Vikram Solar Ltd

₹2,100 - ₹3,500

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	312	Visit
★★★★☆	₹2,600	407	Visit
★★★★★☆	₹2,700	17	Visit
★★★★★☆	₹2,800	242	Visit
★★★★☆☆	₹2,900	105	Visit

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★★★★☆

LTP:₹2,100

Min Qty:403

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★★★★☆

LTP:₹2,600

Min Qty:645

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★★★★★☆

LTP:₹2,700

Min Qty:781

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★★★★★☆

LTP:₹2,800

Min Qty:189

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★★★★☆☆

LTP:₹2,900

Min Qty:894

Strengths & Weaknesses

Strengths

Widespread Presence: Vikram Solar has a strong presence in domestic and export markets for tea processing machinery. In 2017, it expanded into the module mounting structures (MMS) segment, supplying major customers like Adani Power, Azure Power, TATA Power, and Larsen & Toubro. This diverse and established customer base supports repeat orders, boosting VIL's revenue and profitability.

Promoters’ experience: The promoters' five decades of experience in tea processing machinery have enabled the company to continuously innovate and develop new products. This engineering expertise also facilitated their diversification into module mounting structures (MMS).

Weaknesses

Moderate financial risk: The financial risk profile is moderate, bolstered by an estimated net worth of Rs 76 crore, as on 31st Mar’23, sustained by consistent additions to reserves and unsecured loans from promoters, which are considered 75% equity and 25% debt.

Intense working capital: Working capital operations are intensive, with expected gross current assets (GCA) of 380-400 days, driven by work-in-progress (WIP) inventory at 385 days and receivables at 73 days as of March 31, 2023. Any further stretch in the working capital cycle could limit financial flexibility and liquidity.

Balance Sheet	FY24	FY23	FY22	FY21	FY20	FY19
Equity Capital	258.8	258.8	258.8	23.5	27.9	27.9
Reserves	186.6	118.7	112.1	407.9	350.6	338.0
Total Equity	445.4	377.5	370.9	431.4	378.5	365.9
Borrowings	198.7	214.2	263.9	229.6	187.1	203.6
Other Non-Current Liabilities	519.1	588.3	120.1	87.0	23.7	39.5
Total NC Liabilities	717.8	802.5	384.0	316.6	210.8	243.1
Borrowings	609.7	523.6	439.2	332.8	307.3	355.6
Other Current Liabilities	812.6	772.7	1043.2	645.4	679.8	469.1
Total Current Liabilities	1422.2	1296.3	1482.4	978.2	987.1	824.7
Equity + Liabilities	2585.4	2476.3	2237.3	1726.2	1576.4	1433.7
Fixed Assets (incl. WIP)	589.9	662.2	550.2	447.9	367.5	347.2
Other Non Current Assets	17.3	61.2	67.8	67.4	64.5	56.6
Total NC Assets	607.2	723.4	618.0	515.3	432.0	403.8
Trade Receivables	1185.3	959.0	917.5	643.3	531.9	538.9
Cash & Cash Equivalents	8.9	104.2	136.0	103.4	122.3	102.2
Other Current Assets	801.8	689.8	565.9	464.2	490.3	388.8
Total Current Assets	1978.2	1753.0	1619.3	1211.0	1144.4	1029.9
Total Assets	2585.4	2476.3	2237.3	1726.2	1576.4	1433.7

Profit & Loss	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from Operations	2510.9	2073.2	1730.3	1610.0	1639.7	1956.3
Growth %	21%	20%	7%	-2%	-16%	0
Operating Expenses	2112.4	1887.1	1671.6	1432.9	1499.8	1792.3
Growth %	12%	13%	17%	-4%	-16%	0
Operating Profit	398.5	186.2	58.7	177.1	139.9	164.0
Op. Profit Margin %	15.9%	9.0%	3.4%	11.0%	8.5%	8.4%
Other Income	13.0	18.7	12.7	17.4	22.3	14.5
Interest Expense	154.6	122.1	102.9	99.5	95.0	91.42
Depreciation	138.0	63.9	48.0	38.8	36.8	28.0
Exceptional Items	11.6	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	107.2	18.9	-79.4	56.2	30.4	59.0
Tax	27.5	4.4	-16.5	18.0	7.9	17.9
Tax %	26%	23%	21%	32%	26%	30%
Profit After Tax	79.7	14.5	-62.9	38.2	22.5	41.1
Growth %	450.2%	-123.0%	-264.7%	69.8%	-45.3%	0
PAT %	3%	1%	-4%	2%	1%	2%
Diluted EPS	3.0	0.6	-2.4	1.5	8.1	0

