Soleos Energy IPO

AnnouncedMainboardIndustrialsBSE · NSE

Price band: —
Issue size: —
Lot size: —
Bidding: —
Grey market: —

Market data to 27 Oct 2026. Company figures are as filed, sourced 27 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Revenue from operations tripled in two years, from 93.94 Cr in FY24 to 281.16 Cr in FY26, but FY26 profit attributable to owners fell to 20.81 Cr from 25.86 Cr, operating cash flow has been negative in each of the three years and reached minus 68.53 Cr, and 76.16% of the 1,593.78 Cr order book at 31 August 2026 is a single ground-mounted project in the Democratic Republic of the Congo for Gujarat DRC SA - a related party that was the company's own 90%-held subsidiary until 14 December 2025, in a country where the prospectus says the company has never executed a project. The question this draft poses is whether that order converts into collected cash.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

65Balanced

IPOVista score

A trade-off in both directions

60% of the scoring model was backed by disclosed data for Soleos Energy, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2017 · Ahmedabad, Gujarat · 66 employees

Soleos Energy is an Ahmedabad-based integrated solar energy company that sells to two kinds of buyer: power consumers, and renewable energy investors and asset owners. It works across the project lifecycle through six verticals - solar engineering, procurement and construction (Solar EPC), project development and consultancy, total asset management, power generation sales, the sale of solar products and equipment, and battery energy storage systems. Solar EPC is the business: it supplied 87.20% of revenue from operations in FY26, and within that, ground-mounted projects were 99.40% of EPC revenue. The company owns and operates solar plants of 230 kW aggregate installed capacity at Surat, Ankleshwar and Bharuch in Gujarat, and is developing approximately 29 MW more through subsidiaries. It commenced operations in 2017, has 30 subsidiaries as at the date of the draft prospectus, and employed 66 people at 31 August 2026, using labour contractors for site construction and installation. In June 2026 it started a pilot-scale battery energy storage system plant at Kubadthal, Ahmedabad, with annual capacity of 100 MWh on a single shift, and it proposes a second facility at Suraj, Mehsana, of 2.2 GWh. Outside India it reports revenue from Zimbabwe, England, Spain and Uganda, and names project activity in Portugal and the Democratic Republic of the Congo.

Contract execution, billed against milestones and funded by working capital. Revenue from operations went from 93.94 Cr in FY24 to 221.84 Cr in FY25 and 281.16 Cr in FY26, growth the prospectus states as 136.16% and then 26.74%, and the customer count went from 58 to 172 to 506 over the same three years. The economics are those of a project contractor rather than an owner: gross profit margin was 21.23% in FY26 and the disclosed EBITDA margin 10.65%, while the disclosed net working capital days roughly doubled, from 94 in both FY24 and FY25 to 190 in FY26. Growth has been funded by receivables and borrowing rather than by cash generated. Trade receivables rose from 14.77 Cr at FY24 to 73.59 Cr at FY25 and 168.12 Cr at FY26; operating cash flow was negative in all three years, reaching minus 68.53 Cr in FY26; and total borrowings went from 10.43 Cr to 28.30 Cr to 101.92 Cr. Equity rather than earnings has carried the balance sheet: net worth attributable to owners rose from 26.91 Cr to 198.96 Cr over the three years, and the FY26 cash flow shows 90.62 Cr of securities premium raised in that year alone. Demand is concentrated and increasingly forward-looking: the top ten customers supplied 75.09% of FY26 revenue, and the unexecuted order book stood at 1,593.78 Cr at 31 August 2026 against 281.16 Cr of revenue recognised in the whole of FY26.

