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HVR Solar Private Limited Unlisted Shares
DRHP Status : DHRP not filed
250
Fundamentals About HVR Solar Private Limited
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Key Financials of HVR Solar Private Limited
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 43 | 66 | 100.5 |
| Cost of Material Consumed | 37 | 53 | 83.6 |
| Change in Inventory | -0.5 | 2 | -3.5 |
| Gross Margins | 15.12 | 16.67 | 20.3 |
| Employee Benefit Expenses | 1.3 | 2.16 | 3.3 |
| Other Expenses | 2.6 | 3.59 | 4.6 |
| EBITDA | 2.6 | 5.25 | 12.5 |
| OPM | 6.05 | 7.95 | 12.44 |
| Other Income | 0.5 | 0.17 | 0.83 |
| Finance Cost | 2.2 | 2.85 | 3.1 |
| D&A | 0.4 | 0.44 | 0.54 |
| EBIT | 2.2 | 4.81 | 11.96 |
| EBIT Margins | 5.12 | 7.29 | 11.9 |
| PBT | 0.5 | 2 | 9.7 |
| PBT Margins | 1.16 | 3.03 | 9.65 |
| Tax | 0.15 | 0.61 | 2.7 |
| PAT | 0.35 | 1.39 | 7 |
| NPM | 0.81 | 2.11 | 6.97 |
| EPS | 11.29 | 27.8 | 23.33 |
Financial Ratios |
2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | 6.05 | 7.95 | 12.44 |
| Net Profit Margin | 0.81 | 2.11 | 6.97 |
| Earning Per Share (Diluted) | 11.29 | 27.8 | 23.33 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 2.8 | 3.3 | 3.75 |
| CWIP | 0 | 0 | 0.46 |
| Investments | 0.1 | 0.1 | 0.1 |
| Trade Receivables | 13.3 | 20.6 | 29.5 |
| Inventory | 13.5 | 13.4 | 19.7 |
| Other Assets | 2.3 | 3.6 | 3.49 |
| Total Assets | 32 | 41 | 57 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 0.31 | 0.5 | 3 |
| FV | 10 | 10 | 10 |
| Reserves | 1.3 | 2.68 | 7.18 |
| Borrowings | 22.5 | 29.5 | 30.5 |
| Trade Payables | 6 | 5.8 | 10.6 |
| Other Liabilities | 1.89 | 2.52 | 5.72 |
| Total Liabilities | 32 | 41 | 57 |
About Company
HVR Solar Private Limited is an Indian renewable energy company engaged in solar EPC solutions, solar module manufacturing, and project execution services. The company caters to commercial, industrial, institutional, and utility-scale solar projects across India. Incorporated in February 2016, HVR Solar has evolved from a solar project execution company into an integrated solar solutions provider with manufacturing capabilities.
The company operates across the solar value chain, including engineering, procurement, construction (EPC), rooftop solar installations, ground-mounted projects, and solar module manufacturing. A significant milestone for the company has been its investment in solar manufacturing infrastructure in Haryana, aimed at supporting India's domestic solar manufacturing ecosystem.
As of June 2026, HVR Solar continues to expand its manufacturing footprint and strengthen its position in India's rapidly growing renewable energy market.
The following table shows a 10-point analysis of HVR Solar Private Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 2016 | Fast-growing solar EPC and solar manufacturing company |
| Industry | Renewable Energy · Solar Power | Operates in one of India's fastest-growing sectors |
| Core Business | Solar EPC · Solar Modules | Provides turnkey solar solutions and module manufacturing |
| Manufacturing Capacity | 1.2 GW+ | Large-scale solar module manufacturing capability |
| Business Presence | Pan-India | Serves commercial, industrial, and utility-scale projects |
| Authorized Capital | ₹10 Cr | Capital base supporting growth and expansion |
| Paid-up Capital | ₹9.90 Cr | Strong promoter commitment and capitalisation |
| Debt Facilities | Multiple banking relationships | Access to institutional funding for expansion |
| Corporate Status | Active | Regular compliance filings and ongoing operations |
| Outlook | Strong Growth Potential | Beneficiary of India's renewable energy transition |
Challenges in HVR Solar Private Limited's Business
Here are the core challenges faced by the company:
- Capital-intensive expansion: Solar manufacturing facilities require substantial capital investments, resulting in higher funding requirements and execution risks.
- Policy and regulatory dependence: The renewable energy industry remains influenced by government policies, import duties, and incentive schemes.
- Competitive industry landscape: The company competes with established solar manufacturers and EPC companies across India.
- Raw material price volatility: Fluctuations in solar cell and module component prices can impact margins and profitability.
Financial Review of HVR Solar Private Limited
Here are some highlights of the financial performance of HVR Solar Private Limited over the past few years.
FY25 Performance
- Continued expansion of solar manufacturing and EPC operations
- Balance sheet filed for FY25 with ongoing business growth initiatives
- Manufacturing capacity expansion remained a key strategic focus
- Operational scale strengthened through new facility commissioning initiatives
FY24 Performance
- Operating revenue reported in the ₹1 crore to ₹100 crore range based on publicly available corporate data aggregators
- EBITDA recorded a significant improvement over the previous year
- Net worth strengthened substantially during the year
- Business continued expanding project execution capabilities and manufacturing investments
FY23 Performance
- Continued growth in solar EPC operations
- Expansion of project portfolio and customer base
- Focus on scaling manufacturing capabilities for future growth
Recent Business Developments (June 2026)
- Commercial operations of a 1.2 GW solar module manufacturing facility in Sonipat, Haryana commenced during 2026
- Manufacturing expansion strengthens the company's position in India's domestic solar manufacturing ecosystem
- Facility expected to support rising demand for high-efficiency solar modules in India and export markets
Quick Summary
HVR Solar Private Limited is a rapidly growing renewable energy company operating in the solar EPC and solar manufacturing sectors. The company's recent manufacturing expansion, strong capitalisation, and exposure to India's renewable energy growth story provide significant opportunities. However, investors should also consider execution risks, industry competition, and capital requirements associated with large-scale expansion.
Click here to visit the official website of HVR Solar Private Limited.
Shareholding Pattern of HVR Solar Private Limited
| Name | Holding |
|---|---|
| Harsh Kumar Aggarwal | 50% |
| Rishabh Aggarwal | 50% |
Promoters of HVR Solar Private Limited
| Name | Designation |
|---|---|
| Harsh Aggarwal | Director |
| Rishabh Aggarwal | Director |
| Veena Aggarwal | Director |
| Sagar Sachdev | Director |
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Frequently Asked Questions
These are equity shares of the company that are not listed on NSE or BSE and are traded privately.
Yes, these shares can be purchased through private market platforms, subject to availability.
Yes, a demat account is required to hold these unlisted shares.
The company operates in a high-growth renewable energy sector, but investors should evaluate financial performance, valuation, and execution risks before investing.
Yes, these shares can be sold in the secondary market depending on buyer availability.
Yes, as per SEBI regulations, pre-IPO investors are generally subject to a lock-in period after listing.
If held for more than two years, gains are taxed at 20% with indexation; otherwise, gains are taxed as per the applicable income tax slab.
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