Solarworld Energy Solutions IPO: Price, Allotment, And GMP

Solarworld Energy Solutions IPO - Company Analysis

Solarworld Energy Solutions IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 490 Cr by Solarworld Energy Solutions Ltd. that specializes in solar power plant setup, engineering, procurement, and construction (EPC), and was incorporated in 2013. The company also engages in related building activities and the sale of solar accessories.

Solarworld provides energy storage systems, O&M services, and EPC solutions for projects all over India. With more than 336 MW of solar capacity, it has completed numerous ground-mounted, rooftop, and RESCO projects.

 

Products and Services

• Rooftop and utility-scale solar EPC solutions.

• Solar project O&M services.

• Systems that store energy in batteries (BESS).

 

Solarworld Energy Solutions IPO Details

The Solarworld Energy IPO open date is from Sep 23 to Sep 25, with IPO allotment on Sep 26, refund initiation on Sep 29, 2025.

The Rs. 490 Cr mainline IPO comprises a combination of fresh issue of 1.25 crore shares (Rs. 440 Cr) and an offer for sale (OFS) of 0.14 crore shares (Rs. 50 Cr).

The Solarworld Energy Solutions IPO listing date might be on Tuesday, 30 September 2025, and it will be listed at the BSE and NSE. The Solarworld Energy Solutions IPO price band is Rs. 333 to Rs. 351 for each Share. 

Events	Date
IPO Opening Date	Sep 23, 2025
IPO Closing Date	Sep 25, 2025
IPO Allotment Date	Sep 26, 2025
Refund Initiation	Sep 29, 2025
Tentative IPO Listing Date	Sep 30, 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	598.02	155.02	120.43
Total Revenue	551.09	505.50	235.05
PAT	77.05	51.69	14.84
EBITDA	106.75	71.09	22.88
Net Worth	309.07	73.60	21.91
Reserves & Surplus	272	73.28	21.59
Total Borrowing	114.55	61.10	64.67

 

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	538.99	71.75	(71.40)
Net Cash Flow Investing Activities	(2,734.97)	192.16	32.82
Net Cash Flow Financing Activities	2,103.04	(103.41)	63.58

 

Revenue Bifurcation 

Service-wise Revenue Breakdown

Model-wise Revenue Breakdown

 

Customer-wise Revenue Breakdown

(Source - RHP)

 

The Objective of The Issue

• Investment in KSPL, the subsidiary, to help finance the Pandhurana Project's establishment. ~ Rs. 575.30 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Solarworld Energy Solutions Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Sterling And Wilson Renewable Energy Limited	1	3.49	76.48
KPI Green Energy Limited	5	16.23	30.57
Waaree Renewable Technologies Limited	2	21.95	47.32
Gensol Engineering Limited	10	-	-
Oriana Power Limited	10	79.52	29.01

 

Valuation

Metric	Value
ROE	40.27%
ROCE	54.53%
Debt/Equity	0.37
RoNW	40.27%
PAT Margin	14.14%
EBITDA	19.60%

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 10.68 from the last year, the resulting P/E ratio is 32.86x. 

Explore the Seshaasai Technologies IPO.

IPO's Strengths

• A proven track record in EPC with projects totaling 336 MW.

• Robust 299 MW O&M portfolio.

• Order book growth of Rs. 17,005 million.

• Enterprises that are cost-effective and highly profitable.

• Participation in the solar plus storage (BESS) market.

 

 

IPO’s Weaknesses 

• High reliance on solar policies from the government.

• EPC is a competitive market where margins are under pressure.

• Exposure to fluctuations in the price of raw materials.

• An enterprise that requires a lot of working capital.
  
  

Solarworld Energy Solutions IPO GMP 

Solarworld Energy Solutions IPO GMP today is Rs. 39 as of 20 Sep 2025, while writing this information. Hence, the Solarworld Energy Solutions IPO listing price (estimated) might be Rs. 390 (upper price + current GMP or grey market premium).

Solarworld Energy Solutions Limited IPO Summary

IPO Opening & Closing Date	Sep 23, 2025 to Sep 25, 2025
Face Value	Rs. 5 per Share
Issue Price	Rs. 333 to Rs. 351
Lot Size	42 Shares
Issue Size	1,39,60,113 Shares (Rs. 490 Cr)
Offer for Sale	14,24,501 Shares (Rs. 50 Cr)
Fresh Issue	1,25,35,612 Shares (Rs. 440 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

 

 

Solarworld Energy Solutions IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (42 Shares) amounting to Rs. 14742 and 13 Lots (546 Shares) amounting to Rs. 1,91,646, respectively, while for S-HNI investors, the minimum Lot is 14 (588 Shares) amounting to Rs. 2,06,388.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

Solarworld Energy Solutions IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

Solarworld Energy Solutions IPO Allotment Status

To check the Solarworld Energy Solutions IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Solarworld Energy Solutions Ltd.

• Kartik Teltia

• Rishabh Jain

• Mangal Chand Teltia

• Sushil Kumar Jain

• Anita Jain.

Pre-Issue Promoter Shareholding	78.70%
Post-Issue Promoter Shareholding	-

 

Solarworld Energy Solutions IPO Lead Managers

• Nuvama Wealth Management Ltd.

 

 

Dividend Policy

The company has not paid a dividend during the last three fiscal years.

Conclusion

With a large order book, a growing presence in energy storage, and exceptional ROE and ROCE, Solarworld Energy Solutions IPO is a powerful EPC and O&M operator in India's solar industry.  Even though there are dangers like policy dependency, working capital requirements, and competition, long-term investors find the industry outlook and fundamentals appealing.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.