What makes it hard to copy

The company's own framing is integration: it describes itself as among the few solar energy companies in India offering in-house project development, financing coordination, EPC execution, long-term asset management and in-house BESS manufacturing on one platform, which it argues reduces interface risk for the customer. It has filed patent applications on a proprietary AI-enabled solar tracker with a dynamic self-adjusting tilt model, and holds TUV SUD certification to ISO 9001:2015 for the design, assembly, installation, commissioning, operation and maintenance of solar photovoltaic power plants. Both the integration claim and the industry framing around it are sourced in the prospectus to a Dun & Bradstreet report the company commissioned and paid for.

Where the revenue comes from

Share of revenue by business line, latest full year

Solar Engineering, Procurement & Construction (EPC) Services87.2%
Project Development & Consultancy Services7.4%
Solar Products and Equipment4.8%
Other (2)0.6%

Hover or focus a segment for its share and what it covers.

Who buys from it

Prabhu Solar Venture Private LimitedSantosh Bai GoyalShree Ram Twistex LimitedHet Construction Private LimitedGRE Renew Enertech Limited

Customers named in the prospectus or by the company. A short list is not automatically a risk, but concentration is — check the customer-concentration risk factor before assuming a marquee name means stability.

Where it operates

BESS manufacturing facility, existing1
Plot No. 9 & 10, Gokul Industrial Park, Kubadthal, Daskroi, Ahmedabad, Gujarat - 1,006 sq m leased, 100 MWh annual capacity on a single shift, operations commenced June 2026
BESS manufacturing facility, proposed1
Survey No. 1683, Suraj, Jotana, Mehsana, Gujarat - 20,865 sq m leased, 2.2 GWh planned annual capacity, expected operational by April 2028
Owned and operated solar power plants—
Surat, Gujarat · Ankleshwar, Gujarat · Bharuch, Gujarat
Registered and corporate office1
Altimus, Navrangpura, Ahmedabad, Gujarat

6.5% of revenue is earned outside India.

Markets served

IndiaZimbabweEnglandSpainUganda

Who runs it

Bhaveshkumar C RathodChairman and Managing Director · since 2017Promoter. A director since the company's incorporation on 11 January 2017. B.Tech in electronics and communication engineering from Nirma University, Ahmedabad; over 13 years in the solar industry; previously founder and managing director of Enhanced Electronics Design Private Limited.
Dhavalkumar Ghanshyambhai JiyaniWhole-time Director · since 2021Promoter. Director since 9 March 2021. Leads business development across international geographies. Around five years at Ford India Private Limited as Process Coach before joining, and over five years in solar.
Parth R RangholiaWhole-time Director · since 2017Promoter. A director since incorporation on 11 January 2017. Leads the BESS manufacturing facility and its scaling; over 13 years in the solar industry.
Aniket Sunil TalatiIndependent Director · since 2026Appointed 30 January 2026. Chartered accountant and member of CPA Australia; partner at Talati & Talati LLP. Also a director of Prudent Corporate Advisory Services, Sanstar and TCPL Packaging.
Swati P PanchalIndependent Director · since 2026Appointed 30 January 2026. Chartered accountant in practice and partner at Panchal S K & Associates.
Deepak Kanubhai MakwanaIndependent Director · since 2026Appointed 30 January 2026. MBA and PhD in management; over 16 years in teaching.
Priyankkumar Maheshbhai PatelChief Financial Officer · since 2026With the company since 26 December 2017 and appointed chief financial officer with effect from 19 March 2026. His FY26 remuneration is disclosed at 1.46 lakhs.
Dixita Devang PathakCompany Secretary and Compliance Officer · since 2026Appointed 19 March 2026. Her FY26 remuneration is disclosed at 0.24 lakhs.

