Vikram Solar Limited (formerly known as Vikram Solar Pvt. Ltd.) which was started in the year 2006, is today India’s largest domestic PV module manufacturer and integrated solar energy solutions provider with presence in solar photo-voltaic (“PV”) modules, engineering, procurement and construction (“EPC”) services, and operations and maintenance (“O&M”) service. With an international presence across 6 continents, they are an active contributor in shaping the solar revolution. Vikram Solar manufactures high-efficiency mono-crystalline and polycrystalline silicon PV modules. They have 3 manufacturing units in West-Bengal and Tamilnadu.
In FY21, Vikram Solar has generated 21.62% of revenue from EPC and O&M Business and 73% business comes from selling PV Modules.
Highlights of Vikram Solar
a) Presence in 6 Continents.
b) As Vikram Solar is helping companies to generate electric energy by Solar, till date they have reduced carbon emission by 1.4 Million Tonnes.
c) They have exported PV modules worth 3.5 GW.
d) Currently, they have an employee Strength of 1962+ employees.
e) Total 42+ distributors covering 600 districts out of 718 total districts in India.
f) 970 MW of projects under operation and maintenance.
Carrying forward the rich legacy and extensive manufacturing experience of the Vikram Group, Vikram Solar Limited has been building on the success story of over 4 decades, since 2005. They have been able to successfully demonstrate their capabilities since well before the solar sector witnessed active growth and development in India.
Advance R&D Infrastructure
As a Tier 1 PV module manufacturer, Vikram products are designed to maintain the standards of quality, reliability and performance. They have in-house research and development which help them to remain ahead of the curve in the ever-evolving solar technology space. Vikram Solar also conducts research study programmes with leading laboratories across the globe.
Over the years, Vikram Solar has sought out competence and know-how in developing its Research & Development (R&D) team, which dedicatedly works towards improving the product portfolio and launching new products that serve the customers better. The R&D team conducts collaborative research programmes with leading laboratories like National Solar Energy Institute (INES), France and University of New South Wales (UNSW), Australia.
Total Capacity of Vikram Solar
Currently, they have a capacity of 1.2 GW of production of PV modules. Vikram Solar focus on adopting pioneering and innovative technologies, the manufacturing facility has the machineries and equipments imported from United States, Switzerland, Germany and Japan.
Total Projects Completed
A comprehensive solar EPC solutions provider, Vikram Solar has deployed world-class technology to design, install and commission benchmark solar projects. Vikram Solar Limited takes pride in its track record of installing & commissioning more than 1.35 GW+ of solar projects across India.
Future Plans of Vikram Solar
Vikram Solar focus today is to establish a new and world-class 1.3 GW module manufacturing facility in Tamil Nadu. Towards this, they are going to invest ~5500 Cr and will take its total annual module manufacturing capacity to 2.5 GW, making Vikram Solar the largest solar panel manufacturer in India. The next goal is to enhance the Tamil Nadu manufacturing facility’s capacity to 3 GW within the next 5 years.
Achievements of Vikram Solar in last 15 years in Solar Sector
a) First company to contribute to the solarisation of world’s maiden fully solarised airport in Kochi, Kerala.
b) Designed, installed and commissioned India’s first floating solar plant in Kolkata, West Bengal.
c) Executed the largest single-shed rooftop solar plant in eastern India- 2.15 MW solar plant at Nilganj, North 24 Paraganas, West Bengal for Keventer Agro Limited.
d) Commissioned rooftop solar plant on the tallest building in Kolkata- ‘THE 42’ with 22.5 kW capacity.
e) Commissioned 225 MW plant, the largest in the state of Uttar Pradesh for NTPC Ltd.
Vikram Solar also come with the experience of commissioning 6 solar projects for airports (Kolkata, Calicut, Dibrugarh, Gaya, Gondia and Cochin) in India.
Growth in the last 5 years
Government PLI Schemes for PV Modules
The government has enhanced the funding under the production linked incentive (PLI) scheme for the domestic solar cells and module manufacturing to Rs 24,000 crore from the existing Rs 4,500 crore to make India an exporting nation. “Government has brought the PLI scheme (for solar cells and modules) worth Rs 4,500 crore. They invited bids and got 54,500 MW manufacturing capacity of solar equipment. Industry body asked the government to sanction Rs 19,000 crore more under the PLI, which was approved (in-principle). Now Solar Module has a PLI of Rs 24,000 crore.
