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Solarworld Energy Solutions Ltd
Power InfrastructureIPO
₹351 - 351
We are engaged in providing solar energy solutions, specialising in engineering, procurement and construction ("EPC") services for solar power projects. We commenced our operations in 2013, offering comprehensive, end to end and cost-effective solutions for the installation of solar power projects tailored to our customers' needs, which comprise public sector undertakings ("PSUs") and commercial and industrial clients ("C&I Clients"). Our business operations are supported by our strong execution capabilities, which is demonstrated by the projects which have achieved their commercial operation date ("Completed Projects") and our projects for which we have received orders or are currently under execution ("Ongoing Projects"). As on July 31, 2025, we have Completed Projects with a total capacity of 253.67 megawatts ("MW") AC/ 336.17 MW DC, and Ongoing Projects with a capacity of 765 MW AC /994 MW DC for EPC and 325 MW/650 MWh for BESS.
Lot42Min Invest₹14,742Face Value₹5Issue Size₹490 CrFresh Issue₹440 CrOffer for Sale₹50 CrListing Price₹389CMP₹109
Timeline
23 Sept
Bidding opens
25 Sept
Bidding closes
26 Sept
Allotment
29 Sept
Refund & demat credit
30 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹490 Cr1.40 Cr shares
Fresh Issue₹440 Cr
Offer for Sale₹50 Cr
Face Value₹5
Lot Size42 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,7421-13 lots
sNII₹2,06,388from 14 lots
bNII₹10,02,456from 68 lots
Managers & Registrar
Lead ManagerNuvama Wealth Management Ltd
Co-ManagerSBI Capital Markets Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrPioneer Facor IT Infradevelopers Private LimitedPRMTR1,25,35,612440.00Total1,25,35,612440.00
Shareholding
CategoryPre IPOPost IPOPromoter Group78.7%65.67%Public21.3%34.33%
Objects of the Issue
- Investment in its subsidiary KSPL for part financing the establishment of the pandhurana project
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 232 | 501 | 545 | 1,376 | 1,476 |
| Operating ProfitCr | 21 | 69 | 109 | 148 | 150 |
| OPM% | 9.2 | 13.7 | 20.1 | 10.8 | 10.2 |
| PBTCr | 19 | 68 | 107 | 161 | 156 |
| PATCr | 15 | 52 | 77 | 120 | 117 |
| EPS | 2 | 8 | 11 | 15 | 14 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 37 | 43 | - |
| ReservesCr | 22 | 73 | 272 | 804 | - |
| BorrowingsCr | 65 | 61 | 115 | 255 | - |
| Fixed AssetsCr | - | - | 45 | 151 | - |
| Total AssetsCr | 120 | 155 | 598 | 1,688 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -7 | 7 | 54 | -50 | - |
| Investing Cash FlowCr | 3 | 19 | -274 | -476 | - |
| Financing Cash FlowCr | 6 | -10 | 210 | 538 | - |
| Net Cash FlowCr | 3 | 16 | -9 | 12 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Established track record and strong in-house execution capabilities for end-to-end solar EPC solutions.
- Robust order book with favourable national policy support and visibility for future growth.
- Strong financial performance driven by asset light business model.
- Strong customer relationships built on reliable delivery of projects with a significant focus on quality.
Strategies · as stated in the DRHP
- Invest in our manufacturing capabilities for solar modules, BESS and solar PV TopCon cell.
- Grow our customer base by diversifying into new geographies and maintain relationships with our key customers and other stakeholders.
- Exploring opportunities to expand our portfolio and scale our operations.
- Establish strong research and development capabilities to drive innovation and technological advancement.
Risks · as stated in the DRHP
- For Fiscals 2025, 2024, and 2023, we derived 79.19%, 91.16%, and 87.98% of our revenue, respectively, from one of our key customers, SJVN Green Energy Limited. The loss of such key customer may materially and adversely affect our business, future prospects, and financial performance.
- Our installation and construction activities are subject to cost overruns or delays or completion risks which may have an adverse impact on our operations.
- We may be unable to accurately estimate costs under fixed-price EPC contracts. Any failure to accurately estimate costs or manage our supplier relationships, may increase our construction costs and working capital requirements which may have a material adverse effect on our financial condition, cash flow and results of operations.
- Our operations are concentrated predominantly in the state of Uttar Pradesh in Fiscals 2024 and 2023, and any change in the economic conditions could adversely impact our business and financial performance.
- We have sustained negative cash flows from operating activities in the past and may experience earnings decline or operating losses or negative cash flows from operating activities in the future. Any negative cash flows in the future would adversely affect our results of operations and financial condition.
- Any failure to maintain the quality and performance guarantees under our EPC contracts or delays in completing the construction of solar power projects, may increase our construction costs and working capital requirements which may have a material adverse effect on our financial condition, cash flow and results of operations.