Soleos Energy IPO

Soleos Energy Limited Initial Public Offering is a book-built issue of two crore equity shares, consisting of a fresh issue of up to 1.10 crore equity shares and an offer for sale of up to 90.00 lakh equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India and BSE Limited. Beeline Capital Advisors Private Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details, including the initial public offering dates, price band, and lot size, are yet to be announced.

About Soleos Energy Limited

Soleos Energy Limited was incorporated in Gujarat in January 2017 as Soleos Solar Energy Private Limited and has evolved into an integrated renewable energy company focused primarily on solar power solutions and battery energy storage systems. The company operates through its subsidiaries and associates, providing services across the solar energy project lifecycle, including project development, design and engineering, procurement, construction, installation, commissioning, and long-term asset management. It was renamed Soleos Energy Private Limited in May 2025 and subsequently converted into a public limited company, becoming Soleos Energy Limited in February 2026.

The company is primarily engaged in solar engineering, procurement and construction services, project development and consultancy, solar equipment supply, operations and maintenance, and solar power generation. The company also participates selectively as an equity investor in solar projects, including group captive projects, and intends to expand its presence in battery energy storage systems manufacturing.

Soleos Energy has developed its presence across multiple Indian states, including Gujarat, Rajasthan, Madhya Pradesh, Bihar, Karnataka, Assam, Haryana, and Maharashtra. Internationally, the company has operations, subsidiaries, or project development activities across markets including Singapore, Spain, Uganda, Colombia, Portugal, Zimbabwe, and the Democratic Republic of the Congo, as described in different sections of the DRHP. Its international activities include solar project execution and the development of utility-scale renewable energy projects. The company has commissioned solar projects aggregating more than 100 megawatts in India and overseas, with a disclosed aggregate project value of approximately ₹386.17 crore. As of August 31, 2026, its unexecuted order book stood at approximately ₹1,593.78 crore, predominantly comprising ground-mounted solar projects.

Soleos Energy is pursuing further vertical integration through battery energy storage systems manufacturing. Its existing facility at Kubadthal, Ahmedabad, has an installed capacity of 100 megawatt-hours on a single-shift production schedule and commenced operations in June 2026. The company proposes to establish a separate facility at Suraj, Mehsana, Gujarat, with an installed capacity of 2.20 gigawatt-hours, expected to become operational by April 2028. The proposed facility is intended to manufacture lithium iron phosphate battery packs and associated control electronics for the company's projects and third-party customers.

Industry Outlook

• India’s solar Engineering, Procurement and Construction (EPC) market is projected to grow from US$21 billion in FY2025 to US$41 billion by FY2030, registering a compound annual growth rate (CAGR) of 14%. Growth is expected to be supported by utility-scale projects, rooftop installations, and rising private-sector participation.
• India’s renewable energy targets provide a significant long-term growth opportunity, with the country aiming to achieve 500 GW of non-fossil fuel capacity by FY2030, including 280 GW of solar capacity. This is expected to sustain demand for solar project development, engineering, procurement, construction, and commissioning services.
• The Indian solar photovoltaic market is projected to expand from US$12 billion in FY2026 to US$22 billion by FY2030, representing a CAGR of 16.4%. Increasing investment in utility-scale solar plants, commercial and industrial installations, and distributed solar systems is expected to support market expansion.
• Government initiatives such as the Pradhan Mantri Suryaghar Muft Bijli Yojana and PM-KUSUM scheme are expected to encourage rooftop solar adoption, decentralized electricity generation, and solar-powered agricultural infrastructure. These programmes create opportunities for EPC companies in residential, commercial, rural, and agricultural markets.
• Declining solar equipment costs and expanding domestic manufacturing capacity are improving the commercial viability of solar installations. The DRHP reports that solar module prices declined from over ₹200 per watt in FY2010 to below ₹9 per watt in FY2024, while domestic module manufacturing capacity reached approximately 172 GW as of March 31, 2026.
• Rising electricity demand from commercial and industrial consumers, together with corporate sustainability commitments and environmental reporting requirements, is expected to support solar adoption. Rooftop installations and group captive solar projects offer businesses opportunities to reduce electricity costs and improve long-term tariff visibility.
• Battery Energy Storage Systems (BESS) are emerging as an important complement to solar power because they can store surplus daytime generation and supply electricity during periods of higher demand. Increasing deployment of storage solutions is expected to create opportunities in integrated solar-plus-storage projects, grid stability, and round-the-clock renewable electricity supply.
• India’s solar EPC market is expected to benefit from a growing project pipeline, with over 84.10 GW of solar capacity under implementation and approximately 47.49 GW in the tendering pipeline as of early FY2025, according to the DRHP. However, project execution timelines, financing availability, land acquisition, transmission infrastructure, and regulatory approvals will remain important factors affecting industry growth.

Soleos Energy IPO Objectives

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

• Funding capital expenditure requirement for setting up battery energy storage systems manufacturing facility with an installed capacity of 2.20 GWh.
• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
• Towards general corporate purposes.

Financial Performance of Soleos Energy Limited

Soleos Energy Limited Peer Details Comparison