Cosmic PV Power IPO

    Summary:



    Cosmic PV Power Limited is engaged in the renewable energy sector in India. The company primarily manufactures solar photovoltaic modules and also operates through subsidiaries engaged in solar EPC and other renewable energy-related activities. The company has also created subsidiaries involved in related renewable energy activities, allowing it to participate in various parts of the solar value chain. The solar manufacturing sector continues to be supported by increasing renewable energy adoption, investments in domestic manufacturing capacity, and policy measures aimed at expanding clean energy infrastructure. 

    At the same time, manufacturers in this sector remain exposed to factors such as changes in government regulations, fluctuations in raw material prices, technological advancements, project execution challenges and competitive market conditions.

    Cosmic PV Power IPO

    India’s solar energy sector has expanded significantly over the past few years, supported by rising renewable energy adoption, government initiatives, and investments in domestic manufacturing.  As the government moves to boost its renewable energy capacity, demand for solar modules, photovoltaic cells and related components continues to evolve. According to the industry overview included in the Draft Red Herring Prospectus (DRHP), domestic manufacturing is expected to play an important role in strengthening the solar value chain and supporting India’s energy transition.

    Cosmic PV Power Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company is engaged in the manufacturing of solar photovoltaic (PV) modules and has expanded its operations through subsidiaries involved in solar EPC and renewable energy activities. It also proposes to establish a new manufacturing facility as part of its growth plans.

    For investors seeking to understand the company’s operations, financial performance, industry position, and business risks, the DRHP provides insights into its business model and proposed utilisation of the IPO proceeds. This article simplifies the key information available in the DRHP in an easy-to-understand format.

    IPO Details

    The table below highlights the key details of the public issue available in the DRHP, while certain information such as the price band, lot size, and issue dates is yet to be announced.

    Particulars

    Details

    IPO Type

    Book Built Issue

    IPO Open Date

    To be announced

    IPO Close Date

    To be announced

    Face Value

    ₹10 per equity share

    Price Band

    To be announced

    Lot Size

    To be announced

    Fresh Issue

    Equity shares aggregating up to ₹540 crore

    Offer for Sale

    Equity shares aggregating up to ₹100 crore

    Total Issue Size

    Up to ₹640 crore

    Listing Exchange

    NSE and BSE

    The IPO consists of both a Fresh Issue and an Offer for Sale (OFS). Under the Fresh Issue portion, the company will receive funds from the IPO. The OFS portion comprises equity shares being sold by certain promoters, investors, corporate, and individual selling shareholders. The proceeds from the OFS will be received by the respective selling shareholders and not by the company.

    The company may also undertake a pre-IPO placement of up to ₹108 crore prior to filing the Red Herring Prospectus with the Registrar of Companies. If completed, the amount raised through the pre-IPO placement will be adjusted against the Fresh Issue size.

    The final issue size in rupee terms, price band, lot size, and subscription dates will be announced closer to the opening of the public issue.

    About the Company

    Company Background

    Cosmic PV Power Limited was incorporated on 1 September 2020 as Cosmic PV Power Private Limited under the Companies Act, 2013. The company was subsequently converted into a public limited company, following which its name was changed to Cosmic PV Power Limited in September 2025. Its registered and corporate office is located in Surat, Gujarat.

    The company’s promoters are Jenishkumar Deepakkumar Ghael, Shravan Kumar Gupta, Surabhi Sureshchandra Sahu, and Maitry Jenishkumar Ghael.

    Business Overview

    Cosmic PV Power Limited operates in the renewable energy sector with a focus on manufacturing solar photovoltaic products and supporting the solar ecosystem through related business activities.

    The company’s portfolio comprises:

    • Production of photovoltaic modules

    • Solar energy solutions

    • Renewable energy products

    • Engineering and activities in solar-powered systems through its subsidiaries

    • Building production capacity for solar components

    The company has subsidiaries in related renewable energy businesses that complement its position in different portions of the solar value chain.

    Revenue Model

    The company primarily generates revenue through the manufacture and sale of solar photovoltaic modules and related products.

    Its principal revenue streams include:

    • Sale of solar PV modules

    • Supply of renewable energy products

    • Revenue from subsidiaries engaged in renewable energy-related activities 

    • Other business activities connected with the solar energy ecosystem

    As demand for domestically manufactured solar products continues to grow, the company seeks to expand its manufacturing capabilities and market presence.

    Industry Position

    According to the DRHP, Cosmic PV Power operates in India's solar manufacturing industry with a focus on photovoltaic module manufacturing and plans to expand its production capacity through a proposed greenfield manufacturing facility. Through its subsidiaries, the company also participates in solar EPC and other renewable energy-related activities across the value chain. 