The company on paper

Legal name: Soleos Energy Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 11 Jan 2017
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U31909GJ2017PLC095084
Sector: Industrials · Solar EPC, project development and battery energy storage systems
Employees: 66
Registered office: 802, 8th Floor, Altimus, Shreyas Colony, Tera Panth Road, Off. Ashram Road, Navrangpura, Ahmedabad, Ahmadabad City, Gujarat 380009, India
Statutory auditorWho signed the restated financial information: S N Shah & Associates, Chartered Accountants (FRN: 109782W)
Promoters: Bhaveshkumar C Rathod, Dhavalkumar Ghanshyambhai Jiyani, Parth R Rangholia, Aniket Rangholia, Vipul Rathod
Promoter holding, pre-issue: 60.6%
Website: soleosenergy.com

The numbers

Financial performance

Revenue has compounded at 73.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

Profit against cash generated

Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.

Profit after tax
Operating cash flow

Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.

The price

Valuation

Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.

P/E at the band, post-issue

Not priced yet

No price band has been fixed yet, so there is no multiple to quote

Median P/E of its named peers

14.3×

4 listed companies the prospectus names itself

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY26): ₹5.23
EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹4.66
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹44.60

What it earns on what it has

Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 10.8%
Return on capital employed: 14.4%
EBITDA margin: 10.7%
Net margin: 7.4%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 0.51×

Valuation against listed peers

Asking P/E against operating margin. All marks are the same size — market capitalisation is not disclosed for every company here, and sizing only some of them would read as a measurement.

Soleos Energy
Listed peers

Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. Market capitalisation, where disclosed, is in the tooltip and the table. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 25 Sep 2026 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.

The terms

How the issue is structured

Fresh issueNew shares — proceeds go to the company: —
Offer for saleExisting shares — proceeds go to the selling shareholders: —
Total issue size: —
Shares offered in the OFS: 90,00,000
Pre-issue shares outstanding: 4,46,12,880
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

Stated objects of the fresh issue, largest first

Invested in growth
Repairs the balance sheet

General corporate purposes, capped at 25% of the gross proceeds of the fresh issue — amount not quantified in the prospectus

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

85% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.

Who owns it before the issue

17 holders named, covering 86.3% of pre-issue equity. The prospectus does not name the rest.

Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples

No dates have been set yet, so bidding has not opened.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

The lot size and price band are not fixed yet, so there is nothing to calculate.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

Retail subscription figures are not available yet, so there is nothing to estimate from.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations grew 136.16% in FY25 and a further 26.74% in FY26, from 93.94 Cr to 221.84 Cr to 281.16 Cr, and the customer count went from 58 in FY24 to 172 in FY25 and 506 in FY26.
The order book was transformed. The disclosed year-end figure went from 37.42 Cr at FY24 and 53.09 Cr at FY25 to 1,632.76 Cr at FY26, and the unexecuted book stood at 1,593.78 Cr on 31 August 2026 - more than five times the revenue recognised in the whole of FY26.
Project scale stepped up with it: contracted Solar EPC capacity went from 10,071.82 kW in FY24 and 48,369.56 kW in FY25 to 4,06,172.76 kW in FY26, and the average contracted project size from 1,007.18 kW to 16,246.91 kW.
The balance sheet was rebuilt ahead of the raise. Net worth attributable to owners rose from 26.91 Cr at FY24 to 198.96 Cr at FY26 and net asset value per share from 9.14 to 44.60, with 90.62 Cr of securities premium received in FY26 alone.
Backward integration into storage is already operating rather than promised: the pilot facility at Kubadthal commenced operations in June 2026 with 100 MWh of annual capacity on a single shift, and 113.60 Cr of the fresh issue is earmarked for a 2.20 GWh facility at Suraj, Mehsana, costed at 119.32 Cr in a Dun & Bradstreet techno-economic viability report dated 28 September 2026.
Gross profit margin of 21.23% in FY26 is above three of the four peers the prospectus names - Solarworld Energy Solutions at 14.14%, Zodiac Energy at 15.20% and Bondada Engineering at 14.78% - and below Oriana Power at 27.06%.
The disclosed FY26 EBITDA margin of 10.65% sits between Solarworld Energy Solutions at 10.68% and Zodiac Energy at 10.26% on the prospectus' own FY26 peer comparison.
Only 20.00 Cr of the stated objects is debt repayment; the large majority of the money identified for the company goes into productive capacity rather than into the balance sheet hole.

