Subscribe for Solarworld Energy Solutions Ltd IPO; Geojit Financial Services

Geojit Financial Services, has come out with its report on Solarworld Energy Solutions Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on September 23, 2025.

Broker Research

September 23, 2025 / 14:51 IST

IPO

Geojit Financial Services, Solarworld Energy Solutions Ltd

Solarworld Energy Solutions Ltd (SESL) is an integrated solar EPC and solutions provider incorporated in 2013, offering turnkey engineering, procurement, and construction services for solar power projects. It caters primarily to public sector undertakings (80% FY25 revenue) and industrial clients across India. Its business model includes rooftop and ground-mounted solar installations, along with operations and maintenance services. India’s solar EPC sector is witnessing rapid growth, fueled by supportive government policies such as the Approved List of Models and Manufacturers (ALMM), Basic Customs Duty (BCD), and the Production Linked Incentive (PLI) scheme for solar panel manufacturing. The country is projected to add 150–170 GW of solar capacity between FY26 and FY30, supported by growing energy demand and ongoing decarbonisation efforts.

Valuation and Outlook

At the upper price band of ₹351, SESL is valued at 39× FY25 PE, which appears reasonable given its robust financial performance. While relatively smaller size of revenue, the company’s asset-light model, low leverage, and consistent profitability underscore its operational strength. With backward integration, strategic expansion plans, and a focused EPC approach, SESL is well-positioned in India’s solar sector. Hence, we recommend a ‘Subscribe’ rating for long-term investors.

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