Highlights
| Issue Size – 13,960,113 shares | Issue Open/Close – 23 Sept / 25 Sept, 2025 |
| Price Band (Rs.) 333 – 351 | Issue Size (Rs.) ~ 4,900 mn |
| Face Value (Rs) 5 | Lot Size (shares) 42 |
Solarworld Energy Solutions Limited (SESL) incorporate in 2013, engaged in the business providing solar energy solutions, specializing in engineering, procurement and construction (EPC) services for solar power projects.
As of FY25, Company has completed solar projects with a total capacity of 253.67 MW AC / 336.17 MW DC, while ongoing projects include 765 MW AC / 994 MW DC in EPC and 325 MW / 650 MWh in Battery Energy Storage Systems (BESS).
Company’s projects are managed and executed by an experienced team of 14 design professionals and 37 execution specialists, supported by advanced tools like PVSYST for solar design, AutoCAD for drafting, drones for site analysis, and custom ERP systems for project management.
Company proposes to invest Rs 4,200 mn from the net pproceeds and the pre-IPO pproceeds in KSPL to part-finance the Pandhurana Project, ~Rs. 200 mn would go towards general corporate purposes. While ~Rs. 500 mn would go towards existing selling shareholders of the company.
Key Highlights
- India is actively developing its solar manufacturing capabilities, and in FY25, India’s cumulative manufacturing capacity reached approximately 89 GW for solar module and approximately 25 GW for solar cell. India aims to build its presence across all stages of solar manufacturing over the next two to three years.
- SESL is currently executing projects in five states. The company has received orders from Gujarat, Assam, Madhya Pradesh, and Rajasthan, and intends to expand into other states across India. Its ongoing projects include 765 MW AC / 994 MW DC in EPC and 325 MW / 650 MWh in BESS.
- As of Q1FY26 the company has an orderbook of ~Rs. 25,278 mn, which is 4.64x of FY25 sales, being around Rs 11,981 mn from EPC, over Rs. 12,717 mn from BESS and Rs. 579.4 mn from O&M segment of the business.
- Company operates on an asset-light business model in relation to Its operations under the CAPEX model, where customers handle real estate acquisition. Its model minimizes capital expenditures and fixed costs, providing them with the flexibility and scalability to meet customer needs, offer customized solutions, and respond quickly to changing market conditions.
- SESL’s key strategies includes (i) Invest in manufacturing for solar modules, BESS, and TopCon cells (ii) Expand into new geographies while strengthening key customer and stakeholder ties (iii) Explore portfolio growth and scale operations (iv) Build strong R&D capabilities for innovation and technology advancement.
- Sales of the company has grown by 19.3 pct YoY in over FY23-25 and EBITDA and Profit grew by 17.4 pct and 16.4 pct over same period. During FY25 the sales of the company jumped by 8.7 pct YoY to Rs. 5,448 mn. While EBITDA of the company grew by 58.7 pct YoY to Rs. 1,092 mn and EBITDA margin expanded by 6.3 pct to 20.05 pct in FY25. During FY25, the company reported profit of Rs. 770.5 mn, which grew 49.1 pct YoY.
Key Risk
- The company operates in a competitive industry and may not always succeed in bidding for and winning solar power projects, which could materially and adversely affect its business, financial condition, results of operations, and prospects.
- The company derive over 80 pct of its sales from a key customer, SJVN Green Energy Limited, and the loss of this customer could significantly impact its business, prospects, and financial performance.
- The company is exposed to counter-party credit risk, and any delay or non-receipt of payments could materially and adversely impact its cash flows. Trade receivables were 26.48 pct of total FY25 revenue.
Financial Performance
| Particulars | FY23 | FY24 | FY25 |
| Sales (Rs. mn) | 2325 | 5010 | 5448 |
| EBITDA (Rs. mn) | 215 | 689 | 1093 |
| EBITDA Margin % | 9.2% | 13.7% | 20.1% |
| Profit (Rs. mn) | 148 | 517 | 771 |
| Profit Margin % | 6.4% | 10.3% | 14.1% |
| ROE % | 102.4% | 108.3% | 40.3% |
| ROCE % | 38.8% | 86.6% | 54.5% |
Peer Comparison Based on FY25 Financials
| Peer Comparison | Solarworld Energy Solutions | Sterling & Wilson Renewable energy | KPI Green Energy | Waaree Renewable Technologies |
| Sales (Rs. mn) | 5,448 | 63,019 | 17,355 | 15,977 |
| EBITDA (Rs. mn) | 1,092 | 2,467 | 5,612 | 3,069 |
| EBITDA Margin % | 20.10% | 3.90% | 32.30% | 19.20% |
| Profit (Rs. mn) | 770 | 856 | 3,253 | 2,289 |
| Profit Margin % | 14.10% | 1.40% | 18.70% | 14.30% |
Valuation
Solarworld Energy Solutions Limited, specialize in providing solar energy solutions, specialising in engineering, procurement and construction (EPC) services for solar power projects. At the upper end of the price of Rs. 351, the issue quotes PE of 40x on FY25 post issue earnings. The issue looks fully priced.
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