Stocks
Invest in Stocks
Invest in stocks, ETFs, IPOs with fast orders. Track returns on your stock holdings and view real-time P&L on your positions.
F&O
Solarworld Energy IPO
Solarworld Energy Solutions Ltd
₹13,986 /42 sharesMinimum Investment
Solarworld Energy IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 23 Sep ‘25 - 25 Sep ‘25 | ₹13,986 | 42 | ₹333 - ₹351 |
| Issue Size | IPO Doc |
|---|---|
| 490.00Cr | RHP PDF |
About Solarworld Energy
Founded in
2013
Managing director
Mr. Kartik Teltia
Parent organisation
Solarworld Energy Solutions Ltd
Strengths & Financials of Solarworld Energy
Strengths
Risks
The company claims to have a proven record of completing projects for both public sector units (PSUs) and commercial & industrial (C&I) clients. Its customer base includes notable names such as SJVN Green Energy Limited, Haldiram Snacks Private Limited, Ethnic Food Manufacturing Private Limited, and Samiksha Solarworld Private Limited.
Since its inception, the company claims to have developed, built, and operated a variety of rooftop and ground-mounted solar projects under both capex and RESCO models. As of July 31, 2025, it had completed 46 projects with a total capacity of 253.67 MW AC / 336.17 MW DC and had six more projects in progress.
The company states that it has executed 39 small rooftop installations with a combined capacity of 13.67 MW AC / 13.67 MW DC as of July 31, 2025. A key milestone includes the Haldiram-Hardoi Project, one of the first open-access projects in Uttar Pradesh.
From 2014 to July 31, 2025, the company stated that it expanded its commissioned capacity from 0.50 MW AC to 253.67 MW AC. Its integrated procurement and quality teams secure equipment at competitive rates, while the experienced operations and maintenance (O&M) team ensures high uptime and efficient performance across all projects.
As of July 31, 2025, the company’s order book stood at Rs 1,198.17 crore for EPC projects and Rs 57.94 crore for O&M projects, covering a total capacity of 985 MW DC and 1,291 MW DC, respectively. Additionally, after April 1, 2024, it received major orders, including a contract worth Rs 465.30 crore from Rajasthan Rajya Vidyut Utpadan Nigam Limited for a 125 MW / 250 MWh standalone battery energy system and an Rs 806.4 crore contract from Gujarat Urja Vikas Nigam Limited for a 200 MW / 400 MWh standalone battery energy system.
The company follows an asset-light approach for its capex model, where customers manage real estate acquisition. This strategy reduces capital and fixed costs, enabling flexibility, scalability, and the ability to offer tailored solutions. Its EPC contracts, typically lasting 11 to 18 months, help maintain low working capital requirements.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 232.46 crore in FY23 to Rs 501.02 crore in FY24 and Rs 544.76 crore in FY25. PAT increased from Rs 14.84 crore in FY23 to Rs 51.69 crore in FY24 and Rs 77.05 crore in FY25.
The company derives a major portion of its revenue from just one customer, SJVN Green Energy Limited, which is the company’s top customer. It accounted for Rs 431.39 crore (79.19 percent) of the company’s total revenue in FY25, Rs 456.75 crore (91.16 percent) in FY24, and Rs 204.53 crore (87.98 percent) in FY23. Loss of this customer or a decline in business from them could adversely affect the company’s finances and operations.
The company's operations are concentrated in Uttar Pradesh, and it derives significant revenue from the state. It accounted for Rs 34.05 crore (6.25 percent) of the company’s total revenue in FY25, Rs 498.07 crore (99.41 percent) in FY24, and Rs 230.94 crore (99.35 percent) in FY23. Any political, social, or economic developments in this region or any sudden regulatory restrictions could adversely affect the company’s business operations and finances.
The company reported negative cash flows from operating activities amounting to Rs 7.14 crore in FY23, primarily due to increases in trade receivables, non-current provisions, and current liabilities. It also experienced negative cash flows in investing activities, which amounted to Rs 273.50 crore in FY25, driven by investments in property, plant, and equipment for its subsidiary, ZNSHINE Solarworld Private Limited, and fixed deposits. Negative cash flows from financing activities totalled Rs 10.34 crore in FY24, primarily due to the repayment of short-term borrowings and finance costs. Furthermore, the net decrease in cash and cash equivalents amounted to Rs 9.29 crore in FY25. If these negative cash flows persist, it could adversely affect the company's ability to meet its working capital needs or repay loans without raising additional external financing, thereby impacting its financial condition and operations.
The company’s top 5 suppliers accounted for Rs 207.13 crore (73.34 percent) of the company’s total cost of material consumed in FY25, Rs 253.88 crore (66.58 percent) in FY24, and Rs 128.58 crore (70.75 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
As of FY25, the company had total contingent liabilities amounting to Rs 73.61 crore. If any of these contingent liabilities materialise, it could harm the company’s financial performance.
The company’s growth depends on consistently winning bids for solar power projects. Its strategy focuses on increasing engineering, procurement, and construction (EPC) projects and expanding into new regions. Higher competition during the bidding process or a decline in competitive strength could reduce market share and profit margins.
Solar power generation relies heavily on stable and favourable weather and climate conditions. Unfavourable weather patterns can affect electricity production, which could negatively impact the company’s business prospects, financial position, and future results.
The company, its directors, promoters, subsidiaries, and group entities are involved in various legal proceedings, including tax and criminal cases. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
As of July 31, 2025, the company reported total indebtedness of Rs 357.47 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Solarworld Energy Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Solarworld Energy IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹333 - 351 | ₹2 Lakh |
| High Networth Individual | ₹333 - 351 | ₹2 - 5 Lakh |
For Solarworld Energy IPO, eligible investors can apply as Regular.