- Q1. What is the business of Rays Power Infra Limited?Rays Power Infra develops “ready-to-build” renewable-energy infrastructure, and offers full engineering, procurement & construction, O&M and co-development services for solar projects.
- Q2. Why is the company raising funds via IPO?Rays Power Infra is raising fund for 1.5 GW solar-cell manufacturing plant via its subsidiary, support working-capital needs, and meet general corporate growth plans.
- Q3. What is the size of the issue and where will it list?The issue size is approx ₹ 1,150 crore comprising ₹900 crore fresh issue & ₹250 crore as Offer for Sale. It will be listed on the BSE NSE platform.
- Q4. What are the risks to an investor?Risks of investing includes heavy capital expenditure for manufacturing setup, dependence on project-execution & timely approvals, exposure to solar-policy and subsidies and regulatory shifts that may affect renewables demand.
- Q5. What are the potential upsides?It has an order book of over ₹8,000 crore and 1.77 GW + commissioned capacity, plus plans for in-house solar-cell manufacturing, Rays could ride India’s green-energy boom and scale margin and growth significantly.
- Q6. How to apply for the IPO?You can apply through the usual book-building ASBA route via your brokerage/demat account when the IPO opens.
Upcoming
Rays Power Infra Ltd
0
Rating
Rays Power Infra is a utility-scale solar power company, it develops “ready-to-build” renewable-energy infrastructure (solar parks) under a co-development model and provides full engineering, procurement, and construction (EPC) services for solar and renewable-energy projects.
Rays Power Infra Limited was incorporated on 13 June 2011.The company’s Managing Director is Mr. Ketan Mehta.
Rays Power Infra Limited offers co-development of solar power assets, turnkey EPC (design, procurement, construction, commissioning) for renewable-energy projects, O&M services, and energy-storage/BESS solutions.As of July 31, 2025, the company has commissioned ~1,771 MWp of solar projects, the active projects is spread across 13 Indian states, plus international work in Bangladesh and Vietnam indicating wide geographical reach and robust project pipeline.
Subscription date to apply for Rays Power Infra Limited is yet to be announced. Price band for the IPO is also pending to be declared.
Revenue, PAT, EBITDA
|
Year
|
2025
|
|---|---|
|
Networth
|
₹ 615.8 Cr
|
|
Revenue
|
₹ 1220.6 Cr
|
|
EBITDA
|
₹ 194.2 Cr
|
|
PAT
|
₹ 139.4 Cr
|
|
EBITDA Margin
|
~15.9%
|
|
PAT Margin
|
~11.4%
|
|
Face Value
|
Rs.02 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
|
|---|---|
|
Working Capital Requirement
|
₹ 200 Cr
|
|
Technology & Infrastructure
|
~ ₹ 500 Cr
|
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
|
General Corporate Purpose
|
Balance
|
Financial Data
|
#
|
2023
|
2024
|
2025
|
|---|---|---|---|
|
Revenue (₹ Cr)
|
₹ 776.6
|
₹ 1,048.8
|
₹ 1,220.6
|
|
PAT (₹ Cr)
|
₹ 129.0
|
₹ 91.4
|
₹ 139.4
|
|
Asset (₹ Cr)
|
₹ 652.5
|
₹ 750.7
|
₹ 1,432.7
|
|
Net Worth (₹ Cr)
|
₹ 188.9
|
₹ 348.8
|
₹ 615.8
|
IPO Grey Market Premium
|
Date
|
IPO Price
|
IPO GMP
|
Profit Per Lot
|
|---|---|---|---|
|
17-July
|
₹ –
|
₹ –
|
₹ –
|
|
16-July
|
₹ –
|
₹ –
|
₹ –
|
|
15-July
|
₹ –
|
₹ –
|
₹ –
|
|
14-July
|
₹ –
|
₹ –
|
₹ –
|
|
13-July
|
₹ –
|
₹ –
|
₹ –
|
Promoters – Pre offer equity (Approx)
|
Promoters
|
% Shares
|
|---|---|
|
Ketan Mehta
|
~30.15%
|
|
Pawan Kumar Sharma
|
~16.33%
|
|
Sanjay Garudapally
|
~16.33%
|
|
Mehta Family Trust
|
~12.92%
|
|
Garudapally Family Trust
|
~7%
|
|
Sharma Family Trust
|
~7%
|
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
|
00
|
|---|---|
|
ROCE
|
00
|
|
RoNW
|
00
|
