Indosol Solar Charts ₹69,000 Cr Growth Path, Targets FY27 IPO Amid Mega Manufacturing Push – EQ
In Short : Indosol Solar, backed by Shirdi Sai Electricals, plans a ₹69,000 crore investment in solar manufacturing and aims for an IPO in FY27. The company is developing a 1 GW integrated plant in Andhra Pradesh and has received ₹5,175 crore under India’s PLI scheme. Aiming for 20 GW downstream capacity, Indosol targets ₹600 crore in revenue this fiscal.
In Detail : Indosol Solar Pvt Ltd, a subsidiary of Shirdi Sai Electricals Ltd, is gearing up for an initial public offering (IPO) in FY2026–27. The company plans to enter the stock markets once its integrated 1 GW solar manufacturing facility in Andhra Pradesh becomes operational.
The ambitious project is part of a massive ₹69,000 crore capital expenditure strategy. Indosol is working to establish an end-to-end solar PV manufacturing ecosystem, covering everything from ingots to modules, within a sprawling facility across 1,500 acres.
A key milestone in the journey was the commissioning of a 500 MW module line in March. However, due to power instability at the site, operations were delayed. To address this, a dedicated 33 kV transmission line is being installed to stabilize production and ensure uninterrupted power.
Indosol has been selected under India’s Production Linked Incentive (PLI) scheme, securing ₹5,175 crore in two tranches to support its solar manufacturing plans. These incentives are a major financial boost, encouraging local production and reducing reliance on imports.
By FY2025–26, Indosol aims to complete the full 1 GW integrated line and initiate a pre-IPO placement, diluting 25–26% equity. If required, dilution may extend to 49%, with Shirdi Sai Electricals retaining at least 51% ownership in the company.
The expansion strategy includes Phase 1A and Phase I, involving 10 GW of capacity and a ₹25,000–28,000 crore investment, along with the addition of a 2,400 TPD glass plant. Phase II will focus on polysilicon production (45,000 tons) and an additional 10 GW downstream capacity.
Looking further ahead, Indosol’s long-term vision includes producing 90,000 MT of polysilicon and 20 GW of module capacity, backed by infrastructure such as a 120 MLD desalination plant and 120,000 MT of metallurgical silica capacity. The entire project is expected to cost around ₹64,000 crore.
So far, Indosol has secured ₹12,000 crore through internal equity and debt financing from IREDA. It is also in talks with multinational corporations and public sector units for additional equity investments to support future expansion.
Although the company didn’t generate revenue last year due to infrastructure delays, it now anticipates ₹600 crore in revenue this fiscal. Meanwhile, parent company Shirdi Sai Electricals projects a rebound in revenue to ₹6,500 crore, supported by a strong ₹12,000 crore order book.