Shareholding Pattern

Color	Shareholder	Holding
	Vikram Capital Management Private Limited	42.93%
	Hari Krishna Chaudhary Family Trust	28.20%
	Hari Krishna Chaudhary	5.30%
	Anil Chaudhary	5.24%
	Vikram Financial Services Limited	6.34%
	Gyanesh Chaudhary	5.02%

Fundamentals

Quick Insights

Widespread Presence: Vikram Solar has a strong presence in domestic and export markets for tea processing machinery. In 2017, it expanded into the module mounting structures (MMS) segment, supplying major customers like Adani Power, Azure Power, TATA Power, and Larsen & Toubro. This diverse and established customer base supports repeat orders, boosting VIL's revenue and profitability.
Promoters’ experience: The promoters' five decades of experience in tea processing machinery have enabled the company to continuously innovate and develop new products. This engineering expertise also facilitated their diversification into module mounting structures (MMS).

Market Cap₹11,259.11 Cr

PE Ratio141.23

EPS₹3.08

Dividend Yield0%

Book Value₹₹17.21

Debt/Equity1.81

Price/Book25.28

Industry PE0

Sales₹2510.9 Cr

Profit After Tax₹79.7 Cr

ISININE078V01014

SectorEnergy

About Company

Vikram Solar, headquartered in Kolkata is part of the Vikram Group led by Mr. H.K. Chaudhary.

VIL is a prominent provider of solar energy solutions, specialising in high-efficiency PV module manufacturing and offering comprehensive EPC solutions with an international reach. The company is dedicated to delivering advanced solar solutions to meet the growing demand for clean and renewable energy worldwide.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	347	Visit
★★★★☆	₹2,600	701	Visit
★★★★★☆	₹2,700	429	Visit
★★★★★☆	₹2,800	961	Visit
★★★★☆☆	₹2,900	685	Visit

Quick Insights

Widespread Presence: Vikram Solar has a strong presence in domestic and export markets for tea processing machinery. In 2017, it expanded into the module mounting structures (MMS) segment, supplying major customers like Adani Power, Azure Power, TATA Power, and Larsen & Toubro. This diverse and established customer base supports repeat orders, boosting VIL's revenue and profitability.
Promoters’ experience: The promoters' five decades of experience in tea processing machinery have enabled the company to continuously innovate and develop new products. This engineering expertise also facilitated their diversification into module mounting structures (MMS).

