Vishakha Renewables Ltd. IPO Details
Vishakha Renewables was incorporated on November 06, 2006. The company manufactures key solar module components, including solar glass, aluminium frames, EVA and EPE encapsulants and back sheets, covering four of the six foundational components of a solar module. According to the CRISIL Report, these products account for approximately 40–45% of the average cost of a bifacial solar module, positioning the company as an important supplier to India’s growing solar module industry
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 18.2 M | - | - | ₹12,500.0 M | DRHP DOC |
Vishakha Renewables issue details
Vishakha Renewables has 18.2 M shares on offer
Vishakha Renewables IPO issue size is ₹ 12,500.0 M
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
Vishakha Renewables IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
Vishakha Renewables NUMBER OF SHARES ON OFFER
Vishakha Renewables FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 1,893.4 | 173.4 | 393.2 | -780.6 | 20.6% |
| FY25 | 1,517.1 | 56.5 | 125.4 | -167.8 | 15.7% |
| FY24 | 1,003.6 | 33.1 | -137.0 | -335.2 | 18.4% |
Vishakha Renewables INFORMATION ON IPO ISSUE
About Vishakha Renewables
Vishakha Renewables was incorporated on November 06, 2006. The company manufactures key solar module components, including solar glass, aluminium frames, EVA and EPE encapsulants and back sheets, covering four of the six foundational components of a solar module. According to the CRISIL Report, these products account for approximately 40–45% of the average cost of a bifacial solar module, positioning the company as an important supplier to India’s growing solar module industry
Object of the Issue
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the company
- General corporate purposes
Vishakha Renewables - PROMOTERS
| Name |
|---|
| Jigish Nagindas Doshi |
| Akshat Jigishbhai Doshi |
| Gautam S. Adani |
| Rajesh S. Adani |
| Vinod S. Adani |
| Adani Properties Private Limited |
| Adani Commodities |
Vishakha Renewables - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Jigish Nagindas Doshi | Chairman & Managing Director |
| Akshat Jigishbhai Doshi | Joint Managing Director & CEO |
| Ankit Mohanlal Shah | Non-Executive Director |
| Muralee Krishnan | Non-Executive Director |
| Vipul Shantilal Shah | Independent Director |
| Keyur Dhanvant Gandhi | Independent Director |
| Jainik Nautambhai Vakil | Independent Director |
| Gopi Trivedi | Independent Director |
Vishakha Renewables Book Running Lead Manager
SBI Capital Markets Limited
vishakha.ipo@sbicaps.com
ICICI Securities Limited
vishakha.ipo@icicisecurities.com
IIFL Capital Services Limited
vishakha.ipo@iiflcap.com
Vishakha Renewables Registrar to the Offer
MUFG Intime India Private Limited
ipo.team@in.mpms.mufg.com
Vishakha Renewables Strengths
Integrated manufacturing platform
The company operates an integrated manufacturing platform covering solar glass, aluminium frames, encapsulants and back sheets, enabling supply-chain coordination, production efficiencies and a single supplier relationship for customers. Its digitally enabled facilities use automation, process controls and AI-based analytics to support consistent quality, traceability, improved yields and operational efficiency across its solar glass operations
Strong promoter backing
The company is jointly promoted by the Vishakha Group and the Adani portfolio, combining expertise in infrastructure, renewable energy and materials manufacturing across the solar value chain. Its experienced leadership, backed by the Vishakha Group’s manufacturing expertise and Adani’s integrated energy and infrastructure ecosystem, provides strategic industry insights and growth capabilities
Sector growth opportunity
The company is positioned to benefit from India’s growing solar manufacturing sector, driven by policies promoting domestic production and reducing import dependence, which are expected to support demand for solar components. With products across solar glass, aluminium frames, encapsulants and back sheets, the company is among the few Indian manufacturers covering multiple key components and is the second-largest solar glass manufacturer in India with 660 TPD capacity as of March 31, 2026
Vishakha Renewables Risks
Operational risks
The company may face challenges in integrating the businesses, assets, employees, systems and operations transferred under the Vishakha Scheme, including manufacturing, IT, financial, procurement and supply-chain functions. Delays, higher integration costs, employee-related issues or disruptions during the process may prevent the company from achieving expected efficiencies and benefits
Sector-specific risks
The company faces operational and sector-specific risks in solar component manufacturing, including delays in obtaining or renewing required approvals and permits, which could affect project timelines, costs and operations. Intense competition from domestic and international players may also lead to price pressure, lower margins and reduced market share, impacting profitability
Growth & expansion risks
The company may face challenges in expanding its domestic customer base, increasing sales to existing customers, integrating across the solar module value chain and entering export markets. Delays, cost overruns or external factors affecting capacity expansion and the silica sand beneficiation project could limit customer servicing, growth and revenue, adversely affecting its business, financial performance, cash flows and prospects
IPO FAQs
The promoters of the company are Jigish Nagindas Doshi, Akshat Jigishbhai Doshi, Gautam S. Adani, Rajesh S. Adani, Vinod S. Adani, Adani Properties Private Limited and Adani Commodities.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.