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Solar 91 Cleantech Limited Unlisted Shares
DRHP Status : Not Filed
472
Fundamentals About Solar 91 Cleantech Limited
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All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Solar 91 Cleantech Limited
| P&L Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 4157 | 3758 | 4277 |
| Cost of Material Consumed | 3815 | 3511 | 3653 |
| Change in Inventory | -113 | 8 | 0 |
| Gross Margins | 10.95 | 6.36 | 14.59 |
| Employee Benefit Expenses | 149 | 142 | 197 |
| Other Expenses | 287 | 30 | 35 |
| EBITDA | 19 | 67 | 392 |
| OPM | 0.46 | 1.78 | 9.17 |
| Other Income | 44 | 9 | 20 |
| Finance Cost | 14 | 32 | 62 |
| D&A | 2.5 | 4 | 8 |
| EBIT | 16.5 | 63 | 384 |
| EBIT Margins | 0.4 | 1.68 | 8.98 |
| PBT | 46 | 48 | 341 |
| PBT Margins | 1.11 | 1.28 | 7.97 |
| Tax | 12 | 13 | 81 |
| PAT | 34 | 35 | 260 |
| NPM | 0.82 | 0.93 | 6.08 |
| EPS | 266.67 | 226.24 | 1680.67 |
| Financial Ratios | 2022 | 2023 | 2024 |
|---|---|---|---|
| Operating Profit Margin | 0.46 | 1.78 | 9.17 |
| Net Profit Margin | 0.82 | 0.93 | 6.08 |
| Earning Per Share (Diluted) | 266.67 | 226.24 | 1680.67 |
| Assets | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 8 | 15 | 297 |
| CWIP | 0 | 133 | 0 |
| Investments | 9 | 39 | 282 |
| Trade Receivables | 225 | 269 | 216 |
| Inventory | 628 | 620 | 729 |
| Other Assets | 93 | 218 | 579 |
| Total Assets | 963 | 1294 | 2103 |
| Liabilities | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 1.275 | 1.547 | 1.547 |
| FV | 10 | 10 | 10 |
| Reserves | 135 | 255 | 486 |
| Borrowings | 226 | 755 | 782 |
| Trade Payables | 37 | 15 | 33 |
| Other Liabilities | 563.72 | 267.45 | 800.45 |
| Total Liabilities | 963 | 1294 | 2103 |
About Company
The following table shows a 10-point analysis of Solar91 Cleantech Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹190–210 cr PAT ~₹12–15 cr PAT margin ~6–7% |
Leading solar EPC (Engineering, Procurement & Construction) company focused on rooftop solar, ground-mounted projects, solar pumps and hybrid solar-wind solutions. Strong presence across Rajasthan, Gujarat, Maharashtra and other states. Serves commercial & industrial (C&I), residential and agricultural segments, benefiting from PM-KUSUM and rooftop solar subsidy schemes. |
| Industry & Market Position | Mid-tier solar EPC player Strong in distributed solar segment |
Well-positioned in rooftop and small-scale distributed solar projects. Benefits from India's renewable energy targets (500 GW) and subsidy support. Faces competition from larger integrated players and risks from policy changes and project execution delays. |
| Revenue Growth Trend | FY23–FY25 CAGR ~40–50%+ Revenue scaled to ~₹190–210 cr |
Rapid expansion driven by strong project wins, subsidy-led demand and execution ramp-up. FY25 growth supported by rooftop solar and solar pump orders. Long-term tailwinds from distributed generation and India's solar capacity addition plans. |
| Profitability & Margins | EBITDA margin ~12–14% PAT margin ~6–7% ROE positive |
Improving margins due to operating leverage, cost optimization and higher-margin EPC mix. Earnings quality moderate given project-based revenue recognition and subsidy timing. Healthy profitability for a mid-tier EPC company. |
| Cash Flow Quality | Positive operating cash flow Limited or no dividends (growth focus) |
Cash generated through project milestones and advance payments. Supports working capital and expansion needs. Some variability due to project cycle and subsidy disbursement timelines. |
| Balance Sheet Strength | Strong net worth Moderate debt (controlled gearing) |
Comfortable leverage structure typical of EPC model. Liquidity managed through order book visibility and receivable management. No major structural balance sheet risks identified. |
| Valuation Comfort | Unlisted price ~₹180–210 (Feb 2026) P/E ~18–22x (EPS ~₹9–11 est.) Market cap ~₹1,500–1,800 cr |
Reasonable valuation for a high-growth solar EPC player. Supported by policy tailwinds and strong revenue trajectory. Attractive pre-IPO positioning relative to growth outlook. |
| Management & Governance | Promoter-led with professional team Transparent disclosures |
Proven execution capability in solar EPC projects and subsidy-linked programs. Clean governance standards with regular reporting. No major compliance issues noted. |
| Growth Triggers & Catalysts | Order book execution Rooftop & solar pump demand Subsidy continuity IPO preparation stage |
Growth supported by national solar targets, C&I adoption and agricultural solar initiatives. Expansion into new geographies and operational efficiencies add upside. Potential IPO could act as a liquidity and valuation catalyst. |
| Liquidity & Exit Visibility | OTC liquidity only IPO discussions in early stage |
Moderate liquidity in unlisted market with partial capital lock-in. Exit visibility improves significantly if IPO plans materialize. Currently medium liquidity risk until listing clarity emerges. |
Solar91 Cleantech Limited, founded in 2015, is a high-growth renewable energy company specializing in distributed solar solutions. The company has evolved from EPC roots into a full-scale Independent Power Producer (IPP) with diversified revenue across EPC, O&M, and SPV-based annuity assets. By leveraging government schemes like PM-KUSUM, integrating Battery Energy Storage Systems (BESS), and expanding SPV-based operations, Solar91 is positioning itself as a differentiated clean-energy player.
