Solarworld Energy Solutions IPO will open for subscription on September 23, 2025, and close on September 25, 2025.
Incorporated in 2013, Solarworld Energy Solutions Limited is a solar energy solutions provider specialising in engineering, procurement, and construction services for solar power projects. Over the years, it has focused on delivering end-to-end execution for commercial, industrial, and utility-scale installations.
In this blog, we’ll cover all the Solarworld Energy Solutions IPO details, including issue size, minimum investment, financial performance, peer comparison, and key risk factors.
Solarworld Energy Solutions IPO Date
The key pointers for the Solarworld Energy Solutions IPO dates are:
- Bidding Opening Date: September 23, 2025
- Bidding Closing Date: September 25, 2025
- Allotment Date: September 26, 2025
- Initiation of Refunds (in case of less or no allotment): September 29, 2025
- Shares Credited to Your Demat Account: September 29, 2025
- IPO Listing Date: September 30, 2025
- Listing on Exchange: BSE and NSE
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Solarworld Energy Solutions IPO Issue Size
Solarworld Energy Solutions IPO valuation, as denoted by the market capitalisation, stood at ₹3,042.21 crores. Here are the essential details:
- Solarworld Energy Solutions IPO Price Band: ₹333 to ₹351 per share
- Lot Size: 42 Shares
- Issue Size and Amount: 1.39 crore shares (aggregating up to ₹490 crores)
- Fresh Issue and Amount: 1.25 crore shares (aggregating up to ₹440 crores)
- Offer for Sale and Amount: 14 lakh shares of ₹5 (aggregating up to ₹50 crores)
Solarworld Energy Solutions IPO Proceeds Usage
The net proceeds from the Solarworld Energy Solutions IPO are proposed to be utilised for the following purposes:
- Investment in Subsidiary for Project Funding: Allocate ₹575.30 crores towards the subsidiary KSPL (Kartik Solarworld Private Limited) to partly finance the establishment of the Pandhurana Project, supporting expansion and long-term growth in solar energy infrastructure.
- General Corporate Purposes: Utilise the remaining proceeds for overall corporate requirements, including business development initiatives, administrative expenses, and strengthening the company’s financial flexibility.
Solarworld Energy Solutions IPO Reservations
Solarworld Energy Solutions IPO reservations to different investors are:
- For QIBs: Not less than 75% of the Offer
- For NIIs: Not more than 15% of the Offer
- For Retail Investors: Not more than 10% of the Issue
Solarworld Energy Solutions IPO Lot Size
Solarworld Energy Solutions IPO lot size is 42 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 42 | ₹14,742 |
| S-HNI (Min) | 14 | 588 | ₹2,06,388 |
| B-HNI (Min) | 68 | 2,856 | ₹10,02,456 |
Solarworld Energy Solutions IPO Details: Promoter Holding
Kartik Teltia, Rishabh Jain, Mangal Chand Teltia, Sushil Kumar Jain, Anita Jain, Pioneer Facor IT Infradevelopers Private Limited, Pioneer Securities Private Limited, and Pioneer Fincap Private Limited are the company promoters.
Solarworld Energy Solutions Limited: Company Overview
Founded in 2013, Solarworld Energy Solutions Limited is a solar energy company that focuses on engineering, procurement, and construction (EPC) services for solar power projects.
It offers solutions under two business models. In the Capital Expenditure (CAPEX) model, the company handles everything from designing to installing and commissioning solar projects, while the ownership of the system remains with the customer.
In the Renewable Energy Service Company (RESCO) model, customers can use solar power without making an upfront investment, helping them cut costs and reduce their carbon footprint with little financial pressure.
On May 14, 2024, Solarworld entered into an equity cooperation agreement with ZNSHINE PV-Tech Co. Ltd., a Bloomberg NEF tier-1 solar panel supplier from China, to set up a solar panel manufacturing facility.
The company’s clients include well-known names such as SJVN Green Energy Limited, Haldiram Snacks Private Limited, Ethnic Food Manufacturing Private Limited, and Samiksha Solarworld Private Limited. As of July 31, 2025, Solarworld had a workforce of 277 employees.
Key Strengths
The company’s strengths lie in its proven track record and strong execution capabilities for solar EPC projects.
Its asset-light business model has supported steady financial growth. Solarworld also enjoys long-term customer relationships built on reliable project delivery and high-quality standards.
Backed by an experienced management team and skilled professionals with deep industry knowledge, the company is well-positioned in the renewable energy sector.
