Vishakha Renewables has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking a key step toward its proposed initial public offering (IPO). The public issue will comprise a fresh issue of equity shares worth ₹1,250 crore, along with an Offer for Sale (OFS) of 1.81 crore equity shares by existing shareholders.
Based in Ahmedabad, Vishakha Renewables operates in the solar manufacturing sector and produces a range of critical components used across the solar photovoltaic value chain. Its product portfolio includes solar glass, anodised aluminium frames, EVA and EPE encapsulants, and backsheets, catering to the growing demand for domestically manufactured solar components.
According to a CRISIL Intelligence report dated September 2026 and commissioned by the company, Vishakha Renewables is currently the only Indian solar manufacturer producing four of the six key components used in solar modules. The company’s diversified manufacturing capabilities position it across multiple stages of the solar supply chain as India continues to expand its domestic renewable energy manufacturing ecosystem.
Solar glass contributed Rs 1,072.86 crore, or around 57 per cent of its total revenue. As of 31 March 2026, the company had 660 tonnes per day (TPD), or around 4.40 GW, of solar glass capacity. It also had 3.37 GW-equivalent aluminium frame capacity, 6.03 GW-equivalent EVA/EPE encapsulant capacity and 3.80 GW-equivalent backsheet capacity.
Vishakha plans to expand its solar glass capacity from 660 TPD to 1,920 TPD, equivalent to 12.80 GW, with a stated capex of around Rs 2,500 crore.
Its manufacturing facilities are located at Mundra Solar Technopark. Anchor customers include Mundra Solar PV Ltd and Mundra Solar Energy Ltd, entities within the Adani portfolio.
Vishakha Renewables has entered into long-term arrangements covering the supply of solar glass and aluminium frames. Its Phase I solar glass take-or-pay agreement has a tenure of 15 years and includes a minimum annual production commitment of 70%. The company’s Phase II solar glass agreement extends for 17 years and carries a minimum offtake commitment of 70%.
As per the CRISIL Intelligence report, Vishakha’s manufacturing facilities currently meet around 50% of Adani’s requirements for key solar components, including solar glass, metal frames, EVA and backsheets, highlighting the company’s significant supply relationship within the solar manufacturing ecosystem.
As of the end of FY2026, Vishakha Renewables reported total debt of ₹2,311.92 crore. Its debt-to-equity ratio stood at 3.03x, while net debt-to-EBITDA was recorded at 5.62x. During FY2026, the company reported an EBITDA margin of 20.60%, with a PAT margin of 9.03%, reflecting its profitability and financial performance during the year.
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