Cosmic PV Power Clears SEBI Hurdle for Rs 640 Crore IPO, Plans 1.1 GW TOPCon Cell Plant

Solar module manufacturer Cosmic PV Power Limited has received the final observation from the Securities and Exchange Board of India (SEBI), bringing the company a step closer to its proposed ₹640 crore initial public offering (IPO). The regulatory milestone comes as Cosmic PV Power seeks to expand beyond module manufacturing into solar cell production, EPC and emerging clean-energy businesses.

According to SEBI’s processing-status data dated September 3, 2026, the regulator issued its final observation on the company’s offer document, which was filed on April 2, 2026. Systematix Corporate Services Limited is the lead manager for the proposed issue.

The IPO comprises a fresh issue of equity shares worth up to ₹540 crore and an offer for sale of up to ₹100 crore. The company plans to list its shares on both the BSE and NSE.

A major focus of the IPO proceeds will be the company’s planned 1.10 GW TOPCon solar cell manufacturing facility in Narmadapuram, Madhya Pradesh. Cosmic PV Power proposes to deploy ₹497.16 crore of the net proceeds from the fresh issue towards the project.

The facility is being developed across 24.66 hectares at the Manufacturing Zone for Power and Renewable Energy Equipment in Phase II, I/A Mohasa, Babai. Land for the project was allotted by Madhya Pradesh Development Corporation Limited in January 2026.

The proposed cell plant represents a significant step toward backward integration for Cosmic PV Power, which currently operates across solar PV module manufacturing, EPC services and aluminium frame manufacturing. The company expects the facility to improve cost competitiveness while supporting compliance with evolving regulatory requirements, including the Approved List of Models and Manufacturers (ALMM) framework.

Cosmic PV Power expects the Narmadapuram facility to become operational by June 2027. The expansion would give the company greater control over its solar manufacturing value chain while reducing dependence on externally sourced cells.

Cosmic PV Power began manufacturing operations in 2021 with a 100 MW module production facility. Its installed module capacity increased to 1.40 GW by September 2025 and subsequently reached 3 GW annually by the date of its draft offer document.

The company operates two module manufacturing facilities, including a 1.40 GW facility producing Mono PERC and G-12RN TOPCon modules and a 1.60 GW facility designed for G-12RN TOPCon modules. The latter was awaiting a factory licence at the time of the draft offer document.

The company has also seen a sharp increase in its order book. Its order book stood at 1,577.47 MW, valued at approximately ₹1,251.51 crore, as of September 30, 2025, compared with just 12.69 MW worth ₹12.37 crore in FY2024.

Financial performance has expanded alongside its manufacturing scale. Revenue from operations increased from ₹48.10 crore in FY2023 to ₹99.95 crore in FY2024 and ₹245.16 crore in FY2025. For the six months ended September 30, 2025, revenue stood at ₹181.69 crore.

Profit after tax rose from ₹1.84 crore in FY2023 to ₹6.58 crore in FY2024 and ₹24.44 crore in FY2025, while operating EBITDA increased to ₹39.04 crore from ₹11.40 crore over the same period.

Cosmic PV Power has established a significant presence as both a solar module supplier and OEM manufacturer. During the six months ended September 30, 2025, sales to OEM customers accounted for 60.49% of revenue from operations.

The company had served more than 661 customers, including 36 OEMs and 81 EPC companies, as of September 2025. However, customer concentration remains a key business risk, with its top 10 customers contributing 80.10% of revenue during the period.

Beyond solar cells, Cosmic PV Power plans to explore opportunities in battery energy storage systems (BESS), while expanding its EPC operations and distribution network. The company also intends to diversify its customer base and improve operational efficiency.

With SEBI’s final observation now secured, the proposed IPO marks an important funding and expansion milestone for Cosmic PV Power. The planned cell manufacturing facility, combined with its growing module capacity, EPC ambitions and potential entry into energy storage, signals a broader strategy to build an integrated clean-energy manufacturing platform.