Market Cap₹11,259.11 Cr

PE Ratio141.23

EPS₹3.08

Dividend Yield0%

Book Value₹₹17.21

Debt/Equity1.81

Price/Book25.28

Industry PE0

Sales₹2510.9 Cr

Profit After Tax₹79.7 Cr

ISININE078V01014

SectorEnergy

About Company

Strengths

Weaknesses

Annual Reports

FY24 FY23 FY22 FY21 FY20

Balance Sheet	FY24	FY23	FY22	FY21	FY20	FY19
Equity Capital	258.8	258.8	258.8	23.5	27.9	27.9
Reserves	186.6	118.7	112.1	407.9	350.6	338.0
Total Equity	445.4	377.5	370.9	431.4	378.5	365.9
Borrowings	198.7	214.2	263.9	229.6	187.1	203.6
Other Non-Current Liabilities	519.1	588.3	120.1	87.0	23.7	39.5
Total NC Liabilities	717.8	802.5	384.0	316.6	210.8	243.1
Borrowings	609.7	523.6	439.2	332.8	307.3	355.6
Other Current Liabilities	812.6	772.7	1043.2	645.4	679.8	469.1
Total Current Liabilities	1422.2	1296.3	1482.4	978.2	987.1	824.7
Equity + Liabilities	2585.4	2476.3	2237.3	1726.2	1576.4	1433.7
Fixed Assets (incl. WIP)	589.9	662.2	550.2	447.9	367.5	347.2
Other Non Current Assets	17.3	61.2	67.8	67.4	64.5	56.6
Total NC Assets	607.2	723.4	618.0	515.3	432.0	403.8
Trade Receivables	1185.3	959.0	917.5	643.3	531.9	538.9
Cash & Cash Equivalents	8.9	104.2	136.0	103.4	122.3	102.2
Other Current Assets	801.8	689.8	565.9	464.2	490.3	388.8
Total Current Assets	1978.2	1753.0	1619.3	1211.0	1144.4	1029.9
Total Assets	2585.4	2476.3	2237.3	1726.2	1576.4	1433.7

Profit & Loss	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from Operations	2510.9	2073.2	1730.3	1610.0	1639.7	1956.3
Growth %	21%	20%	7%	-2%	-16%	0
Operating Expenses	2112.4	1887.1	1671.6	1432.9	1499.8	1792.3
Growth %	12%	13%	17%	-4%	-16%	0
Operating Profit	398.5	186.2	58.7	177.1	139.9	164.0
Op. Profit Margin %	15.9%	9.0%	3.4%	11.0%	8.5%	8.4%
Other Income	13.0	18.7	12.7	17.4	22.3	14.5
Interest Expense	154.6	122.1	102.9	99.5	95.0	91.42
Depreciation	138.0	63.9	48.0	38.8	36.8	28.0
Exceptional Items	11.6	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	107.2	18.9	-79.4	56.2	30.4	59.0
Tax	27.5	4.4	-16.5	18.0	7.9	17.9
Tax %	26%	23%	21%	32%	26%	30%
Profit After Tax	79.7	14.5	-62.9	38.2	22.5	41.1
Growth %	450.2%	-123.0%	-264.7%	69.8%	-45.3%	0
PAT %	3%	1%	-4%	2%	1%	2%
Diluted EPS	3.0	0.6	-2.4	1.5	8.1	0

Shareholding Pattern

Color	Shareholder	Holding
	Vikram Capital Management Private Limited	42.93%
	Hari Krishna Chaudhary Family Trust	28.20%
	Hari Krishna Chaudhary	5.30%
	Anil Chaudhary	5.24%
	Vikram Financial Services Limited	6.34%
	Gyanesh Chaudhary	5.02%

Board of Directors

MR. H.K. CHAUDHARY Chairman

MR. GYANESH CHAUDHARYVice Chairman and Managing Director

MR. PROBIR ROYIndependent Director

MR. VIKRAM SWARUPIndependent Director

MR. J. P. DUAIndependent Director

MS. RATNABALI KAKKARIndependent Director

MR. KRISHNA KUMAR MASKARAWhole Time Director

MS. NEHA AGRAWALWhole Time Director

Senior Management

Mr. Sudip Chatterjee COMPANY SECRETARY & COMPLIANCE OFFICER

Mr. Ivan SahaWHOLE TIME DIRECTOR & CHIEF EXECUTIVE OFFICER (CEO)

MR. K.K. MASKARAWHOLE-TIME DIRECTOR & PRESIDENT- CORPORATE (KMP)

MR. NARAYAN LODHASENIOR VICE PRESIDENT & CHIEF FINANCE OFFICER (KMP)

MR. SABYASACHI BISWASSENIOR VICE PRESIDENT - DIGITAL TRANSFORMATION & CEO VIKI.AI

MR. ROOPESH HIRAVICE PRESIDENT- DOMESTIC SALES

MR. KUNAL MOTWANIVICE PRESIDENT- GLOBAL SUPPORT SERVICES

MR. SANTOSH GOYALVICE PRESIDENT – COMMERCIALS