Rays Power Infra IPO
Rays Power Infra IPO — date, issue size, SEBI status & DRHP details 2025
Rays Power Infra filed its draft red herring prospectus (DRHP) with SEBI on 16 Oct 2025 for an IPO of a fresh issue of up to ₹900 crore and an offer for sale of up to ₹250 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.
Rays Power Infra provides utility-scale solar energy solutions through EPC work and a Co-Development model. Revenue from operations grew from Rs 776.58 crore in FY2023 to Rs 1,220.64 crore in FY2025, and the order book was Rs 8,034.26 crore on 31 July 2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Rays Power Infra IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 16 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 16 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Rays Power Infra 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 ₹900 Cr |
| Offer for sale | Up to ₹250 Cr |
| Total issue size | ₹1,150 Cr |
| Pre-IPO placement | Up to ₹180 Cr (reduces the fresh issue) |
| Face value | ₹2 per share |
| Employee reservation | Yes, amount not yet stated |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Anand Rathi Advisors Limited, Pantomath Capital Advisors Private Limited |
| Registrar | Bigshare Services Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Ketan Mehta | Promoter | Up to Rs 98.20 crore | |
| Pawan Kumar Sharma | Promoter | Up to Rs 73.60 crore | |
| Sanjay Garudapally | Promoter | Up to Rs 73.60 crore | |
| Vivek Jain | Investor | Up to Rs 4.60 crore |
The weighted average cost of acquisition for promoters, promoter group and selling shareholders is Rs 0.20 over the last three years and Rs 0.17 over the last 18 months, with the last one year taken as Nil.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Revenue from operations rose from Rs 776.58 crore in FY2023 to Rs 1,048.80 crore in FY2024 and Rs 1,220.64 crore in FY2025.
- 02Profit after tax was Rs 139.35 crore in FY2025, up from Rs 91.39 crore in FY2024.
- 03The order book stood at Rs 8,034.26 crore on 31 July 2025, with 30 contracted projects under execution.
- 04Net worth grew from Rs 188.87 crore on 31 March 2023 to Rs 615.79 crore on 31 March 2025.
- 05The company has two revenue lines, EPC and Co-Development, and has executed projects in Bangladesh (270 MWp) and Vietnam (50 MWp).
- 06Promoters and promoter group hold 89.74% before the issue.
Risks · 10
- 01The EPC business gave 65.66% of revenue from operations in FY2025, so project delays can hurt results directly.
- 02The top three customers gave 51.12% of revenue from operations in FY2025 and 57.56% in FY2024.
- 03Operating cash flow was negative in all three years: Rs (69.62) crore in FY2025, Rs (22.89) crore in FY2024 and Rs (70.24) crore in FY2023, even as profit was positive.
- 04Rs 200 crore of the fresh issue is meant for working capital, which shows how much cash the business absorbs.
- 05Rs 500 crore of the fresh issue goes into a new solar cell plant with a project cost of Rs 921.17 crore, and the plant may not be added to the ALMM list.
- 06Co-Development revenue swung from 46.49% of revenue in FY2023 to 8.19% in FY2024 and 25.45% in FY2025, so the mix is not stable.
- 07Projects under execution are concentrated in Karnataka, Rajasthan and Madhya Pradesh, which together make up 85.96% of the order book excluding other business.
- 08The top ten suppliers accounted for 54.99% of cost of materials consumed in FY2025.
- 09Rs 250 crore of the issue is an offer for sale by three promoters and one other shareholder, and this money does not go to the company.
- 10Contingent liabilities include a Rs 7.47 crore custom duty matter on safeguard duty of solar cells and modules, along with an income tax demand of Rs 7.88 crore.
