Solarworld Energy Solutions IPO

About Solarworld Energy Solutions IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1,25,35,612 shares (aggregating up to ₹440.00 crore). The offer for sale portion includes 14,24,501 shares of ₹5 (aggregating up to ₹50.00 crore). The total number of shares is 1,39,60,113 shares and the aggregate amount is ₹490.00 crore.

The Solarworld Energy Solutions IPO opens on Sep 23, 2025 and closes on Sep 25, 2025. The allotment of the IPO will take place on Sep 26, 2025. The tentative listing date is Sep 30, 2025. The credit of shares to the demat account will take place on Sep 29, 2025. The initiation of refunds will take place on Sep 29, 2025.

Since the incorporation of the company, Solarworld Energy Solutions Limited has successfully developed, constructed, and operated a range of rooftop solar projects and ground-mounted solar projects under both CAPEX and RESCO models. As of 31 July 2025, they had 46 completed projects with a cumulative capacity of 253.67 MW AC/336.17 MW DC, and six ongoing projects at various stages of completion with a capacity of 765 MW AC/994 MW DC for EPC projects and two ongoing BESS projects with a capacity of 325 MW/650 MWh, which will be executed through their wholly owned subsidiary named Solarworld BESS One Private Limited.

Objective of Solarworld Energy Solutions IPO

• Investment in their subsidiary, Kartik Solarworld Private Limited (KSPL) for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh, India (the Pandhurana Project).
  

• General corporate purposes.
  

Industry Outlook

The global energy crisis is driving renewable installations worldwide, with total capacity growth set to almost double in the next five years, overtaking coal as the largest source of electricity generation. Some of the key drivers for this shift are reducing RE generation costs, favourable policies, improved emphasis on energy security and access, and socio-economic benefits. The last decade saw a remarkable evolution in solar PV industries, including higher installations, significant reductions in tariffs, and technological advancements.

Crisil Intelligence foresees a surge in solar power capacity, reaching 170-180 GW from fiscal 2026 to 2030, significantly surpassing the ~85 GW added between fiscal 2019 and 2025. Crisil Intelligence expects capacity additions to grow over the next five years led by strong pipeline build-up under existing schemes and new tendering schemes, improvement in technology and mixed resource models.

Company Information

Solarworld Energy Solutions Limited is engaged in providing solar energy solutions, specialising in engineering, procurement and construction (“EPC”) services for solar power projects. They commenced their operations in 2013, offering comprehensive, end-to-end and cost-effective solutions for the installation of solar power projects tailored to their customers’ needs, which comprise public sector undertakings (“PSUs”) and commercial and industrial clients (“C&I Clients”). Their business operations are supported by their strong execution capabilities, which is demonstrated by the projects which have achieved their commercial operation date (“Completed Projects”) and their projects for which they have received orders or are currently under execution (“Ongoing Projects”). As of 31 July 2025, they have Completed Projects with a total capacity of 253.67 megawatts (“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.

Their solutions are designed to strengthen their customers' sustainable energy infrastructure, supporting their decarbonisation efforts and driving energy efficiency improvements. They offer these solutions through two distinct models, namely the capital expenditure (“CAPEX”) model and the renewable energy service company (“RESCO”) model.

Solarworld Energy Solutions Limited has entered into an equity co-operation agreement with ZNSHINE PV-Tech Co. Limited, a Bloomberg NEF tier 1 supplier from China, dated 14 May 2024, (“Equity Co-operation Agreement”) for the establishment of a solar panel manufacturing facility which has become operational with effect from 21 July 2025. The company will further contribute ₹1 crore as equity, and up to ₹150 crore as quasi capital, in the form of debt, to be utilised as per the business needs of ZNSHINE PV-Tech Co. Limited.

Strengths of Solarworld Energy Solutions IPO

• Established track record and strong in-house execution capabilities for end-to-end solar EPC solutions.
  
• Robust order book with favourable national policy support and visibility for future growth.
  
• Strong financial performance driven by asset-light business model.
  
• Strong customer relationships built on reliable delivery of projects with a significant focus on quality.
  
• Experienced management team and qualified personnel with significant industry experience.
  

Risks of Solarworld Energy Solutions IPO

• Any failure to accurately estimate costs or manage their supplier relationships that may increase their construction costs and working capital requirements.
  
• Any change in the economic conditions in the state of Uttar Pradesh, where their operations are predominantly concentrated.
  
• Any failure to maintain the quality and performance guarantees under their EPC contracts or delays in completing the construction of solar power projects.
  
