| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 333 to ₹ 351 | 42 | 23rd Sep, 2025 –25th Sep, 2025 | ₹490.00 Cr |
Solarworld Energy Solutions Ltd
Solarworld Energy Solutions Ltd., operating since 2013, is engaged in providing comprehensive solar energy solutions, specialising in engineering, procurement and construction (EPC) services for solar power projects. The company offers end-to-end, cost-effective solutions tailored to the needs of its clients, which include public sector undertakings (PSUs) as well as commercial and industrial (C&I) clients. As of July 31, 2025, it completed projects with an installed capacity of 253.67 MW (AC) / 336.17 MW (DC) and is currently executing projects of 765 MW (AC) / 994 MW (DC) and 325 MW / 650 MWh of BESS. Its offerings are designed to strengthen customers’ sustainable energy infrastructure, support their decarbonization efforts and drive energy efficiency improvements. The company operates through two distinct business models, namely the capital expenditure (CAPEX) model, where it provides end-to-end solutions ranging from evaluation of land, design, procurement, installation, transmission setup and operations and maintenance while ownership vests with the customer, and the renewable energy service company (RESCO) model, where purchaser does not require any capital investment, as Solarworld undertakes the entire investment including land acquisition, equipment procurement, installation and regulatory approvals, while selling the generated power at fixed tariffs agreed upon through long-term power purchase agreements (PPAs). With a strong track record of delivering projects to both PSUs and private C&I clients, the company secures government projects often through reverse bidding, while in the private sector, its in-house marketing team actively engages with potential clients for tailoring solar solutions to meet their specific energy requirements, enabling it to establish long-term relationships and expand its presence. Since 2014, Solarworld has successfully executed 46 ground-mounted and rooftop installations, reflecting its established track record, expertise and commitment to advancing renewable energy adoption in India.
Objective of the Solarworld Energy Solutions Ltd IPO
The company proposes to utilize net proceeds towards funding the following objects:
- Marketing, brand building and advertising activities;
- Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company; and
- General corporate purposes.
Rationale To Solar World Energy Solutions Ltd IPO
Established track record and strong execution capabilities drive scalable growth
Solarworld Energy Solutions Ltd.’s success is driven by its strong in-house execution capabilities and commitment to delivering comprehensive, end-to-end solutions. Its EPC solutions include site survey and design, to installation and commissioning. The company provides solar EPC solutions for PSUs with capacities ranging from 10 MW to several hundred MW and C&I clients, ranging from small 1 kW projects to large-scale installations. Its proven execution track record is reflected in the diverse projects it has completed, spanning from small rooftop systems to large solar projects across multiple geographies. The company’s execution team comprises skilled professionals proficient in all stages of project development, from design, engineering, procurement, installation, and commissioning, and is experienced at handling complex projects. Their expertise is further enhanced by advanced technological tools, including PVSYST for solar system design, sizing, simulation and economic evaluation, AutoCAD, which equips the team with precision tools to design and annotate 2D geometry, automate drafting, compare drawings, create schedules and publish layouts, drones, and project-specific ERP systems. To ensure technical, commercial, and financial discipline, projects go through a multi-stage evaluation process before execution. For EPC customers, Solarworld has a dedicated O&M team that coordinates efforts across multiple projects and locations, leverages insights and best practices from its diverse portfolio with the aim to reduce operational costs, maximize uptime and ensure consistently high output. The company’s integrated procurement and quality control teams ensure that it secures equipments at competitive prices, while its experienced O&M team maintains high efficiency and reliability across operations. Going ahead, the company plans to establish an R&D foundation to deliver reliable and innovative solar solutions, with a focus on integrating advanced technologies, such as artificial intelligence, machine learning, cognitive modelling, and robotic process automation. These initiatives aim to enhance operational agility and efficiency, enabling Solarworld to adopt the evolving customer requirements and industry standards.
Robust order book backed by favourable national policy provides long-term revenue visibility
The company has demonstrated strong growth in its order book, rising from Rs. 5,350.06 million as on March 31, 2023, to Rs. 25,278.14 million as on July 31, 2025. As of July 31, 2025, the company had EPC projects worth Rs. 11,981.75 million and O&M projects worth Rs. 579.39 million, with a combined capacity of 985 MW (DC) and 1,291 MW (DC), respectively. Additionally, it secured an order from Rajasthan Rajya Vidyut Utpadan Nigam Limited to set up a 125MW / 250 MWh standalone battery energy system valued at Rs. 4,653 million, and another from Gujarat Urja Vikas Nigam Limited to set up a 200 MW / 400 MWh standalone battery energy system valued at Rs. 8,064 million. This strong pipeline provides the company with clear visibility of future cash flows. Since its inception till July 31, 2025, the company has procured orders for PSUs totaling Rs. 39,816.40 million. The consistent growth of order book reflects Solarworld’s extensive experience, commitment to maintaining quality standards, and strong project execution capabilities. Complementary central and state government policies, coupled with the rising cost competitiveness of solar power, have accelerated solar installations. Over the next five years, capacity is expected to expand further, driven by strong pipeline build-up under existing and tendering new schemes, technological improvements, and mixed resource models. Solarworld’s focus on quality execution and strong customer engagement remains central to its business, enabling it to steadily grow its order book while fostering long-term client relationships through reliable project delivery.
