Sunkind India Submits Draft Papers for NSE Emerge Listing; Proposes 100% Fresh Issue

Gurugram 30 September – Sunkind India Limited, solar EPC and O&M services, has submitted draft papers for a 100% fresh issue of up to 64,08,000 equity shares of face value of ₹10 each. The proposed listing shall not consist of any offer for sale component. Hem Securities Limited is the book-running lead manager, and KFin Technologies Limited has been appointed as registrar. The company’s promoters are Hanish Gupta and Nidhi Gupta.

Sunkind India IPO Snapshot

The issue is a fresh issue in entirety, and price band, issue size, lot size, and subscription dates would be intimated later. Shares will be listed on NSE Emerge, whose market maker would be determined later.

Sunkind India IPO Use of Proceeds

Net proceeds of the fresh issue are proposed to be used for financing various strategic initiatives. These comprise an investment of ₹743.45 lakh in subsidiary Sunkind Strucmax for capital expenditure, and ₹1,000 lakh towards working capital assistance. As well, ₹4,135.25 lakh will be spent on subsidiary Sunkind Photovoltaics for setting up a solar module manufacturing plant in Jaipur. An additional ₹4,000 lakh will be utilized as the working capital for Sunkind India while the balance will be utilized towards general corporate expenses within acceptable limits.

Company History

Sunkind India is involved in designing, engineering, procurement, and construction of solar projects both in the utility scale and commercial & industrial rooftop and ground-mounted segments. It also renders corrective and preventive O&M services facilitated by data analytics. The group has subsidiaries such as Sunkind Strucmax, which makes module mounting structures; Sunkind Photovoltaics, which is establishing a solar module facility; and a number of SPVs running projects on OPEX/PPA models. As of September 26, 2025, Sunkind had an order book size of ₹14,211 lakh.

Sunkind India IPO Financials

For FY25, the company posted consolidated total income of ₹12,053.02 lakh and profit after tax of ₹1,366.63 lakh. The net worth as of March 31, 2025, was ₹2,292.50 lakh, against total borrowings of ₹1,224.59 lakh. Earnings per share for FY25 were at ₹8.50. These correspond to a sustained scale-up from FY23 and FY24 on both revenue and profitability terms.

Sunkind India IPO Offer Structure and Allocation

The IPO will be floated on the SME platform through the book-building route. Allocation shall comprise Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and retail investors, possibly with an Anchor Investor tranche to be determined later. Final price band and timeline will be decided nearer the launch.

Sunkind India IPO Key Strengths and Risks

Its strengths are its turnkey EPC model with O&M offerings, its backward integration into solar module manufacturing, and a diversified multi-state customer base. Execution risks are associated with fixed-priced EPC orders, raw material concentration, working capital intensity, and seasonal or weather-related delays. The new solar module plant in Jaipur also has execution and regulatory approval risks.

REF: https://nsearchives.nseindia.com/emerge/corporates/content/Registration_29092025233402_Sunkind_India_Limited.pdf

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