Adani-Backed Vishakha Renewables Files DRHP with SEBI for ₹1,250 Crore Fresh Issue IPO

Solar component manufacturer Vishakha Renewables Limited has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The public issue comprises a fresh issue of equity shares aggregating up to ₹1,250 crore and an Offer for Sale (OFS) of up to 1.82 crore equity shares by existing promoters and selling shareholders.

The company is jointly promoted by the Vishakha Group and the Adani Group, with promoter entity Adani Properties Private Limited participating as one of the selling shareholders in the OFS. The promoter group holds a 75.61% stake in the firm, where Adani Properties owns 39.14% and Jigish Nagindas Doshi holds 30.92%. The company may also consider a pre-IPO placement of up to ₹250 crore; if completed, the fresh issue component will be scaled down proportionally.

Capital Allocation and Debt Deleveraging

The primary objective of the fresh capital raise is debt reduction. Vishakha Renewables plans to allocate ₹900 crore from the net proceeds to prepay or repay outstanding borrowings, while the remainder will fund general corporate requirements. As of June 30, 2026, the company’s total consolidated debt stood at ₹2,700.57 crore.

Operational Scale and Capacity Expansion

Headquartered in Gujarat, Vishakha Renewables manufactures critical non-cell solar module components, including solar glass, aluminium frames, encapsulants (EVA and EPE), and backsheets.

Key operational parameters highlighted in the filing include:

• Production Footprint: The company operates manufacturing facilities in Mundra, Gujarat, situated near key logistics corridors and Mundra Port.
• Solar Glass Capacity: Installed manufacturing capacity stood at 660 tonnes per day (TPD)—equivalent to 4.40 GW—as of March 31, 2026.
• Expansion Pipeline: The company is currently scaling its solar glass capacity to 1,920 TPD (equivalent to 12.80 GW), which will house one of India's largest operational solar glass furnaces.
• Offtake Security: Long-term arrangements include a 15-year take-or-pay contract for Phase I solar glass, an 8.5-year contract for aluminium frames, and a 17-year contract for Phase II solar glass with Mundra Solar PV Ltd and Mundra Solar Energy Ltd.

Financial Performance

The filing follows a period of notable revenue and margin growth. For the financial year ended March 31, 2026 (FY26), Vishakha Renewables posted:

• Revenue from Operations: ₹1,893.4 crore, marking a 24.8% increase compared to ₹1,517 crore in FY25.
• Net Profit: ₹173.4 crore in FY26, rising more than threefold from ₹56.5 crore reported in FY25.

Lead Managers and Advisors

The book-running lead managers appointed to manage the public issue are SBI Capital Markets, ICICI Securities, and IIFL Capital Services, with MUFG Intime India serving as the registrar. Price bands, lot sizes, and issue opening dates will be finalized following regulatory clearances from SEBI.

Tags: Vishakha Renewables Adani Group SEBI Solar Energy Renewable Energy IPO