Vishakha Renewables IPO

Strengths · 7

• 01Revenue from operations rose from Rs 1,003.58 crore in FY2024 to Rs 1,517.06 crore in FY2025 and Rs 1,893.38 crore in FY2026.
• 02EBITDA margin was 20.60% in FY2026 against 15.65% in FY2025 and 18.36% in FY2024.
• 03Profit after tax was Rs 173.45 crore in FY2026 against Rs 62.87 crore in FY2025.
• 04Per CRISIL, it is the second largest solar glass maker in India, with 660.00 TPD installed and 1,260.00 TPD more in advanced stages of commissioning.
• 05It makes four of the six principal solar module components, which together are about 40-45% of a bifacial module's cost.
• 06Operating cash flow was positive at Rs 393.22 crore in FY2026 and Rs 125.40 crore in FY2025.
• 07Top ten customers were 71.38% of revenue in FY2026, down from 93.14% in FY2024, as the customer base widened to 99 customers.

Risks · 10

• 01Top three customers gave 44.32% and top ten gave 71.38% of FY2026 revenue; the main customers are Adani group entities.
• 02Total borrowings rose to Rs 2,311.92 crore in FY2026 from Rs 1,173.04 crore in FY2025, and debt to equity was 3.03 times.
• 03Net debt to EBITDA was 5.62 times in FY2026 and 4.65 times in FY2025.
• 04Net cash used in investing activities was Rs 1,047.76 crore in FY2026, funded by financing inflows of Rs 682.43 crore.
• 0597.79% of FY2026 revenue came from non-cell solar module components, so demand for these products drives the business.
• 06All manufacturing facilities are in Gujarat, and the solar glass furnaces must run without prolonged shutdowns.
• 07Top ten suppliers were 53.16% of total expenses in FY2026, and the company reports a substantial amount of related party transactions.
• 08Of the offer, 1,81,52,206 shares are an offer for sale, so that money goes to the sellers and not to the company.
• 09Net worth fell to Rs 762.26 crore in FY2026 from Rs 892.52 crore in FY2025.
• 10Litigation against the promoters includes 4 criminal, 12 tax, 2 regulatory and 10 material civil matters, with Rs 27.867 crore quantifiable.

Vishakha Renewables Limited, earlier Vishakha Renewables Private Limited and Vishakha Glass Private Limited, makes components that go into a solar module. Its products are solar glass, aluminium frames, encapsulants such as ethylene vinyl acetate (EVA) and expandable polyethylene (EPE), and back sheets. According to the CRISIL report quoted in the document, it is among the few companies in India present across several of these components.

The company is the second largest solar glass maker in India per CRISIL, with an installed capacity of 660.00 TPD (4.40 GW) as of 31 March 2026. A further 1,260.00 TPD (8.40 GW) of solar glass capacity is in advanced stages of commissioning. Aluminium frame capacity was 14,508.75 TPA, encapsulant capacity 23.20 million LM and back sheet capacity 8.05 million LM in FY2026.

It sells directly to solar module makers, mostly in India, and had 99 customers as of 31 March 2026. Its Anchor Customers include Adani group entities such as Mundra Solar Energy Limited and Mundra Solar PV Limited, with whom it has long term off take arrangements. The company reports a single segment, Renewables.

All four operating plants sit in one industrial cluster at Mundra, Gujarat. One is the solar glass plant (phase I, now being expanded through phase II) and one is the aluminium frames plant. The promoters are Jigish Nagindas Doshi, Akshat Jigishbhai Doshi, Gautam S. Adani, Rajesh S. Adani, Vinod S. Adani, Adani Properties Private Limited, Adani Commodities and S.B. Adani Family Trust. Jigish Nagindas Doshi is Chairman and Managing Director and Akshat Jigishbhai Doshi is Joint Managing Director and CEO.

The company merged Erstwhile VRPL into itself with effect from 25 May 2026. The restated numbers exclude the discontinued operations that were demerged through a slump sale, so FY2025 and FY2024 figures cover continuing operations only.

The industry

The document quotes the CRISIL report on India's renewable energy market. Installed renewable capacity, including large hydro, rose to about 275 GW in March 2026 from about 63 GW in March 2012, which is 51.56% of total installed power capacity. Solar capacity rose to about 150 GW from about 0.9 GW over the same period. India has set a target of 500 GW of non-fossil fuel capacity by 2030. Solar glass, aluminium frames, encapsulants and back sheets are four of the six principal components of a solar module and together make up about 40-45% of the average cost of a bifacial module.

Customer concentration: Top 5 customers gave 55.71% of FY2026 revenue from operations (66.84% in FY2025 and 84.58% in FY2024).