Solarworld Energy Solutions
Book Building issueMainboardNSE₹490 Cr issue
+10.83%
Listing gain over issue price
Issue size
₹490 Cr
1 lot at cut-off
₹14,742
Lot size
42shares
Open
23 Sep 2025
Close
25 Sep 2025
Allotment
26 Sep 2025
Listing
30 Sep 2025
Listing performance
Issue price
₹351
Listed at
₹389
Listing-day close
₹323.50
Latest price
₹126.59
Close on 12 Oct 2026
Listing gain
+10.83%
Return since issue
-63.93%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Sep 2025 – 25 Sep 2025
- Listing date
- 30 Sep 2025
- Face value
- ₹5 per share
- Issue price
- ₹351 per share
- Lot size
- 42 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹490 Cr
- Market cap at offer price
- ₹3,042 Cr
- Promoter holding
- 78.70% → 65.67% pre-issue → post-issue
- ISIN
- INE0TY101024
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- 501, Padma Palace, 86, Nehru Place, New Delhi
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 | 62,82,051 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 42 shares per lot, in multiples, at ₹351
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 42 | ₹14,742 |
| Retail (max) | 13 | 546 | ₹1,91,646 |
| S-HNI (min) | 14 | 588 | ₹2,06,388 |
| S-HNI (max) | 67 | 2,814 | ₹9,87,714 |
| B-HNI (min) | 68 | 2,856 | ₹10,02,456 |
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.
Shares allocated
62,82,051
Anchor portion
₹221 Cr
at ₹351 per share
Valuation and performance
Valuation at offer price
₹351 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.39 | 8.89 |
| P/E (×) | 33.78 | 39.48 |
| Market cap | — | ₹3,042 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 40.27%
- ROCE
- 54.53%
- Debt / equity
- 0.37
- PAT margin
- 14.14%
- EBITDA margin
- 19.60%
- NAV per share
- ₹41.69
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Solarworld Energy Solutions
Solarworld Energy Solutions Limited was incorporated as a private company in July 2013 and converted to public limited on September 23, 2024. The company provides comprehensive, end-to-end solar energy solutions, specializing in EPC services for solar power projects. It commenced operations in 2013, offering customized solutions for PSUs and commercial and industrial clients. The company also provides O&M services. As of July 31, 2025, it has completed projects with 253.67 MW AC/336.17 MW DC capacity and ongoing projects with 765 MW AC/994 MW DC for EPC and 325 MW/650 MWh for BESS. The company recently established a manufacturing facility at Haridwar for TopCon solar modules (1.2 GW capacity) and is setting up BESS production lines. It plans to establish a manufacturing facility for solar PV TopCon cells at Pandhurana, Madhya Pradesh.
Company Analysis
from RHPSolarworld Energy Solutions Limited is an EPC and O&M services provider specializing in engineering, procurement, and construction of solar power projects for PSUs and C&I clients, with recent entry into solar module manufacturing and BESS.
Solarworld Energy Solutions Limited was incorporated as a private company in July 2013 and converted to public limited on September 23, 2024. The company provides comprehensive, end-to-end solar energy solutions, specializing in EPC services for solar power projects. It commenced operations in 2013, offering customized solutions for PSUs and commercial and industrial clients. The company also provides O&M services. As of July 31, 2025, it has completed projects with 253.67 MW AC/336.17 MW DC capacity and ongoing projects with 765 MW AC/994 MW DC for EPC and 325 MW/650 MWh for BESS. The company recently established a manufacturing facility at Haridwar for TopCon solar modules (1.2 GW capacity) and is setting up BESS production lines. It plans to establish a manufacturing facility for solar PV TopCon cells at Pandhurana, Madhya Pradesh.
