Cosmic PV Power IPO

Cosmic PV Power Limited Initial Public Offering is a Book Build Issue of ₹640.00 crores, consisting of a Fresh Issue of shares worth ₹540.00 crores and an Offer for Sale of ₹100.00 crores. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.

Systematix Corporate Services Limited is the Book Running Lead Manager, and KFin Technologies Limited is the Registrar to the Issue. Key details such as the Initial Public Offering dates, Initial Public Offering price band, and lot size are yet to be announced.

About Cosmic PV Power Limited

Cosmic PV Power Limited was incorporated as Cosmic PV Power Private Limited on September 1, 2020, under the Companies Act, 2013. The company commenced the sale of solar panels in 2021 and was subsequently converted into a public limited company in September 2025, following the approval of its shareholders. Over the years, the company has expanded its operations across the solar value chain through acquisitions and capacity additions, including Cosmic Greentech Private Limited, Cosmic Solar EPC Private Limited, and CGEC Private Limited.

The company is primarily engaged in the manufacturing of Solar Photovoltaic Modules, while also operating across Engineering, Procurement and Construction services and aluminium frame manufacturing. Its Solar Photovoltaic Module portfolio includes N-Type Tunnel Oxide Passivated Contact, Mono Passivated Emitter and Rear Contact, and bifacial modules, with products ranging from 420 Watt Peak to 750 Watt Peak. The company caters to Original Equipment Manufacturers, Engineering, Procurement and Construction entities, distributors, and other direct customers.

Cosmic PV Power operates two Solar Photovoltaic Module manufacturing facilities at Tadkeshwar, Surat, Gujarat, with a combined installed capacity of 3.00 Gigawatts per annum as of the date of the Draft Red Herring Prospectus. Manufacturing Facility I has a capacity of 1.40 Gigawatts, while Manufacturing Facility II has a capacity of 1.60 Gigawatts; however, Manufacturing Facility II was not operational as of the Draft Red Herring Prospectus date because the company had applied for the required factory licence. Through its subsidiary, Cosmic Greentech Private Limited, the company also operates an aluminium frame facility with a production capacity of 2,182 sets per day.

The company has expanded its manufacturing capabilities from an initial 100 Megawatts in Fiscal 2021 to 1.40 Gigawatts by September 30, 2025, and subsequently to 3.00 Gigawatts per annum as of the Draft Red Herring Prospectus date. Its manufacturing facilities use automated production systems and technologies, including Mono Passivated Emitter and Rear Contact and N-Type Tunnel Oxide Passivated Contact production lines. The company has also incorporated artificial intelligence-enabled defect detection and automated inspection systems into its manufacturing processes.

Cosmic PV Power has established a customer base across 13 states in India, serving 661 customers as of September 30, 2025, including 36 Original Equipment Manufacturers and 81 Engineering, Procurement and Construction entities. The company is also pursuing backward integration through a planned 1.10-gigawatt solar cell manufacturing facility in Narmadapuram, Madhya Pradesh, while its subsidiary, CGEC Private Limited, plans to enter the Battery Energy Storage System segment through a proposed 2.00-gigawatt-hour cell-to-pack battery assembly line in Surat, Gujarat. These initiatives are intended to expand the company's presence across the broader renewable energy and energy-storage value chain.

Industry Outlook

• India’s renewable energy capacity, including hydropower, reached 263.2 GW as of January 2026, up from 134 GW in FY20, while solar capacity grew at a 24% CAGR during FY20–FY25, significantly outpacing overall renewable capacity growth.
• India’s solar capacity increased more than threefold from 35.6 GW in FY20 to 140.6 GW by January 2026 and is projected to reach 208.3 GW by FY27 and 385.2 GW by FY32, reinforcing solar power as a key driver of India’s energy transition.
• Solar additions have accelerated sharply, rising from 15.0 GW in FY24 to 23.8 GW in FY25, while capacity additions reached 35.0 GW during April 2025–January 2026, indicating sustained momentum in project commissioning.
• Utility-scale solar is expected to remain the largest source of incremental demand, with the segment projected to grow at approximately 20–22% CAGR during FY25–FY30, supported by central and state tenders, large solar parks, and expanding transmission infrastructure.
• Rooftop solar is projected to grow at approximately 25–26% CAGR during FY25–FY30, supported by the PM Surya Ghar Muft Bijli Yojana, subsidies, net-metering benefits, and simplified approval processes.
• The open-access solar segment is estimated to grow at around 21–23% CAGR during FY25–FY30, as commercial and industrial consumers increasingly adopt renewable power for cost optimisation and sustainability objectives.
• India’s solar module manufacturing capacity almost doubled from 38 GW in FY24 to 74 GW in FY25, while solar cell capacity increased from 9 GW to 25 GW, reflecting rapid expansion across the domestic photovoltaic manufacturing ecosystem.
• Domestic solar module manufacturing capacity is projected to reach approximately 247–253 GW by FY30, alongside 93–98 GW of solar cell capacity and around 30 GW of wafer and ingot capacity, indicating significant expansion and gradual backward integration.
• Domestic sourcing is expected to remain structurally supported by Approved List of Models and Manufacturers (ALMM), Domestic Content Requirement (DCR), Basic Customs Duty (BCD), and Production-Linked Incentive (PLI) mechanisms, which are designed to reduce import dependence and encourage local manufacturing.

