Solarworld Energy Solutions IPO 2025: Price, Dates, GMP, and Full Analysis

India’s renewable energy sector is booming, and Solarworld Energy Solutions Ltd is stepping into the limelight with its much-anticipated IPO in September 2025. The company, a leading solar EPC solutions provider, plans to raise nearly ₹490 crore through this issue. But is it a good investment for you? Let’s break down all the key details — price band, GMP, subscription dates, financials, risks, and expert analysis.

Key IPO Details

Company Overview

• Founded: 2013
• Business Model: EPC (Engineering, Procurement & Construction) services for solar projects + RESCO model (company owns & operates solar projects, customers pay via long-term PPAs).
• Order Book: ~₹2,528 crore as of July 2025.
• Projects:
• Completed: ~253.67 MW AC / ~336.17 MW DC.
• Under Execution: ~765 MW AC / ~994 MW DC.
• Battery Energy Storage Systems (BESS): ~325 MW / 650 MWh capacity under progress.

Financial Performance

Analysis:
Revenue has grown steadily, and EBITDA margins improved significantly in FY25. However, PAT fluctuated due to project cycles and expenses.

Use of IPO Proceeds

• Funding 1.2 GW Solar PV TopCon cell manufacturing plant in Madhya Pradesh.
• Strengthening subsidiary Kartik Solarworld (KSPL).
• General corporate purposes.

Strengths

• Strong order book of ₹2,500+ crore.
• Growing presence in both solar EPC and battery storage solutions.
• Expansion into TopCon solar cell manufacturing (backward integration).
• Healthy revenue and improving profit margins.

Risks

• High Valuation: P/E ~39.6× at the upper band.
• Customer Concentration: Large share of revenue from SJVN Green Energy Ltd.
• Execution Risk: New plant construction & ongoing projects.
• Policy Dependence: Solar industry heavily linked to government regulations.

Peer Comparison (Valuation Snapshot)

Analysis:
Solarworld is smaller in scale but valued higher, which suggests investors are paying a premium for future growth.

Grey Market Premium (GMP)

• Latest GMP: ₹60–65 per share.
• Indicates ~19% expected listing gain if momentum sustains.
• Note: GMP is unofficial & speculative; actual listing price may vary.

Expert Verdict

Solarworld Energy Solutions IPO offers a growth story in solar and battery storage with strong government policy support. However, the valuation is on the higher side and investors must weigh the risks of execution delays and customer dependency.

• Short-Term Investors: May benefit from listing gains due to strong GMP.
• Long-Term Investors: Suitable for those bullish on India’s renewable energy push.

FAQ on Solarworld Energy Solutions IPO

Q1. What is the IPO price band?
₹333 – ₹351 per share.

Q2. What is the IPO lot size?
42 shares per lot.

Q3. What is the IPO size?
~₹490 crore.

Q4. When does the IPO open and close?
Opens: September 23, 2025 — Closes: September 25, 2025.

Q5. What is the allotment date?
September 26, 2025.

Q6. What is the listing date?
September 30, 2025.

Q7. What is the GMP?
Around ₹60–65 per share (unofficial).

Q8. Where can I check official IPO details?

• NSE IPO Page
• BSE IPO Page
• SEBI RHP

Useful Links

• Business Today IPO Review
• Economic Times Coverage
• Samco IPO Analysis

Final Word

Solarworld Energy Solutions IPO is a high-growth renewable energy play. With a strong order book, expansion into manufacturing, and improved margins, it has long-term potential. Still, its premium valuation means cautious investors should weigh risks carefully.