Vikram Solar IPO: PLI scheme can light up things. Spoilers: rising debt, falling profitability

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Employees work at the Vikram Solar manufacturing plant in Oragadam, Tamil Nadu on October 13, 2021.

Synopsis
The performance-linked incentive (PLI) scheme launched by the government has rekindled hopes for Vikram Solar, one of India’s largest module manufacturers. The company is betting heavily on the IPO to further expand its manufacturing capabilities. But its financials and supply-chain issues are some of the major pain points.

Kolkata, 2006. A Harvard Business School-, Boston University-educated young entrepreneur decides to chuck the comfort of his legacy family business and do something on his own. All he wants is to invest in an emerging technology. Soon, he finds his calling in the power of the Sun. He starts a solar-energy venture. Over 15 years and a good amount of toil, tenacity, and struggle later, his company, Vikram Solar, becomes one of India’s largest

( Originally published on Apr 04, 2022 )