Cosmic PV Power IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Financing the costs towards setting up of a planned manufacturing facility of the Company in Narmadapuram, Madhya Pradesh (“Proposed Greenfield Project”).
• Utilise the remaining funds for general corporate purposes.

Financial Performance of Cosmic PV Power Limited

Cosmic PV Power Limited Peer Details Comparison 

Strengths and Opportunities of Cosmic PV Power IPO

1. Cosmic PV Power has scaled its solar module manufacturing capacity from 100 MW in FY21 to 3.00 GW, with its product portfolio spanning N-Type TOPCon, Mono-PERC, and bifacial modules.
2. The company has an established customer base across 13 states, serving 661 customers, including 36 OEMs and 81 EPC entities, providing access to multiple customer segments.
3. Revenue from operations grew at a 125.77% CAGR from ₹48.10 crore in FY23 to ₹245.16 crore in FY25, while operating EBITDA margin improved from 8.55% to 15.93% over the same period.
4. The company’s order book expanded substantially to 2,643.65 MW worth ₹2,668.73 crore as of March 20, 2026, including 1,803.86 MW of solar module orders and 802.12 MW of job-work orders.
5. Its 1.30 GW ALMM-I enlisted capacity enables Cosmic PV Power to supply government and government-assisted projects where procurement from ALMM-listed manufacturers is mandated.
6. Automated robotic manufacturing and higher-wattage technologies have supported product efficiency improvements, with module efficiency increasing from 19.00% in FY23 to 23.33% as of the DRHP date.
7. India’s utility-scale solar segment is projected to grow at around 20–22% CAGR during FY25–FY30, creating an opportunity for the company to expand its IPP, EPC, and C&I customer base.
8. The company is pursuing backward integration through a planned 1.10 GW TOPCon solar cell manufacturing facility in Narmadapuram, Madhya Pradesh, which could broaden its capabilities across the solar PV value chain.
9. Cosmic PV Power plans to enter the BESS segment through a proposed 2.00 GWh battery production line in Surat, providing an opportunity to diversify beyond solar module manufacturing into energy-storage solutions.
10. The company operates across solar PV modules, EPC solutions, and aluminium-frame manufacturing, while its strategy focuses on increasing EPC penetration and strengthening distribution, creating scope for broader revenue streams and customer diversification.

Risks and Threats of Cosmic PV Power IPO

1. The top 10 customers contributed 80.10% of revenue in H1 FY26, creating significant dependence on a limited customer base.
2. The top 10 suppliers accounted for 63.79% of raw-material purchases in H1 FY26, exposing the company to supply disruptions and procurement risks.
3. Changes in prices of solar cells, glass, EVA sheets, backsheets, and aluminium frames could increase material costs and pressure profitability.
4. A substantial portion of revenue comes from Gujarat, Rajasthan, and Maharashtra, making the company vulnerable to adverse demand changes in these markets.
5. The planned 1.10 GW integrated solar cell manufacturing facility in Narmadapuram is subject to potential implementation delays, cost overruns, and other execution risks.
6. The company faces intense competition from Waaree Energies, Vikram Solar, Premier Energies, and Emmvee, which may have greater financial resources, production capacities, and economies of scale.
7. Inventory stood at ₹928.43 million with 102 inventory days in H1 FY26, and inaccurate demand forecasting could result in excess inventory or underutilised capacity.
8. Changes in subsidies, incentives, tariffs, import duties, tax benefits, or ALMM eligibility could adversely affect solar-module demand and the company’s operations.
9. Rapid technological changes in solar manufacturing may make existing technologies obsolete, requiring additional capital expenditure and continuous technological upgrades.
10. Interest-bearing borrowings stood at ₹1,341.43 million as of September 30, 2025; higher interest rates could increase finance costs and adversely affect cash flows and profitability.

Cosmic PV Power IPO Reservation

Cosmic PV Power IPO Promoter Holding

The promoters of the company are Jenishkumar Deepakkumar Ghael, Shravan Kumar Gupta, Surabhi Sureshchandra Sahu, and Maitry Jenishkumar Ghael.

Cosmic PV Power IPO Prospectus

• Cosmic PV Power IPO DRHP

Cosmic PV Power IPO Registrar and Lead Managers

Cosmic PV Power IPO Lead Managers

• Systematix Corporate Services Limited
• Valmiki Leela Capital Private Limited

Registrar for Cosmic PV Power IPO

KFin Technologies Limited

• Contact Number: 040-79615565
• Email Address: cosmicpvpower.ipo@kfintech.com

Cosmic PV Power IPO Registrar

How To Apply for Cosmic PV Power IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Cosmic PV Power IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Cosmic PV Power IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

Don't miss the next investment opportunity - browse the Upcoming IPO on Angel One.

Contact Details of Cosmic PV Power IPO

Registered Office: E-11, First Floor, Ghael Compound, Nr. Laxminarayan Temple BRTS, Udhna-394 210, Surat, Gujarat, India

Phone: +91 85116 18802

E-mail: compliance@cosmicpvpower.com