SAEL Industries IPO
SAEL Industries IPO — date, issue size, SEBI status & DRHP details 2025
SAEL Industries filed its draft red herring prospectus (DRHP) with SEBI on 7 Nov 2025 for an IPO of a fresh issue of up to ₹3,750 crore and an offer for sale of up to ₹825 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.
SAEL Industries is a renewable energy power producer that also makes TopCon solar modules in Punjab. It had 5,765.70 MW of contracted and awarded capacity as of 30 September 2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the SAEL Industries IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 07 Nov 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 7 Nov 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
SAEL Industries 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 ₹3,750 Cr |
| Offer for sale | Up to ₹825 Cr |
| Total issue size | ₹4,575 Cr |
| Pre-IPO placement | Up to ₹750 Cr (reduces the fresh issue) |
| Face value | ₹5 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 | ICICI Securities Limited, Kotak Mahindra Capital Company Limited, JM Financial Limited, Ambit Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Norfund | Investor | Up to Rs 825 crore | Rs 31.48 |
Norfund, the only selling shareholder, has a weighted average cost of acquisition of Rs 31.48 per equity share, as certified by Bansal & Co LLP.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Contracted and awarded capacity stood at 5,765.70 MW as of 30 September 2025, against 485.70 MW at the end of FY2023.
- 02Operational capacity grew from 286.30 MW on 31 March 2023 to 470.80 MW on 30 June 2025, with another 800.00 MW completed and pending COD.
- 03Revenue from operations grew from Rs 388.93 crore in FY2023 to Rs 664.77 crore in FY2025.
- 04Its own module plant had 3,625.00 MW of annual installed capacity at 30 June 2025, up from 225.00 MW in FY2024, giving it in-house supply of TopCon modules.
- 05Module plant utilisation rose from 24.86% in FY2024 to 58.88% in FY2025 and 74.84% in the June 2025 quarter.
- 06The company sells power to government utilities such as the Uttar Pradesh and Haryana power buyers, which together gave 28.27% of FY2025 revenue.
Risks · 10
- 01The company has net losses and negative net worth: it lost Rs 280.95 crore in FY2025 and its net worth was minus Rs 281.03 crore on 31 March 2025.
- 02Borrowings rose from Rs 2,214.87 crore on 31 March 2024 to Rs 8,162.03 crore on 31 March 2025 and Rs 9,922.75 crore on 30 June 2025.
- 03Finance costs were Rs 271.74 crore in FY2025, against Rs 151.14 crore in FY2024.
- 04Top 5 off-takers gave 89.81% of revenue in FY2025 and 94.63% in the June 2025 quarter, so losing one buyer would hurt.
- 05Operating cash flow was negative at Rs 27.31 crore in FY2025 and Rs 112.41 crore in the June 2025 quarter, while capex payments were Rs 5,027.17 crore in FY2025.
- 06Rs 2,812.50 crore of the fresh issue goes to repay borrowings of two subsidiaries, so little of the money funds new capacity.
- 07General corporate purposes can take up to 25% of gross proceeds, and the amount is not yet fixed.
- 08Norfund will sell shares worth up to Rs 825.00 crore in the offer for sale, and the company gets none of that money.
- 09Cases against promoters involve about Rs 32.84 crore, and cases against subsidiaries involve about Rs 53.11 crore, with 13 tax cases against subsidiaries.
- 10Some power purchase agreements allow tariff revision, and states or off-takers have sought to revise terms or curtail generation.
SAEL Industries financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 260.78 | 664.77 | 558.47 | 388.93 |
| Total Income | 276.31 | 730.52 | 587.01 | 398.12 |
| Profit After Tax | -58.31 | -280.95 | -267.14 | -71.07 |
| Net Worth | -338.92 | -281.03 | -131.52 | 134.05 |
| Total Borrowing | 9922.75 | 8162.03 | 2214.87 | 1655.75 |
| Total Assets | 12456.86 | 10917.27 | 3852.62 | 2471.17 |
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
₹2,812.5 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About SAEL Industries
The company earns revenue by selling electricity. Its buyers are central government off-takers, state electricity distribution companies and private industry off-takers. Its top 5 off-takers gave 89.81% of revenue from operations in FY2025. The buyers include Uttar Pradesh Power Corporation Limited (17.54% of FY2025 revenue) and Haryana Power Purchase Centre (10.73%).
