Solarworld Energy Solutions Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹333 - ₹351
- Lot size
- 42 shares
- Issue amount
- ₹490 cr
- Total subscription
- 3.68×
- Opens
- 23 Sept 2025
- Closes
- 25 Sept 2025
- Allotment
- 26 Sept 2025
- Listing
- 30 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 1,39,60,113 shares
- Face value
- ₹5 Per Share
- Minimum investment
- ₹13,986
- Fresh issue
- ₹440 cr
- Offer for sale
- ₹50 cr
- Registrar
- Link Intime India Private Ltd (MUFG)
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,742
- Issue type
- Bookbuilding IPO
- Shares before issue
- 7,41,37,042
- Shares after issue
- 8,66,72,654
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 42 | ₹14,742 |
| sHNI | 14 | 588 | ₹2,06,388 |
| bHNI | 68 | 2,856 | ₹10,02,456 |
Share reservation
Subscription & GMP
Subscription by category
Reported 24 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 33,238 | 13,65,038 |
| HNIs(10L +) | 2,374 | 30,946 |
| HNIs (2-10L) | 1,187 | 79,201 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 147 | 9,422.44 |
| FIIs | 0 | 2,661.12 |
| FIs | 0 | 4,526.79 |
| Mutual Funds | 0 | 37.76 |
| Others | 0 | 1,689.82 |
| RETAIL | 49 | 2,256.13 |
| NIB | 73.5 | 4,853.77 |
| HNIs 2+ | 24.5 | 1,668.35 |
| HNIs 10+ | 49 | 3,185.42 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 10.68 | 8 | 2.3 |
| ROE | 40.27 | 108.25 | 102.4 |
| ROCE | 54.53 | 86.57 | 38.78 |
| RONW | 40.27 | 108.25 | 102.4 |
| PRE IPO(PE) | 33.77 | 0 | 0 |
| POST IPO(PE) | 39.48 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Sterling & Wilson Renewable Energy Limited | 76.48 | 266.9 | 1 | 42.59 | 8.78 | 3.49 |
| Solarworld Energy Solutions Limited | NA | NA | 5 | 41.69 | 40.27 | 10.68 |
| KPI Green Energy Limited | 30.57 | 491.95 | 5 | 133.57 | 18.77 | 16.23 |
| Waaree Renewable Technologies Limited | 47.32 | 1038.6 | 2 | 43.64 | 65.29 | 22 |
| Gensol Engineering Limited | NA | 35.79 | 10 | NA | NA | NA |
| Oriana Power Limited | 29.01 | 2307 | 10 | 254.75 | 47.59 | 79.52 |
Company information
Company profile
SolarWorld Energy Solutions Limited, incorporated in 2013, provides solar energy solutions with a focus on engineering, procurement, and construction (EPC) services for solar power projects. It operates through two models: the CAPEX model, where customers own the project and the company handles design, installation, and commissioning, and the RESCO model, which allows businesses to adopt solar power without upfront investment, helping them cut costs and reduce carbon footprints. In May 2024, the company partnered with ZNSHINE PV-Tech Co. Ltd., a Bloomberg NEF tier-1 solar panel supplier from China, to set up a solar panel manufacturing facility. Its clients include SJVN Green Energy, Haldiram Snacks, Ethnic Food Manufacturing, and Samiksha Solarworld. As of July 31, 2025, the company employed 277 people.
Strengths
- Strong EPC Capabilities – Extensive solar project experience with in-house expertise ensures smooth and reliable execution.
- Robust Growth Pipeline – A healthy order book supported by renewable energy policies provides steady revenue visibility.
- High Operational & Financial Strength – Cost-efficient operations and solid financials enhance competitiveness and long-term growth.
Risk factors
- High Client Dependence – Heavy reliance on one customer (SJVN Green Energy Limited contributed 79–91% of revenue in FY 2023–2025) makes the business vulnerable.
- Project Execution Challenges – EPC projects carry risks of cost overruns, delays, and uncertainty in timely completion.
- Fixed-Price Contract Pressure – Incorrect cost estimates or supplier issues in fixed-price contracts can reduce margins and increase working capital needs.
Promoters
Kartik Teltia
Rishabh Jain
Mangal Chand Teltia
Sushil Kumar Jain
Anita Jain
Registrar & documents
Lead manager
Nuvama Wealth Management Limited, SBI Capital Markets Limited
Registrar & contacts
Link Intime India Private Ltd (MUFG)
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
501, Padma Palace,86, Nehru Place, South Delhi, New Delhi, New Delhi, 110019
0120 4399946
[email protected]Company website ↗Understanding SOLARWORLD IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.