Cosmic PV Power Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: ₹6,400 million (Fresh ₹5,400 million + OFS ₹1,000 million)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Cosmic PV Power Limited

Incorporated in 2020, Cosmic PV Power Limited is one of India’s fastest-growing solar photovoltaic (PV) module manufacturers. The company operates across solar PV module manufacturing, EPC services, and aluminium frame manufacturing. It has scaled its manufacturing capacity from 100 MW in 2021 to 3.00 GW per annum, with automated facilities in Surat, Gujarat. The company produces modules ranging from 420 WP to 750 WP using N-Type TopCon, Mono PERC, and bifacial technologies. It is listed under MNRE’s ALMM-I with 1,302 MW enlisted capacity and serves 661 customers across 13 states.

Cosmic PV Power Limited IPO Overview

Cosmic PV Power Limited filed its DRHP with SEBI on March 30, 2026, for a book-built IPO aggregating up to ₹6,400 million, comprising a fresh issue of ₹5,400 million and an offer for sale (OFS) of ₹1,000 million by existing shareholders including promoters and Chanakya Opportunities Fund I. The company may consider a pre-IPO placement of up to ₹1,080 million. Net proceeds from the fresh issue (estimated ₹4,971.43 million) will be utilized for establishing a greenfield solar manufacturing facility in Narmadapuram, Madhya Pradesh, and general corporate purposes. Promoters hold 82.99% pre-issue. Lead managers: Systematix Corporate Services Ltd. and Valmiki Leela Capital Private Limited. Registrar: KFin Technologies Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced

Cosmic PV Power Limited Upcoming IPO Details

IPO Lots

Cosmic PV Power Limited IPO Reservation

Cosmic PV Power Limited IPO Valuation Overview

Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Cosmic PV Power Limited Financials (₹ in million)

Financial Status of Cosmic PV Power Limited

SWOT Analysis of Cosmic PV Power Limited

Cosmic PV Power Limited IPO Strengths

One of the Fastest Growing Solar PV Module Manufacturers in India

Cosmic PV Power Limited is one of the fastest-growing solar PV module manufacturers in India, based on a CAGR of 125.8% for revenue from operations from Fiscal 2023 to Fiscal 2025 among its peers. In just two years, the company has grown from a 200 MW module manufacturer to a 3 GW integrated solar module gigafactory. The company operates across multiple segments of the solar value chain with capabilities in module manufacturing, EPC, and aluminium frame manufacturing, enabling it to serve a broad range of customer requirements from module supply to project execution.

Established Manufacturing Facilities with Advanced Automation

Cosmic PV Power’s manufacturing facilities are spread over 55,905 sq. mtr., equipped with automated robotic production processes. The company’s manufacturing capacity scaled from 100 MW in 2021 to 3.00 GW per annum, with 1.302 GW already ALMM-I enlisted. The facilities are equipped with automatic cell stringing, automated lay-up systems, lamination lines, framing systems, and AI-based camera vision defect detection systems. The company’s recent 1.6 GW expansion uses TOPCon G12R technology, placing it among the few manufacturers offering all three major solar module technologies.

Diversified Product Portfolio with Advanced Technologies

Cosmic PV Power manufactures a comprehensive portfolio of high-efficiency solar PV modules ranging from 420 WP to 750 WP, including N-Type TopCon, Mono PERC, and bifacial modules. The company offers 12-year product warranty and 30-year limited power warranty. TOPCon technology contributes to module efficiency exceeding Mono-PERC modules while offering potential cost benefits. With modules using TOPCon G12R technology, the company can serve the full spectrum of market requirements from utility-scale developers to specialised applications.

Diversified Customer Base with Long-Standing Relationships

Cosmic PV Power has established presence across 13 states in India, serving 661 customers including 36 OEMs and 81 EPC entities as of September 30, 2025. The company has witnessed growth in sales volumes to top 10 customers from ₹391.08 million in Fiscal 2023 to ₹1,956.81 million in Fiscal 2025 at a CAGR of 123.69%. Customer engagement is reinforced through consistent product performance and timely execution. The company has a distributor network comprising 13 distributors, eight dealers, and three franchisees as of February 28, 2026.

Experienced Management Team with Significant Industry Expertise

Cosmic PV Power is led by an experienced management team. Promoter Jenishkumar Deepakkumar Ghael has over nine years of experience in the solar energy sector and was presented with the “Solar Trailblazers” award in 2024. Managing Director Shravan Kumar Gupta has been associated with the company since inception, recognised as “Entrepreneur of the Year” by the Indian Achievers’ Forum in 2024 and “Energy Leaders in India 2024”. The company’s team of 440 permanent employees includes 106 qualified engineers who support technical and operational efficiency.

