Soleos Energy IPO

Strengths · 7

• 01Revenue from operations rose from Rs 93.94 crore in FY2024 to Rs 221.84 crore in FY2025 and Rs 281.16 crore in FY2026.
• 02The order book was Rs 1,632.76 crore at the end of FY2026, against Rs 53.09 crore in FY2025 and Rs 37.42 crore in FY2024.
• 03Net worth rose to Rs 198.96 crore at 31 March 2026 from Rs 26.91 crore at 31 March 2024.
• 04The business covers EPC, project development, asset management and BESS, with an existing 100 MWh BESS plant and a planned 2.2 GWh plant.
• 05Gross profit margin was 21.23% in FY2026 and 22.88% in FY2025, against 13.44% in FY2024.
• 06The company has worked in four countries outside India: England, Zimbabwe, Spain and Uganda.
• 07The five promoters hold 60.63% before the issue and have 9 to 13 years of experience in the solar industry.

Risks · 10

• 01The top ten customers gave 75.09% of FY2026 revenue and the largest customer alone gave 21.49%. The top five gave 60.33%, up from 54.53% in FY2025.
• 02Operating cash flow was negative in all three years: Rs -68.53 crore in FY2026, Rs -37.52 crore in FY2025 and Rs -10.33 crore in FY2024.
• 03Net working capital days rose to 190 in FY2026 from 94 in FY2025, so more cash is locked in projects.
• 04Profit after tax fell to Rs 21.48 crore in FY2026 from Rs 24.83 crore in FY2025, and EBITDA margin fell to 10.65% from 14.85%.
• 05The company and its promoters have no experience in BESS manufacturing, yet Rs 113.60 crore of the fresh issue is for a 2.2 GWh BESS plant.
• 06Total borrowings rose to Rs 101.92 crore at 31 March 2026 from Rs 28.30 crore a year earlier.
• 07The offer includes 90,00,000 shares for sale by promoters and other shareholders, out of 2,00,00,000 shares in total, so that part of the money does not reach the company.
• 08The amount for general corporate purposes is not yet fixed and can be up to 25% of the gross proceeds of the fresh issue.
• 09Auditors noted that the company did not maintain an audit trail in its accounting software in FY2026, FY2025 and FY2024, and that daily inventory records were missing in FY2025.
• 10Litigation against the company includes 1 material civil case and 2 tax proceedings, with Rs 2,008.39 lakh involved.

Soleos Energy Limited is headquartered in Ahmedabad, Gujarat. It describes itself as an integrated solar energy company that serves two groups of customers: power consumers, and renewable energy investors and asset owners. It works across the life of a solar project, from early project formation and design to commissioning and long-term operations.

The company has four service lines: solar engineering, procurement and construction (EPC), project development and consultancy, total asset management, and power generation sales. It also sells products, namely battery energy storage systems (BESS) and solar equipment. Solar EPC is the core business. It gave Rs 245.16 crore, or 87.20% of revenue from operations, in FY2026. Project development and consultancy gave 7.42%, solar products and equipment 4.77% and total asset management 0.58%.

In India, most of the revenue comes from Gujarat, Madhya Pradesh, Maharashtra and Bihar. The company has also worked in England, Zimbabwe, Spain and Uganda. Its customers include renewable energy developers and power producers, such as GRE renew Enertech Limited.

The company runs a leased BESS plant at Kubadthal, Ahmedabad, with a capacity of 100 MWh on a single-shift schedule. It plans a new leased BESS plant at Jotana, Mehsana, with a capacity of 2.2 GWh. The order book stood at Rs 1,632.76 crore at the end of FY2026, against Rs 53.09 crore a year earlier.

The five promoters are Bhaveshkumar C Rathod (Chairman and Managing Director), Dhavalkumar Ghanshyambhai Jiyani, Parth R Rangholia, Aniket Rangholia and Vipul Rathod. The company was incorporated in Gujarat and its CIN is U31909GJ2017PLC095084.

The industry

The industry section of the draft abridged prospectus, based on the D&B report, describes India's power generation sector as one of the largest and most diversified in the world. It says demand is driven by industrialisation, urbanisation and rising household consumption. Thermal power, mainly coal, is still the backbone of supply because it can meet base-load demand. The document gives no market size or growth rate for solar in this summary. The company positions itself as one of the few solar firms with in-house project development, financing coordination, EPC, asset management and BESS manufacturing, according to the same report.

Customer concentration: Top 5 customers gave 60.33% of FY2026 revenue (54.53% in FY2025 and 54.71% in FY2024). Top 10 customers gave 75.09% in FY2026.