Solar Energy / Renewable EnergyEngineering, Procurement & Construction (EPC)Operations & Maintenance (O&M)Solar Module ManufacturingBattery Energy Storage Systems (BESS)
Objects of the Issue
- Investment in 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 ₹ 4,200.00 million p.23
- General corporate purposes [●] p.23
- Investment in Kartik Solarworld Private Limited for part-financing the establishment of a 1.2 GW solar PV TopCon cell manufacturing facility at Pandhurana, Madhya Pradesh To be disclosed in Objects of the Offer section on page 102 p.44
- Investment in our Subsidiary, Kartik Solarworld Private Limited (KSPL) for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh, India ₹4,200.00 million p.107
- General corporate purposes p.107
- Investment in Kartik Solarworld Private Limited (wholly-owned subsidiary) for setting up a solar PV TopCon cell manufacturing facility in Pandhurana, Madhya Pradesh with annual capacity of 1.2 GW, partly funded through Net Proceeds p.201
- Not specified in this part of the document - this section covers only business operations and history
- Not specified in Part 8
Issue Structure
- Total Issue
- Up to ₹ 4,900.00 million
- Fresh Issue
- Up to ₹ 4,400.00 million (aggregating up to [●] Equity Shares of face value of ₹ 5 each)
- Offer for Sale
- Up to ₹ 500.00 million (aggregating up to [●] Equity Shares of face value of ₹ 5 each by Pioneer Facor IT Infradevelopers Private Limited)
- Price Band
- [●] per Equity Share (Floor Price ₹[●], Cap Price ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 5 each
Business Model
The company earns revenue primarily through: (1) EPC services - design, engineering, procurement, and construction of solar power projects for customers, (2) O&M services - operations and maintenance of completed solar installations, and (3) planned revenue from manufacturing and sale of solar modules, BESS, and solar PV TopCon cells through subsidiaries.
Business Segments
Design, engineering, procurement, installation and commissioning of solar power projects for PSUs and C&I clients
Operations and maintenance services for completed solar power installations
Manufacturing of TopCon solar modules through subsidiary ZNSHINE Solarworld Private Limited
Manufacturing and deployment of battery energy storage systems
Design, engineering, procurement, construction and commissioning of solar power projects
Battery energy storage solutions projects
Ongoing monitoring, control, data management and maintenance of solar power projects
The company designs, procures equipment, and constructs utility-scale solar power plants for corporate and government clients.
The company provides ongoing maintenance and monitoring services for commissioned solar plants.
Engineering, Procurement and Construction services where customers finance and own the solar power projects. The company provides end-to-end solutions including site evaluation, design, procurement, installation, and commissioning.
Renewable Energy Service Company model where the company retains ownership of the solar power project and sells electricity to customers without requiring them to make capital investment.
Operations and Maintenance services for completed solar power projects managed by experienced O&M team comprising 61 employees as of July 31, 2025, serving 299 MW DC of portfolio.
Specializes in EPC services for solar power projects with more than a decade of experience. Provides design and engineering through in-house teams using tools like PVSYST, AutoCAD and STAAD. Manages procurement through a network of 58 supply chain employees managing vendors across India and abroad. Executes construction including installation and commissioning of solar projects. As of July 31, 2025, Order Book was ₹11,981.75 million for EPC projects with cumulative capacity of 994 MW (DC).
Solar power projects installed on land parcels, utility scale projects typically set up to meet power supply obligations of customers under power purchase agreements with PSUs and C&I clients. Also setup for captive power consumption by large C&I clients. Historically capacity has ranged from 10 MW - 260 MW.
Solar power projects installed on rooftops of buildings and structures, typically for customers requiring power for captive industrial energy requirements. Historically capacity has ranged from 100 KW – 2 MW. Provide customers with substantial savings in power costs and allow them to offset their carbon footprint.
Provides forward integrated full life cycle services to customers, primarily for executed EPC projects as bundled value add services. Majority of EPC projects have bundled O&M services for three to five years. Dedicated teams provide expertise in ongoing maintenance, repairs and complete operational solutions using project management platform and SCADA systems. As of July 31, 2025, Order Book for O&M was ₹579.39 million with cumulative capacity of 1,291 MW (DC).
Manufacturing and sale of solar photovoltaic panels through ZNSHINE Solarworld Private Limited, a wholly-owned subsidiary formed through an equity cooperation agreement with ZNSHINE PV-Tech Co Limited.