Strong Financial Performance with Robust Profitability

Cosmic PV Power has demonstrated consistent financial performance with revenue from operations increasing at a CAGR of 125.77% from ₹480.97 million in Fiscal 2023 to ₹2,451.61 million in Fiscal 2025. PAT increased from ₹18.35 million to ₹244.39 million during the same period. Operating EBITDA grew from ₹41.11 million to ₹390.43 million, with EBITDA margin expanding from 8.55% to 15.93%. Return on Equity stood at an impressive 57.73% in Fiscal 2025, reflecting superior capital efficiency and effective deployment of capital.

Strategic Entry into IPP Market with Large Orders

Cosmic PV Power has secured orders worth approximately ₹600 crore from Zetwerk Manufacturing Businesses for supplying solar modules to private-sector independent power producers. This marks the company’s formal entry into the IPP market, signalling a strategic shift into larger utility-scale opportunities. Until now, the company largely catered to mid-sized EPC players and select OEMs, but this order demonstrates capability to handle large-scale supply commitments and readiness to compete in the utility and IPP segments.

Other IPO Pages Linking

More About Cosmic PV Power Limited

Cosmic PV Power Limited, incorporated in 2020, is a Surat-based renewable energy company engaged in the manufacturing of solar photovoltaic modules, EPC services, and aluminium frame manufacturing.

Manufacturing Facilities and Capacity Expansion

• Manufacturing Facility I: Mono PERC and N-TopCon modules, 1.40 GW capacity
• Manufacturing Facility II: G12R N-TopCon modules, 1.60 GW capacity (commissioned January 2026)
• Aluminium Frame Facility (Subsidiary – Cosmic Greentech Private Limited): 2,182 sets per day capacity
• Total capacity: 3.00 GW per annum as of DRHP date
• ALMM-I enlisted capacity: 1,302 MW as of September 30, 2025; application filed for balance 1.60 GW

Product Portfolio

• Monofacial and bifacial modules with Mono PERC cells (glass-to-backsheet, glass-to-glass)
• Bifacial modules with N-TopCon cells (glass-to-glass)
• Black variant modules with TopCon and Mono PERC cells
• Module range: 420 WP to 750 WP
• Warranty: 12-year product warranty and 30-year limited power warranty

Business Verticals and Customer Base

• Module Manufacturing: 60.49% of revenue from OEMs (H1 FY2026)
• EPC Services: Solar project engineering, procurement, and construction
• Aluminium Frames: Through subsidiary Cosmic Greentech Private Limited
• Customer base: 661 customers across 13 states, including 36 OEMs and 81 EPC entities
• Distributor network: 13 distributors, 8 dealers, 3 franchisees as of February 28, 2026

Order Book

• Outstanding order book: 2,643.65 MW valued at ₹26,687.27 million as of March 20, 2026

Recent Developments

• Secured ₹600 crore solar module supply order from Zetwerk
• Acquired 60 acres of land in Narmadapuram, Madhya Pradesh for 1.10 GW solar cell manufacturing facility
• Entered MoU with Indygreen Technologies for 2 GWh lithium-ion battery production line for BESS
• Commissioned 1.6 GW TOPCon G12R production line in January 2026

Industry Outlook

India’s solar energy sector is experiencing unprecedented growth, with cumulative solar capacity reaching 150.26 GW as of March 31, 2026, including 110.43 GW of utility-scale solar, 25.73 GW of rooftop capacity, and 14.10 GW under off-grid and KUSUM installations. Annual additions touched a record 44.61 GW during FY2026, surpassing the government’s target of 34 GW and nearly doubling the previous annual record.

Key Growth Drivers:

• Policy Support: The ALMM List-II mandate from June 1, 2026 requires all net-metering and open-access renewable energy projects to source solar modules from ALMM List-I and solar cells from ALMM List-II, creating significant demand for domestically manufactured cells.
• Capacity Expansion: India’s solar module manufacturing capacity has grown from 13.6 GW in FY20 to 172 GW in FY26, with cell manufacturing capacity expected to reach 100 GW by end of 2027.
• Rooftop Solar Growth: Rooftop solar capacity is set to grow to 25-30 GW by FY2026-27, driven by PM Surya Ghar Muft Bijli Yojana and simplified approval processes.
• Utility-Scale Demand: Utility-scale projects are expected to grow at ~20-22% CAGR during Fiscal 2025-2030, supported by regular central and state tenders and large solar parks.

Market Projections:

• India is poised to become the world’s second-largest solar market in 2026 in terms of annual installations.
• Solar-driven power demand is estimated to grow at a CAGR of 22% between FY26 and FY35.
• The PEB market is expected to grow at a CAGR of 12% from CY24 to CY29.
• States like Rajasthan, Gujarat, Tamil Nadu, Maharashtra, and Madhya Pradesh account for a significant share of installed utility-scale capacity.

Manufacturing Outlook:

• India’s solar module manufacturing capacity is expected to reach 215-220 GWp by FY28.
• ALMM List-II enlisted cell capacity exceeded 30.3 GW as of April 30, 2026.
• The transition from PERC to TopCon technology is accelerating, with most new greenfield expansions being configured for n-type.