Valuation of Solarworld Energy Solutions Ltd IPO
Solarworld Energy Solutions Ltd. is a solar energy solutions provider, specialising in engineering, procurement and construction (EPC) services for solar power projects. The company offers comprehensive, end-to-end and cost-effective solutions for the installation of solar power projects tailored to the specific needs of its customers, which include PSUs and C&I clients. Favourable government initiatives, growing demand for clean and green energy, and rooftop installations by C&I consumers have provided strong momentum to solar adoption. Solarworld is well-positioned to take advantage of this increasing demand by leveraging its strong in-house execution capabilities and commitment to delivering end-to-end solutions. Its large team of professionals in execution, design, and O&M possesses expertise in managing complex projects and is proficient across all stages of the process. The company plans to build a strong R&D foundation to drive continuous development, adopt advanced technologies, and remain aligned with evolving industry standards. These consistent efforts have enabled Solarworld to build a strong order book, showcasing its commitment to maintaining quality standards in its construction and its strong project execution skills. Financially, the company demonstrated healthy growth, with revenue increasing at a CAGR of 53.1% from Rs. 2,325 million in FY23 to Rs. 5,448 million in FY25. EBITDA increasing from Rs. 215 million in FY23 to Rs. 1,092 million in FY25, with margins expanding from 9.2% to 20.1% during the same period. The PAT increased from Rs. 148 million in FY23 to Rs. 770 million in FY25. On the upper price band, the issue is valued at a P/E of 32.9x based on FY25 earnings, which seems fairly valued. Given the company’s strong financial performance, strong business model and favourable industry tailwinds, the issue offers attractive medium to long-term potential. We, therefore, assign the issue a “SUBSCRIBE” rating from a long-term perspective.
What is the Solarworld Energy Solutions Ltd IPO?
The initial public offer (IPO) of Solarworld Energy Solutions Ltd offers an early investment opportunity in Solarworld Energy Solutions Ltd . A stock market investor can buy Solarworld Energy Solutions Ltd IPO shares by applying in IPO before All Solarworld Energy Solutions Ltd shares get listed at the stock exchanges. An investor could invest in Solarworld Energy Solutions Ltd IPO for short term listing gain or a long term.
How to apply for the Solarworld Energy Solutions Ltd IPO through StoxBox?
To apply for the Solarworld Energy Solutions Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Solarworld Energy Solutions Ltd IPO open?
Solarworld Energy Solutions Ltd IPO is opening on 23rd Sep 2025. Apply Now
What is the lot size of the Solarworld Energy Solutions Ltd IPO?
The Lot Size of Solarworld Energy Solutions Ltd IPO is 42 equity shares. Login to your account now.
When is the Solarworld Energy Solutions Ltd allotment date?
The allotment Date for Solarworld Energy Solutions Ltd IPO is 26th Sep 2025. Login to your account now.
When is the Solarworld Energy Solutions Ltd IPO listing date?
The listing Date for Solarworld Energy Solutions Ltd IPO is 30th Sep 2025. Login to your account now
What is the minimum investment required for the Solarworld Energy Solutions Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,742. Login to your account now
What is the maximum investment allowed for the Solarworld Energy Solutions Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,91,646. Login to your account now
What are the risks associated with investing in the Solarworld Energy Solutions Ltd IPO?
The company earns a significant portion of its revenue from one of its key customers, SJVN Green Energy Limited. The loss of this customer, or any reduction in demand from it, could materially and adversely affect the company’s business, future prospects, and financial performance.
The company may be unable to accurately estimate costs under fixed-price EPC contracts. Any failure to do so, or to effectively manage supplier relationships, could increase construction costs and working capital requirements, which may have a material adverse impact on its financial condition, cash flows, and results of operations.
The company’s installation and construction activities are subject to cost overruns or delays, or completion risks, which could negatively impact its operations. It incurs substantial expenses in the construction and development of projects, and if these projects fail to become operational, such expenses may need to be written off, which could have a material adverse effect on its business, prospects, financial condition, results of operations and cash flows.
When will the Solarworld Energy Solutions Ltd IPO shares be credited to my Demat account?
The Solarworld Energy Solutions Ltd IPO be credited to the account on allotment date which is 29th Sep 2025. Login to your account now
Where can I find the Solarworld Energy Solutions Ltd IPO prospectus?
The prospectus of Solarworld Energy Solutions Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