Engineering, procurement and construction of solar power plants, manufacturing and sale of solar modules, solar cells, solar accessories, and operation and maintenance services
Sale of engineering, procurement and construction project services for solar power projects including construction, engineering, designing, supply of materials, development of system, installation, project management, operations and maintenance
Sale of solar modules, solar cells, solar accessories and other products
Sale of operation and maintenance and other services for solar projects
Design, procurement of materials, and construction of solar power installations for public sector undertakings and private customers; includes installation and commission charges, site expenses, support services, security charges, and professional services
Sale of solar panels and solar cells
Operation and maintenance services for commissioned solar projects
SWOT Analysis
Strengths
- • Established market presence with significant completed solar power projects(p.23)
- • Strong order book diversification from repeat and new customers(p.37)
- • Comprehensive service offerings spanning EPC, O&M and BESS projects(p.23)
- • Strong revenue growth trajectory(p.25)
- • Improved profitability with consistent growth(p.25)
- • Established track record and strong in-house execution capabilities for end-to-end solar EPC solutions(p.121)
- • Robust order book with favourable national policy support and visibility for future growth(p.121)
- • Strong financial performance driven by asset light business model(p.121)
- • Strong customer relationships built on reliable delivery of projects with significant focus on quality(p.121)
- • High Return on Equity of 40.27% in FY2025(p.124)
- • Strong order book of ₹17,005.51 million as of March 31, 2025(p.124)
- • Established track record with 46 completed projects and 253.67 MW AC capacity(p.197)
- • Strong in-house execution capabilities across design, engineering, procurement, installation, and commissioning(p.197)
- • Robust order book of ₹25,278.14 million with visibility on future cash flows(p.198)
- • Asset-light business model with high fixed asset turnover ratio of 27(p.198)
- • Strong financial performance with PAT CAGR of 127.89% from FY23 to FY25(p.199)
- • Low debt to equity ratio of 0.37 indicating financial strength(p.199)
- • Repeat customer relationships with 50% of commissioned capacity in FY25 from repeat customers(p.198)
- • Experienced management team with decade-plus experience in solar sector(p.201)
- • Decade-plus EPC execution experience with 37 completed projects(p.203)
- • Significant installed capacity expansion from 0.50 MW to 253.67 MW AC(p.203)
- • Large order book of ₹25,278.14 million across EPC, BESS and O&M segments(p.203)
- • In-house engineering teams using advanced design tools (PVSYST, AutoCAD, STAAD)(p.203)
- • Established supply chain network with 58-person supply team managing vendor ecosystem(p.203)
- • Integrated O&M business model with 3-5 year bundled service contracts(p.204)
- • Experienced team of 243 engineers with advanced monitoring systems (SCADA, centralized monitoring)(p.205)
- • Strong government customer base representing 80.43% of FY2025 revenue(p.208)
Weaknesses
- • Severe revenue concentration with single customer(p.36)
- • History of negative operating cash flows(p.39)
- • Geographic concentration of operations in Uttar Pradesh(p.38)
- • High dependence on leased premises with renewal uncertainty(p.43)
- • No prior experience in manufacturing operations(p.43)
- • High supplier concentration risk(p.41)
- • Lack of internal manufacturing expertise and in-house capabilities(p.44)
- • High concentration of trade receivables relative to revenue(p.47)
- • Dependence on limited supplier base with no long-term contracts(p.50)
- • High employee attrition rates(p.57)
- • Delayed payment of statutory dues in the past(p.46)
- • Contingent liabilities and corporate guarantees exposure(p.59)
- • Trademark application objection pending(p.54)
- • Dependence on few customers for revenue concentration(p.39)
- • Project execution risks with potential for time and cost overruns(p.40)
- • High net working capital days requirement of 82 days in FY2025(p.124)
- • Heavy dependence on single customer SJVN Green Energy representing 79.19% of FY25 revenue(p.200)
- • Manufacturing facilities not yet operational; dependent on external suppliers for components(p.201)
- • Counterparty credit risk from financially weak state distribution companies(p.189)
- • Execution delays during monsoon season affecting revenue recognition(p.189)
- • Low commissioned capacity in FY25 of only 24 MW despite receiving 376 MW DC in orders(p.193)
