Solar 91 Cleantech Unlisted Shares
Solar91 Cleantech is a Jaipur-based solar EPC company serving commercial and industrial customers, and is also building its own solar power projects. It reported revenue from operations of ₹4,277.35 lakh in FY24.
Read the full company profile
Key facts
Solar 91 Cleantech share details
- Lot size
- 100 shares
- Min. investment
- ₹44,800
- Face value
- ₹10
- Implied market cap
- ₹675 Cr
- Shares outstanding
- 15,077,809
- Founded
- 2015
- Headquarters
- Jaipur, Rajasthan
- Website
- solar91.com
- ISIN
- INE0U5I01016
- CIN
- U40108RJ2015PTC048401
- Lock-in after IPO
- 6 months
Price history
Solar 91 Cleantech share price chart
1Y change
-5.68%
High
₹475
Low
₹448
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Solar 91 Cleantech
Solar91 Cleantech Limited is a Jaipur-based company that builds solar power plants. It was founded in 2015 by alumni of the Indian Institutes of Technology. It started as Solar91 Cleantech Private Limited and became a public limited company in 2024.
The main business is EPC, which means engineering, procurement and construction. The company designs, builds, operates and maintains grid-connected and off-grid solar projects for commercial and industrial customers, who use them to offset their power consumption with renewable energy. Its filings also describe work under the PM Kusum scheme, a Government of India solar programme.
The company is now moving towards an Independent Power Producer (IPP) model. It sets up a wholly owned subsidiary for each project, which owns the plant and sells power to the state distribution company under a power purchase agreement. In its draft offer document the company says it has secured bids for about 157MWac of such projects.
On the numbers, the draft offer document gives consolidated restated figures. Revenue from operations was ₹4,277.35 lakh in FY24, against ₹3,758.13 lakh in FY23 and ₹4,157.02 lakh in FY22. Profit after tax was ₹233.45 lakh in FY24, against ₹20.33 lakh in FY23. Rajasthan alone gave 55.78% of FY24 revenue.
The four founders are the promoters and hold 69.75% of the company before the proposed issue. Saurabh Vyas holds the largest stake at 27.90%. The company filed a draft red herring prospectus with BSE for an SME IPO of 54,36,000 equity shares, with Narnolia Financial Services as lead manager. IPO Guru does not have a listing date or price band for it.
Unlisted shares of a company like this trade off-market between private buyers and sellers. Prices are indicative, not exchange-set, and the indicative price on this page is ₹468 per share with a lot size of 100 shares. This is information, not a recommendation.
Strengths
- Revenue from operations rose 13.82% to ₹4,277.35 lakh in FY24, after a 9.60% fall in FY23, on a consolidated restated basis.
- Profit after tax grew from ₹20.33 lakh in FY23 to ₹233.45 lakh in FY24, and EBITDA margin improved from 2.21% to 9.00%.
- Operating cash flow was positive at ₹396.76 lakh in FY24, after being negative in FY23 and FY22, so FY24 profit was backed by cash.
- The company has secured bids for about 157MWac of solar projects under PM Kusum Component C2, which it plans to own through subsidiaries as an IPP.
- All four promoters are IIT alumni and work full time in the company as directors, holding 69.75% of the shares before the issue.
- Net worth rose from ₹130.56 lakh in FY22 to ₹471.50 lakh in FY24, and the current ratio was 1.94 in FY24.
Risks
- Revenue is concentrated in two states: Rajasthan gave 55.78% and Maharashtra 23.10% of FY24 revenue.
- The top ten customers gave 73.54% of FY24 revenue, up from 50.67% in FY22.
- The top ten suppliers accounted for 87.61% of FY24 cost of material consumed, so supply disruptions or price rises could hurt margins.
- Profit is thin and uneven: PAT was ₹32.34 lakh in FY22 and ₹20.33 lakh in FY23 before rising in FY24, and operating cash flow was negative in FY22 and FY23.
- Borrowings grew: long-term borrowings were ₹986.09 lakh in FY24 against ₹133.52 lakh in FY22 on a consolidated basis.
- Contingent liabilities were ₹411.36 lakh at 31 March 2024, mostly bank guarantees and GST demands.
- EPC work is done on fixed-price contracts, so cost overruns or delays in construction fall on the company.
- The IPP plan needs large capital and depends on state distribution companies paying under power purchase agreements.
- The draft offer document lists outstanding litigation against the company, which could affect it if decided adversely.
- The SME IPO has not been priced and there is no confirmed date, and off-market share prices are indicative only.
Financials
Solar 91 Cleantech financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY24Latest | FY23 | FY22 |
|---|---|---|---|
| Revenue (₹ Cr) | 42.77 | 37.58 | 41.57 |
| EBITDA (₹ Cr) | 3.85 | 0.83 | 0.61 |
| PAT (₹ Cr) | 2.33 | 0.20 | 0.32 |
| EBITDA Margin (%) | 9.00 | 2.21 | 1.47 |
| PAT Margin (%) | 5.45 | 0.53 | 0.77 |
| RoNW (%) | 49.36 | 8.47 | 24.43 |
| EPS (₹) | 2.17 | 0.20 | 0.46 |
| Total Assets (₹ Cr) | 24.95 | 12.99 | 9.54 |
| Net Worth (₹ Cr) | 4.72 | 2.36 | 1.31 |
Swipe the table sideways for earlier years →
Leadership
Management team
Saurabh Vyas
Whole Time Director and Chairman
Promoter and IIT Bombay aeronautical engineering graduate who focuses on new business areas.
Prateek Agrawal
Managing Director
Promoter and IIT Roorkee chemical engineer who oversees operations.
Sandeep Gurnani
Whole Time Director and Chief Executive Officer
Promoter and IIT Delhi civil engineer who leads technology work including battery technology.
Dhawal Gaurang Vasavada
Whole Time Director and Chief Financial Officer
Promoter and IIT Roorkee metallurgy graduate who oversees business development.
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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.
