Solarium Green Energy
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 06 Feb 2025 – 10 Feb 2025
- Listing date
- 13 Feb 2025
- Face value
- ₹10 per share
- Issue price
- ₹191 per share
- Lot size
- 600 shares
- Listing at
- BSE
- Total issue size
- ₹105 Cr
- Market cap at offer price
- ₹398 Cr
- Promoter holding
- 78.50% → 57.77% pre-issue → post-issue
- ISIN
- INE0W0H01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- B-1208 World Trade Tower, B/H Skoda Showroom, Makarba, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,63,000 | — | — |
| Market maker | 2,86,800 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹191
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,14,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,29,200 |
| S-HNI (max) | 8 | 4,800 | ₹9,16,800 |
| B-HNI (min) | 9 | 5,400 | ₹10,31,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.16 | 7.25 |
| P/E (×) | 18.80 | 26.34 |
| Price to book (×) | 14.10 | — |
| Market cap | — | ₹398 Cr |
Key performance indicators
- Return on net worth
- 76.69%
- ROCE
- 54.18%
- Debt / equity
- 1.51
- PAT margin
- 8.79%
- NAV per share
- ₹13.55
- Price to book
- 14.10
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Solarium Green Energy
Solarium Green Energy Limited, incorporated in 2015 and converted to a public limited company in June 2024, is an India-based renewable energy company engaged in providing comprehensive turnkey solar solutions. The company serves residential rooftop projects, commercial and industrial roof-top and ground-mounted projects, and government projects. Beyond EPC (engineering, procurement and construction) services, Solarium also manufactures and sells solar products including photovoltaic (PV) modules, inverters, and availability-based tariff (ABT) meters. The company previously engaged in polycrystalline solar module manufacturing from 2018 until February 2024, when it halted operations due to regulatory changes in the Approved List of Modules and Manufacturers by the Ministry of New & Renewable Energy. Solarium is accredited with BIS, ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications. The company is based in Ahmedabad, Gujarat and has expanded operations to multiple states including Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Haryana.
Company Analysis
from RHPSolarium Green Energy Limited provides turnkey solar energy solutions including design, engineering, procurement, construction, testing, commissioning and operations & maintenance of solar power plants, and also sells solar products across residential, commercial, industrial and government projects in India.
Solarium Green Energy Limited, incorporated in 2015 and converted to a public limited company in June 2024, is an India-based renewable energy company engaged in providing comprehensive turnkey solar solutions. The company serves residential rooftop projects, commercial and industrial roof-top and ground-mounted projects, and government projects. Beyond EPC (engineering, procurement and construction) services, Solarium also manufactures and sells solar products including photovoltaic (PV) modules, inverters, and availability-based tariff (ABT) meters. The company previously engaged in polycrystalline solar module manufacturing from 2018 until February 2024, when it halted operations due to regulatory changes in the Approved List of Modules and Manufacturers by the Ministry of New & Renewable Energy. Solarium is accredited with BIS, ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications. The company is based in Ahmedabad, Gujarat and has expanded operations to multiple states including Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Haryana.
Objects of the Issue
- Working Capital Requirement ₹7,100.00 Lakhs p.22
- General Corporate Purpose [●] (to be finalised upon determination of Issue Price; shall not exceed 25% of Gross Proceeds) p.22
- To Meet Working Capital Requirements ₹7,100.00 Lakhs p.94
- General Corporate Purposes [●] (not to exceed 25% of Gross Proceeds) p.94
- Working Capital Requirements ₹7,100.00 lakhs p.102
- General Corporate Purposes p.102
Issue Structure
- Total Issue
- 54,99,600 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- 54,99,600 Equity Shares of Face Value of ₹10 each aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil (entire issue constitutes fresh issue of equity shares)
- Price Band
- Price Band to be decided by Company in consultation with BRLM (Floor Price not less than face value; Cap Price at least 105% of Floor Price and not more than 120% of Floor Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through two primary segments: (1) Turnkey Solutions - providing design, engineering, procurement & supply, construction & erection, testing, commissioning, associated transmission systems and comprehensive operation & maintenance (O&M) of solar power plants under both lumpsum turnkey contracts (fixed price) and item rate contracts (price per unit); and (2) Sale of Solar Products - selling solar PV modules, solar PV inverters, ABT meters and other solar products.
