Sun Drops Energia Limited Unlisted Shares: Company Analysis, Financials & Latest Updates (2026)

Sun Drops Energia Limited is a renewable energy company established in May 2019 as a subsidiary of KPI Green Energy Limited. The company builds, develops, owns, and operates solar and hybrid power plants and also specialises in battery energy storage systems. The company aims to provide economical and sustainable solar energy solutions to customers across India.

Sun Drops is led by Dr. Faruk G. Patel (KP Group founder and Chairman) and other KP executives. It primarily offers complete project development and EPC services. As of FY 2024-25, the company has a diversified renewable energy portfolio consisting of:

• 22+ MW of Independent Power Producer (IPP) Portfolio
• 49+ MW of Total Captive Power Plant (CPP) Portfolio
• 16+ MW of Hybrid Portfolio
• 71+ MW of Total (IPP + CPP) Portfolio

Key Financial Highlights (FY 2024-25)

Here are the key financial highlights of Sun Drops Energia Limited for FY 2024-25.

Sun Drops Energia Limited - An Overview

Here are a few quick facts about Sun Drops Energia Limited:

History & Evolution

Here is a brief overview of the company’s journey over the years:

2019: Incorporated as Sun Drops Energia Private Limited

Sun Drops Energia Limited was incorporated in May, 2019 as Sun Drops Energia Private Limited. It was established as a private limited company with its registered office in Surat, Gujarat, to develop, own, and operate solar power projects as an Independent Power Producer (IPP) and Captive Power Producer (CPP).

2021: Capacity Build-up & Early Operations

2021 onwards, the company began developing and commissioning its initial solar power projects. During this phase, it focused on building operational capacity and establishing long-term Power Purchase Agreements (PPAs) to sell renewable power.

2024: Significant Scaling & Capital Infusion

The year 2024 marked a major expansion phase for the company. It witnessed strong growth in operations and financial scale. Equity share capital increased substantially through preferential allotment, total assets and revenue from operations nearly doubled, and significant capital expenditure was undertaken on solar plants.

2025: Entry into Battery Energy Storage Systems (BESS) & Corporate restructuring

The company expanded its business scope into Battery Energy Storage Systems (BESS) while continuing to scale its solar portfolio. Alongside this, it undertook corporate restructuring measures (including board expansion and name changes) as part of its preparation for future growth and potential public listing.

2026: EGM notice issued for DEK and Mavericks Green Energy acquisition

Sun Drops issued an EGM notice on 21 August 2026 to acquire up to 100% of DEK and Mavericks Green Energy Limited (an Ahmedabad-based solar EPC contractor with 300+ MW installed) for ₹55.80 Cr, to be paid entirely through Compulsorily Convertible Preference Shares (CCPS) at ₹351.02 each. The deal is subject to shareholder approval at the EGM scheduled for 14 September 2026.

Shareholding Structure

Here is the breakdown of the shareholding structure of Sun Drops Energia Limited as of 31 March 2025.  

Board of Directors

Here is a brief overview of the board of directors as available on the company’s website.

Products and Services

Sun Drops Energia Limited is a renewable energy company specializing in the development, construction, ownership, operation, and maintenance of solar and hybrid power projects. Its broad range of products and services includes:

1. Independent Power Producer (IPP): Sun Drops develops, owns, and operates solar (and hybrid) power plants with its primary clients being the commercial & industrial (C&I) units through long-term Power Purchase Agreements (PPAs).
2. Captive Power Producer (CPP) / Service Partner: It also acts as a service partner and EPC provider for captive solar power projects for industrial and commercial clients and helps customers set up solar plants for their own consumption under the Captive Power Producer model.
3. Hybrid Projects: The company also develops hybrid renewable energy projects combining solar and wind. As per reports, the company had a Hybrid portfolio of 16+ MW as of FY 2024-25.
4. Battery Energy Storage Systems (BESS): The company has also entered the Battery Energy Storage Systems segment in the last year and is developing utility-scale standalone BESS projects and integrated solar + BESS solutions.

Financial Overview

Here are the key financial metrics of the company, including its Financial Performance, Balance Sheet Snapshot, and Cash Flow Statement for FY 2024-25 and FY 2023-24.

Financial Performance

Balance Sheet Snapshot

Cashflow Statement

Note: The financial figures presented above are sourced from the company’s Annual Report (FY 2024-25) and are for educational purposes only.

Key Business Strengths

Below are the key business strengths that support Sun Drops Energia’s growth and competitive positioning in the renewable energy sector.

• End-to-End Integration: Sun Drops has full control over its project value chain (development, EPC, O&M). It makes it easier for the company to have cost and timeline control, as this reduces reliance on subcontractors and other related parties.
• Entry into Battery Storage: Sun Drops is uniquely positioned as KPI Green’s dedicated BESS arm. Winning large utility-scale battery contracts in the early years of business could be a major differentiator and growth driver.
• Strong support from parent company: As a part of the KP Group and a subsidiary of KPI Green Energy Limited, Sun Drops enjoys access to the well-structured project pipeline, land, and technical expertise.
• Focus on the Solar Sector: The company is well rooted in India’s rapidly growing solar market. Its combination of owned IPP assets and captive solar services means it benefits from the broader push for renewable energy.

Recent Market Updates

In recent months, Sun Drops Energia Limited has significantly expanded its presence in the renewable energy sector, particularly in Battery Energy Storage Systems. The company has secured major standalone BESS projects from Gujarat Urja Vikas Nigam Limited (GUVNL).

According to the latest reports, Sun Drops Energia issued an EGM notice on 21 August 2026 to acquire up to 100% of DEK and Mavericks Green Energy Limited in a ₹55.80 Cr deal, subject to shareholder approval at the EGM scheduled for 14 September 2026.

Amid this growth, the company continues to scale its operations and prepare for a potential public listing. The parent company, KPI Green Energy, is reportedly working on an IPO of Sun Drops Energia to drive more value in the BESS segment and smaller captive power projects. Any more valuable updates regarding this may increase investors’ interest in Sun Drops Energia Limited unlisted shares. The company has also secured multiple captive solar projects to further strengthen its growth.

Disclaimer: This company analysis is based on the information provided by publicly available sources, the company’s website, and the Annual Report FY 2024-25. The complete and validated information for the unlisted company is limited, and any future performance depends on factors such as regulatory changes, market conditions, and execution risks. Investors should conduct their own independent research and consult professional advice before making any investment decisions.