Cosmic PV Power IPO
Cosmic PV Power IPO — date, issue size, SEBI status & DRHP details 2026
Cosmic PV Power filed its draft red herring prospectus (DRHP) with SEBI on 2 Apr 2026 for an IPO of a fresh issue of up to ₹540 crore and an offer for sale of up to ₹100 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Cosmic PV Power makes solar PV modules at its Surat-based plants and also runs EPC services and aluminium frame manufacturing. Revenue from operations grew from Rs 48.10 crore in FY2023 to Rs 245.16 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Cosmic PV Power IPO stands
From draft to listing. Today is 14 October 2026.
- DRHP filed 02 Apr 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 2 Apr 2026 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Unlisted (pre-IPO) share price
Cosmic PV Power shares trade off-market before listing. This is the latest indicative dealer quote, not an exchange price.
Cosmic PV Power IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹540 Cr |
| Offer for sale | Up to ₹100 Cr |
| Total issue size | ₹640 Cr |
| Pre-IPO placement | Up to ₹108 Cr (reduces the fresh issue) |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Systematix Corporate Services Limited, Valmiki Leela Capital Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Jenishkumar Deepakkumar Ghael | Promoter | Up to Rs 20.00 crore | Rs 25.42 |
| Shravan Kumar Gupta | Promoter | Up to Rs 20.00 crore | Rs 25.53 |
| Surabhi Sureshchandra Sahu | Promoter | Up to Rs 20.00 crore | Rs 0.29 |
| Maitry Jenishkumar Ghael | Promoter | Up to Rs 20.00 crore | Rs 0.29 |
| RPV Holdings Private Limited | Corporate | Up to Rs 9.39 crore | Rs 59.51 |
| Reina Ramesh Jaisinghani | Individual | Up to Rs 3.52 crore | Rs 59.51 |
| Chanakya Opportunities Fund I | Investor | Up to Rs 3.22 crore | Rs 84.24 |
| Yogesh Chaudhary | Individual | Up to Rs 0.98 crore | Rs 59.51 |
| Shubhalakshmi Polyesters Limited | Corporate | Up to Rs 0.78 crore | Rs 59.51 |
| Ashish Mangal | Individual | Up to Rs 0.78 crore | Rs 59.51 |
The four promoter sellers have a weighted average cost of Rs 0.29 to Rs 25.53 per share, and the other sellers Rs 59.51 to Rs 84.24 per share.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 48.10 crore in FY2023 to Rs 99.95 crore in FY2024 and Rs 245.16 crore in FY2025.
- 02Operating EBITDA margin rose from 8.55% in FY2023 to 15.93% in FY2025, and profit after tax grew from Rs 1.84 crore to Rs 24.44 crore.
- 03Installed module capacity was 1.40 GW on 30 September 2025 and is 3.00 GW as on the DRHP date, against 100 MW at the start in 2021.
- 04The company is on the ALMM List-1 with 1.30 GW of enlisted capacity, which allows supply to government and government-assisted projects.
- 05The order book stood at 1,577.47 MW, or Rs 1,251.51 crore, on 30 September 2025, against 992.77 MW, or Rs 387.87 crore, at FY2025 end.
- 06It has served over 661 customers, including 36 OEMs and 81 EPC entities, and is present in 13 states.
- 07Return on capital employed was 39.22% in FY2025, and debt to equity fell from 3.85 times in FY2023 to 0.79 times in FY2025.
Risks · 10
- 01Top 10 customers gave 80.10% of revenue from operations in the six months to 30 September 2025, and the largest customer alone gave 30.37%.
- 02Top 10 suppliers accounted for 63.79% of raw material purchases in the six months to 30 September 2025 and 76.28% in FY2024.
- 03Operating cash flow was negative at Rs 18.36 crore in the six months to 30 September 2025, while profit after tax was Rs 12.82 crore.
- 04Total borrowings rose from Rs 55.93 crore at 31 March 2025 to Rs 135.34 crore at 30 September 2025, and debt to equity rose from 0.79 to 1.21 times.
- 05Inventory days rose from 44 in FY2023 to 102 in the six months to 30 September 2025, and creditor days from 41 to 86.
- 06Manufacturing Facility II, with 1.60 GW of capacity, is not operational because the licence to work a factory is still pending.
- 07Most of the fresh issue, Rs 497.16 crore, goes to a new 1.10 GW solar cell plant that may face delays and cost overruns, and general corporate purposes can be up to 25% of gross proceeds.
- 08Revenue is concentrated in Gujarat, Rajasthan and Maharashtra, and sales to OEMs were 67.24% of FY2025 revenue from operations.
- 09The order book may not turn into revenue, as orders can be delayed, modified, cancelled or suspended by customers.
