Subscribe for Solarworld Energy Solutions Ltd IPO; Ajcon Global

Ajcon Global, Solarworld Energy Solutions Ltd

Solarworld Energy Solutions Ltd. (SESL) is a solar energy solutions provider that specializes in engineering, procurement, and construction ("EPC") services for solar power projects. It began operations in 2013 and provides complete, end-toend, and cost-effective solutions for the installation of solar power projects adapted to the demands of customers, including public sector undertakings ("PSUs") and commercial and industrial clients ("C&I Clients"). SESL's business operations are supported by strong execution skills, as evidenced by projects that have reached their commercial operation date ("Completed Projects") and those for which it has received orders or is actively executing ("Ongoing Projects"). As of July 31, 2025, it had completed projects with a total capacity of 253.67 megawatts ("MW") AC/ 336.17 MW DC, and ongoing projects with capacities of 765 MW AC/ 994 MW DC for EPC and 325 MW/650 MWh for BESS.

Valuation and Outlook

Having executed 46 projects across 9 states for marquee clients like SJVN Green Energy, Haldiram Snacks, and Ethnic Foods, SESL has established strong presence in both PSU and private sectors. At the upper price band of ₹351, the issue is valued at a P/E multiple of about 39.48x on its FY25 post-IPO EPS of ₹8.89. We give a ‘SUBSCRIBE’ rating to the issue for the following reasons.

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