Introduction
Vikram Solar unlisted share have emerged as a top pre-IPO opportunity in India’s booming renewable energy sector. Vikram Solar is one of the country’s leading solar companies, known for its 3.5 GW manufacturing capacity and global presence in over 30 countries.
In the past year, investor interest in Vikram Solar has surged, driven by the company’s robust project pipeline and the government’s strong push for solar adoption. The company has also secured notable international contracts and is expanding its export capabilities, particularly in the U.S. and Middle East markets.
The momentum is further supported by recent news of SEBI granting approval for its upcoming IPO, which is expected to attract strong demand from both retail and institutional investors.
With listing anticipation building up, the Vikram Solar unlisted share is actively traded in the grey market, offering potential early-mover advantages to investors. For those aiming to tap into India’s clean energy growth, this pre-listing opportunity could be a strategic long-term bet.
A. About Vikram Solar Ltd
Vikram Solar Ltd is one of India’s top solar energy companies. Established in 2006, the company operates out of its headquarters in Kolkata, West Bengal. The company manufactures high-quality solar panels and also constructs large-scale solar power projects across India and other countries.
Vikram Solar is led by Mr. Gyanesh Chaudhary, who has helped the company grow into a trusted name in the clean energy sector. With strong research, skilled teams, and global partnerships, the company has become a key player in solar manufacturing.
Today, Vikram Solar has a large production capacity of 3.5 gigawatts (GW). It exports solar panels to more than 30 countries, including the USA, UAE, Europe, and Africa. This international reach adds strong value to the Vikram Solar unlisted share, especially for investors looking for a company with global potential.
Recently, Vikram Solar won big orders — including a solar panel supply deal for 350 MW in Arizona, USA, and a government project with NTPC in India. These contracts show the company’s strong future pipeline and steady growth. That’s why many investors are showing interest in the Vikram Solar unlisted share, expecting good returns before it gets listed.
Backed by steady business growth, experienced leadership, and rising global interest in clean energy, Vikram Solar unlisted shares present a valuable investment option in the renewable energy sector.
B. Why Investors Are Interested in Vikram Solar Unlisted Shares
| Reason | Details |
| Pre-IPO Valuation Buzz | Expected IPO price band is ₹400–₹420, attracting early investors. |
| High Returns So Far | Vikram Solar unlisted share have given nearly 3× returns since early 2024. |
| Government Support | Strong push for renewable energy increases long-term growth potential. |
| Strong Financials | EBITDA margin ~15.87%, Debt-to-Equity ratio at 1.81 — shows stability. |
| Trusted Brand & Global Reach | Exports to 30+ countries and backed by large solar contracts. |
| Limited Availability in Unlisted Market | Scarcity of shares increases demand and price momentum. |
Summary: Due to its past performance, financial strength, and IPO potential, the Vikram Solar unlisted share is seen as one of the top pre-IPO investment opportunities in 2025
C. How to Buy Vikram Solar Unlisted Shares (Step-by-Step Guide)
Buying the Vikram Solar unlisted share is easy if you follow the right steps and use trusted platforms. Below is a quick guide to help you make a safe and informed purchase.
| Step | What to Do |
| 1. Choose a Trusted Platform | Select reliable platforms like Unlisted Hub, Planify, or Stockify. These deal regularly in the Vikram Solar. |
| 2. Complete Your KYC | Submit your PAN, Aadhaar, and bank details to verify your identity. |
| 3. Fund Your Account | Transfer funds to the broker’s escrow account for the transaction. |
| 4. Place Your Order | Confirm quantity and price. Your broker will share the Vikram Solar deal details. |
| 5. Get Confirmation | You’ll receive a confirmation once the shares are successfully credited to your demat account. |
Investing in the Vikram Solar through trusted partners ensures safety, timely delivery, and access to the latest pricing. Always double-check seller reputation and documents before making a purchase.
D. Key Financials to Consider Before Investing
Before investing in the Vikram Solar unlisted share, it’s important to look at the company’s latest financial performance and how it compares with its competitors. Strong numbers and a growing order book make it a promising choice in the pre-IPO space.
| Financial Metric | Details |
| Revenue (FY24) | Approx. ₹2,100 crore – showing steady growth over FY23 figures |
| EBITDA Margin | ~15.87% – reflects strong operational efficiency |
| Order Book | Solid pipeline with exports to 30+ countries and projects with NTPC, US |
| Debt-to-Equity Ratio | 1.81 – indicates a well-balanced and asset-light business model |
| Peer Comparison | Outperforms many peers like Waaree Energies and Tata Power Solar in margin and scale |
These financials show that the Vikram Solar unlisted share is backed by a healthy balance sheet and long-term growth potential. Its strong EBITDA margin and expanding global footprint make it more attractive compared to other solar energy stocks. Investors considering the Vikram Solar should evaluate these numbers while making their decision.
F. Vikram Solar Unlisted Share: Historical Price Chart (2022–2025)
Tracking the historical performance of the Vikram Solar unlisted share helps investors understand its price trend, growth momentum, and market sentiment over time. The share has seen strong interest in the grey market due to the company’s consistent performance and IPO buzz.
Below is a simplified chart of Vikram Solar unlisted share price movement over the last 3 years:
| Year | Approx. Price Range (₹) | Market Sentiment / Event |
| 2022 | ₹100 – ₹130 | Limited trading; early interest from niche investors |
| 2023 | ₹140 – ₹200 | Expansion plans, early IPO rumours started |
| 2024 | ₹180 – ₹300 | Major export orders; SEBI filing submitted |
| 2025 (YTD) | ₹320 – ₹390 | SEBI approval received; IPO expected in Q3/Q4 2025 |
The steady price rise reflects strong demand for the Vikram Solar unlisted share, especially among investors looking for long-term value in the renewable energy sector. With the IPO expected soon, many believe there’s still room for upside.
