Solar 91 Cleantech Limited Unlisted Shares

About Company

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.