Business Segments
SWOT Analysis
- • Diverse turnkey solar solutions across multiple customer segments(p.23)
- • Multiple quality and industry certifications(p.23)
- • Established order book providing revenue visibility(p.38)
- • Established turnkey solar solutions with comprehensive service offerings(p.95)
- • Diverse project portfolio across residential, commercial, and government segments(p.95)
- • Multiple quality certifications and accreditations(p.95)
- • Strong promoter ownership and control post-IPO(p.51)
- • Growing orderbook demonstrating market demand(p.96)
- • Significant government project pipeline(p.96)
- • Scaled and integrated operations across renewable energy project lifecycle(p.145)
- • Proven track record with significant project completion across multiple verticals(p.133)
- • In-house engineering and construction capabilities with cost control advantages(p.145)
- • Strong experienced management with extensive industry background(p.146)
- • Diversified portfolio across residential, commercial, industrial and government projects(p.145)
- • Geographical expansion across 10 Indian states reducing regional concentration(p.145)
- • Established regulatory framework for renewable energy with government incentives(p.162)
- • Government support for grid-connected solar infrastructure(p.164)
- • Make in India policy creating domestic manufacturing advantage(p.165)
- • Tax incentives and favorable tariff policies for renewable energy(p.165)
- • Net metering regulations enabling distributed solar adoption(p.166)
- • Significant geographic revenue concentration in Gujarat(p.32)
- • High customer concentration risk(p.34)
- • High supplier concentration dependency(p.35)
- • History of negative operating cash flows(p.39)
- • Cessation of manufacturing operations due to regulatory changes(p.33)
- • Heavy dependence on key promoters(p.44)
- • History of delayed statutory filings and compliance issues(p.40)
- • Delays in GST and EPF filings with associated penalties(p.42)
- • High debt obligations with significant borrowed funds(p.50)
- • Dependence on external financing with lender-imposed restrictions(p.50)
- • Inability to control working capital deployment due to restrictive covenants(p.51)
- • Premises not owned; dependence on leased facilities(p.51)
- • No dividend history; limited cash returns to shareholders(p.52)
- • Lack of hedging policy for foreign exchange exposure(p.49)
- • Halted manufacturing operations due to ALMM non-compliance(p.151)
- • High customer concentration with top customer representing 10.25% of sales(p.136)
- • Negative operating cash flows indicating working capital challenges(p.136)
- • Significant supplier concentration with top supplier at 15.30% of purchases(p.136)
- • Limited employee count relative to operational scale creating execution risk(p.140)
- • Dependent on a small number of large customers(p.178)
- • History of project delays and cost overruns(p.178)
- • Reliance on limited management team and key personnel(p.179)
- • Limited operational history since recent conversion to public company(p.175)
- • Expansion into new geographic markets beyond Gujarat(p.33)
- • Growing renewable energy sector and government support(p.23)
- • Broader customer base development(p.35)
- • Transition to advanced monocrystalline and TOPCon solar module technology(p.47)
- • Expansion of residential rooftop project execution(p.96)
- • Significant untapped government project pipeline(p.96)
- • Improving domestic solar market and climate change tailwinds(p.49)
- • Integration of product sales with turnkey solutions(p.95)
- • Strategic expansion of locational presence for market penetration(p.99)
- • Working capital injection enabling accelerated growth execution(p.96)
- • India's 500 GW renewable energy target by 2030 creating massive market expansion(p.129)
- • PM-Surya Ghar scheme targeting 30 GW residential rooftop capacity by 2027(p.129)
- • Strong residential rooftop solar growth with CAGR of 31.7% from FY2020-2024(p.131)
- • Projected solar capacity additions of 185.6 GW by 2026-27 per National Electricity Plan(p.128)
- • Expand geographical footprint to additional states beyond current 10-state presence(p.146)
- • Global solar market expansion with 447 GW capacity additions in 2023(p.127)
- • Projected growth in electricity demand requiring solar capacity expansion(p.165)
- • Expanding renewable energy purchase obligations driving solar procurement(p.165)
- • Enhanced transmission infrastructure and grid integration policies(p.165)
- • Government support for agricultural solar transformation through PM KUSUM scheme(p.163)
- • Green energy open access enabling direct renewable procurement(p.164)
- • Regulatory changes affecting solar module requirements and manufacturing(p.33)
- • Increased customs duty on solar PV cells and modules(p.33)
- • Cost overruns and construction delays in EPC contracts(p.35)
- • Reduction or elimination of government incentives for renewable energy(p.48)
- • Intense competition from traditional and renewable energy companies(p.48)
- • Government project delays and policy changes affecting revenues(p.48)
- • Interest rate fluctuations affecting borrowing costs(p.48)
- • Order cancellation and project delay risks(p.38)
- • Second-half revenue concentration in government projects(p.44)
- • Monsoon season operational challenges affecting project execution(p.38)
- • Vulnerability to foreign exchange fluctuations on imported components(p.49)
- • Operational hazards and regulatory liability exposure(p.48)
- • Environmental compliance burden and regulatory changes(p.49)
- • Regulatory risks from evolving environmental and emissions legislation(p.49)
- • Government policy and taxation changes affecting competitiveness(p.55)
- • Macroeconomic volatility and global financial uncertainty(p.54)
- • Cyclicality and volatility in renewable energy project awards and government policies(p.143)
- • Intense competition from local and international renewable energy developers(p.152)
- • Fluctuation in raw material and equipment costs impacting project profitability(p.151)
- • Dependence on government subsidies and incentive schemes for residential segment(p.140)
- • Regulatory changes in solar manufacturing standards affecting product viability(p.133)
- • Regulatory changes in customs duties on solar equipment(p.162)
- • Compliance requirements for solar equipment registration and standards(p.163)
- • Dependence on state-level policy implementation for renewable energy targets(p.162)
- • Environmental compliance burden for manufacturing and operations(p.172)
- • Fluctuating input costs and potential supply chain disruptions(p.162)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ankit Garg | Promoter | 34.20% | — |
| Pankaj Vallabhbhai Gothi | Promoter | 34.20% | — |
| Ankit Garg | Promoter | 34.20% | 25.18% |
| Pankaj Vallabhbhai Gothi | Promoter | 34.20% | 25.18% |
| Ankit Garg | Promoter | — | — |
| Pankaj Vallabhbhai Gothi | Promoter | — | — |
| Ankit Garg | Promoter | 34.20% | — |
| Pankaj Vallabhbhai Gothi | Promoter | 34.20% | — |
| Ankit Garg | Promoter | — | — |
| Pankaj Vallabhbhai Gothi | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.