Vishakha Renewables Limited
DRHP · filed 30 Sept 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Vishakha Renewables Limited manufactures non-cell solar module components, deriving over 99% of its revenue from this segment, and is raising Rs 1,250 crore through a fresh issue with no offer for sale. The company reported a revenue of Rs 1,893.38 crore and a profit of Rs 173.45 crore in the latest fiscal year, with a revenue CAGR of 37.35%. The IPO is materially exposed to risks related to the solar module manufacturing industry, including technological advancements, pricing pressures, and regulatory changes. Additionally, the company faces high customer concentration risk, with top ten customers contributing over 90% of its revenue in recent years.
What stands out
Risk factor. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, the Company derived 97.79%, 99.45%, and 99.52%, respectively, of its revenue from operations from only non-cell solar module components.
Risk factor. The Company's products constitute four of the six principal components used in solar modules and collectively account for approximately 40-45% of the average cost of a bifacial solar module.
Risk factor. The Company's business is significantly exposed to developments and trends affecting the solar module manufacturing industry, including technological advancements resulting in the adoption of alternative materials or component configurations.
Risk factor. The Company's business is significantly exposed to developments and trends affecting the solar module manufacturing industry, including changes in customer procurement strategies.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Strong revenue growth. Restated revenue CAGR of 37.4%.
Healthy return on equity. ROE of 19.2%.
How the offer is structured
Fresh issue
₹1.25k Cr
New capital into the company
OFS share
0%
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company₹900 Cr
- General corporate purposes
Restated financials
Revenue
₹1.89k Cr
Latest fiscal year
Profit after tax
₹173 Cr
Revenue CAGR
37.4%
Return on equity
19.2%
Debt / equity
2.99
PAT CAGR
128.9%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹1.00k Cr | ₹33.1 Cr | ₹172 Cr | |
| 2025 | ₹1.52k Cr | ₹56.5 Cr | ₹722 Cr | |
| 2026 | ₹1.89k Cr | ₹173 Cr | ₹902 Cr |
Promoters, litigation & related parties
Promoter (pre)
75.6%
Except as disclosed in this section, there are no outstanding: (i) criminal proceedings involving Company, Promoters, Subsidiaries and Directors, Key Managerial Personnel and members of Senior Management; (ii) actions by regulatory and statutory authorities involving the Relevant Parties, Key Managerial Personnel and members of Senior Management; (iii) disciplinary actions including any penalty imposed by SEBI or stock exchanges against the Promoters in the last five financial years; (iii) claims related to direct and indirect tax matters involving the Relevant Parties; and (iv) other pending litigation (including civil or arbitration proceedings). Further, except as disclosed in this section, there are no outstanding litigations involving Group Companies that may have a material impact on the Company. We have disclosed outstanding claims related to direct and indirect tax matters involving the Relevant Parties in a consolidated manner, giving the number of cases and total amount. 396
Risks the company discloses
During Fiscal 2026, Fiscal 2025 and Fiscal 2024, the Company derived 97.79%, 99.45%, and 99.52%, respectively, of its revenue from operations from only non-cell solar module components.(Revenue Concentration)
The Company's products constitute four of the six principal components used in solar modules and collectively account for approximately 40-45% of the average cost of a bifacial solar module.(Cost Structure)
The Company's business is significantly exposed to developments and trends affecting the solar module manufacturing industry, including technological advancements resulting in the adoption of alternative materials or component configurations.(Technological Change)
The Company's business is significantly exposed to developments and trends affecting the solar module manufacturing industry, including changes in customer procurement strategies.(Customer Procurement)
The Company's business is significantly exposed to developments and trends affecting the solar module manufacturing industry, including pricing pressures.(Pricing Pressure)
The Company's business is significantly exposed to developments and trends affecting the solar module manufacturing industry, including adverse regulatory and policy changes impacting the solar energy sector.(Regulatory Risk)
The Company depends on certain key customers for a significant portion of its revenue from operations, with top ten customers contributing to 71.38%, 79.53% and 93.14% of revenue in Fiscals 2026, 2025 and 2024, respectively.(Customer Concentration)
The Company has derived and continues to derive a significant portion of its revenue from operations from certain key customers, including Anchor Customers such as Mundra Solar PV Limited and Mundra Solar Energy Limited.(Customer Concentration)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.