Rays Power Infra financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Revenue from Operations | 1220.64 | 1048.80 | 776.58 |
| Total Income | 1238.13 | 1072.51 | 890.51 |
| Profit After Tax | 139.35 | 91.39 | 128.99 |
| Net Worth | 615.79 | 348.79 | 188.87 |
| Total Borrowing | 270.45 | 139.32 | 110.30 |
| Total Assets | 1432.71 | 750.66 | 652.54 |
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
₹700 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Rays Power Infra
The company works in two main ways. Under its Co-Development model, it builds ready-to-build infrastructure for renewable power projects. Under its EPC business, it provides engineering, procurement and construction services for renewable power projects. The Co-Development model gave 25.45% of revenue from operations in FY2025, 8.19% in FY2024 and 46.49% in FY2023. The EPC business gave 65.66% in FY2025, 61.90% in FY2024 and 37.91% in FY2023.
As of 31 July 2025, the order book was Rs 8,034.26 crore and included 30 contracted projects under various stages of execution. Projects under execution are mainly in Karnataka (58.00% of the order book), Rajasthan (14.69%) and Madhya Pradesh (13.27%). The company has also executed EPC projects abroad: a 270 MWp project in Bangladesh and a 50 MWp project in Vietnam.
The company plans to enter solar cell manufacturing through its wholly owned subsidiary, Rays Green Energy Manufacturing Private Limited. The plan is a 1.5 GW PV solar n-type TOPCon G12R cell plant at Narmadapuram in Madhya Pradesh. The total project cost is Rs 921.17 crore.
As of June 2025, the company had 392 permanent employees and 474 contract workers at project sites. The promoters are Ketan Mehta, Pawan Kumar Sharma and Sanjay Garudapally, along with their family members and family trusts.
The industry
The CRISIL report cited in the document expects solar to lead renewable energy capacity additions until FY2030, with 170-180 GW of solar capacity added between FY2026 and FY2030. An investment of Rs 11-12 trillion is expected in solar energy over this period. Of the renewable energy investment, the third-party EPC market is expected to take Rs 6-8 trillion, and about 72% of that is expected to come from solar.
Customer concentration: The top three customers gave 51.12% of revenue from operations in FY2025, 57.56% in FY2024 and 60.45% in FY2023.
Promoters & management
The promoters hold 89.74% of the paid-up equity before the issue, and the other selling shareholder, Vivek Jain, holds 0.06%.
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.
Pantomath Capital Advisors Pvt Ltd
20 issues handledBest listing: Aeroflex Industries (+75.9%). Weakest: Glottis (-34.9%).
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.
Rays Power Infra IPO: frequently asked
When will the Rays Power Infra IPO open?
The Rays Power Infra 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 Rays Power Infra 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 ₹2 per share.
How big is the Rays Power Infra IPO?
Rays Power Infra filed its draft red herring prospectus (DRHP) with SEBI on 16 Oct 2025 for an IPO of a fresh issue of up to ₹900 crore and an offer for sale of up to ₹250 crore. The DRHP puts the total at about ₹1,150 crore.
Has SEBI approved the Rays Power Infra 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 Rays Power Infra IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Rays Power Infra IPO GMP once the RHP and price band are out.
What will Rays Power Infra do with the IPO money?
As per the DRHP: Invest in wholly owned subsidiary Rays Green Energy Manufacturing to part-finance a 1.5 GW PV solar n-type TOPCon G12R cell plant at Narmadapuram, Madhya Pradesh (₹500 crore); Part funding of incremental working capital requirements of the company (₹200 crore); General corporate purposes.
Who are the lead managers of the Rays Power Infra IPO?
The book running lead managers are Anand Rathi Advisors Limited, Pantomath Capital Advisors Private Limited. Bigshare Services Private Limited is the registrar.
Is Rays Power Infra profitable?
Yes. Profit after tax was Rs 139.35 crore in FY2025, Rs 91.39 crore in FY2024 and Rs 128.99 crore in FY2023. Operating cash flow was negative in all three years.
Who are the promoters of Rays Power Infra?
Ketan Mehta, Pawan Kumar Sharma and Sanjay Garudapally are the main promoters, along with family members and family trusts. Together the promoters hold 89.74% before the issue.
What does Rays Power Infra plan to do with the IPO money?
Rs 500 crore goes to its subsidiary for a 1.5 GW solar cell plant in Madhya Pradesh and Rs 200 crore to working capital. The rest is for 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 Rays Power Infra 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.