- • Extreme concentration risk with single customer (SJVN) representing 79.19% of FY2025 revenue(p.208)
- • Deteriorating bid success ratio from 56.55% (FY2024) to 37.91% (FY2025)(p.207)
- • High employee attrition rate of 34% in FY2025, up from 11.36% in FY2024(p.214)
- • Material dependence on Chinese solar module imports for manufacturing(p.207)
- • Recently incorporated module manufacturing subsidiary (ZNSHINE) with significant losses (-₹39.24 million in FY2025)(p.233)
- • Pending trademark application objected to as of April 3, 2024(p.214)
- • Concentration of promoter shareholding(p.257)
- • Related party transactions with promoters including loans(p.263)
- • Holding company leases property from corporate promoter(p.263)
- • Audit modifications regarding accounting software audit trail(p.272)
- • Expected credit loss provisions on receivables(p.307)
- • High customer concentration risk with single customer representing 79% of revenue(p.396)
- • Elevated working capital requirement with 82 days NWC cycle(p.378)
- • Provision for doubtful receivables from customers totaling ₹144.36 million(p.385)
- • Provision for foreseeable losses on construction contracts of ₹22.02 million(p.385)
Opportunities
- • Expansion into new states with growing solar market(p.38)
- • Entry into high-growth BESS manufacturing and projects(p.43)
- • Favorable government support for solar expansion(p.23)
- • Growing order book with significant future revenue pipeline(p.36)
- • Diversification into manufacturing of high-margin solar PV TopCon cells(p.43)
- • Strategic partnerships to expand customer reach(p.37)
- • Expansion of manufacturing capacity with TopCon solar cell production(p.44)
- • Diversification into battery energy storage solutions (BESS)(p.45)
- • Leveraging existing EPC and O&M customer relationships for new product sales(p.45)
- • Geographic expansion beyond concentrated operations in select states(p.57)
- • Growth through portfolio expansion and project acquisitions(p.57)
- • India's target to achieve 500 GW of non-fossil fuel capacity by 2030 with 280 GW from solar energy(p.109)
- • Robust solar sector growth with 97 GW capacity added over fiscals 2018-26 at ~26% CAGR(p.109)
- • Government prescribed annual bidding trajectory of 50 GW per annum renewable energy capacity from 2023-24 to 2027-28(p.109)
- • Opportunity to integrate manufacturing with EPC services for improved operational efficiency(p.109)
- • Expected global renewable capacity additions of 940 GW annually by 2030(p.144)
- • Expected 170-180 GW solar capacity additions over FY26-FY30, significantly exceeding prior five years(p.201)
- • Third-party solar EPC market to reach ₹875-900 billion by FY30 with 11-12% CAGR(p.160)
- • Strategic backward integration into TopCon module and cell manufacturing with 1.2 GW capacity each(p.201)
- • Expansion into battery energy storage systems (BESS) with 2 GW planned capacity(p.201)
- • Growing export opportunity for Indian solar modules to US market post-UFLPA implementation(p.170)
- • Government support through PLI scheme and aggressive tendering strategy for solar capacity(p.192)
- • Underserved domestic market for rooftop and C&I solar solutions(p.201)
- • Major government 325MW solar project awarded at Bikaner with 3-year O&M contract(p.228)
- • 125 MW / 250 MWh battery energy storage contract awarded with viability gap funding support(p.228)
- • Expanding O&M market with ~50-55 GW total addressable market from third-party O&M services(p.213)
- • Strategic manufacturing partnership with ZNSHINE for solar PV module production to serve domestic market(p.228)
- • Government support through Make in India policies requiring 100% domestically manufactured solar modules for government projects(p.221)
- • National Solar Mission targets expansion to 40 GW rooftop and 60 GW large-scale grid connected solar capacity(p.221)
- • Grid Connected Solar Rooftop Programme extended to March 31, 2026 with central financial assistance(p.222)
- • Rapid growth in commissioned capacity from 24 MW-DC in FY2025 to potential of 376 MW-DC under current contracts(p.377)
- • Order book increased to ₹17,005.51 million as of March 31, 2025 from ₹8,130.41 million in FY2024(p.377)
- • Expanding O&M services with 299 MW-DC served during FY2025 compared to 119 MW-DC in FY2024(p.377)
- • Revenue from products increased to ₹610.50 million in FY2025 from ₹3.11 million in FY2024(p.382)
Threats
- • Intense competition from larger, better-resourced competitors(p.43)
- • Supply chain disruptions and material cost volatility(p.40)
- • Project execution risks including delays and cost overruns(p.37)
- • Policy and regulatory changes affecting operations(p.41)
- • Performance guarantee and defect liability obligations(p.40)