- 10Promoters Surabhi Sahu and Maitry Ghael have a weighted average cost of Rs 0.29 per share, and promoters Jenishkumar Ghael and Shravan Kumar Gupta Rs 25.42 and Rs 25.53, all selling in the offer.
Cosmic PV Power financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 181.69 | 245.16 | 99.95 | 48.10 |
| EBITDA | 27.70 | 39.04 | 11.40 | 4.11 |
| Profit After Tax | 12.82 | 24.44 | 6.58 | 1.84 |
| Net Worth | 110.52 | 70.36 | 12.37 | 3.67 |
| Total Borrowing | 135.34 | 55.93 | 34.33 | 14.14 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹497.16 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Cosmic PV Power
The company works in three business lines: manufacturing of solar PV modules, EPC services, and manufacturing of aluminium frames through its subsidiary Cosmic Greentech Private Limited. It is on the ALMM List-1 of the Ministry of New and Renewable Energy, with enlisted capacity of 1.30 GW as on 30 September 2025. This lets it supply to government projects and schemes that must buy from ALMM-I manufacturers.
Module sales made up 84.66% of FY2025 revenue from operations. Sales to OEMs were 67.24% and sales to third-party EPC entities were 14.32%. EPC services were 3.66% and aluminium frames were 0.78%. Since inception the company has sold to over 661 customers, including 36 OEMs and 81 EPC entities, as on 30 September 2025. It is present in 13 states and mainly operates in Gujarat, Rajasthan and Maharashtra.
Manufacturing Facility I has 1.40 GW of capacity and makes Mono PERC and G-12RN-TopCon modules. Manufacturing Facility II has 1.60 GW of capacity but is not operational yet, as the company has applied for a licence to work a factory. The aluminium frame facility can make 2,182 sets a day. For backward integration, the company is setting up a 1.10 GW TopCon solar cell plant in Narmadapuram, Madhya Pradesh, expected to start in June 2027.
The industry
As per the CARE report quoted in the document, India's renewable capacity reached 263.2 GW as of January 2026, against 134 GW in FY20, and its share of installed capacity rose from 36% to 50.6%. From FY2020 to FY2025, renewable capacity grew at a CAGR of 14% and solar capacity at 24%. Solar capacity grew more than threefold, from 35.6 GW in FY2020 to 140.6 GW till January 2026.
Customer concentration: Top 5 customers gave 66.73% of revenue from operations in the six months to 30 September 2025 (61.61% in FY2025), and the top 10 gave 80.10% (79.82% in FY2025).
Promoters & management
The four promoters hold 21.99%, 21.99%, 19.50% and 19.50% before the issue, and promoter group members hold 0.01%.
| Name | Role |
|---|---|
| Jenishkumar Deepakkumar Ghael | Chairman and Whole-time Director |
| Shravan Kumar Gupta | Managing Director |
| Geetesh Gaurishankar Rathi | Chief Financial Officer |
| Masarm Shrikanth | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Systematix Corporate Services Limited
5 issues handledBest listing: ESDS Software Solution (+76.5%). Weakest: Acevector (-11.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Cosmic PV Power IPO: frequently asked
When will the Cosmic PV Power IPO open?
The Cosmic PV Power IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Cosmic PV Power IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Cosmic PV Power IPO?
Cosmic PV Power filed its draft red herring prospectus (DRHP) with SEBI on 2 Apr 2026 for an IPO of a fresh issue of up to ₹540 crore and an offer for sale of up to ₹100 crore. The DRHP puts the total at about ₹640 crore.
Has SEBI approved the Cosmic PV Power IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Cosmic PV Power IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Cosmic PV Power IPO GMP once the RHP and price band are out.
What will Cosmic PV Power do with the IPO money?
As per the DRHP: Set up a 1.10 GW TopCon solar cell manufacturing facility at Narmadapuram, Madhya Pradesh (₹497.16 crore); General corporate purposes.
Who are the lead managers of the Cosmic PV Power IPO?
The book running lead managers are Systematix Corporate Services Limited, Valmiki Leela Capital Private Limited. KFin Technologies Limited is the registrar.
Is Cosmic PV Power profitable?
Yes. Profit after tax was Rs 24.44 crore in FY2025 against Rs 6.58 crore in FY2024 and Rs 1.84 crore in FY2023. It was Rs 12.82 crore in the six months to 30 September 2025.
Who owns Cosmic PV Power?
Four promoters hold 21.99%, 21.99%, 19.50% and 19.50% before the issue. RPV Holdings Private Limited holds 2.91%.
What will Cosmic PV Power do with the IPO money?
Rs 497.16 crore of the fresh issue is meant for a 1.10 GW TopCon solar cell plant at Narmadapuram, Madhya Pradesh. The balance goes to general corporate purposes.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Cosmic PV Power files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
