Monitoring Agency Report for Quarter ended September 30, 2025
VIKRAMSOLR · price
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Vikram Solar has filed the Monitoring Agency Report from India Ratings & Research for Q2 FY26, covering the use of proceeds from its August 2025 IPO. The company raised ₹1,500 crore from the fresh issue (4.51 crore shares at ₹332), with total issue size of ₹2,079.37 crore including an offer for sale. Of the ₹1,500 crore fresh issue, only ₹121.01 crore (about 8%) was deployed in the quarter. ₹49.04 crore went to the Phase-I project (3,000 MW solar cell and module plant in Tamil Nadu), ₹49.55 crore was used fully for general corporate purposes (₹31.54 crore for SBI term loan repayment and ₹18.01 crore for letter of credit payments), and ₹22.42 crore went to offer-related expenses. The Phase-II expansion project (3,000 MW to 6,000 MW) saw zero spending. The remaining ₹1,378.99 crore sits in fixed deposits across Union Bank, Axis Bank, ICICI Bank and Canara Bank earning 5-6% annualized returns.
The report confirms no deviation from stated IPO objects, which is positive for governance, but the very low utilization rate (about 8% in the first quarter) signals a slow capex rollout. Shareholders should watch for faster deployment in coming quarters, as the company is sitting on a large cash pile earning modest FD returns rather than building the new solar manufacturing capacity that was the core IPO pitch.