.72 | 3.19 |
| EPS | 16.17 | -2.43 | 0.58 | 3.09 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 11.02 | 3.41 | 9.02 | 15.89 |
| Net Profit Margin | 2.36 | -3.64 | 0.72 | 3.19 |
| Earning Per Share (Diluted) | 16.17 | -2.43 | 0.58 | 3.09 |
Balance Sheet
Balance Sheet
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 334 | 502 | 644 | 456 |
| CWIP | 66 | 4 | 18 | 28 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 736 | 917 | 959 | 1185 |
| Inventory | 193 | 265 | 373 | 393 |
| Other Assets | 469 | 549 | 482 | 523 |
| Total Assets | 1798 | 2237 | 2476 | 2585 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 23.5 | 258.8 | 258.8 | 258.8 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 391 | 92 | 106 | 186 |
| Borrowings | 621 | 703 | 738 | 808 |
| Trade Payables | 506 | 754 | 446 | 647 |
| Other Liabilities | 256.5 | 429.2 | 927.2 | 685.2 |
| Total Liabilities | 1798 | 2237 | 2476 | 2585 |
Cash Flow
Cash-Flow Statement
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 56 | -79 | 19 | 107 |
| OPBWC | 171 | 72 | 196 | 473 |
| Change in Receivables | 0 | 0 | 0 | 0 |
| Change in Inventories | 33 | -72 | -108 | -20 |
| Change in Payables | 0 | 0 | 0 | 0 |
| Other Changes | -197 | 210 | 109 | -290 |
| Working Capital Change | -164 | 138 | 1 | -310 |
| Cash Generated From Operations | 7 | 210 | 197 | 163 |
| Tax | 6 | -9 | -2 | -11 |
| Cash Flow From Operations | 13 | 201 | 195 | 152 |
| Purchase of PPE | -57 | -141 | -131 | -71.5 |
| Sale of PPE | 0 | 0 | 0 | 0.3 |
| Cash Flow From Investment | -40 | -155 | -110 | -64 |
| Borrowing | 103 | 37 | -8 | 20 |
| Divided | 0 | 0 | 0 | 0 |
| Equity | 15 | 0 | 0 | 0 |
| Others From Financing | -114 | -73 | -94 | -101 |
| Cash Flow from Financing | 4 | -36 | -102 | -81 |
| Net Cash Generated | -23 | 10 | -17 | 7 |
| Cash at the Start | 32 | 8.5 | 18.5 | 1.6 |
| Cash at the End | 9 | 18.5 | 1.5 | 8.6 |
Share Holding Pattern
2021
2022
2023
2024
Peer Ratio
| Particulars (cr) | Revenue (Fy24) | PAT (Fy24) | Mcap (cr) | P/E |
| Vikram Solar (Unlisted) | 2511 | 80 | 9181 | 114 |
| Waaree Energies (Unlisted) | 11398 | 1274 | 55222 | 43 |
| Insolation Energy (Listed) | 737 | 55 | 7708 | 139 |
