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SOLARWORLD IPO

Solarworld Energy Solutions Limited

IPO Doc

Start Date23-09-2025

Application Timing10am-5pm

Price Range₹333 - ₹351

Min Qty42

Min. Investment₹13986

Listing Date30-09-2025

Close Date25-09-2025

About Solarworld Energy Solutions Limited

Incorporated in 2013, Solarworld Energy Solutions Limited is a leading solar energy solutions provider specializing in Engineering, Procurement, and Construction (EPC) services for solar power projects. The company operates through two business models:

Capital Expenditure (CAPEX) Model – End-to-end solar project solutions including design, installation, setup, and commissioning, with ownership retained by the customer.

Renewable Energy Service Company (RESCO) Model – Enables customers to adopt solar power with no upfront investment, helping businesses reduce their carbon footprint with minimal financial burden.

In 2024, the company entered into 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.

The client base includes SJVN Green Energy Limited, Haldiram Snacks Private Limited, Ethnic Food Manufacturing Private Limited, and Samiksha Solarworld Private Limited. As of July 31, 2025, the company employed 277 people.

Why To Invest in Solarworld Energy Solutions Limited

Strong Financial Growth: Revenue grew by 9% and Profit After Tax (PAT) surged by 49% between FY24 and FY25, supported by robust execution.

Asset-Light Business Model: High Return on Equity (ROE) of 40.27% and Return on Capital Employed (ROCE) of 54.53% reflect operational efficiency.

Rising Demand for Solar Energy: Increasing focus on renewable energy in India provides long-term industry tailwinds.

Strong Client Relationships: Trusted by major clients in energy and manufacturing sectors, ensuring business continuity.

Strategic Partnership: Collaboration with ZNSHINE PV-Tech enhances backward integration and strengthens supply chain capabilities.

Experienced Management: Leadership with proven expertise in solar EPC services and renewable energy projects.

Financial Table

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 and Surplus	272.00	73.28	21.59
Total Borrowing	114.55	61.10	64.67

Strengths And Risks

Proven EPC Track Record: The company has an established history of delivering end-to-end solar EPC projects, showcasing strong execution capabilities.

Robust Financial Growth: With an EBITDA margin of 19.60% and consistent profit expansion, Solarworld has demonstrated sustainable financial strength.

Asset-Light Business Model: The company’s asset-light structure supports high scalability and profitability while keeping capital requirements low.

Strong Customer Relationships: Partnerships with reputed clients such as SJVN Green Energy and Haldiram ensure long-term business stability.

Strategic Tie-up for Manufacturing: The collaboration with ZNSHINE PV-Tech enhances supply chain integration and creates new growth opportunities in solar panel manufacturing.

High Valuation Levels: At a post-issue P/E of 39.48x, the IPO valuation appears expensive compared to industry peers, which could limit upside potential.

Dependence on Government Policies: The renewable energy sector is heavily reliant on favorable government policies and subsidies, making the business vulnerable to regulatory changes.

Intense Industry Competition: The solar EPC market is highly competitive, with both domestic and global players exerting pricing pressure.

Volatility in Raw Material Costs: Rising costs of solar modules and raw materials may adversely affect the company’s operating margins.

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Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

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SOLARWORLD IPO

About Solarworld Energy Solutions Limited

Why To Invest in Solarworld Energy Solutions Limited