The following are the key highlights:
- Integrated EPC, O&M, and IPP model with SPV structures following a 70:30 debt-equity approach.
- Portfolio of 450+ MW confirmed orders, primarily in Rajasthan and Karnataka.
- Active plans to build a 1,000+ MW asset base by optimising DISCOM infrastructure.
- Target IRR of ~16%+ for investors on long-term IPP/RESCO assets.
- Founding team includes IIT alumni with leadership, policy, and clean-energy expertise.
- Strong focus on cluster-based O&M to reduce costs and improve uptime.
Challenges
The following section outlines key operational and industry challenges faced by Solar91 Cleantech Limited:
- Regulatory uncertainty in SME IPO norms, as seen in IPO postponement.
- Capital-intensive business model requiring continuous funding.
- Exposure to DISCOM payment delays and policy-driven risks.
- Competitive pressure in EPC and O&M segments.
- Technology dependency for BESS and storage-led solar projects.
Financial Review
Solar91 Cleantech Limited has demonstrated strong operational and valuation growth between FY19 and FY24. The company transitioned from a pure EPC operator to an integrated EPC + O&M + IPP player, resulting in diversified revenue and improved long-term visibility. While audited year-wise financials were not provided, valuation-linked share issuances and strategic asset expansion indicate a steady upward financial trajectory.
Key Financial Observations (FY19–FY24):
- Consistent equity infusions across FY24 and FY25 reflect expanding operations and investor confidence.
- Valuation traction: Share value increased sharply in May 2024, rising from ₹24,430 to ₹59,453 before a major bonus issue.
- Bonus issuance (June 2024): Over 1.50 crore bonus shares issued, signalling balance sheet restructuring.
- Post-Aug 2025 valuation: Stabilised at ₹566/share, used for multiple allotments across 2025.
- Total shares outstanding: Grew to 1,61,42,670 by November 2025.
- Implied company valuation: Approximately ₹913.67 crore as per latest allotment pricing.
- Order book: Exceeded 450 MW, creating multi-year revenue visibility.
- Transition into IPP assets significantly improved the company’s annuity income base.
- Cluster O&M strategy strengthened margins through operational efficiencies.
Overall, FY19–FY24 marks a phase of rapid scale-up, capital restructuring, and business model expansion, positioning Solar91 for large institutional participation.
Quick Summary
This section summarises the most important points about Solar91 Cleantech Limited:
- Founded in 2015; transitioning into a leading distributed solar IPP.
- 450+ MW order book with expansion into BESS-led solar projects.
- Integrated EPC, O&M, and IPP model with a 70:30 financial structure.
- IPO (₹106 crore, BSE SME) postponed due to regulatory clearance issues.
- Valuation ~₹913 crore with 16M+ shares outstanding.
- Strong leadership team with IIT background and industry experience.
Shareholding Pattern of Solar 91 Cleantech Limited
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Frequently Asked Questions
Solar91 Cleantech Limited is a renewable energy company specialising in distributed solar projects, EPC, O&M, and IPP-based long-term assets.
No. Solar91 Cleantech Limited is currently unlisted. Its December 2024 SME IPO was postponed and awaits regulatory re-clearance.
Solar91 operates an integrated model combining EPC, O&M, and IPP operations, supported by SPV structures and a 70:30 debt-equity financial framework.
The company has grown through diversified EPC orders, expansion of IPP assets, BESS integration, and a rising share valuation, reflecting strong investor interest.
Solar91 is led by founders from IIT—Saurabh Vyas, Prateek Agrawal, and Sandeep Gurnani—supported by advisors from major energy and government sectors.
Based on recent share issuances at ₹566 per share, Solar91’s implied valuation is approx. ₹913 crore.
Risks include regulatory uncertainty, SME listing norms, capital-intensive operations, competition, and storage-tech dependency.
Yes, Solar91 operates through SPV subsidiaries for its IPP/RESCO projects, enabling long-term annuity revenues.
Solar91 aims to grow its IPP portfolio to 1.47 GW by FY29 by leveraging EPC strength, government schemes, and BESS-based solar opportunities.
Since Solar91 is unlisted, investors can acquire shares through private placements or trusted unlisted share platforms before its IPO relaunch.
+91-9599071664
amit@unlistedkraft.in