    Its activities align with the broader development of domestic solar manufacturing, which supports utility-scale projects, rooftop installations, commercial applications, and other renewable energy initiatives.

    Industry Overview

    India’s solar energy sector has expanded rapidly as the country increases its focus on renewable energy generation and domestic manufacturing. Policy initiatives encouraging renewable energy adoption, together with investments in utility-scale and distributed solar projects, have supported demand for photovoltaic modules and related equipment. 

    According to the industry overview in the DRHP, India is working towards strengthening its domestic solar manufacturing ecosystem to support energy security and reduce reliance on imports. The industry includes manufacturers of photovoltaic modules, cells, and other components that are used in residential, commercial, industrial, and utility-scale solar projects.

    The expansion of solar parks, rooftop installations, and renewable energy infrastructure has created opportunities for manufacturers supplying products to developers, EPC contractors, distributors, and institutional customers.

    Key factors supporting the industry include:

    • Increasing adoption of renewable energy across sectors

    • Government initiatives encouraging domestic solar manufacturing

    • Growth in utility-scale and rooftop solar installations

    • Rising demand for photovoltaic modules and related components

    • Investments in manufacturing capacity and technology

    • Expansion of clean energy infrastructure across India

    • Greater focus on energy transition and sustainability

    At the same time, this sector could be affected by changes in raw material pricing, technical innovations, legislative frameworks and competitive market circumstances.

    Company Financials

    The financial performance of Cosmic PV Power Limited provides a clear idea about the business activities and financial status of the company. Investors should refer to the restated consolidated financial statements included in the DRHP for a comprehensive understanding of the company’s historical performance and accounting policies.

    Financials (₹ crore)

    FY2025

    FY2024

    FY2023

    Assets

    211.85

    74.66

    25.03

    Total Income

    246.29

    100.34

    48.22

    Profit After Tax

    24.44

    6.58

    1.84

    Reserves and Surplus

    68.63

    10.81

    2.17

    Strengths of Cosmic PV Power Limited

    1. Presence in the Solar Manufacturing Industry 

    The company makes solar photovoltaic modules and is working in the renewable energy ecosystem in India, catering to the needs of the increasing solar sector.

    2. Growth-Oriented Strategy

    Per the DRHP, the business plans to use a part of the IPO revenues towards setting up a proposed greenfield manufacturing site, which may support future production capacity.

    3. Presence Across Multiple Segments of the Solar Value Chain 

    The company also has companies involved in solar EPC and other renewable energy-related sectors, hence allowing participation in various segments of the value chain.

    4. Exposure to a Growing Renewable Energy Sector 

    The company is operating in a field backed by increased investments in clean energy, infrastructure development and adoption of solar power solutions across India.

    5. Planned Manufacturing Capacity Expansion 

    The DRHP also mentions the planned investment in manufacturing facilities, which is a signal of the organisation's focus on enhancing operational capabilities to support commercial expansion.

    Risks Associated with the Business

    Dependence on renewable energy policies

    The solar industry is influenced by government policies, regulations, and incentive programmes. Changes in these frameworks could affect market conditions and business operations.

    Volatility of raw material prices

    Manufacturing solar products involves a variety of raw materials and components. Operating performance may be affected by changes in input costs and supplier availability.

    Project implementation risks 

    This proposed greenfield manufacturing project involves capital expenditure and execution tasks. Planned growth could be affected by delays or cost overruns.

    Competitive market conditions

    The solar manufacturing industry is populated with domestic and international players, resulting in competition in price, technology and client acquisition.

    Technology Obsolescence Risk 

    The rapid growth of photovoltaic technology may necessitate further investments into manufacturing processes and product upgrades to keep pace with market demands.

    Working Capital and Capital Investment Requirements 

    Manufacturing operations and planned growth projects involve significant investment in inventory, equipment, infrastructure, and daily business operations. Therefore, managing financial resources is crucial.

    Key Things Investors May Consider

    Before evaluating the IPO, investors may consider the following factors:

    • The contribution of its subsidiaries to support solar EPC and other activities related to renewable energy.

    • Historical financial performance, including trends in revenue, profitability, and balance sheet position disclosed in the DRHP. 

    • Proposed use of the proceeds of the Fresh Issue including investment in the new manufacturing facility and other corporate purposes.

    • Industry trends around uptake of renewable energy, domestic solar manufacturing and demand for photovoltaic modules.

    • Dependence on government policies, regulatory regimes and market conditions impacting the solar industry.

    • Risks related to sourcing of raw materials, technology upgrades, project execution and industry competition.

    • Capital expenditure requirements and working capital requirements relating to manufacturing operations and future expansion.

    Published Date : 22 Jul 2026

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    Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.


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    Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited



    This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing. 

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