Cosmic PV Power, a Gujarat-based solar module manufacturer, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹640 crore through an initial public offering (IPO). The filing marks a key step in the company’s growth strategy as it looks to scale its manufacturing capabilities amid rising demand for domestically produced solar equipment.
The proposed IPO comprises a fresh issue of ₹540 crore and an offer-for-sale (OFS) of ₹100 crore by existing shareholders, including promoters and institutional investors.
Fund Utilisation Focused on Capacity Expansion
A significant portion of the proceeds ₹497.1 crore is earmarked for setting up a new greenfield manufacturing facility in Narmadapuram, Madhya Pradesh. The remaining funds will be used for general corporate purposes.
The company may also raise up to ₹108 crore through a pre-IPO placement, which could lead to a corresponding reduction in the fresh issue size.
Integrated Business Model and Manufacturing Strength
Cosmic PV Power works in three main areas: making solar photovoltaic modules, providing engineering, procurement, and construction (EPC) services, and making aluminium frames. It now has two automated factories in Surat, Gujarat, with a total capacity of 3 GW and module output that ranges from 420Wp to 750Wp.
The company is also listed under the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers (ALMM-I), enabling participation in government-backed solar projects.
Strong Financial Growth and Market Position
Cosmic PV Power has demonstrated rapid growth, with revenue rising to ₹245.1 crore in FY25 from ₹99.9 crore in the previous year, while profit after tax increased to ₹24.4 crore from ₹6.5 crore.
Positioned for India’s Solar Manufacturing Boom
The IPO fits with what is happening in the industry as a whole, as many renewable energy companies are using the stock market to raise money for growth. Domestic solar manufacturing is growing faster thanks to policies like ALMM norms and production-linked incentives.
Cosmic PV Power’s planned capacity expansion is expected to strengthen its position in the value chain while contributing to India’s clean energy transition and self-reliance in solar manufacturing. With its proposed IPO and planned manufacturing expansion, Cosmic PV Power is positioning itself to capitalize on India’s rapidly growing solar manufacturing ecosystem while strengthening the country’s push for self-reliance in clean energy.
Electrify your feed! Click here to join our Whatsapp group and to get the latest updates, expert insights, and innovations driving India’s energy storage revolution.
