In a striking move that has turned heads across Dalal Street, ace investor Mukul Agarwal — known for his early bets on emerging market leaders — has acquired approximately 3% stake (6,00,000 shares) in Solarium Green Energy, signaling a resounding vote of confidence in the company’s long-term growth story.
This investment comes amid Solarium’s rapid business expansion and a steady stream of project wins in India’s booming renewable energy landscape. Agarwal’s entry underscores not just optimism about Solarium’s fundamentals but also a larger market narrative: the accelerating transition toward clean energy in India and the growing investor appetite for companies enabling it.
A Power-Packed Year for Solarium Green Energy
The acquisition arrives on the back of a stellar 2025 for Solarium Green Energy, which has been securing key EPC contracts and expanding its footprint in government and institutional solar projects.
In September 2025, Solarium bagged two major rooftop solar contracts:
- An INR 4.35 crore project from NTPC Vidyut Vyapar Nigam Limited (NVVN) for a 1,320 kW rooftop solar installation at AIIMS-Rishikesh, Uttarakhand.
The project encompasses equipment supply worth INR 3.03 crore, civil works of INR 48 lakh, and a 10-year O&M contract valued at INR 84 lakh. The company has 180 days to complete the work, which is part of NVVN’s pan-India solar EPC initiative. - An INR 3.63 crore contract from Numaligarh Refinery (NRL) for multiple rooftop solar PV projects in Assam and West Bengal.
This project involves 1,180 kW of cumulative capacity, split across three sites, to be completed in 90–120 days, followed by a two-year maintenance period.
Adding to its momentum, PSU Connect reported that NVVN also awarded Solarium a INR 8.05 crore contract for a 2,083 kW rooftop project at Salem Steel Plant, Tamil Nadu, earlier in September. These deals collectively reinforce Solarium’s growing reputation as a dependable player in India’s government-backed solar EPC ecosystem.
Solid Fundamentals to Back It
In FY25, Solarium reported a 29.7% jump in revenue to INR 230.08 crore and an 18.1% rise in net profit to INR 18.59 crore, compared to FY24 — a testament to operational strength and disciplined project execution.
Historical stock returns have been impressive as well:
- 6 months: +37.23%
- 1 year: +67.15%
Such performance has placed Solarium on the radar of institutional and retail investors alike, with many drawing parallels to early-stage success stories in India’s renewable energy sector.
From IPO to Institutional Recognition
Solarium Green Energy’s journey over the past year has been nothing short of remarkable. The company made its stock market debut in February 2025 through a BSE SME IPO, raising INR 99.54 – 105.04 crore via a fresh issue of 54.99 lakh shares, priced between INR 181–191 per share. The IPO was oversubscribed nearly nine times overall, and the stock listed at INR 202 before closing the first day 11% higher at INR 212.10.
Solarium Green shares touched an all-time high of INR 470.40 per share, reflecting a 146% gain from the IPO allotment price. Currently, the stock is trading around INR 352 per share, representing a 25% correction from its all-time high.
Since then, the company has consistently demonstrated its ability to translate its order pipeline into profitability, drawing attention from both retail investors and market veterans — culminating in Mukul Agarwal’s latest bet.
A Look Under the Hood: What Makes Solarium Shine
Founded in 2015, Solarium Green Energy has rapidly evolved into a turnkey solar EPC powerhouse, catering to residential, commercial, industrial, and government clients. Its offerings span design, procurement, construction, testing, commissioning, and long-term O&M services.
The company also engages in solar product distribution, including PV modules, inverters, and ABT meters. With over 11,000 residential, 170 commercial/industrial, and 17 government projects executed across India, Solarium combines scale with execution agility.
Its competitive strengths include:
- End-to-end turnkey capabilities — from design to O&M.
- Diversified project portfolio across sectors and geographies.
- Strong client relationships with PSUs and large enterprises.
- Certifications like ISO 9001, 14001, and 45001, underscoring quality assurance.
Road Ahead
India’s renewable energy target of 500 GW of non-fossil capacity by 2030 provides an enormous runway for growth. With a strong order book — valued at INR 165+ crore as of mid-2024 — and new wins from PSU clients, Solarium is strategically positioned to capitalize on this opportunity.
However, challenges remain: the company faces ALMM (Approved List of Models and Manufacturers) compliance pressures and depends heavily on government tenders, which can be susceptible to delays. Yet, its agile execution, growing private sector exposure, and investor backing could help offset these risks.
Conclusion
Mukul Agarwal’s buying in Solarium Green marks not just a capital infusion but a symbolic endorsement of the company’s vision. For investors, it’s a reminder that India’s energy transition is spawning a new generation of growth stories — and Solarium, with its robust fundamentals, expanding portfolio, and seasoned leadership, appears well-placed among them.
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