• Any restrictions in supply or failure of supply or defects in quality that could cause delays in project construction or implementation and impair their ability to provide their services to customers at a price that is profitable to them.
  
• Exposed to counterparty credit risk and any delay in, or non-receipt of, payments.
  
• Subject to extensive regulations, which require them to obtain, renew and comply with the terms of various approvals, licences and permits and failure to obtain such licences and permits.
  
• Any disruption to the timely and adequate supply of raw materials, or volatility in the prices of raw materials.
  
• Security breaches, cyber-attacks, computer viruses and hacking activities.
  
• Inability to adapt in a timely manner to changing market conditions, evolving customer requirements or technological changes.
  
• Unfavourable weather conditions.
  

Source: All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the financial statements of the respective company for the year ended March 31, 2025 submitted to stock exchanges. Notes in relation to the Company:

• Basic and diluted earnings/ (loss) per equity share: Basic and diluted earnings/ (loss) per equity share are computed in accordance with Indian Accounting Standard 33 notified under the Companies (Indian Accounting Standards) Rules of 2015 (as amended). 118 • Net worth is calculated as the sum of Share capital, Other equity and Reserves of a disposal group held for sale • Net asset value (NAV) per equity share (₹): Net worth at the end of the year divided by closing numbers of equity shares outstanding during the year as adjusted for Bonus Issue and Split of Equity Shares • Return on Net Worth (%) = Net profit after tax attributable to equity shareholders, as restated / average of Net worth as at beginning and end of the year, as restated • P/E Ratio for the peer group has been computed based on the closing market price of equity shares on NSE for as on September 1, 2025, divided by the diluted EPS.

Anchor Investor Bidding Date: Monday, 22 September 2025

Registrar: MUFG Intime India Private Limited
Book Running Lead Managers:
Nuvama Wealth Management Limited
SBI Capital Markets Limited

Business Model

The company earns its revenue through offering engineering, procurement and construction (EPC) services for solar power projects.

Company Growth Trajectory

The total income of Solarworld Energy Solutions Limited increased by 9.02% from ₹505.50 crore for fiscal 2024 to ₹551.09 crore for fiscal 2025. In fiscal 2024 and fiscal 2025, their revenue from operations constituted 99.11% and 98.85% of their total income, respectively.

The revenue from operations from the sale of engineering, procurement and construction projects decreased by 3.65% from ₹496.02 crore in fiscal 2024 to ₹477.93 crore in fiscal 2025. This was on account of revenue recognition of projects undertaken for public sector undertakings on a milestone basis for 968 MW DC, which are under construction during fiscal 2025, corresponding to projects having a capacity of 192 MW DC for which the major part of revenue was recognised during fiscal 2024.

Their other income increased by 40.88% from ₹4.49 crore in fiscal 2024 to ₹6.32 crore in fiscal 2025, primarily due to an increase in interest on fixed deposit which is partially set off due to recognition of receipts of insurance claims and reduction of recognition of interest on loans.

Their profit for the year increased by 49.05% from ₹51.69 crore in fiscal 2024 to ₹77.05 crore in fiscal 2025.

Since 2014, Solarworld Energy Solutions Limited has significantly expanded its portfolio by increasing it from 0.50 MW AC in 2014 to 253.67 MW AC of commissioned capacity as of 31 July 2025. Their integrated procurement and quality teams ensure that they source the equipment at competitive prices, while their experienced O&M team maintains high uptime and operational efficiency across all projects.

Company Market Position

Solarworld Energy Solutions Limited has a track record of delivering successful projects for both PSUs and C&I clients. Their 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. While the government projects are often awarded through a reverse bidding process, their company has also cultivated a presence in the private sector solar power projects. For private sector solar power projects, they rely on their in-house marketing teams which actively engage with potential clients, tailoring their solar solutions to meet their specific energy requirements. Their proactive approach has enabled them to establish a strong connection with the clients thereby ensuring presence in the private sector.

They have successfully completed 46 ground-mounted projects and rooftop installations since 2014, as of 31 July 2025. These projects demonstrate their established track record, expertise and commitment to renewable energy solutions in India.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹ 551.085 crores, ₹77.048 crores, and ₹106.747 crores, respectively.

How to check the allotment status of Solarworld Energy Solutions IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Solarworld Energy Solutions Limited IPO, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Solarworld Energy Solutions Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Solarworld Energy Solutions Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Solarworld Energy Solutions Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Solarworld Energy Solutions Limited IPO bid and allotment details will be displayed.

How to apply for Solarworld Energy Solutions Limited IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.