IPO announced
Cosmic PV Power is heading for an IPO
An IPO has been announced. Issue details are on the IPO page.
Cosmic PV Power Unlisted Shares
Cosmic PV Power Limited is a Surat-based maker of solar photovoltaic modules, with EPC services and aluminium frames as its other two verticals. Revenue from operations was ₹2,451.61 million in Fiscal 2025.
Read the full company profile
Key facts
Cosmic PV Power share details
- Lot size
- 1,000 shares
- Min. investment
- ₹198,000
- Face value
- ₹10
- Implied market cap
- ₹1,374 Cr
- Shares outstanding
- 69,401,818
- Founded
- 2020
- Headquarters
- Surat, Gujarat
- Website
- cosmicpvpower.com
- ISIN
- INE13V701016
- CIN
- U31909GJ2020PLC116052
- Lock-in after IPO
- 6 months
Price history
Cosmic PV Power share price chart
1Y change
-25.28%
High
₹265
Low
₹198
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
IPO journey
Cosmic PV Power IPO status: SEBI review completed
Cosmic PV Power has completed SEBI's review of its draft offer document. The next step is a red herring prospectus with the issue dates.
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2 Apr 2026DRHP filed with SEBI
About
About Cosmic PV Power
Cosmic PV Power Limited is a solar module maker based in Udhna, Surat, Gujarat. It began manufacturing in 2021 with 100 MW of annual capacity. Installed capacity was 1.40 GW as on September 30, 2025 and 3.00 GW at the date of its draft offer document. It is listed in the Approved List of Module Manufacturers (ALMM-I) with 1.30 GW enlisted capacity, which lets it supply government and government-assisted projects.
The company works in three verticals: solar PV modules, EPC services and aluminium frames (made by its subsidiary Cosmic Greentech Private Limited). Modules are the core. They made up 84.66% of revenue from operations in Fiscal 2025, mostly sold to original equipment manufacturers and third party EPC companies. It has served 661 customers since inception and is present in 13 states, mainly Gujarat, Rajasthan and Maharashtra.
The figures below are from the restated financials in the abridged prospectus. Revenue from operations grew from ₹480.97 million in Fiscal 2023 to ₹999.46 million in Fiscal 2024 and ₹2,451.61 million in Fiscal 2025. Profit after tax rose from ₹18.35 million to ₹65.75 million and then ₹244.39 million. For the six months ended September 30, 2025, revenue was ₹1,816.93 million and profit was ₹128.16 million. Total borrowings stood at ₹1,353.42 million on that date.
The company is promoter-led. Jenishkumar Deepakkumar Ghael, Shravan Kumar Gupta, Surabhi Sureshchandra Sahu and Maitry Jenishkumar Ghael are the promoters. The two Non-Executive Director promoters together with the two executive ones hold the bulk of the 69,401,818 equity shares. Other holders include RPV Holdings Private Limited and Chanakya Opportunities Fund I.
On the IPO front, the company filed its DRHP with SEBI on April 2, 2026 and the status on IPO Guru is SEBI review completed. The proposed offer has a fresh issue of up to ₹5,400.00 million and an offer for sale of up to ₹1,000.00 million. Systematix Corporate Services Limited and Valmiki Leela Capital Private Limited are the book running lead managers. The IPO date and price band have not been announced.
Unlisted shares of a company like this trade off-market through dealers and platforms. The price shown on IPO Guru is only indicative, currently ₹198 per share, and there is no exchange price until listing.
Strengths
- Revenue from operations grew from ₹480.97 million in Fiscal 2023 to ₹2,451.61 million in Fiscal 2025, as per the restated financials.
- Operating EBITDA margin improved from 8.55% in Fiscal 2023 to 15.93% in Fiscal 2025, and profit after tax rose to ₹244.39 million.
- The company is ALMM-I certified with 1.30 GW enlisted capacity, which allows it to supply government and government-assisted projects.
- Installed capacity has grown from 100 MW at the start of manufacturing in 2021 to 3.00 GW at the date of the draft offer document.
- The order book was 1,577.47 MW, worth ₹12,515.10 million, as on September 30, 2025, against ₹3,878.65 million at the end of Fiscal 2025.
- It has a presence in 13 states and has served 661 customers, including 36 OEMs and 81 EPC entities.
- Return on equity was 57.73% in Fiscal 2025 and debt to equity eased from 3.85 times in Fiscal 2023 to 0.79 times in Fiscal 2025.
Risks
- The top 10 customers contributed 80.10% of revenue from operations in the six months ended September 30, 2025, and the largest customer alone 30.37%.
- The top 10 suppliers accounted for 63.79% of raw material purchases in the same period, so supply delays could hurt production.
- Total debt rose from ₹559.28 million at March 2025 to ₹1,353.42 million at September 30, 2025, and debt to equity went up to 1.21 times.
- Net cash from operating activities was negative at ₹183.63 million in the six months ended September 30, 2025, even though profit was positive.
- Manufacturing Facility II, rated 1.60 GW, was not operational as the company had applied for a license to work a factory.
- Debtor days rose from 34 in Fiscal 2025 to 46 and inventory days from 72 to 102 in the six months ended September 30, 2025.
- Sales to OEMs made up 60.49% of revenue in the six months ended September 30, 2025, so a drop in OEM demand would matter.
- Most revenue comes from Gujarat, Rajasthan and Maharashtra, which makes it sensitive to demand in those states.
- The planned 1.10 GW solar cell plant in Narmadapuram, Madhya Pradesh may face delays or cost overruns, and the company says it is expected to become operational in June 2027.
- The order book may not turn into revenue, as orders can be delayed, changed or cancelled by customers.
Financials
Cosmic PV Power financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY25Latest | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ Cr) | 245 | 100 | 48 |
| EBITDA (₹ Cr) | 39.04 | 11.40 | 4.11 |
| PAT (₹ Cr) | 24.44 | 6.58 | 1.84 |
| EBITDA Margin (%) | 15.92 | 11.41 | 8.54 |
| PAT Margin (%) | 9.97 | 6.58 | 3.83 |
| RoNW (%) | 34.74 | 53.19 | 50.14 |
| EPS (₹) | 3.94 | 1.16 | 0.34 |
| Book Value (₹) | 10.85 | 2.12 | 0.70 |
| Debt / Equity | 0.79 | 2.78 | 3.85 |
| Net Worth (₹ Cr) | 70.36 | 12.37 | 3.67 |
Swipe the table sideways for earlier years →
Leadership
Management team
Jenishkumar Deepakkumar Ghael
Chairman and Whole-time Director
Promoter associated with the company since incorporation; oversees strategy, governance and compliance.
Shravan Kumar Gupta
Managing Director
Promoter associated with the company since incorporation; oversees operations and business strategy.
Surabhi Sureshchandra Sahu
Non-Executive Director
Promoter; earlier held the position of President of the HR department.
Maitry Jenishkumar Ghael
Non-Executive Director
Promoter; earlier held the position of president of the legal department.
Geetesh Gaurishankar Rathi
Chief Financial Officer
Key managerial personnel of the company.
Masarm Shrikanth
Company Secretary and Compliance Officer
Key managerial personnel of the company.
Corporate events
Events & announcements
Event
Date
File
DRHP filed with SEBI
IPO filing
2 Apr 2026
Cosmic PV Power filed its draft red herring prospectus with SEBI, the first public step towards an IPO.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
