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Solarworld Energy Solutions Limited
64.60xsubscribed

Solarworld Energy Solutions Limited

Power Generation/Distribution
listed
₹13,986Min. investment

Solarworld Energy Solutions Limited IPO Details

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 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)
24-Sep-25
0.03X
5.43X
13.69X
3.99X
25-Sep-25
44.55X
63.31X
47.62X
64.6X

As on 23-Sep-25, 5:30 PM

Solarworld Energy Solutions Limited Timeline

  1. Pre-apply
    22 Sep 2025
  2. Bid start
    23 Sep 2025
  3. Bid end
    25 Sep 2025
  4. Allotment
    26 Sep 2025
  5. Release of funds
    29 Sep 2025
  6. Demat transfer
    29 Sep 2025
  7. Listing
    30 Sep 2025

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.

Checklist

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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.

Objectives of Solarworld Energy Solutions Limited IPO

Investment in subsidiary
95.40%
The company will invest up to ₹420 crore in KSPL for the Pandhurana project.
General corporate purposes
4.60%
Part of the net IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹544.76Cr53.08%₹77.05Cr₹3,042.21Cr32.870.37
This sector (avg.)₹7,783.3Cr0.01%₹1,281.2Cr₹38,103.65Cr45.352.10
₹1,88,138.06Cr---₹20,251.23Cr₹3,45,201.3Cr14.281.36
₹45,792.32Cr---₹15,245.13Cr₹2,38,560.5Cr15.691.41
₹11,212Cr---₹1,557Cr₹1,40,388.8Cr98.956.59

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Solarworld Energy Solutions Limited Contact Details

Company NameSolarworld Energy Solutions Limited

How to apply for Solarworld Energy Solutions Limited?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Latest News on Solarworld Energy Solutions Limited IPO

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Solarworld Energy Solutions' ₹490 crore IPO launches on September 23; check price band, lot size and key details

2 min read

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Solarworld Energy IPO: Company raises ₹110 crore via pre-IPO placement round, issue to be launched soon; check details

2 min read

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Solarworld Energy Solutions Eyes Rs 600 Crore IPO
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Solarworld Energy Solutions IPO day 1: Check live subscription status, price band, lot size, objectives and key dates

2 min read

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Solarworld Energy Solutions IPO booked over 9 times so far on day 3: Check allotment date and steps

2 min read

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Solarworld Energy IPO allotment finalised: How to check status online on NSE, BSE, MUFG Intime India; listing date and time here

3 min read

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Seshaasai Technologies, Anand Rathi Share, Jaro Education, Solarworld Energy IPO listing date: Key things to know before Takeoff Tuesday

3 min read

Solarworld Energy Solutions Limited IPO FAQs

Investors can apply for the Solarworld Energy Solutions Limited through their Demat account via the stock exchange or through their broker.
The issue size of the Solarworld Energy Solutions Limited is 490 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Solarworld Energy Solutions Limited will be open between 2025-09-23 and 2025-09-25.
Solarworld Energy Solutions Limited allotment date is 2025-09-29. For Solarworld Energy Solutions Limited allotment status check, you can visit the website of the registrar of the IPO.
For Solarworld Energy Solutions Limited, the IPO registrar is MUFG Intime India Private Limited. You can check Solarworld Energy Solutions Limited allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Solarworld Energy Solutions Limited shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Solarworld Energy Solutions Limited lot size is 42 and minimum order quantity is 42.
Solarworld Energy Solutions Limited has set the price band for its IPO at 351 per equity share with a face value of 5.