Synopsis:
Solarworld Energy Solutions IPO (Sep 23–25, 2025) offers 1.39 crore shares at Rs. 333–Rs. 351, aiming to fund the Pandhurana Project via KSPL and corporate purposes, with an estimated listing gain of 18.52% and 42-share lot size.
Solarworld Energy Solutions Ltd Key details
Solarworld Energy Solutions is set to launch its IPO from September 23 to September 25, 2025, with shares to be listed on BSE and NSE.
The IPO has a face value of Rs. 5 per share and an issue price band of Rs. 333 to Rs. 351 per share, with a lot size of 42 shares. It is a fresh capital-cum-offer for sale issue, comprising a total of 1,39,60,113 shares, aggregating up to Rs. 490 crore, of which 1,25,35,612 shares (Rs. 440 crore) are fresh issue and 14,24,501 shares (Rs. 50 crore) are offered for sale.
The IPO follows a book-building process, and the pre-issue shareholding stands at 7,41,37,042 shares, which will increase to 8,66,72,654 shares post-issue. Nuvama Wealth Management Ltd. serves as the book running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar for the issue.
IPO lot size
For the Solarworld Energy Solutions IPO, investors can bid for a minimum of 42 shares, with additional bids in multiples of 42 shares. For retail investors, the minimum application is 1 lot of 42 shares (Rs. 14,742), while the maximum is 13 lots totalling 546 shares (Rs. 1,91,646).
For substantial HNI (S-HNI) investors, the minimum is 14 lots or 588 shares (Rs. 2,06,388) and the maximum is 67 lots or 2,814 shares (Rs. 9,87,714). For big HNI (B-HNI) investors, the minimum application starts at 68 lots, equivalent to 2,856 shares (Rs. 10,02,456).
IPO Timeline
The Solarworld Energy Solutions IPO is scheduled to open on Tuesday, September 23, 2025, and close on Thursday, September 25, 2025. The tentative allotment of shares is expected on Friday, September 26, 2025, with the initiation of refunds and credit of shares to Demat accounts both on Monday, September 29, 2025.
The tentative listing date on the stock exchanges is Tuesday, September 30, 2025, and the cut-off time for UPI mandate confirmation is 5 PM on Thursday, September 25, 2025.
GMP of the IPO
As of September 22, 2025, 3:59 PM, the last Grey Market Premium (GMP) for the Solarworld Energy Solutions IPO is ₹65. With a cap price of ₹351, the estimated listing price is around ₹416, implying an expected gain of approximately 18.52% per share.
Solarworld Energy Solutions Ltd IPO promoter holding
The promoters of Solarworld Energy Solutions Ltd. are Kartik Teltia, Rishabh Jain, Mangal Chand Teltia, Sushil Kumar Jain, and Anita Jain, collectively holding 78.70% of the company’s shares before the IPO.
Objectives of Solarworld Energy Solutions IPO
Solarworld Energy Solutions IPO intends to utilize the net proceeds primarily for investment in its subsidiary KSPL to part-finance the establishment of the Pandhurana Project (Rs. 575.30 crore) and for general corporate purposes.
About the company
Solarworld Energy Solutions Ltd. is a company engaged in the renewable energy sector, focusing on the development, operation, and maintenance of solar power projects. It aims to contribute to sustainable energy generation while expanding its footprint through strategic investments and subsidiaries, such as the Pandhurana Project via KSPL, and is backed by a growing financial profile and strong operational performance.
Solarworld Energy Solutions IPO Peer Comparison
Solarworld Energy Solutions Ltd. reported an EPS of Rs. 10.68 and NAV of Rs. 41.69. Compared to peers, its valuation is lower than Sterling & Wilson (P/E 76.48) but higher than KPI Green (30.57) and Oriana Power (29.01).
Waaree Renewable shows the strongest RoNW at 65.29% and highest P/BV (24.14), while Oriana Power stands out with the highest EPS of Rs. 79.52 and NAV of Rs. 254.75. Overall, Solarworld trades at moderate valuations among listed renewable peers.
Financials of the company
For the financial year ending March 31, 2025, Solarworld Energy Solutions Ltd reported a 9% increase in total income to Rs. 551.09 crore from Rs. 505.50 crore in FY2024, while profit after tax (PAT) surged by 49% to Rs. 77.05 crore from Rs. 51.69 crore.
The company’s EBITDA rose to Rs. 106.75 crore from Rs. 71.09 crore, and net worth increased significantly to Rs. 309.07 crore from Rs. 73.60 crore. Reserves and surplus stood at Rs. 272.00 crore from Rs. 73.28 crore, while total assets grew to Rs. 598.02 crore from Rs. 155.02 crore. The company’s total borrowings increased to Rs. 114.55 crore from Rs. 61.10 crore in the previous year.
Competitive Strengths of Solarworld Energy Solutions Ltd IPO
- Proven track record with robust in-house capabilities for delivering complete solar EPC solutions.
- Solid financial performance supported by an asset-light business model.
- Strong customer relationships, emphasizing timely project delivery and high-quality standards.
- Experienced management team and skilled personnel with extensive industry expertise.
Internal Risks of the Company
- Our installation and construction activities are subject to cost overruns, delays, or completion risks, which could adversely impact operations.
- For Fiscals 2025, 2024, and 2023, 79.19%, 91.16%, and 87.98% of revenue came from a key customer, SJVN Green Energy Limited. Loss of this key customer could materially affect our business, future prospects, and financial performance.
- We may be unable to accurately estimate costs under fixed-price EPC contracts. Failure to estimate costs or manage supplier relationships effectively could increase construction costs and working capital requirements, negatively impacting financial condition, cash flow, and results of operations.
Written by Manideep Appana
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