- • Environmental and weather-related project disruptions(p.38)
- • Competition from larger established manufacturers with greater resources(p.44)
- • Monsoon and seasonal disruptions affecting project execution(p.49)
- • Volatility in raw material prices and supply chain disruptions(p.50)
- • Regulatory changes affecting tax benefits and sector incentives(p.70)
- • Counterparty credit risk from state distribution companies (Discoms)(p.66)
- • Dependence on solar irradiation and weather conditions(p.53)
- • Order Book execution risks and potential project delays(p.47)
- • Pricing pressure from new capacity additions in manufacturing sector(p.59)
- • Regulatory changes and emission norms could increase capital expenditure requirements(p.143)
- • Counterparty credit risk from weak financial position of distribution utilities(p.143)
- • Competition from global renewable energy providers and established players(p.144)
- • Fluctuations in input prices and forex rates affecting project economics(p.110)
- • Delays in obtaining government approvals could extend project timelines(p.117)
- • Policy uncertainty and regulatory changes affecting renewable energy incentives(p.189)
- • Intense competition from global and regional solar EPC providers(p.189)
- • US tariffs of 50% on Indian solar module exports effective August 2025(p.171)
- • Volatile module prices and commodity costs affecting EPC margins(p.189)
- • Supply chain disruptions from heavy reliance on imported solar cells and components(p.172)
- • Land acquisition and transmission connectivity challenges affecting project execution(p.189)
- • Climate and extreme weather events affecting solar infrastructure performance(p.189)
- • Highly fragmented yet consolidating solar EPC and O&M markets with global and regional competitors(p.213)
- • Larger competitors with significantly higher operating revenues (Tata Power Solar, Sterling and Wilson >₹30,000 million)(p.213)
- • Regulatory requirement for 25% basic customs duty on solar cells and 40% on solar modules from April 2022(p.219)
- • ALMM (Approved List of Models and Manufacturers) compliance requirement restricts module sourcing to approved manufacturers(p.219)
- • Intellectual property infringement risks with pending trademark objection and potential unauthorized use(p.214)
- • Insurance coverage limitations with standard exclusions such as terrorist acts and maximum claim limits(p.210)
- • Dependence on compliance with multiple state-level renewable energy policies and regulatory frameworks(p.224)
- • High dependency on public sector undertakings as primary customers(p.392)
- • Exposure to foreign exchange risk with capital payables denominated in USD(p.394)
- • Interest rate risk from variable rate borrowings of ₹1,034.75 million(p.394)
- • Project execution cycle of 12-24 months creates working capital requirements and revenue timing risks(p.392)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kartik Teltia | Promoter | 34.56% | — |
| Mangal Chand Teltia | Promoter | 4.79% | — |
| Rishabh Jain | Promoter | — | — |
| Sushil Kumar Jain | Promoter | — | — |
| Anita Jain | Promoter | — | — |
| Pioneer Facor IT Infradevelopers Private Limited | Promoter/Promoter Selling Shareholder | 39.35% | — |
| Pioneer Securities Private Limited | Promoter | — | — |
| Pioneer Fincap Private Limited | Promoter | — | — |
| Pioneer Facor IT Infradevelopers Private Limited | Promoter | 39.35% | — |
| Kartik Teltia | Promoter | 34.56% | — |
| Mangal Chand Teltia | Promoter | 4.79% | — |
| Pioneer Facor IT Infradevelopers Private Limited | Promoter / Promoter Selling Shareholder | 39.35% | — |
| Kartik Teltia | Promoter | — | — |
| Rishabh Jain | Promoter | — | — |
| Kartik Teltia | Promoter | 34.56% | — |
| Rishabh Jain | Promoter | — | — |
| Mangal Chand Teltia | Promoter | 4.79% | — |
| Pioneer Facor IT Infradevelopers Private Limited | Promoter Group | — | — |
| Kartik Teltia | Promoter | 34.56% | — |
| Mangal Chand Teltia | Promoter | 4.79% | — |
| Pioneer Facor IT Infradevelopers Private Limited | Promoter | 39.35% | — |
| Rishabh Jain | Promoter | — | — |
| Sushil Kumar Jain | Promoter | — | — |
| Anita Jain | Promoter | — | — |
| Pioneer Securities Private Limited | Promoter | — | — |
| Pioneer Fincap Private Limited | Promoter | — | — |
| Kartik Teltia | Promoter | — | — |
| Rishabh Jain | Promoter | — | — |
| Mangal Chand Teltia | Promoter | — | — |
| Pioneer Facor IT Infradevelopers Private Limited | Promoter Selling Shareholder | — | — |
Leadership
Kartik Teltia · Managing Director
Rini Chordia · Chairperson
Mukut Goyal · Chief Financial Officer
Varsha Bharti · Company Secretary and Compliance Officer
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.