How Will Cosmic PV Power Limited Benefit

• Cosmic PV Power Limited is positioned to benefit from India’s record solar capacity additions of 44.61 GW in FY2026, with the company’s 3 GW manufacturing capacity enabling it to capture a meaningful share of the growing module demand.
• The ALMM List-II mandate from June 1, 2026, requiring domestic solar cells for all grid-connected projects, creates a strong tailwind for the company’s planned 1.1 GW solar cell manufacturing facility in Narmadapuram, enhancing its backward integration and cost competitiveness.
• The company’s entry into the IPP market with a ₹600 crore order from Zetwerk opens up larger utility-scale opportunities, positioning it for accelerated growth in the high-volume segment.
• With India’s module manufacturing capacity far exceeding domestic demand (190+ GW vs 40-45 GW annual demand), companies with backward integration into cell manufacturing like Cosmic PV Power are better positioned to maintain margins.
• The rooftop solar segment growing to 25-30 GW by FY2026-27 presents a significant opportunity for the company’s module sales through its expanding distributor network of 13 distributors, 8 dealers, and 3 franchisees.
• The company’s planned 2 GWh BESS production line through MoU with Indygreen Technologies positions it to capitalize on India’s growing energy storage market, where battery prices are declining and storage tariffs are improving commercial viability.
• With 106 qualified engineers and 440 employees, the company has the technical capability to execute complex projects and maintain quality standards required for ALMM compliance and government projects.

Peer Group Comparison

Key Strategies for Cosmic PV Power Limited

Strategic Expansion into Solar Cell Manufacturing for Backward Integration

Cosmic PV Power Limited is setting up a 1.10 GW TopCon solar cell production facility in Narmadapuram, Madhya Pradesh, on land allotted by MP Industrial Development Corporation, expected to become operational in June 2027. Solar cells constitute a significant portion of material costs (41.10% of cost of materials consumed for H1 FY2026). The expansion will strengthen backward integration, improve cost competitiveness, ensure ALMM List-II compliance from June 2026, and enable access to the DCR market.

Capitalize on Market Opportunities by Venturing into Battery Energy StorageSystems

Cosmic PV Power Limited intends to manufacture Battery Energy Storage Systems through its subsidiary CGEC Private Limited (acquired February 2026, 51% holding). The company has placed an order for a semi-automatic CTP battery assembly line with 2.00 GWh per annum installed capacity, including cell sorting, stacking, laser welding, and visual inspection systems. BESS stores surplus electricity from solar or wind, and declining battery prices are improving commercial viability.

Expanding and Diversifying Revenue from Operations

Cosmic PV Power Limited aims to broaden revenue streams by strengthening presence in module sales, increasing penetration in EPC services, and enhancing distribution network. The company serves customers across EPC entities, OEMs, and C&I sectors. It has secured a ₹600 crore solar module supply order from Zetwerk, marking entry into the IPP market. The company intends to expand its distribution footprint by onboarding more partners across India and deepen presence in western region.

Continuing Focus on Optimizing Production Processes

Cosmic PV Power Limited is committed to improving cost efficiency and productivity through automation and AI integration. The company has purchased AI software systems for AI-enabled inspection during manufacturing stages, and deploys automation through automatic cell stringing, automated lay-up systems, and automated lamination lines. The company continues to evaluate technologies used in manufacturing processes with a view to maintain competitive advantages, improve capacity utilisation, and minimise wastage during production.

FAQs

How can I apply for Cosmic PV Power Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Cosmic PV Power Limited IPO?

The IPO is ₹6,400 million (₹640 crore), comprising fresh issue of ₹5,400 million and OFS of ₹1,000 million.

When is the Cosmic PV Power Limited IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Cosmic PV Power Limited shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Cosmic PV Power Limited use the IPO proceeds?

Proceeds (₹4,971.43 million) will be used for setting up a greenfield solar manufacturing facility in Narmadapuram, Madhya Pradesh, and general corporate purposes.

Infographic Content

Cosmic PV Power Limited IPO Highlights

Cosmic PV Power Limited is one of India’s fastest-growing solar PV module manufacturers, scaling from 100 MW to 3 GW capacity in just four years, with ALMM-I listed capacity and a diversified portfolio across N-Type TopCon, Mono PERC, and bifacial modules.

• Offer Size:₹6,400 million (Fresh Issue ₹5,400 million; OFS ₹1,000 million)
• Purpose:Net proceeds from fresh issue will be used for setting up a greenfield solar manufacturing facility in Narmadapuram, Madhya Pradesh (₹4,971.43 million), and general corporate purposes.
• Financials (FY March 2025):Revenue ₹2,451.61 million; Profit After Tax ₹244.39 million; EPS ₹3.94
• Listing:Mainboard IPO on BSE & NSE