Cosmic PV Power, one of the leading solar panel makers, submitted its Draft Red Herring Prospectus to SEBI on March 30 to raise funds of ₹640 crore via an Initial Public Offering (IPO).
The IPO will include a fresh issue of ₹540 crore and an Offer-for-Sale of up to ₹100 crore by promoters and investors.
Major shareholders like Jenishkumar Deepakkumar Ghael, Chanakya Opportunities Fund, RPV Holdings, and Shubhalakshmi Polyesters will be selling their shares in the OFS component.
Moreover, Cosmic PV may plan to raise ₹108 crore in a pre-IPO round. If successful, the fund of ₹108 crore will be reduced from the ₹640 crore.
The proceeds of ₹497.1 crore from the fresh issue will be used towards setting up a new manufacturing facility in Narmadapuram, Madhya Pradesh. The remaining funds will be used towards general corporate purposes.
Waaree Energies, Premier Energies, Vikram Solar, Emmvee Photovoltaic Power, and Solex Energy are the major competitors of Cosmic PV.
Cosmic PV Power is one of the growing solar photovoltaic module (“Solar PV Modules”) manufacturers in India. The firm started the manufacturing of PV modules in 2021 with a capacity of 100 MW. This increased to a capacity of 1.40 GW as of September 30, 2025, and further to 3.00 GW per year as of March 30, 2026.
As of March 20, 2026, our total outstanding order book is 2,643.65 MW. Financially, the revenue increased by ₹245.16 crore in FY25 from ₹99.95 crore in FY24. Similarly, the profit stood at ₹24.44 crore in FY25, a rise from ₹6.57 crore in FY24.
The book-running lead manager of the issue is Systematix Corporate Services Limited and Valmiki Leela Capital Private Limited. While KFin Technologies Limited is the registrar for the Cosmic PV module IPO. For more such updates and IPO-related queries, follow IPO Watch.
Cosmic PV Power IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Cosmic PV Power Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹48.22 | ₹46.01 | ₹1.84 |
| 2024 | ₹100.34 | ₹92.39 | ₹6.58 |
| 2025 | ₹246.29 | ₹216.36 | ₹24.44 |
| Sep 2025 | ₹182.01 | ₹166.38 | ₹12.82 |
Cosmic PV Power IPO Valuation – FY2025
Cosmic PV Power IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹3.94 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 34.74% |
| Net Asset Value (NAV): | ₹10.85 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Waaree Energies Limited | 68.24 | 39.87 | 20.37 | 329.50 | 14444.50 Cr. |
| Premier Energies Limited | 21.35 | 34.24 | 33.55 | 61.96 | 6518.75 Cr. |
| Vikram Solar Limited | 4.61 | 37.80 | 11.26 | 39.24 | 3423.45 Cr. |
| Emmvee Photovoltaic Power Limited | 6.22 | 31.38 | 69.88 | 8.90 | 2335.61 Cr. |
| Solex Energy Limited | 39.98 | 21.58 | N.A. | N.A. | 662.23 Cr. |
Objects of the Issue
- Financing the costs towards setting up of a planned manufacturing facility of our Company in Narmadapuram, Madhya Pradesh (“Proposed Greenfield Project”)
- General corporate purposes.
IPO Lead Managers aka Merchant Bankers
- Systematix Corporate Services Limited
- Valmiki Leela Capital Private Limited
