Vikram Solar IPO Analysis: How It Stacks Up Against Major Solar Competitors Like Waaree Energies

India's solar manufacturing sector is witnessing robust growth, with the upcoming Vikram Solar IPO scheduled for August 19-21, 2025, offering investors exposure to the energy transition story. 

The comprehensive analysis against key competitors Waaree Energies, Premier Energies, and Websol Energy reveals significant valuation and operational dynamics.

Scale and Capacity Comparison: Waaree Leads Market Share

Waaree Energies dominates with 15,000 MW installed capacity and 25,000 MW order book, significantly outpacing Vikram Solar's 4,500 MW capacity and 10,341 MW order book. Premier Energies follows with 5,100 MW capacity and 5,303 MW order book, whilst Websol Energy operates at 550 MW capacity. Despite its smaller scale, Vikram Solar's substantial order book signals strong demand visibility.

Waaree Energies is India’s largest solar module manufacturer and exporter, with a 21% share of the domestic market and 44% of India’s solar module exports as of FY24.

Profitability Metrics: Vikram Solar Trails Sector Leaders

Vikram Solar's financial metrics show room for improvement: EBITDA margin of 14.37% versus Websol's sector-leading 44.20%, Premier's 28.78%, and Waaree's 21.04%. PAT margins also lag at 4.08% compared to Websol (26.90%), Premier (14.09%), and Waaree (13.35%). ROCE of 24.49% remains respectable but below Premier (41.50%) and Websol (59.20%).

Vikram Solar IPO Peer Comparison

Read More: More Than 1.67 Million Households Benefit from Solar Scheme: Govt!

Strategic Positioning: 20.5 GW Capacity Target by FY27

Vikram Solar's integrated model spanning manufacturing, EPC, and O&M services provides revenue diversification similar to peers. The company targets aggressive capacity expansion to 20.5 GW by FY27, positioning for market share gains. Tier-1 manufacturer credentials and export focus on the US and Europe markets could boost margins through tariff advantages.

Conclusion

Vikram Solar IPO enters at a significant 72x P/E premium versus competitors, reflecting growth optimism despite current profitability and return ratio gaps. It is entering the market with strong business operations, a large number of orders, and plans for a major expansion. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in securities are subject to market risks. Read all related documents carefully before investing.