G. Vikram Solar IPO Timeline & SEBI Approval
The Vikram Solar unlisted share has gained more attention after the company received SEBI approval for its IPO in June 2025. Here’s a quick overview of the key updates investors should know:
| Details | Information |
| SEBI Approval | Received in June 2025, clearing the way for the IPO |
| Expected Listing | Likely in Q3 or Q4 2025, depending on market conditions |
| Expected Price Band | Between ₹400 – ₹420 per share (not officially announced yet) |
| Grey Market Activity | Strong buzz; Vikram Solar unlisted share currently trading at ₹320–₹390 |
With the IPO nearing, many investors see the Vikram Solar unlisted share as a smart pre-IPO investment. Buying before the official listing could offer solid returns if the IPO sees strong demand.
H. Risks Associated with Vikram Solar Unlisted Share
While the Vikram Solar unlisted share offers strong growth potential, investors should also understand the possible risks before investing. Here’s a simple breakdown:
| Risk Factor | Explanation |
| Liquidity Issues | The Vikram Solar may not be easy to sell quickly, as the market has fewer buyers and sellers compared to listed stocks. |
| Price Volatility | Prices can fluctuate widely based on demand, news, or grey market activity — making the Vikram Solar more unpredictable. |
| Lack of Formal Disclosures | Unlike listed companies, unlisted firms don’t share regular financial updates, which may limit visibility into the true performance of Vikram Solar. |
| Regulatory Uncertainty | Pre-IPO shares are subject to changing SEBI rules, and there’s always a risk the IPO could be delayed or modified. |
While the Vikram Solar has strong upside potential, it’s important to weigh these risks carefully and invest with proper due diligence.
I. Expert Opinion: Is It the Right Time to Invest?
Many analysts believe that the Vikram Solar is currently in a favorable position for pre-IPO investors. With SEBI approval in place and expected listing in late 2025, experts suggest that entering at the right price could offer strong upside. Market observers recommend keeping a long-term view, especially since the solar industry is backed by strong government support and global demand. While short-term volatility exists, the fundamentals of the company remain strong. Here’s what experts are saying:
| Aspect | Expert View |
| Market Sentiment | Positive due to IPO approval and growth in solar sector |
| Investment Horizon | Long-term preferred, but short-term gains possible on listing |
| Suggested Entry Price | ₹320–₹360 range is seen as a good value zone for Vikram Solar |
Overall, experts see the Vikram Solar unlisted share as a strong candidate for those seeking quality pre-IPO exposure in clean energy.
J. Vikram Solar vs Waaree Energies: Which Unlisted Stock Is Better?
Both Vikram Solar and Waaree Energies are leading players in India’s solar manufacturing space, and their unlisted shares are in high demand among pre-IPO investors. Here’s a detailed side-by-side comparison to help you decide which unlisted stock may be the better fit for your investment goals:
| Parameter | Vikram Solar | Waaree Energies |
| Established | 2006 | 1989 |
| Manufacturing Capacity | 3.5 GW (with expansion plans) | 12 GW (largest in India as of 2025) |
| Global Presence | 30+ countries | 20+ countries |
| Unlisted Share Price (July 2025) | ₹320–₹390 | ₹1,000–₹1,100 |
| EBITDA Margin | ~15.87% | ~12.5% |
| Debt-to-Equity Ratio | 1.81 (moderate leverage) | 0.65 (low leverage) |
| SEBI IPO Approval | Approved in June 2025 | Approved in April 2024 |
| IPO Status | Expected in Q3/Q4 2025 | IPO filing submitted; timeline yet to be announced |
| Unique Strength | Strong exports, EPC experience | Largest module maker, vertically integrated |
| Key Risk | Moderate debt level | Higher share price entry barrier |
FAQs:-
| 1. What is the current price of Vikram Solar unlisted share? |
| As of July 2025, the Vikram Solar unlisted share is trading in the range of ₹320 to ₹390, depending on the platform and market demand. |
| 2. How to buy Vikram Solar unlisted shares? |
| You can buy Vikram Solar unlisted shares through trusted platforms like Unlisted Hub or Stack Hub. Complete KYC, fund your account, and place your order. |
| 3. Is Vikram Solar SEBI approved for IPO? |
| Yes, Vikram Solar received SEBI approval in June 2025, making it eligible to launch its IPO in the upcoming quarters. |
| 4. When will Vikram Solar IPO launch? |
| The Vikram Solar IPO is expected to launch in Q3 or Q4 of 2025, depending on market conditions. |
| 5. Is Vikram Solar unlisted share a good investment? |
| With strong financials, global presence, and IPO momentum, Vikram Solar is considered a promising pre-IPO investment in the renewable energy sector. |
| 6. What are the risks in buying unlisted shares? |
| Risks include low liquidity, price volatility, limited disclosures, and regulatory uncertainty before the IPO. |
| 7. Where can I check Vikram Solar unlisted share price? |
| You can track the latest price on platforms like Unlisted Hub, Stack hub, or through verified dealers in the grey market. |
| 8. What is the expected IPO price of Vikram Solar? |
| The expected IPO price band is ₹400 to ₹420, though the official price will be announced closer to the listing date. |
By: Virag Mehta | Financial Research Analyst
Disclaimer: This article is for informational purposes only. Please consult a financial advisor before making any investment decisions.