Vikram Solar Files Monitoring Agency Report for Q4FY26; No Deviation from IPO Objects
Vikram Solar Limited filed the Q4FY26 Monitoring Agency Report, confirming no deviation from IPO objects. India Ratings reported the utilization of INR 5,309.18 Million, with unutilized funds of INR 9,690.82 Million parked in fixed deposits. The company revised timelines for Phase-I and Phase-II project commercial production.
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Vikram Solar has submitted the Monitoring Agency Report for the quarter ended March 31, 2026, to both BSE Ltd. and the National Stock Exchange of India Ltd. The report, dated May 07, 2026, was issued by India Ratings & Research Private Limited regarding the utilization of proceeds from the company's Initial Public Offer (IPO). The submission was made in compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Utilization of IPO Proceeds
The Monitoring Agency confirmed that there has been no deviation from the objects of the issue. Based on the Management Representation and the Statutory Auditor Certificate dated May 06, 2026, the agency observed that all utilization is as per the disclosures in the Offer Document. The total issue size for the Fresh Issue was INR 15,000.00 Million, comprising 4,51,80,722 Equity Shares of FV ₹ 10 each at ₹ 332.00 per share.
The company has utilized INR 5,309.18 Million of the net proceeds as of the end of the quarter. The deployment of funds across various project heads is detailed below:
| Item Head | Amount Proposed (INR Million) | Amount Utilized (INR Million) | Unutilized Amount (INR Million) |
|---|---|---|---|
| Phase-I Project (3,000 MW Solar Cell & Module) | 7,697.30 | 2,851.66 | 4,845.64 |
| Phase-II Project (Expansion to 6,000 MW) | 5,952.08 | 1,179.87 | 4,772.21 |
| General Corporate Purposes | 495.49 | 495.49 | - |
| Offer Related Expenses | 855.13 | 782.17 | 72.96 |
| TOTAL | 15,000.00 | 5,309.18 | 9,690.82 |
Deployment of Unutilized Funds
The unutilized IPO proceeds amounting to INR 9,690.82 Million, along with INR 48.95 Million pertaining to own contribution or payable to selling shareholders, have been deployed in fixed deposits and bank accounts. The total deployment, including these additional funds, stands at INR 9,739.77 Million.
Major investments include fixed deposits with HDFC Bank (INR 1,900.00 Million), Union Bank (INR 2,450.00 Million), and State Bank of India (INR 1,500.00 Million). The remaining funds are held in various other bank fixed deposits and monitoring accounts, including balances in Axis Bank and IDBI Bank accounts.
Project Implementation Status
Regarding the implementation of the objects, the Monitoring Agency noted that government and statutory approvals required for the current stage of the projects have been partly obtained. There are no major deviations from earlier monitoring agency reports, and the means of finance for the disclosed objects have not changed.
The company provided revised timelines for the trial runs and commercial production of its projects. For the Phase-I Project, the timeline for the Module line (3 GW) has been revised from March 2026 to June 2026, and the Cell line (3 GW) from September 2026 to December 2026. The timeline for the Phase-II Project (Module 3 GW) has also been revised from March 2026 to June 2026.
Historical Stock Returns for Vikram Solar
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.67% | -2.12% | +15.52% | -33.17% | -39.75% | -39.75% |
Will Vikram Solar face further timeline revisions for its Phase-I Cell 3GW and Phase-II Module facilities beyond the already-delayed December 2026 and June 2026 targets, given that only 37% of IPO proceeds have been deployed seven months post-listing?
How might the delayed commissioning of Vikram Solar's 6,000 MW manufacturing capacity impact its ability to secure large domestic and export solar module contracts in an increasingly competitive market?
With nearly ₹9,691 million in unutilized IPO proceeds parked in fixed deposits at rates between 5-6.5%, what is the opportunity cost risk if India's interest rate cycle shifts downward before full capital deployment?
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