A new electrical company has debuted on BSE and NSE on August 26, 2025. It is none other than Vikram Solar, which was listed at around a 2.5% premium but soon picked up bullish momentum to gain by nearly 15% on the BSE. What is even more surprising is that Vikram Solar's peers like Waaree Energies and Premier Energies, also gained sharply on Tuesday. All three electrical stocks rallied despite the Sensex and Nifty in a deep bearish tone. Which is a better stock?
Vikram Solar Share Price:
Vikram Solar listed at 2.41% premium to Rs 340 apiece on BSE, while the debut was at 1.8% premium to Rs 338 on NSE. This is compared to its IPO issue price of Rs 332 apiece.
However, the stock gained momentum soon after to hit a 52-week high of Rs 381.70 apiece on BSE and Rs 381.65 apiece on NSE. The overall gains by Vikram Solar were nearly 15%.
However, after market hours, Vikram Solar's share price ended at Rs 356.45 apiece, up by 5% from the listing price on BSE and higher by 7.4% from IPO price. The market cap was at Rs 12,893.40 crore.
On NSE, Vikram Solar's share price closed at Rs 357.50 apiece, up by 5.8% from the listing price, and higher by 7.7% from the IPO issue price.
Notably, compared to its peers, Waaree Energies and Premier Energies, Vikram Solar's market cap is lower. Waaree Energies is currently in the lead.
Waaree Energies Share Price:
On the day Vikram Solar listed, Waaree Energies' share price jumped nearly 4% to hit an intraday high of Rs 3,330 apiece on BSE. Waaree Energies' share price closed at Rs 3259.65 apiece, up by Rs 108.75 or 3.45% on BSE, with a market cap of Rs 93,644.27 crore.
In the past six months, Waaree Energies shares have zoomed by nearly 48% on BSE. YTD, the upside is around 14%.
Waaree Energies is a large-cap electrical stock.
Premier Energies Share Price:
Premier Energies, a midcap electrical stock, also witnessed buying sentiments. The stock ended at Rs 1014.75 apiece on BSE, up by 1.05% with a market value of Rs 45,742.33 crore.
This BSE 500-listed company is closing the gap to hit 52-week high of Rs 1,387.10 apiece. However, its YTD and half-yearly performance has been a mixed bag. In the past six months, Premier Energies shares advanced by nearly 10% on BSE; however, its YTD performance is down sharply by 23.84%.
That being said, Vikram Solar has better fundamentals than Premier Energies, but Waaree Energies outperforms both of them.
Waaree Energies Vs Vikram Solar Vs Premier Energies:
As per BSE data, Waaree Energies' price-to-equity ratio is at 45.25x, and return on equity is strong at 42.8% as of August 26, 2025, which is better compared to both Premier Energies and Vikram Solar. Waree Energies also outperforms with earnings per share at Rs 72.03.
On the other hand, Premier Energies has a high price-to-equity ratio of 330.54x and a return on equity (ROE) of 8.01%. The earnings per share are Rs 3.07.
Although the fundamentals of Vikram Solar are yet to be announced on BSE. As per brokerage Geojit, Vikram Solar's return on equity will be around 11.3%, while price-to-equity ratio is set to 85.9x. The earnings per share is seen at Rs 3.9.
Should You Buy Vikram Solar Stock?
According to Gaurav Garg, Lemonn Markets Desk, despite the soft start, the counter witnessed strong investor interest post listing, rallying as much as 10% intraday, signaling underlying confidence in the company's growth trajectory. At current levels, Vikram Solar trades at a P/E multiple of around 72x, which is at a premium compared to domestic peers in the renewable energy manufacturing space. However, note that this valuation premium reflects expectations of sustained earnings growth, driven by:
- Robust industry tailwinds from India's ambitious renewable energy targets and policy push towards solar adoption.
- Marquee clientele, including several large power utilities and industrial customers, which provides long-term visibility.
- Improving financial performance, with consistent topline growth and margin expansion over the past few years.
"We believe that while near-term volatility cannot be ruled out, Vikram Solar's strategic positioning in the renewable energy ecosystem, coupled with the government's emphasis on domestic manufacturing under the "Atmanirbhar Bharat" initiative, makes it a compelling long-term play on India's clean energy transition," Garg said.
Meanwhile, Master Capital Services said, the company has a strong brand recognition and customer base due to good understanding of customers and the high quality of products having presence in domestic and international markets. On the financial front, the company have reported robust financial performance with strong growth seen in its top line and bottom line, but valuation seems a little high in comparison to its peers. Vikram Solar provides strong access to India's transition to renewable energy, the present premium valuation calls for patience. Long-term players with 3-5 year time frame might gain from India's solar revolution, but short-term returns look constrained considering the costly entry point.
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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