Vikram Solar deploys Rs 1,237.576 crore of IPO proceeds

Vikram Solar Limited had deployed Rs 1,237.576 crore of its Rs 1,414.487 crore net initial public offering, or IPO, proceeds by September 30, 2026, leaving Rs 176.911 crore unutilised. The largest remaining balance, Rs 171.984 crore, was allocated to the Phase-II Project, while only Rs 4.927 crore remained for Phase-I.

How much of Vikram Solar’s IPO proceeds has been used?

Vikram Solar used Rs 1,237.576 crore of Rs 1,414.487 crore in net IPO proceeds by September 30, 2026, representing about 87.5% of the available amount. The disclosure appears in the notes to the unaudited standalone financial results for the quarter and six months ended September 30, 2026, approved by the board on November 14, 2026.

The Rs 176.911 crore not yet used was temporarily invested in deposits and retained in current accounts with scheduled commercial banks, according to the filing. The company did not report a change in the stated objects of the issue, so the outstanding amount remained assigned to the purposes specified in the prospectus.

Where did Vikram Solar direct the IPO funds?

Vikram Solar allocated Rs 1,274.938 crore of net proceeds to capital expenditure through its wholly owned subsidiary, VSL Green Power Private Limited, for the Phase-I and Phase-II Projects. By September 30, 2026, it had used Rs 764.803 crore for Phase-I and Rs 423.224 crore for Phase-II, together accounting for Rs 1,188.027 crore of deployment.

The Rs 49.549 crore allocation for general corporate purposes had been fully used by the reporting date. In contrast, the project allocations still had Rs 176.911 crore outstanding, showing that all of the unutilised net proceeds related to the two disclosed capital-expenditure objects rather than general corporate purposes.

Phase-I received the larger original allocation, at Rs 769.730 crore compared with Rs 505.208 crore for Phase-II. However, the residual allocation was concentrated in Phase-II: its Rs 171.984 crore balance represented almost all of the total Rs 176.911 crore still to be deployed.

How close is Vikram Solar to completing Phase-I funding?

Vikram Solar had deployed Rs 764.803 crore from the Rs 769.730 crore set aside for partial funding of the Phase-I Project, leaving Rs 4.927 crore unutilised at September 30, 2026. That equates to about 99.4% of the Phase-I allocation having been used, based on the figures in the utilisation schedule.

Phase-II had a lower deployment level at the same date, with Rs 423.224 crore used from its Rs 505.208 crore allocation. Its remaining Rs 171.984 crore was substantially higher than the Phase-I balance, identifying Phase-II as the principal pending use of the fresh-issue proceeds.

The filing identifies VSL Green Power Private Limited as a wholly owned subsidiary but does not disclose the capacity, construction status, commissioning schedule or completion date for either phase. The utilisation note therefore establishes progress in deploying funds, rather than confirming physical completion of the projects.

What was the size and structure of Vikram Solar’s IPO?

Vikram Solar completed an IPO of 6,26,31,604 equity shares during the year ended March 31, 2026, and its shares were listed on the National Stock Exchange of India Limited and BSE Limited on August 26, 2025. The issue price was Rs 332 per share, comprising a face value of Rs 10 and a share premium of Rs 322 per share.

The IPO included a fresh issue of 4,51,80,722 shares that raised Rs 1,500 crore and an offer for sale of 1,74,50,882 shares worth Rs 579.369 crore. The offer for sale was by selling shareholders, whereas the fresh issue generated the company proceeds covered by the utilisation schedule.

Total offer expenses were Rs 119.674 crore, including taxes, and were allocated proportionately between Vikram Solar and the selling shareholders based on the shares issued and sold. The company’s share of IPO expenses was Rs 85.513 crore, reducing gross fresh-issue proceeds of Rs 1,500 crore to net proceeds of Rs 1,414.487 crore.

What else did Vikram Solar report for September 2026?

Vikram Solar reported revenue from operations of Rs 2,609.297 crore for the six months ended September 30, 2026, compared with Rs 2,245.066 crore in the corresponding six months of 2025. Profit for the period declined to Rs 22.457 crore from Rs 262.650 crore over the same comparison, despite the increase in revenue.

The company identified manufacturing of solar photovoltaic modules, engineering, procurement and construction, or EPC, and operation and maintenance of solar power plants as one primary reportable segment under Indian Accounting Standard 108. It consequently did not provide separate September 2026 revenue or profit figures for module manufacturing, EPC, or operation and maintenance.

Vikram Solar reported cash and cash equivalents of Rs 30.521 crore and bank balances other than cash equivalents of Rs 239.566 crore at September 30, 2026. The IPO note says the Rs 176.911 crore unutilised proceeds were in deposits and current accounts, but it does not provide a line-by-line reconciliation of that amount to the balance-sheet captions.

Conclusion

Vikram Solar had deployed Rs 1,237.576 crore of net IPO proceeds by September 30, 2026, with the general corporate-purpose allocation fully used and Phase-I funding close to fully deployed. The remaining Rs 176.911 crore was almost entirely earmarked for Phase-II, making the pace of that capital expenditure the key remaining element of the IPO utilisation programme.

The next utilisation disclosure will show whether Vikram Solar has deployed the Rs 171.984 crore Phase-II balance and the Rs 4.927 crore remaining for Phase-I. The filing does not set out capacity or commissioning targets for the projects, while it separately reports Rs 52.790 crore of customer amounts withheld or recovered in EPC and other contracts that are subject to dispute resolution, arbitration or court proceedings.