What to weigh against it

Profit stopped following revenue. Profit attributable to owners fell from 25.86 Cr in FY25 to 20.81 Cr in FY26 on revenue 26.74% higher, and the disclosed EBITDA margin of 14.85% in FY25 fell to an EBITDA margin of 10.65% in FY26, with the disclosed PAT margin going from 11.19% to 7.64%.
Operating cash flow has been negative in every year presented: minus 10.33 Cr in FY24, minus 37.52 Cr in FY25 and minus 68.53 Cr in FY26. The prospectus carries its own risk factor on this and attributes it to the rise in trade receivables and debtor days.
Working capital is absorbing the growth. Trade receivables rose from 14.77 Cr at FY24 to 73.59 Cr at FY25 and 168.12 Cr at FY26, and the disclosed net working capital days roughly doubled, from 94 in both FY24 and FY25 to 190 in FY26 - the highest of the five companies in the prospectus' own FY26 peer table.
Total borrowings rose nearly ten-fold in two years, from 10.43 Cr at FY24 to 28.30 Cr at FY25 and 101.92 Cr at FY26, and the disclosed debt-equity ratio went from 0.39 to 0.32 to 0.51 times.
Every disclosed return measure collapsed in FY26: return on net worth 20.41%, 28.33% then 10.80%; return on equity 30.22%, 43.35% then 14.99%; return on capital employed 29.83%, 43.31% then 14.43%.
The order book is one project. Of 1,593.78 Cr unexecuted at 31 August 2026, 1,213.81 Cr - 76.16% - is a single ground-mounted third-party PPA project awarded in 2025, and 76.78% of the book by geography sits in Africa. Of that project's 1,214.26 Cr total order value, 0.45 Cr had been recognised as revenue by 31 August 2026.
The client of that project, Gujarat DRC SA, is a related party and a group company: the prospectus records it was incorporated by the company on 30 October 2024, was held 90% as a subsidiary, and ceased to be a subsidiary with effect from 14 December 2025. The prospectus also states the company has not previously executed any project in the Democratic Republic of the Congo and has limited experience of its regulatory and logistical environment.
The largest customer of FY26 is also a related party. Sales to Prabhu Solar Venture Private Limited were 60.42 Cr, the 21.49% largest-customer figure exactly, and in the same year the company gave it 16.70 Cr of loans, took 23.58 Cr of customer advances from it and made a 0.49 lakh investment in it. A promoter and whole-time director is on its board.
Customer concentration is high generally: the top three customers supplied 48.14% and the top ten 75.09% of FY26 revenue from operations, and the prospectus names only three of the FY26 top ten because the others did not consent to being named.
The statutory auditors carried emphasis of matter in all three years: no audit trail maintained in the accounting software in FY24, FY25 and FY26; and in FY25 no day-to-day inventory records, so the auditor could not verify the quarterly stock statements submitted to the bank, plus a 3.99 lakh CSR shortfall for FY2023-24 that was only spent on 3 March 2026.
SEBI refused the company's relief application. The company applied on 18 June 2026 for relaxation from identifying and disclosing a promoter-group member, Suresh Mahendrabhai Patel, and his related entities; by letter dated 2 September 2026 SEBI declined and directed disclosure from public-domain information. The prospectus states the company cannot ascertain that the person found by a name-based search is the same person, and that his related entities have not been disclosed.
The company and its promoters have no prior experience in BESS manufacturing, which the prospectus states as its own risk factor, and the 2.20 GWh facility the fresh issue funds is not expected to be operational until April 2028.
Execution rests on 66 employees as at 31 August 2026 against a 1,593.78 Cr order book, with the rest contracted in. Attrition was 91.30% in FY24, 67.57% in FY25 and 34.85% in FY26.
Most of the asset base is uninsured. At 31 March 2026 insured assets were 10.53 Cr of 69.56 Cr covered by the disclosure, leaving 59.02 Cr uninsured, against 0.99 Cr uninsured a year earlier.
The proposed BESS site at Suraj is leased from a group that includes two of the promoters, Parth Rameshbhai Rangholia and Dhavalkumar Ghanshyam Jiyani, on a ten-year lease to 9 June 2036 at 4,28,280 a year, and the prospectus marks the lessor as a related party.