Solarworld Energy Solutions IPO: Financial Performance
Solarworld Energy Solutions Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | 31 Mar 2025 | 31 Mar 2024 | YoY Change |
|---|---|---|---|
| Total Income | 551.09 | 505.50 | 9% |
| Profit After Tax (PAT) | 77.05 | 51.69 | 49% |
| EBITDA | 106.75 | 71.09 | 50% |
| Net Worth | 309.07 | 73.60 | 320% |
| Assets | 598.02 | 155.02 | 286% |
| Total Borrowing | 114.55 | 61.10 | 87% |
| Order Book | 1,700.55 | 813.04 | 109% |
- Revenue Growth: The company’s total income increased by 9%, moving from ₹505.50 crore in FY24 to ₹551.09 crore in FY25, reflecting steady growth in solar EPC operations.
- Profitability: PAT jumped by 49%, rising from ₹51.69 crore in FY24 to ₹77.05 crore in FY25, supported by improved margins and efficient project execution.
- EBITDA Performance: EBITDA improved by 50%, growing from ₹71.09 crore in FY24 to ₹106.75 crore in FY25, highlighting operational efficiency and better scale utilisation.
- Strengthened Net Worth: Net worth grew significantly by 320%, increasing from ₹73.60 crore in FY24 to ₹309.07 crore in FY25, driven by strong profitability and retained earnings.
- Asset Base: Total assets expanded sharply by 286%, from ₹155.02 crore in FY24 to ₹598.02 crore in FY25, reflecting investments in growth and capacity enhancement.
- Debt Position: Borrowings increased from ₹61.10 crore in FY24 to ₹114.55 crore in FY25, an 87% rise, largely to support expansion and project funding requirements.
- Order Book: The company’s order book rose by 109% YoY to ₹1,700.55 crore in FY25, indicating strong demand and a robust project pipeline.
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Solarworld Energy Solutions IPO: Peer Comparison
Here’s the peer comparison table for Solarworld Energy Solutions IPO with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Solarworld Energy Solutions Limited | 10.68 | 33.77 | 40.27 |
| Sterling & Wilson Renewable Energy Limited | 3.49 | 76.48 | 8.78 |
| KPI Green Energy Limited | 16.23 | 30.57 | 18.77 |
| Waaree Renewable Technologies Limited | 22.00 | 47.32 | 65.29 |
| Oriana Power Limited | 79.52 | 29.01 | 47.59 |
- EPS: Solarworld’s EPS of ₹10.68 is higher than Sterling & Wilson but lower than KPI Green, Waaree, and Oriana, placing it in the mid-range among peers.
- P/E: Solarworld Energy’ P/E is 33.77, which is below the industry average of 45.85, indicating that the stock is relatively undervalued compared to its peers.
- RoNW: Solarworld’s RoNW of 40.27% is strong, trailing only Waaree (65.29%) and Oriana (47.59%), but significantly higher than KPI Green (18.77%) and Sterling & Wilson (8.78%), highlighting efficient returns on equity.
Solarworld Energy Solutions IPO Risk Factors
Solarworld Energy Solutions IPO GMP is ₹65 as of September 22, 2025 (at 14:31). It is expected to list at an 18.52% gain at a price of ₹416. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
- Dependence on Key Customers: A large portion of revenue came from SJVN Green Energy Limited. Losing this key customer could significantly affect business performance and growth prospects.
- Project Cost and Completion Risks: Installation and construction activities may face cost overruns, delays, or completion challenges, which could impact operations and profitability.
- Challenges in Fixed-Price EPC Contracts: Estimating costs accurately under fixed-price EPC contracts can be difficult. Miscalculations or supplier issues could increase construction costs and working capital requirements.
- Geographical Concentration: Operations are concentrated in Uttar Pradesh. Any changes in the economic or regulatory environment in this region could negatively affect performance.
- Competitive Industry Environment: The solar power sector is highly competitive, and winning new projects is not guaranteed, which could impact growth plans.
For all the insights on Solarworld Energy Solutions IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Solarworld Energy Solutions IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. What are the IPO dates for Solarworld Energy Solutions?
IPO opens on September 23, 2025, and closes on September 25, 2025. Allotment is expected on September 26, 2025, with the tentative listing scheduled for September 30, 2025, on both BSE and NSE.
2. What is the price band and lot size for the Solarworld Energy Solutions IPO?
The price band is fixed at ₹333 to ₹351 per share. The lot size is 42 shares, and the minimum investment amount for retail investors is ₹14,742.
3. How much is the issue size and what does it include?
The IPO issue size is ₹490 crores, consisting of a fresh issue of ₹440 crores (1.25 crore shares) and an offer for sale of ₹50 crores (14 lakh shares).
4. How will the IPO proceeds be used?
The proceeds will primarily be used to partly fund the Pandhurana Project through the subsidiary KSPL and for general corporate purposes, including business development and operational needs.
References:
https://worldsolar.in/wp-content/uploads/2025/09/RHP.pdf
https://www.investorgain.com/gmp/solarworld-energy-ipo-gmp/1453/
Author: All Content is verified by SMC Global Securities.
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