In 2025, India’s IPO market has seen continued interest from investors, with companies across sectors tapping the markets. Solarworld Energy Solutions Limited is launching its IPO on September 23, 2025, against the backdrop of rising renewable energy adoption and government support for clean energy projects. Retail and institutional investors have an opportunity to participate in a company specialising in end-to-end solar energy solutions.
About Solarworld Energy Solutions Ltd.
Incorporated in 2013, Solarworld Energy Solutions Limited provides engineering, procurement, and construction (EPC) services for solar power projects. Its business operates under two main models:
- Capital Expenditure (CAPEX) Model:
- End-to-end solar project solutions including design, installation, setup, and commissioning.
- Ownership of the project remains with the customer.
- Renewable Energy Service Company (RESCO) Model:
- Customers adopt solar power with minimal upfront investment.
- Supports businesses in reducing carbon footprints.
In May 2024, the company entered a strategic equity cooperation with ZNSHINE PV-Tech Co. Ltd., a Bloomberg NEF Tier-1 solar panel supplier from China, to establish a solar panel manufacturing facility. Its client base includes SJVN Green Energy Limited, Haldiram Snacks, Ethnic Food Manufacturing Pvt. Ltd., and Samiksha Solarworld Pvt. Ltd.
As of July 31, 2025, Solarworld had 277 employees, with a strong in-house execution capability and a history of delivering high-quality solar EPC solutions.
Competitive Strengths:
- Established track record in end-to-end solar EPC solutions
- Asset-light business model ensuring strong financial performance
- Strong customer relationships and quality focus
- Experienced management and qualified personnel
Solarworld Energy Solutions IPO Details
Solarworld Energy Solutions IPO is a book-building issue of ₹490 crore, comprising a fresh issue of 1.25 crore shares and an offer for sale of 0.14 crore shares. It will list on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 23, 2025 |
| IPO Close Date | Sep 25, 2025 |
| Tentative Allotment | Sep 26, 2025 |
| Initiation of Refunds | Sep 29, 2025 |
| Credit of Shares to Demat | Sep 29, 2025 |
| Tentative Listing Date | Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 25, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹5 per share |
| Issue Price Band | ₹333 – ₹351 per share |
| Lot Size | 42 shares |
| Total Issue Size | 1.396 crore shares (₹490 Cr) |
| Fresh Issue | 1.253 crore shares (₹440 Cr) |
| Offer for Sale | 14.25 lakh shares (₹50 Cr) |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 7.41 crore shares |
| Shareholding Post-Issue | 8.66 crore shares |
Investor Category Reservation:
- QIB: Not less than 75%
- Retail: Not more than 10%
- NII: Not more than 15%
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 42 | ₹14,742 |
| Retail (Max) | 13 | 546 | ₹1,91,646 |
| S-HNI (Min) | 14 | 588 | ₹2,06,388 |
| S-HNI (Max) | 67 | 2,814 | ₹9,87,714 |
| B-HNI (Min) | 68 | 2,856 | ₹10,02,456 |
Promoter Holding:
The company’s promoters include Kartik Teltia, Rishabh Jain, Mangal Chand Teltia, Sushil Kumar Jain, and Anita Jain.
- Pre-IPO: 78.70%
- Post-IPO: NA
Book Running Lead Manager: Nuvama Wealth Management Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Solarworld Energy Solutions Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 598.02 | 155.02 | 120.43 |
| Total Income | 551.09 | 505.50 | 235.05 |
| Profit After Tax | 77.05 | 51.69 | 14.84 |
| EBITDA | 106.75 | 71.09 | 22.88 |
| Net Worth | 309.07 | 73.60 | 21.91 |
| Reserves & Surplus | 272.00 | 73.28 | 21.59 |
| Total Borrowing | 114.55 | 61.10 | 64.67 |
Key Performance Indicators (FY2025):
- Market Cap: ₹3,042.21 Cr
- ROE: 40.27%
- ROCE: 54.53%
- Debt/Equity: 0.37
- RoNW: 40.27%
- PAT Margin: 14.14%
- EBITDA Margin: 19.60%
- EPS Pre-IPO: ₹10.39 | Post-IPO: ₹8.89
- P/E Pre-IPO: 33.77x | Post-IPO: 39.48x
Objects of the Issue
The IPO proceeds are proposed to be utilised as follows:
| Object | Amount (₹ Crore) |
| Investment in Subsidiary KSPL for Pandhurana Project | 575.30 |
| General Corporate Purposes | Balance |
Industry Outlook
India’s solar energy market is witnessing robust growth due to:
- Government policies promoting renewable energy adoption
- Increasing adoption of solar power by corporates and industrial consumers
- Rising investments in CAPEX and RESCO-based solar projects
- Collaborations with global solar panel suppliers are boosting technology adoption
Solarworld Energy Solutions Ltd. is well-positioned to benefit from these trends, with its strong EPC execution track record and expanding project pipeline.
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Conclusion
Solarworld Energy Solutions IPO provides investors with an opportunity to participate in a leading solar EPC player with strong domestic and international prospects. The company’s asset-light business model, robust project execution capabilities, and experienced management make it a promising addition to investment portfolios. However, investors should consider risks such as project execution delays, regulatory changes, and competitive pressures in the renewable energy sector.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