Easy to miss in the prospectus

The offer is up to 2,00,00,000 equity shares of face value 5: a fresh issue of up to 1,10,00,000 shares and an offer for sale of up to 90,00,000 shares, against 4,46,12,880 shares outstanding at the date of the draft prospectus. Every rupee amount on the cover is a placeholder, so this record carries the share counts and leaves the money figures as dashes.
The promoters' weighted average cost of acquisition is disclosed at 0.50 a share for Bhaveshkumar C Rathod, Dhavalkumar Ghanshyambhai Jiyani and Vipul Rathod, 0.74 for Parth R Rangholia and 0.26 for Aniket Rangholia. The outside selling shareholders mostly paid 50.00, one 72.50 and one 122.40. The gap follows a 9:1 bonus issue on 23 February 2026 and the sub-division of 22,30,644 shares of face value 10 into 44,61,288 shares of face value 5.
Earnings per share went backwards: 4.78 in FY24, 7.14 in FY25, 5.23 in FY26. The prospectus' own weighted average across the three years is 5.79 and its simple average 5.72, both above the latest year.
Return on net worth here is calculated by the issuer on CLOSING net worth, as its own note states, not on average net worth. The separate RoE metric in the KPI table, which is on average equity attributable to owners, reads 14.99% for the same year against the 10.80% RoNW.
The FY25 comparatives were restated. The prospectus records a correction of omission: six entities that should have been consolidated were left out of the FY25 consolidated accounts prepared under previous GAAP, and their assets, liabilities, income and expenses have now been included.
Seven entities ceased to be subsidiaries during FY26 - including Gujarat DRC SA on 14 December 2025 and Karkadan Soleos LDA on 29 December 2025 - and the profit or loss on each loss of control runs through the FY26 statement of profit and loss.
A pre-IPO placement of up to 20% of the fresh issue may be undertaken before the red herring prospectus is filed, and if it happens the amount raised is deducted from the fresh issue.
The vertical revenue table carries no separate line for the power generation sales or BESS verticals that the business section describes, and the pilot BESS plant only commenced operations in June 2026, which falls in FY27.
The order book by geography is 76.78% Africa, 13.38% Maharashtra, 6.59% Gujarat, 2.57% Chhattisgarh, 0.36% Karnataka and 0.32% Bihar.
Named pre-issue holders outside the promoters and promoter group include Shreesumna Trade LLP at 4.48%, GVFL Emerging Enterprise Venture Trust at 3.66%, India-Ahead Venture Fund at 2.24%, Madhuri Madhusudan Kela at 2.24% and Invicta Continuum fund I at 0.92%. Promoters held 60.63% and the promoter group entity Soleos Partners Private Limited a further 5.49%; the post-offer column is a placeholder throughout, so no post-issue holding is recorded here.
The market-size, market-share and industry-outlook claims, and the company's own description of itself as among the few integrated Indian solar platforms, are sourced in the prospectus to a Dun & Bradstreet report dated 30 September 2026 that the company commissioned and paid for exclusively for this offer.
The draft red herring prospectus is dated 30 September 2026; SEBI published it on its site on 13 October 2026.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Beeline Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Soleos Energy's own prospectus and to exchange disclosures. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: —
Closes: —
Allotment: —
Lists: —
Revenue (FY26): ₹281 Cr
Profit (FY26): ₹20.81 Cr

Timeline

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.