Solarworld Energy Solutions Limited

1.23x

subscribed

Solarworld Energy Solutions Limited

Power Generation/Distribution
open
₹13,986Min. investment
  1. Pre-apply
    22 Sep
  2. Bid start
    23 Sep
  3. Bid end
    25 Sep
  4. Allotment
    26 Sep
  5. Release of funds
    29 Sep
  6. Demat transfer
    29 Sep
  7. Listing
    30 Sep

About Solarworld Energy Solutions Limited

SectorPower Generation/Distribution
Price range₹333 – ₹351
IPO type
Regular
Lot size42 shares
Issue size₹490Cr
Red Herring Prospectus
Read
Market Cap
₹3,042.21CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹544.76CrLower than sector avg
Growth rate3Y CAGR
53.08%Higher than sector avg

Solarworld Energy Solutions Limited IPO Overview

Solarworld Energy Solutions Limited IPO date

Solarworld Energy Solutions Limited IPO will open for subscription on September 23, 2025, and the closing date for the IPO is September 25, 2025. After this, investors are expected to be updated about the allotment status on September 26, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on September 29, 2025. The shares will be listed on the NSE and the BSE on Tuesday, September 30, 2025.

Solarworld Energy Solutions Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹333 to ₹351 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹440 crore and an offer for sale of ₹50 crore.

Solarworld Energy Solutions Limited's IPO listing price will be determined on September 30, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Solarworld Energy Solutions Limited IPO lot size

Solarworld Energy Solutions Limited IPO details have been declared. The minimum lot size for an application is 42 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹490 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹544.76Cr
This sector
₹7,783.3Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
53.08%
This sector
0.01%
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹77.05Cr
This sector
₹1,281.2Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹3,042.21Cr
This sector
₹38,103.65Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
32.87
This sector
45.35
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.37
This sector
2.10
Compare with companies

Objectives

Investment in subsidiary
95.40%
General corporate purposes
4.60%

Strength and Weakness

Strong in-house execution capabilities

The success is driven by the company’s strong in-house execution capabilities and commitment to delivering end-to-end solutions. Its end-to-end EPC solutions include site survey and design to installation and commissioning. It has successfully developed, constructed, and operated a range of rooftop solar projects and ground-mounted solar projects under both CAPEX and RESCO models.

Strong order book

As on July 31, 2025, the company’s order book was ₹ 1,198.1 crore for EPC projects, ₹1,271.70 crore for BESS projects and ₹ 57.94 crore for O&M projects with a cumulative capacity of 985 MW (DC) and 1291 MW (DC), respectively.

Asset-light business model

It operates on an asset-light business model in relation to operations under the CAPEX model, where customers handle real estate acquisition. This model minimises capital expenditures and fixed costs, providing it with the flexibility and scalability to meet customer needs, offer customised solutions, and respond quickly to changing market conditions.

Strong customer relationships

The company offers a comprehensive range of customised solutions for solar power projects, serving corporations such as Haldiram Snacks Private Limited, Ethnic Food Manufacturing, Moon Beverages Private Limited, Harrshiv Healthy Foods and SJVN Green Energy Limited. The top 10 customers contributed 99.97% of the revenue.

About Solarworld Energy Solutions Limited

Incorporated in 2013, Solarworld Energy Solutions Limited is engaged in providing solar energy solutions, specialising in EPC services for solar power projects. It offers comprehensive end-to-end and cost-effective solutions for the installation of solar power projects tailored to its customers’ needs, which comprise PSUs and commercial and industrial clients.
As of July 31, 2025, the company has completed projects with a total capacity of 253.67 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.
The company offers solutions through two distinct models, namely the capital expenditure CAPEX model and the renewable energy service company (RESCO) model. In FY25, 87.73% of the revenue came from the CAPEX model and 0.12% from the RESCO model. It has completed 46 ground-mounted projects and rooftop installations since 2014, as of July 31, 2025. Ground-mounted projects comprise solar power projects that are installed on land parcels and have historically had a capacity ranging from 10MW - 260MW. Rooftop projects comprise solar power projects that are installed on the rooftops of buildings and structures and have historically had a capacity ranging from 100 KW – 2 MW.
The company specialises in EPC services for solar power projects and has more than a decade of experience in executing EPC projects, including design & engineering, procurement and construction. It has also established a sustainable O&M business division, which is aimed at providing forward-integrated full life cycle services to its customers. It provides these services primarily for its executed EPC projects as bundled value-added services. EPC contributed 87.73% of the revenue, sales of products contributed 11.21% and sales of services contributed 1.04% in FY25.
The company’s customer mix includes key customers such as SJVN Green Energy Limited, Haldiram Snacks Private Limited, Ethnic Food Manufacturing Private Limited and Samiksha Solarworld Private Limited. Government customers contributed 80.43% and private customers contributed 19.57% of the revenue in FY25. As of July 31, 2025, its Order Book was ₹ 2,527.81 crore.
There is a surge expected in solar power capacity, reaching 170-180 GW from FY26 to FY30, significantly surpassing the ~85 GW added between FY19 and FY25. This demand is led by the strong pipeline build-up under existing schemes and new tendering schemes, improvement in technology and mixed resource models. To capitalise on this, the company plans to continue investing in its business development, tendering, and marketing functions to enhance its ability to identify, evaluate, and win new customers.
The company intends to establish a manufacturing facility for solar PV TopCon cells in Pandhurana, Madhya Pradesh, with an annual capacity of 1.2 GW, partly funded through the Net Proceeds and the Pre-IPO Proceeds, by investing in its Subsidiary, Kartik Solarworld Private Limited. It is also aiming to drive innovation and technological advancement in the renewable energy sector by establishing strong research and development capabilities.
Now, Solarworld Energy Solutions Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹440 crore and an offer for sale of ₹50. The total issue size of the IPO is ₹490.00 crore. Its shares will be listed on the NSE and BSE.

IPO Subscription Status

Date
QIB
NII
Retail
Total
23-Sep-25
0.01 times (X)
1.43 times (X)
4.6 times (X)
1.23 times (X)

Latest News on IPO

news logo
Solarworld Energy Solutions IPO: The initial share sale, which has set a price band of ₹333 to ₹351 per share, is a mix of fresh issuance of shares aggregating up to ₹440 crore as well as an offer for sale of ₹50 crore.

2 min read

news logo
Earlier in September, the company filed its draft papers with SEBI to raise ₹600 crore through its initial public offering (IPO). Solarworld Energy Solutions IPO consisted of a fresh issuance of equity shares aimed at raising ₹550 crore and an offer-for-sale (OFS) portion worth ₹50 crore.

2 min read

news logo
Solarworld Energy Solutions has filed preliminary documents with SEBI to raise Rs 600 crore through an IPO, consisting of a new equity share issuance of Rs 550 crore and an offer-for-sale of Rs 50 crore by promoters. This move aims to support the company's ambitious goal of 5 GW solar projects by 2028.
news logo
Solarworld Energy Solutions IPO seeks to raise ₹490 crore by offering new shares aggregating to ₹440 crore and an offer for sale (OFS) component of ₹50 crore by the promoter selling shareholder Pioneer Facor IT Infradevelopers Private Limited.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Solarworld Energy Solutions Limited ?

The issue size of the Solarworld Energy Solutions Limited is 490 Cr.

What is 'pre-apply' for Solarworld Energy Solutions Limited ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Solarworld Energy Solutions Limited shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Bidding closes on 25 Sep 2025, 5:00 PM