Solarium Green Energy, a well-established player in the renewable energy sector, is set to launch its Initial Public Offering (IPO). The company has been a key provider of turnkey solar solutions and solar product distribution in India. Given the global shift towards sustainable energy and the increasing focus on renewable sources, Solarium Green Energy’s IPO comes at a crucial time for investors looking to enter this sector. In this article, the Solarium Green Energy IPO review provides you with the company’s prospects, financials, and key investment considerations.

Table of Contents
#1 Solarium Green Energy IPO Review: Business Overview
Solarium Green Energy started as Solarium Green Energy LLP in 2015 and later converted into a private limited company in 2022. It became a public limited company in June 2024. Over the years, the company has expanded its operations across India, playing a vital role in the country’s renewable energy mission.
The company specializes in Engineering, Procurement, and Construction (EPC) of solar projects across residential, commercial, industrial, and government sectors. It also supplies solar products, including PV modules, inverters, and tariff meters. The company’s robust business strategy and continuous innovation have made it one of the significant players in India’s solar sector.
As of 30 September 2024, the company had 253 full-time employees, including 12 dedicated engineers for operations and maintenance (O&M) services. This skilled workforce ensures quality execution and timely project delivery. The company is continuously working on upskilling its workforce to stay ahead in the competitive industry.
#2 Solarium Green Energy Business Model and Revenue Streams
Solarium Green Energy operates under two major business verticals:
- Turnkey Solutions for Solar Projects: Covers lump-sum turnkey contracts and item rate contracts for residential, commercial, and government projects. The company takes care of the complete process, from designing and engineering to procurement, construction, and commissioning. This ensures quality control and efficiency in delivering solar power systems.
- Solar Product Sales: Supplies solar PV modules, inverters, and other essential solar components. The company procures high-quality components from accredited vendors, ensuring superior performance for its customers.
As of 30 September 2024, the company had successfully executed 11,195 residential rooftop projects, 172 commercial and industrial (C&I) rooftop and ground-mounted projects, and 17 government projects over the last three years. The extensive experience in handling diverse projects reflects the company’s expertise and reliability in the solar sector.
#3 Solarium Green Energy IPO Analysis: Offer Details
Solarium Green Energy is set to launch its IPO from 6 February to 10 February 2025, with a price band of INR 181 to INR 191 per share. The fresh issue of 54.99 lakh shares aims to fund working capital needs and general corporate purposes. This offering aims to raise approximately INR 99.54 – 105.04 crore. The IPO will be listed on 13 February 2025 on BSE SME, with the retail quota capped at 35%.
#4 Solarium Green Energy IPO Analysis: Market Presence and Growth
Solarium Green Energy has established a strong geographical presence across Gujarat, Delhi, Rajasthan, Haryana, Punjab, Odisha, Maharashtra, Uttar Pradesh, Madhya Pradesh, and Jammu & Kashmir. With a focus on expansion, the company has been actively bidding for large-scale projects to strengthen its foothold in the market.
The Indian renewable energy sector is poised for substantial growth, with the government’s target of achieving 500 GW of non-fossil fuel capacity by 2030. Solarium Green Energy is well-positioned to benefit from this shift, making it an attractive opportunity for investors.
#5 Solarium Green Energy IPO Review: Financial Performance
Solarium Green Energy’s financial trajectory reflects robust growth and operational efficiency. The company has achieved remarkable revenue growth with a compound annual growth rate (CAGR) of 1.46% between FY 2022 and FY 2024. Below are key financial metrics that illustrate this performance:
FY 2022 | FY 2023 | FY 2024 | H1 FY 2025 | |
Revenue | 167.37 | 98.79 | 177.40 | 82.00 |
Expenses | 164.51 | 95.88 | 156.97 | 71.93 |
Net income | 2.05 | 1.74 | 15.59 | 7.55 |
ROCE (%) | 19.12 | 15.92 | 54.18 | 18.70 |
EBITDA (%) | 2.68 | 5.65 | 13.40 | 14.14 |
#6 Solarium Green Energy IPO Review: Order Book and Project Pipeline
As of 31 December 2024, Solarium Green Energy’s ongoing order book stands at INR 18,507.16 crore, with INR 4,482.85 crore revenue already recognized. The company has also submitted bids worth INR 88,536.59 crore, with tenders worth INR 82,500.79 crore still awaiting results. It has been recognized as the L1 bidder for projects worth INR 6,035.80 crore, though final approvals are pending.
#7 Solarium Green Energy IPO: Comparison with Competitors
Solarium Green Energy competes with listed solar EPC firms like Tata Power Solar, Sterling and Wilson Solar, and Vikram Solar. A comparative analysis of revenue, market share, order book, and profitability will help investors assess its competitive standing.
Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
Solarium Green Energy | 18.38 | 10.39 | 76.69 | 13.55 | 177.40 |
Zodiac Energy | 51.62 | 7.50 | 23.06 | 32.51 | 220.06 |
Oriana Power | 22.21 | 33.41 | 37.13 | 76.21 | 382.87 |
#8 Solarium Green Energy IPO Review: Competitive Strengths
- End-to-End Turnkey Solutions: Solarium Green Energy handles the complete lifecycle of solar projects, from design and procurement to construction and maintenance.
- Diversified Portfolio: The company provides solutions for residential, commercial, industrial, and government projects.
- Strong Client and Supplier Relationships: Long-term partnerships with suppliers ensure timely procurement and quality assurance.
- Certified and Accredited: The company holds BIS, ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, enhancing credibility.
- Experienced Management Team: The leadership team brings years of experience in the renewable energy sector, ensuring strategic decision-making and operational excellence.
#9 Solarium Green Energy IPO Analysis: Risks and Challenges
- ALMM Compliance Issue: The company halted its manufacturing operations in February 2024 due to exclusion from the Approved List of Models and Manufacturers (ALMM) in September 2023.
- Dependence on Government Tenders: A significant portion of revenue comes from government projects, which are subject to regulatory risks and delayed approvals.
- Competitive Industry: The Indian solar market is highly competitive, with several established and emerging players. A price war among competitors can impact margins.
#10 Solarium Green Energy IPO Review: Should You Invest?
Solarium Green Energy presents a compelling growth story in India’s booming solar sector. With a strong order book, established track record, and government backing for renewables, the company has significant potential. However, investors must weigh the ALMM compliance issue, dependency on government tenders, and competitive landscape before making an investment decision.
Conclusion
Solarium Green Energy’s IPO provides investors with an opportunity to participate in India’s clean energy revolution. While the company has strong fundamentals, market expansion, and government support, careful due diligence on financials and risks is essential before investing.