Solar91 Cleantech IPO 2025: Energizing India’s Renewable Future

Solar91 Cleantech IPO 2025: Energizing India’s Renewable Future

Company Introduction: Engineering India’s Solar Transition

Founded in 2015 and headquartered in Jaipur, Solar91 Cleantech Limited specializes in Engineering, Procurement, and Construction (EPC) services for solar energy projects. It offers customized solutions for:

Residential rooftops

Commercial and industrial setups
Agro PV and open access models
Group captive solar investments
The company promotes “Energy Independence” by helping clients reduce reliance on fossil fuels.

What Is the IPO Funding For?

Solar91 aims to raise ₹106 crore through a 100% fresh issue. The funds will be used for:

Working capital requirements
Expansion of EPC operations
Strengthening project execution capabilities
General corporate purposes

Business Model: EPC + Distributed Solar

Solar91 operates on a project-based EPC model, where it designs, procures, and installs solar systems for clients. It also offers:

Open access solar for large industrial clients.
Group captive models for shared solar infrastructure.
Agro PV for rural and agricultural applications.

This hybrid approach allows it to serve both urban and rural markets with scalable solutions.

IPO Overview

IPO Details	Figures
IPO Window	24–27 December 2024 (postponed)
Issue Size	₹106 crore
Fresh Issue	₹106 crore
Offer for Sale (OFS)	None
Price Band	₹185–₹195 per share
Face Value	₹10 per share
Lot Size	600 shares (₹1,17,000 minimum)
Listing Exchange	BSE SME
Promoters	Prateek Agrawal, Saurabh Vyas, Sandeep Gurnani, Dhawal Vasavada

Financial Snapshot

Metric	FY23	FY24
Revenue	₹37.67 crore	₹42.97 crore
Profit (PAT)	₹0.20 crore	₹2.36 crore

The company has shown strong YoY growth in both revenue and profitability.

Peer Competition in Solar EPC

Competitor	Segment	USP
Waaree Energies	Solar modules & EPC	Large-scale manufacturing, pan-India presence
Vikram Solar	EPC & rooftop solutions	Premium rooftop installations, export focus
Tata Power Solar	Integrated solar	Brand trust, utility-scale projects
KPI Green Energy	Captive solar parks	SME-focused solar parks and hybrid models
Solar91	Customized EPC services	Distributed solar focus, SME-friendly pricing (edge)

Should You Invest?

Pros:

Strong growth in revenue and profit
Niche focus on distributed solar and agro PV
100% fresh issue no promoter dilution
High GMP (₹100 premium over issue price)

Cons:

SME listing lower liquidity
Regulatory delay (IPO postponed due to media queries)
Project-based revenue dependent on execution timelines
Ideal for: Long-term investors bullish on India’s solar transition and SME growth stories.

Conclusion

Solar91 Cleantech’s IPO offers a compelling entry into India’s fast-growing solar EPC space. With a strong financial turnaround, scalable business model, and high grey market premium, it’s a worthy consideration for long-term investors especially those seeking exposure to clean energy and infrastructure.