Q1. What is the business of Cosmic PV Power Limited ?

It manufactures solar PV modules, aluminium frames, and provides EPC services for solar projects in India’s renewable energy sector.

Q2. Why is the company raising funds via IPO?

Cosmic PV Power Limited is raising funds to expand manufacturing capacity, develop a new solar facility, and support general corporate growth and working capital needs.

Q3. What is the size of the issue and where will it list?

The IPO includes a Fresh Issue of ₹ 540 Crore and an Offer for Sale (OFS) of ₹ 100 Crore. It will be listed on NSE and BSE platform.

Q4. What are the key risks to an investor?

Key risks include intense solar industry competition, raw material price volatility, dependency on government policies, and execution challenges in large-scale expansion.

Q5. What are the potential upsides?

Potential upsides include strong renewable sector growth, government support for solar manufacturing, integrated operations, and increasing demand for clean energy solutions.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Cosmic PV Power Ltd

Upcoming

Cosmic PV Power Ltd

Market Cap

₹ 753 – 958 Cr

IPO Issue Size

640 Cr

Expected Price by IPOCorner

₹ 55 – 70

IPO Score

*Score varies on actual price

Cosmic PV Power Limited is engaged in the manufacturing of solar photovoltaic (PV) modules, along with EPC (Engineering, Procurement & Construction) services and aluminium frame production for solar systems. The company operates in the renewable energy sector and is part of India’s fast-growing solar manufacturing ecosystem.

Cosmic PV Power Limited was incorporated on 01 September 2020 & currently Mr. Shravan Kumar Gupta serves as the Managing Director of the company.

Cosmic PV Power Limited filed its DRHP with SEBI on March 30, 2026. The IPO features a fresh issue of ₹ 540 crore and an Offer for Sale (OFS) of ₹ 100 crore.

It provides Solar PV module manufacturing, EPC services for solar projects, and aluminium frame production for solar systems. It has a pan-India customer reach in utility-scale solar projects and EPC supply chains and has recently expanded into large IPP markets with ~₹600 crore orders.

Subscription date to apply for Cosmic PV Power Limited is yet to be announced. Price band for the IPO is yet to be declared.

Year	2025
Networth	₹ 70.35 Cr
Revenue	₹ 245.16 Cr
EBITDA	₹ 39.04 Cr
PAT	₹ 24.43 Cr
EBITDA Margin	15.93%
PAT Margin	9.97%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Growth Capex - New plant/Expansion	₹ 497.14 Cr
-	-
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 48.1	₹ 99.9	₹ 245.2
PAT (₹ Cr)	₹ 1.8	₹ 6.6	₹ 24.4
Asset (₹ Cr)	₹ 25.0	₹ 74.7	₹ 211.9
Net Worth (₹ Cr)	₹ 3.7	₹ 12.4	₹ 70.4

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
17 July	₹ –	₹ –	₹ –
16-July	₹ –	₹ –	₹ –
15-July	₹ –	₹ –	₹ –
14-July	₹ –
13-July	₹ –

Pros

Strong exposure to India’s fast-growing solar energy and renewable sector.
Integrated business model (PV modules + EPC + aluminium frames) supports better margin control.
Rising government push for Make in India solar manufacturing boosts long-term demand.
Backward integration in solar components can improve cost efficiency and scalability.
IPO proceeds expected to support capacity expansion and business growth.

Cons

Highly competitive solar manufacturing sector with price pressure from large players.
Business is sensitive to raw material (polysilicon/aluminium) price fluctuations.
Relatively young company with limited long-term operating track record.
Execution risk in scaling EPC projects and manufacturing capacity efficiently.
Dependence on government policies and subsidies in renewable energy sector.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Jenishkumar Deepakkumar Ghael	21.99%
Shravan Kumar Gupta	21.99%
Surabhi Sureshchandra Sahu	19.50%
Maitry Jenishkumar Ghael	19.50%
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	57.73%
ROCE	39.22%
RoNW	34.74%

Lead / Book Running Lead Managers

Systematix Corporate Services Limited, Valmiki Leela Capital Private Limited

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of Cosmic PV Power Limited ?
It manufactures solar PV modules, aluminium frames, and provides EPC services for solar projects in India’s renewable energy sector.
Q2. Why is the company raising funds via IPO?
Cosmic PV Power Limited is raising funds to expand manufacturing capacity, develop a new solar facility, and support general corporate growth and working capital needs.
Q3. What is the size of the issue and where will it list?
The IPO includes a Fresh Issue of ₹ 540 Crore and an Offer for Sale (OFS) of ₹ 100 Crore. It will be listed on NSE and BSE platform.
Q4. What are the key risks to an investor?
Key risks include intense solar industry competition, raw material price volatility, dependency on government policies, and execution challenges in large-scale expansion.
Q5. What are the potential upsides?
Potential upsides include strong renewable sector growth, government support for solar manufacturing, integrated operations, and increasing demand for clean energy solutions.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.