Unlisted Shares

Revenue Growth: Vikram Solar experienced a notable rebound resulting in a 20% year-on-year revenue growth. Profitability also recovered, primarily due to a decline in raw material prices.

Expansion Plans: The company is making significant investments of $1.5 million to establish a 2 GW module manufacturing capacity in Colorado, USA with possible expansion of up to 4 GW. Vikram Solar has expanded its greenfield capacity in Chennai by adding 1.3 GW, increasing its cumulative module production capacity to 2.5 GW.

Top Performer: Vikram Solar achieved recognition by being featured in Fortune India's Next 500 list for 2023. The company has consistently secured the top performer position in PVEL's rankings for six out of the last 7 years.

Accredited R&D Excellence: Vikram Solar's R&D lab received NABL accreditation, indicating its commitment to high-quality research and development. The company has maintained a position in the top three of the Approved List of Module Manufacturers (ALMM) list, showcasing its reliability and quality in the industry.

Investment Thesis: Vikram Solar successfully rebounded from financial setbacks in FY 23, primarily attributed to the decline in raw material prices. It's worth noting that over 80% of India's solar raw materials are sourced from China and imported through free trade routes, such as Vietnam. Despite a commendable 20% year-over-year increase in sales, the company's net profit margin remains modest at 0.7%. The company is actively pursuing expansion in the United States, with plans to add 2GW of manufacturing capacity, potentially reaching 4GW in the future, backed by a $1.5 billion investment. Notably, Vikram Solar is one of India's top five domestic module manufacturers, boasting a production capacity of 2.5 GW. In FY23, the company emerged as the third-largest domestic module exporter to the United States, capturing a market share of 4.7%. Given its robust performance and strategic expansion plans, industry experts hold optimistic expectations for Vikram Solar's future trajectory.