The company, which is 29 years old, is recognized as India’s second-largest manufacturer of integrated solar cells and modules. It has an annual production capacity of 2 GW for solar cells and 3.36 GW for modules. The company operates five manufacturing facilities in Hyderabad, Telangana, and plans to expand further by Fiscal 2025. It is engaged in producing photovoltaic (PV) cells and modules, managing engineering, procurement, and construction (EPC) projects, and offering a range of solar-related services. With a strong order book valued at ₹5362 Cr. and notable clients such as NTPC and TATA Power, the company is well-positioned for ongoing growth in India’s solar market.

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• Proven Leadership and a Solid Background in Promotion
• State-of-the-Art Technology
• Strong Manufacturing Abilities
• Enhancing Financial Outcomes
• Varied Product Range
• Dedication to Sustainable Practices
• Strategic Collaborations and Partnerships
• State-of-the-art Research and Development
• Strong Position in the Market

• To establish a manufacturing facility for 4 GW Solar PV TOPCon Cells and 4 GW Solar PV TOPCon Modules through a subsidiary in Hyderabad, Telangana.
• For general corporate purposes.

The company operates in a niche renewable energy segment, handling remarkable projects. Its revenue has grown at a CAGR of ~ 62% from FY22 to FY24. In the most recent quarter, net revenue rose from Rs. 611 crore to Rs. 1,657 crore, while profit after tax (PAT) increased from Rs. 31.7 crore to Rs. 198 crore from Q1FY24 to Q1FY25. The company reported notable EPS of Rs. 4.7 for Q1FY25, compared to Rs. 5.48 for the entire FY24. We firmly believe that the company will achieve a PAT of approximately Rs.700-800 crores. Therefore, we recommend subscribing to this IPO and holding it for potential long-term gains.