Solarworld Energy Solutions IPO: Check IPO Date, Lot Size, Price & Details

Introduction:

Incorporated in 2013, SolarWorld Energy Solutions Limited is a solar energy solutions provider with a strong presence in engineering, procurement, and construction (EPC) services for solar power projects. The company offers end-to-end, cost-effective, and customised solar solutions catering to the needs of public sector undertakings (PSUs) as well as commercial and industrial (C&I) clients. Its business is aligned with India’s growing renewable energy push, focusing on enhancing sustainable infrastructure, supporting decarbonisation, and improving energy efficiency.

As of July 31, 2025, the company had a workforce of 277 employees and has established a proven execution track record. SolarWorld has successfully completed solar projects with an installed capacity of 253.67 MW AC / 336.17 MW DC, while also maintaining a robust pipeline of ongoing projects with a capacity of 765 MW AC / 994 MW DC under EPC services and 325 MW / 650 MWh under Battery Energy Storage Systems (BESS).

The company operates under two business models: the Capital Expenditure (CAPEX) model, where project ownership rests with the customer, and the Renewable Energy Service Company (RESCO) model. Notably, the CAPEX model has been the key revenue driver, contributing 87.73% of revenue in FY25, 99.00% in FY24, and 98.87% in FY23.

IPO Details:

Objects of the Issue

• Investment in Subsidiary, Kartik Solarworld Private Limited (“KSPL”) for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh.
• General corporate purposes.

Key Strengths

Established Track Record and Strong Execution Capabilities

SolarWorld has built a proven track record in delivering end-to-end solar EPC solutions, with 46 completed projects aggregating 253.67 MW AC / 336.17 MW DC capacity as of July 31, 2025. Its execution covers the full project lifecycle—from site survey and design to installation and commissioning—serving both PSUs and C&I clients. The company’s experience spans across diverse project scales, ranging from 39 rooftop projects totalling 13.67 MW to large ground-mounted solar plants.

Robust Order Book with Visibility on Future Growth

The company has consistently strengthened its order pipeline, providing visibility into future revenues. As of July 31, 2025, its order book stood at ₹25,278.14 million, up sharply from ₹5,350.06 million as of March 31, 2023. The pipeline includes EPC projects, O&M services, and significant opportunities in Battery Energy Storage Systems (BESS), reflecting favorable demand conditions in the renewable sector.

Asset-Light Business Model Supporting Strong Financials

SolarWorld follows an asset-light strategy under its CAPEX model, with real estate procurement borne by customers. This approach reduces capital intensity and fixed costs, enabling operational scalability. Additionally, the relatively short EPC project cycle of 11–18 months supports efficient working capital management. These factors have contributed to the company’s healthy financial performance.

Risks

High Customer Concentration

A significant portion of SolarWorld’s revenues is dependent on a single customer, SJVN Green Energy Limited, which contributed 79.19% in FY25, 91.16% in FY24, and 87.98% in FY23. Any loss of this customer, or reduction in order volumes, could materially impact business performance despite ongoing efforts to diversify its client base.

Geographical Concentration

The company’s operations are heavily concentrated in Uttar Pradesh, contributing 99.41% and 99.35% of total income in FY24 and FY23, respectively. Such dependence exposes the business to region-specific risks, including adverse economic, political, or environmental developments.

Financial Snapshot

              (All figures are in ₹ million, unless otherwise specified)