About
Founded in 2013, Solarworld Energy Solutions Limited is a leading provider of renewable energy solutions for India’s commercial and industrial sectors. Known for its expertise in solar EPC, the company has delivered over 500 MW of operational capacity and is currently building 700 MW more, with a goal of reaching 5 GW by 2028. Trusted by top names like SGEL, Haldiram, and Moon Beverages, Solarworld is now expanding into advanced solar modules, Battery Energy Storage Systems (BESS), and solar cell manufacturing to support India’s 500 GW renewable energy target by 2030.
Issue size
| Funds to be raised in the IPO | Amount (INR Cr) |
|---|---|
| Overall | 600 (face value of ₹5 each) |
| Fresh issue | 550 |
| Offer for sale | 50 |
The utilisation of proceeds
| Purpose | INR crores (%) |
|---|---|
| Investment in their Subsidiary, Kartik Solarworld Private Limited for part-financing the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, India | 420 |
| General corporate purposes | The amount to be utilized for general corporate purposes shall not exceed 25% of the Gross Proceeds. |
Financial snapshot
| Financial Year | FY 2022 (INR Cr) | FY 2023 (INR Cr) | FY 2024 (INR Cr) |
|---|---|---|---|
| Total Assets | 67.40 | 120.42 | 155.02 |
| Revenue | 505.50 | 235.05 | 31.90 |
| Profit after Tax | 2.19 | 14.83 | 51.69 |
IPO schedule
| Particulars | Details |
|---|---|
| Issue Period | TBD |
| Price band | TBD |
| Minimum Bid quantity | TBD |
| UPI Mandate Deadline | TBD |
| Allotment Finalization | TBD |
| Refund Initiation | TBD |
| Share Credit | TBD |
| Listing Date | TBD |
| Mandate end date | TBD |
| Lock-In End Date for Anchor Investors (50%) | TBD |
| Lock-In End Date for Anchor Investors (Remaining) | TBD |
Strengths
- Strong track record in end-to-end solar EPC with robust in-house capabilities.
- Solid order book backed by favourable policies ensuring future growth.
- Strong financial and operational performance.
- Focused on geographic expansion, customer retention, and product diversification.
- Investing in R&D to boost innovation and technological edge.
Risks
- Project delays and cost overruns under fixed-price contracts may impact margins.
- Heavy reliance on few clients and projects risks revenue stability.
- High working capital needs and receivable cycles strain liquidity.
- Vendor and subcontractor dependence exposes supply and quality risks.
- Growth depends on favourable government policies and clearances.
- Legal, compliance, and related party issues may affect credibility.