Vishakha Renewables IPO

Vishakha Renewables Limited Initial Public Offering is a Book Built Issue consisting of a Fresh Issue of ₹1,250.00 crore and an Offer for Sale of up to 1.82 crore equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. SBI Capital Markets Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar to the Issue. Key details, including the Initial Public Offering dates, price band, and lot size, are yet to be announced.

About Vishakha Renewables Limited

Vishakha Renewables Limited was incorporated in Gujarat on October 1, 2020, under the Companies Act, 2013, as Vishakha Glass Private Limited. Subsequently, the company was renamed Vishakha Renewables Private Limited in June 2026 and converted into a public limited company under the name Vishakha Renewables Limited in July 2026. The company is engaged in the manufacturing of critical components used in solar modules, operating across four key product categories: solar glass, aluminium frames, encapsulants, and back sheets. It is jointly promoted by the Vishakha Group and the Adani Group, combining their experience across manufacturing, energy, and infrastructure sectors. The company is positioned as an integrated manufacturer of non-cell solar module components, supplying products that account for approximately 40–45% of the average cost of a bifacial solar module, according to the CRISIL Report.

The company operates through four primary product verticals: solar glass, aluminium frames, encapsulants, and back sheets. Its product portfolio includes solar glass used as a protective and structural component in solar modules, anodised aluminium frames for structural support, ethylene vinyl acetate and expandable polyethylene encapsulants for bonding and protecting solar cells, and back sheets that provide electrical insulation and environmental protection.

As of March 31, 2026, the company's installed manufacturing capacities included 660 tonnes per day of solar glass, corresponding to 4.40 gigawatts; 14,508.75 tonnes per annum of aluminium frames, corresponding to 3.37 gigawatts; 23.20 million linear metres of encapsulants, corresponding to 6.03 gigawatts; and 8.05 million linear metres of back sheets, corresponding to 3.80 gigawatts. According to the CRISIL Report, the company was the largest manufacturer of non-cell solar module components in India in terms of combined installed production capacity as of March 31, 2026, and among the few domestic manufacturers producing four of the six components required in solar modules.

The company operates its manufacturing business through facilities located within a common industrial cluster in Mundra, Kutch, Gujarat. As of the date of the Draft Red Herring Prospectus, it had five manufacturing facilities spread across approximately 89.82 acres, aggregating to 363,508 square metres of land area. This included four operational manufacturing facilities and one solar glass manufacturing facility under construction as part of its Phase II expansion. Its manufacturing infrastructure comprises facilities for solar glass, aluminium frames, encapsulants, and back sheets.

The company is undertaking capacity expansion across its solar glass, aluminium frame, and encapsulant manufacturing operations. Its solar glass capacity expansion includes an additional 1,260 tonnes per day, corresponding to 8.40 gigawatts, with commissioning expected by January 2027. The aluminium frame expansion, with an additional capacity of 32,120 tonnes per annum, was commissioned on September 5, 2026. The company also plans to expand its encapsulant manufacturing capacity by 6.74 million linear metres, with commissioning expected by March 2027.

The company's manufacturing facilities are strategically located near Mundra Port and the Mundra Special Economic Zone, providing access to sea, rail, and road connectivity, industrial utilities, and key raw material supply networks. Its proximity to major solar module manufacturing facilities supports logistics efficiencies and integration with the broader solar manufacturing value chain. The company supplies its products primarily to solar module manufacturers and renewable energy project developers, with anchor customers including entities within the Adani Group.

It has entered into long-term offtake arrangements with Mundra Solar PV Limited and Mundra Solar Energy Limited for solar glass and aluminium frames. These arrangements include a 15-year take-or-pay agreement for solar glass from its Phase I facility, an 8.5-year arrangement for aluminium frames from its Phase II facility, and a 17-year offtake arrangement for solar glass from its Phase II facility. These agreements provide demand visibility and support capacity utilisation. The company also benefits from established relationships with strategic investors, including Asahi India Glass Limited, and its association with the Adani Group's renewable energy and infrastructure ecosystem.

Industry Outlook

• India's renewable energy sector is expected to witness significant growth, supported by the national target of achieving approximately 500 GW of non-fossil fuel-based electricity capacity by Fiscal 2030. Of this, around 230–250 GW of solar capacity is expected to be installed between Fiscal 2027 and Fiscal 2031, creating substantial demand for solar modules and their components.
• India's solar module manufacturing industry is expected to expand considerably, driven by increasing solar capacity additions, government initiatives, and growing domestic manufacturing capabilities. The country's cumulative listed solar module manufacturing capacity reached approximately 193 GW as of May 2026, compared with 8.2 GW in March 2021. Module manufacturing capacity is projected to reach 240–260 GW by Fiscal 2030.
• The domestic solar glass market is expected to experience strong growth alongside increasing solar module production. India's annual solar module production is projected to reach 70–80 GWp by Fiscal 2031, with corresponding solar glass demand estimated at 9,000–9,500 tonnes per day. The Indian solar glass market is projected to reach approximately USD 1,700–1,800 million by Fiscal 2031.
• India's solar aluminium frame industry is witnessing rapid expansion, supported by rising solar installations, domestic manufacturing investments, and measures to reduce dependence on imports. Annual demand for solar aluminium frames is projected to increase to 330,000–360,000 tonnes by Fiscal 2031, with the market estimated to reach USD 1,250–1,350 million.
• Demand for solar encapsulants, including Ethylene Vinyl Acetate (EVA), Polyolefin Elastomer (POE), and Expandable Polyethylene (EPE), is expected to increase with the expansion of domestic solar module manufacturing. Growing adoption of high-efficiency technologies such as TOPCon and bifacial modules is also driving demand for advanced encapsulants. The Indian encapsulant market is projected to reach USD 650–750 million by Fiscal 2031.
• India's solar backsheet market is expected to benefit from increasing domestic solar module production and government initiatives supporting local manufacturing. However, the gradual adoption of glass-glass modules, which do not require conventional backsheets, may moderate demand growth. India's annual solar module production is projected to reach 70–80 GWp by Fiscal 2031, supporting continued demand for backsheets despite changing module technologies.

Vishakha Renewables IPO Objectives

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

• Repayment and prepayment in full of part of certain borrowings.
• Towards general corporate purposes.

Financial Performance of Vishakha Renewables Limited

Vishakha Renewables Limited Peer Details Comparison