Operational capacity was 470.80 MW as of 30 June 2025, up from 286.30 MW on 31 March 2023. Another 800.00 MW of solar was completed and waiting for commercial operation (COD). The agri waste-to-energy plants run on crop residue and are in Punjab. The solar module plant at Ferozepur, Punjab has 3,625.00 MW of annual TopCon installed capacity as of 30 June 2025. Capacity utilisation of the module plant was 74.84% in the three months to 30 June 2025.
SAEL Industries Limited was incorporated on 25 April 2022. Under a succession agreement dated 2 May 2022 it took over SAEL Limited and its subsidiaries as a going concern. Its promoters are Jasbir Singh, Sukhbir Singh and Laxit Awla. Employees rose from 1,531 to 2,449 between 31 March 2023 and 30 June 2025. The registered office is in Firozpur, Punjab and the corporate office is at Aerocity, New Delhi.
The industry
According to the CRISIL report dated October 2025, India is the world's third-largest consumer of primary energy. Renewable energy installations rose from about 63 GW in March 2012 to about 234 GW in June 2025. CRISIL projects them to reach 705-710 GW by Fiscal 2030. SAEL operates in solar power generation, solar module manufacturing and agri waste-to-energy.
Customer concentration: Top 5 off-takers gave 94.63% of revenue in the June 2025 quarter, 89.81% in FY2025, 93.12% in FY2024 and 89.41% in FY2023.
Promoters & management
Promoters hold 44.10% and the promoter group holds 30.49% before the offer, on a fully diluted basis; Norfund holds 19.71%.
| Name | Role |
|---|---|
| Jasbir Singh | Managing Director and Chairperson |
| Dushyant Kumar | Chief Financial Officer |
| Vishal Garg | Company Secretary |
| Dhanraj Dagar | 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.
JM Financial Ltd.
122 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
ICICI Securities
127 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Ambit Capital
16 issues handledBest listing: Senores Pharmaceuticals (+53.5%). Weakest: Metro Brands (-12.6%).
Kotak Mahindra Capital Company Limited
89 issues handledBest listing: Premier Energies (+120.0%). Weakest: Rategain Travel Technologies (-15.3%).
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.
SAEL Industries IPO: frequently asked
When will the SAEL Industries IPO open?
The SAEL Industries 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 SAEL Industries 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 ₹5 per share.
How big is the SAEL Industries IPO?
SAEL Industries filed its draft red herring prospectus (DRHP) with SEBI on 7 Nov 2025 for an IPO of a fresh issue of up to ₹3,750 crore and an offer for sale of up to ₹825 crore. The DRHP puts the total at about ₹4,575 crore.
Has SEBI approved the SAEL Industries 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 SAEL Industries IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the SAEL Industries IPO GMP once the RHP and price band are out.
What will SAEL Industries do with the IPO money?
As per the DRHP: Invest in subsidiaries SAEL Solar P5 and SAEL Solar P4 to repay or prepay their borrowings, interest and prepayment penalties (₹2,812.5 crore); General corporate purposes.
Who are the lead managers of the SAEL Industries IPO?
The book running lead managers are ICICI Securities Limited, Kotak Mahindra Capital Company Limited, JM Financial Limited, Ambit Private Limited. KFin Technologies Limited is the registrar.
Is SAEL Industries profitable?
No. It reported a loss of Rs 280.95 crore in FY2025 and Rs 58.31 crore in the three months to 30 June 2025, and its net worth was negative.
Who is selling shares in the SAEL Industries IPO?
Norfund is the only selling shareholder, offering shares worth up to Rs 825 crore. Its weighted average cost is Rs 31.48 per share.
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 SAEL Industries 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.