Going forward, the production-linked incentive (PLI) scheme for solar manufacturing would advance Vikram Solar capacity enhancement plans.
India’s solar industry is expected to grow faster in 2021, with the Ministry of New and Renewable Energy aiming to achieve its ambitious target of having 114 GW solar capacity by 2022. The Indian government is working to develop a green city in each state by installing solar rooftop systems on all houses and solar parks on the city’s outskirts.
Factors Favouring the growth of Solar Cell
a) Reduction in solar tariff: One of the major growth drivers for solar power in India is the reduction in solar tariffs from ~7.36/kWh (US 10 cents/kWh) in FY 2014-15 to ~2.63/kWh (US 3.57 cents/kWh) in FY 2019-20.
b) Make in India initiative: The Government of India is actively promoting development of domestic solar cell and module manufacturing capacity through various schemes under the Make in India initiative.
c) Extension of safeguards tariff: In December 2020, India also extended the safeguard tariff on imported solar cells and modules for another year.
d) Rent a Roof’ Policy: In 2017, the Government of India introduced a ‘rent a roof’ strategy to encourage solar power generation. This boosted the country’s goal of producing 40 GW solar power from rooftop installations by 2022. However, pandemic-induced restrictions slowed growth, but when the situation normalises, the policy will help push the solar sector.
e) Solar Innovation: Another growth driver for the solar market is its innovation focus, which brought to the market light-sensitive nanoparticles, bifacial solar modules, floating solar panels, among others.
Challenges in Solar Business
a) The DisCom Issue: The Government of India took several measures like Ujwal DISCOM Assurance Yojana (UDAY Scheme) instituted in 2015 to address the financial challenges faced by power distribution companies (DisComs). However, sequential lockdown during COVID-19 made it difficult for government agencies to get power distribution companies to sign a formal Power Sale Agreement.
b) Subdued electricity demand: Decreased electricity demand has emerged as a major challenge. While the concern has persisted, the pandemic caused demand levels to go down further
c) Land acquisition issues: Land allotment for renewable energy is a major concern. To address this issue, the Government of India introduced policies like ‘rent a roof’ strategy to boost solar power, but pandemic-induced restrictions brought forth unprecedented challenges.
Indian Solar Market Overview
In India, the solar PV market plummeted to the lowest level in five years. However, India is at the sixth position in terms of new solar power installations in 2020 and fifth largest in terms of overall capacity. During the year, around 4.4 GW of solar PV capacity was added, bringing the total national capacity to 47.4 GW. Pandemic-related lockdowns and labour shortages caused delay in project construction and auctions, which caused the de-growth. Additionally, government agencies struggled to get distribution companies to sign Power Sale Agreements (PSA), leaving roughly 17-18 GW of solar projects without a PSA.
Apart from that, rising cost of raw materials and PV modules, as well as increasing shipping and freight costs, all contributed to the solar industry’s decline. Additionally, the utility-scale solar project, which amounts to ~78% of the capacity installed in 2020, also declined by 60% year-on-year, with 2.520 GW installations. Rooftop market shrunk by 22% with 0.719 GW installations. In the utility-scale solar power segment, Andhra Pradesh, Gujarat, and Rajasthan are the top three states, contributing ~51% of the installations.
|Total Available Shares:||1000|
|Face Value:||₹ 10 Per Equity Share|
|Name of the Shareholder||No. of Shares||% of Shares|
|Vikram Capital Management Ltd||55,62,000||19.92%|
|Monolink Trexim (P) Ltd||47,00,400||19.98%|
|Vikram Financial Services Limited||13,17,900||5.60%|
|Particulars (Fig. In Cr)||2019||2020||2021|
|Revenue from Operation||1,956||1,629||1,610|
|Cost of Material & Services||1,584||1,214||1,216|
|Change in Inventory||-22||35||1|
|Employee Benefit Exp.||84||92||87|
|Profit Before Tax||59||30||56|
|Profit After Tax||41||23||38|
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Lock-in period of Vikram Solar Unlisted Shares depends upon category of investors.
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