Solarworld Energy Solutions Ltd (MAINBOARD)

Financial Details (In ₹Crores)

Peer Comparision (Valuation)

Peer Comparision (Financial Performance)

Company Overview

Established in 2013, Solarworld Energy Solutions Limited is a leading solar EPC (Engineering, Procurement, and Construction) provider in India, delivering comprehensive renewable energy solutions to commercial and industrial clients. The company has commissioned over 500 MW of solar power projects, with an additional 700 MW under development, and aims to scale up to 5 GW by 2028, aligning with India’s 500 GW renewable energy target for 2030.

Solarworld operates through two primary business models:

• CAPEX Model: End-to-end project execution where the client retains ownership of the asset.

• RESCO Model: Enables clients to adopt solar energy with no upfront investment, promoting faster decarbonization.

As part of its vertical integration strategy, Solarworld is expanding into solar module and cell manufacturing, as well as Battery Energy Storage Systems (BESS).

Strategic Partnerships & Clients

In May 2024, Solarworld signed an equity cooperation agreement with ZNSHINE PV-Tech Co. Ltd. to establish a domestic solar panel manufacturing facility, enhancing supply chain resilience and technology adoption. Key clients include:

• SJVN Green Energy Limited

• Haldiram Snacks Private Limited

• Ethnic Food Manufacturing Private Limited

• Samiksha Solarworld Private Limited

Project Portfolio & Workforce (as of August 31, 2024)

• Completed Projects: 253.67 MW (AC) / 336.17 MW (DC)

• Ongoing Projects: 420 MW (AC) / 592 MW (DC)

• Installations: 46 ground-mounted and rooftop projects since 2014

Objects of the Issue – Solarworld Energy Solutions IPO

The net proceeds from the IPO are proposed to be used for the following purposes:

• An investment of Rs 575.30 crores in Solarworld’s subsidiary KSPL, for part-financing the Pandhurana solar project.

• The remaining funds will be allocated towards general corporate purposes.

Strength

Proven EPC Expertise – Strong track record in solar EPC projects with robust in-house capabilities ensures execution reliability.

Healthy Growth Pipeline – A strong order book backed by favorable renewable energy policies provides revenue visibility.

Operational & Financial Efficiency – Solid financials driven by efficient operations strengthen competitiveness and sustainability.

Weakness

Customer Concentration Risk – Heavy dependence on a single client (SJVN Green Energy Limited contributed 79–91% revenue in Fiscals 2023–2025) makes business vulnerable.

Execution & Delay Risk – EPC projects face risks of cost overruns, construction delays, and completion uncertainties.

Fixed-Price Contract Risk – Inability to accurately estimate costs or manage suppliers under fixed-price contracts may erode margins and increase working capital requirements.