Mundra.
Vishakha Renewables Ltd, a solar component manufacturing company jointly promoted by the Adani Group and the Vishakha Group, has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for a proposed Initial Public Offering (IPO).
The solar manufacturing enterprise plans to raise up to ₹1,250 crore via a fresh issue of equity shares. In addition to the fresh issue, the IPO will feature an Offer for Sale (OFS) of up to approximately 1.81 crore to 1.82 crore equity shares by existing shareholders, including promoter entity Adani Properties Pvt Ltd.
Key Highlights of the Vishakha Renewables DRHP Filing
- Fresh Issue Size: Up to ₹1,250 crore.
- Offer for Sale (OFS): Up to ~1.81–1.82 crore equity shares.
- Primary Objective: Deleveraging the balance sheet by utilizing ₹900 crore to repay or pre-pay outstanding borrowings.
- Pre-IPO Placement: The company may consider a pre-IPO placement of up to ₹250 crore, which would proportionately scale down the fresh issue size.
- Manufacturing Hub: Operational facilities strategically located in Mundra, Gujarat.
- Promoters: Jointly promoted by Vishakha Group and Adani Group (via Adani Properties Pvt Ltd).
Deleveraging Strategy: ₹900 Crore Debt Repayment
A core objective of the capital raise is strengthening the balance sheet. As of June 30, 2026, Vishakha Renewables reported consolidated outstanding borrowings of ₹2,700.57 crore.
The company intends to allocate approximately ₹900 crore from the net proceeds of the fresh issue toward debt reduction, with the remaining capital reserved for general corporate purposes. Lowering debt by nearly one-third is expected to cut interest obligations and improve net profitability as operational scale expands.
Integrated Solar Component Ecosystem
Vishakha Renewables produces four main inputs used in modern bifacial and monofacial solar photovoltaic (PV) modules:
- Solar Glass: Essential for light transmission and weatherproofing.
- Aluminium Frames: Structural housing and protection for solar panels.
- EVA / EPE Encapsulants: Protective layers encapsulating solar cells.
- Backsheets: Insulation and moisture barrier backing.
Together, these four product categories represent a major portion of total module manufacturing costs. As of March 31, 2026, the company served 99 module manufacturing customers.
Capacity Expansion Plans
Vishakha Renewables operates a solar glass facility in Mundra with an installed capacity of 660 tonnes per day (TPD) (equivalent to ~4.40 GW of solar modules per year).
Current Solar Glass Capacity: 660 TPD (~4.40 GW equivalent)
Planned Solar Glass Capacity: 1,920 TPD (~12.80 GW equivalent)
The expansion strategy will increase solar glass capacity to 1,920 TPD (~12.80 GW equivalent), positioning the facility among India’s largest operational solar glass furnace installations. Parallel expansions are also underway across aluminium frames and encapsulant production lines.
To support long-term capacity utilization, the company has executed long-term offtake arrangements featuring minimum volume commitments with major solar module ecosystem partners.
Financial Performance Snapshot
For the financial year ended March 31, 2026, Vishakha Renewables demonstrated growth across top-line revenue and net earnings:
| Financial Metric | FY25 (₹ Cr) | FY26 (₹ Cr) | Growth (%) |
| Revenue from Operations | ₹1,517.0 | ₹1,893.4 | +24.8% |
| Profit After Tax (PAT) | ₹56.5 | ₹173.4 | +206.9% |
Context: Domestic Solar Manufacturing Drive
The proposed IPO comes amid India’s push to build domestic supply chains for renewable energy under production-linked incentive (PLI) initiatives. By manufacturing key inputs domestically—solar glass, encapsulants, frames, and backsheets—companies like Vishakha Renewables aim to reduce import reliance on critical solar components.
Frequently Asked Questions (FAQ)
What is the fresh issue size of the Vishakha Renewables IPO?
Vishakha Renewables plans to raise up to ₹1,250 crore through a fresh issue of equity shares.
Who are the promoters of Vishakha Renewables Ltd?
The company is jointly promoted by the Vishakha Group and the Adani Group (through Adani Properties Pvt Ltd).
How will the IPO proceeds be used?
Approximately ₹900 crore will be utilized to pre-pay or repay outstanding debts, while the remaining balance will support general corporate purposes.
Where are the company’s manufacturing facilities located?
The company’s primary integrated manufacturing hub is situated in Mundra, Gujarat.
Disclaimer
This article is published for informational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell securities. Investors should read the complete Draft Red Herring Prospectus (DRHP) filed with SEBI and consult certified financial advisors before making investment decisions.
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