Cosmic PV Power Limited Unlisted Shares

About Company

Cosmic PV Power Limited is a Surat, Gujarat-based solar photovoltaic module manufacturer, incorporated on 1 September 2020 as a private limited company and converted into a public limited company on 11 September 2025. The company operates two fully automated, robotic solar module manufacturing facilities in Surat with a cumulative capacity of 3 GW, producing modules from 420Wp to 750Wp, including the latest N-Type TOPCon G12R technology.

The following table shows a 10-point analysis of Cosmic PV Power Limited (CPPL). We will discuss each point in detail after this table.

Company Overview

It is BIS certified and listed under the Ministry of New and Renewable Energy's Approved List of Module Manufacturers (ALMM-I), with an enlisted capacity of 1.30 GW as of 30 September 2025.
Cosmic operates through a subsidiary, Cosmic Greentech Private Limited, which undertakes aluminium frame manufacturing; the group also has an associated entity, Cosmic Solar EPC Private Limited, that houses the company's EPC business.

Challenges in Cosmic PV Powers Business

The following are the key challenges faced by the company:

• Customer concentration: The top 10 customers contributed 80.10%, 79.82%, 81.38% and 81.31% of revenue from operations for the six months ended 30 September 2025 and for FY25, FY24 and FY23 respectively, per the DRHP.
• Supplier concentration: The top 10 suppliers accounted for a majority of raw material purchases (63.79%–76.28% across the reported periods), creating dependence on a limited supplier base.
• Intense industry competition: India's domestic solar module manufacturing capacity is expected to exceed 160 GW by early 2026 against estimated annual demand of 40–45 GW, and Cosmic competes against much larger players such as Waaree Energies, Adani Solar and Tata Power Solar.
• Order-book execution risk: As disclosed in the DRHP, projects in the order book may be delayed, modified, cancelled, not fully paid, or suspended by customers, so the order book is not necessarily indicative of future revenue or profit.
• Rising leverage: Overall borrowings stood at ₹242.57 crore as of 31 December 2025, alongside an enhanced bank facility rating (long-term facilities raised from ₹55 crore to ₹130 crore).

Financial Review of Cosmic PV Power

This review draws on figures reported from the company's DRHP (as cited by multiple financial-news outlets including Saur Energy, HDFC Sky and IndiaIPO) and CARE Ratings' December 2025 rating letter.

Revenue and profit growth (standalone, per DRHP)

• Revenue from operations grew from ₹48.10 crore in FY23 to ₹99.95 crore in FY24 and further to ₹245.16 crore in FY25 - a CAGR of about 125.8%. 
• Profit after tax rose from ₹1.84 crore in FY23 to ₹6.58 crore in FY24 and ₹24.44 crore in FY25. 
• Operating EBITDA grew from ₹4.11 crore in FY23 to ₹11.40 crore in FY24 and ₹39.04 crore in FY25, with the EBITDA margin expanding from 8.55% to 15.93% over the period. 
• Return on Equity for FY25 stood at 57.73%.

H1 FY26 (six months ended 30 September 2025)

• Revenue from operations stood at ₹181.69 crore.

Balance sheet and credit rating

• As of 31 December 2025, overall borrowings stood at ₹242.57 crore. NAV per share was ₹140.81 as of that date. CARE Ratings reaffirmed/enhanced the company's bank facility ratings on 31 December 2025: long-term facilities of ₹130 crore (enhanced from ₹55 crore) at CARE BBB (Stable); long-term/short-term facilities of ₹35 crore at CARE BBB (Stable)/CARE A3+; and short-term facilities of ₹2 crore at CARE A3+ (newly assigned) — taking total rated facilities to ₹167 crore.

Recent Developments

Given below are the recent developments of the company: 

• 2 September 2026: SEBI issued its final observations on Cosmic PV Power's DRHP, clearing the way for its ₹640 crore IPO (₹540 crore fresh issue + ₹100 crore offer for sale). The company's offer document was received by SEBI on 2 April 2026.
• IPO structure: Net proceeds of about ₹497.1 crore from the fresh issue are earmarked for a greenfield 1.1 GW TOPCon solar cell manufacturing facility in Narmadapuram, Madhya Pradesh, on 24.66 hectares allotted by Madhya Pradesh Development Corporation Limited (allotment letter dated 15 January 2026); the remainder is for general corporate purposes.
• 25 November 2025: Cosmic PV Power secured an order worth about ₹600 crore from Zetwerk Manufacturing Businesses for supply of 688,947 solar modules (550 Wp rating), marking its formal entry into the utility-scale Independent Power Producer (IPP) market.
• 3 November 2025: Announced a partnership with Indygreen Technologies to develop a 2 GW lithium-ion battery line for Battery Energy Storage Systems (BESS).
• 25 October 2025: The Madhya Pradesh government granted about 60 acres of land to Cosmic PV Power for its planned solar cell manufacturing facility.
• 16 February 2026: Added a 1.6 GW solar module manufacturing line at its Gujarat facility.
• 20 February 2026: Announced cricketer Shreyas Iyer as its Global Brand Ambassador.

Quick Summary

Cosmic PV Power is a fast-growing, Surat-based solar PV module manufacturer that has scaled from 200 MW to 3 GW of manufacturing capacity within about two years, backed by triple-digit revenue growth (FY23–FY25) and improving credit ratings. It has recently diversified into the utility-scale IPP segment via a large Zetwerk order and is expanding backward into solar cell manufacturing through a new Madhya Pradesh facility funded largely by its proposed IPO. Having received SEBI's approval for a ₹640 crore IPO in September 2026, the company is positioned for a public listing, subject to finalising its price band and issue dates. 

Visit the official website of Cosmic PV Power Limited.