About Cosmic PV Power IPO
Cosmic PV Power IPO Details
Cosmic PV Power IPO is a 100% book-built issue of ₹640 crore, comprising a fresh issue of ₹540 crore and an offer for sale (OFS) of ₹100 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on March 30, 2026.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and NSE platforms. The book-running lead managers are Systematix Corporate Services Ltd. and Valmiki Leela Capital Pvt. Ltd., while the registrar to the issue is KFin Technologies Ltd.
Cosmic PV Power IPO Date & Timeline
Cosmic PV Power Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on March 30, 2026. However, the specific Cosmic PV Power IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Cosmic PV Power IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Basis of Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Cosmic PV Power IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue + Offer For Sale |
| Total Issue Size | [.] shares (agg. up to ₹ 640 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 540 Cr) |
| Offer for Sale | [.] shares of ₹10 (agg. up to ₹ 100 Cr) |
| Net Offered to Public | - |
| Issue Type | Book Built Issue |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,94,01,818 shares |
| Share Holding Post Issue | - |
Cosmic PV Power IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Cosmic PV Power IPO GMP is currently trading at ₹[.], reflecting unofficial investors' sentiment ahead of the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Cosmic PV Power Ltd. was incorporated on September 1, 2020 as a private Ltd. company; then, in August 27, 2025, the company converted into a public Ltd. company to proceed with its public listing procedures. Mainly, engaging as the manufacturing of solar photovoltaic (PV) modules, along with EPC services and aluminium frame manufacturing.
The company has evolved fast in the manufacturing sector of solar PV modules in India, with a CAGR of 125.8% for revenue from operations from FY23 to FY25 in comparison to its peers. The company offers a comprehensive portfolio consisting of high-efficiency Solar PV modules, while their latest modules have wattages between 420 WP to 750 WP.
Operations & Product Range
The core operating model of Cosmic PV Power Ltd. revolves around the renewable energy sector, specifically anchored in solar photovoltaic (PV) technology. Operating with the forward-looking vision of "Solar For A Better Future," the company provides solutions and infrastructure essential to the generation of clean electricity. The key products and service solutions are designed to cater to the growing demand for sustainable power alternatives. The target customers and end markets encompass segments of the industrial, commercial and potentially residential ecosystems that are actively seeking to reduce their carbon footprints and transition to solar-powered infrastructure.
Facilities & Capacity
Cosmic PV Power Ltd. operates two fully automated, robotic manufacturing facilities located in Surat, Gujarat. The company has rapidly scaled its annual solar PV module production capacity from 100 MW in 2021 to 3.00 GW. These state-of-the-art facilities utilise AI-driven processes, auto-busing systems and rigorous quality controls to manufacture high-efficiency Mono-PERC and N-Type TOPCon modules. Additionally, the firm is expanding its infrastructure via a subsidiary for aluminium profile production and a new solar cell manufacturing unit.
Brands & Market Presence
Cosmic PV Power Ltd. has built a market presence around sustainable energy, operating under the “Cosmic” brand and the tagline “Solar For A Better Future,” positioning itself as an environmentally conscious enterprise; it primarily focuses on domestic exposure, especially across Gujarat’s industrial corridors and the broader Indian renewable ecosystem and has also received backing from institutional entities like Chanakya Opportunities Fund I, which supports its market credibility and operational standing.
Revenue Streams & Business Model
The primary revenue sources for Cosmic PV Power Ltd. are generated from its activities within the solar PV power landscape. As a company operating in the renewable energy sector, its business model involves capturing value from the deployment, sales, or management of solar infrastructure and related clean energy solutions. The sector generally relies on steady cash flows derived from long-term sustainability projects and commercial solar adoptions.
Financial Performance
Cosmic PV Power Ltd. demonstrated significant growth, with revenue from operations increasing at a compound annual growth rate (CAGR) of 125.77% from ₹48.09 crore in Fiscal 2023 to ₹245.16 crore in Fiscal 2025. Over the same period, operating EBITDA grew from ₹41.11 million to ₹390.43 million, while profit after tax (PAT) rose from ₹18.35 million to ₹244.39 million. This reflects strong operational expansion and robust year-on-year financial performance for the firm.
Management & Shareholding
The strategic and operational direction of Cosmic PV Power Ltd. is led by its promoter group, Jenishkumar Deepakkumar Ghael, Shravan Kumar Gupta, Surabhi Sureshchandra Sahu and Maitry Jenishkumar Ghael. Before the IPO, the promoter held an 82.98% stake and the promoter group held a 0.01% stake in the company. But after the IPO, the promoter and promoter group shareholding will be slightly diluted as the offering includes a ₹100 Cr offer for sale by existing shareholders.
Board & Key Management
The leadership of Cosmic PV Power Ltd. is led by a team of experts with many years of experience. Jenishkumar Deepakkumar Ghael serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Shravan Kumar Gupta, the Managing Director, along with the Whole-Time Director, aka the Chairman (the Chairman also serves as a WTD in this company). To ensure good governance, the board includes Independent Directors for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Cosmic PV Power IPO Financial Information
Latest Revenue
181.69
₹ Crore
Profit After Tax
12.82
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 346.90 | 181.69 | 12.82 | — | 43.78 | — | |||
| 31 Mar 2025 | 211.85 | 245.16 | 24.44 | — | 68.63 | — | |||
| 31 Mar 2024 | 74.66 | 99.95 | 6.58 | — | 10.81 | — | |||
| 31 Mar 2023 | 25.03 | 48.10 | 1.84 | — | 2.17 | — | |||
| Amount in ₹ Crore | |||||||||
Cosmic PV Power Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 13.93 % |
| ROCE | 10.84 % |
| Debt/Equity | 1.21 |
| RoNW | 11.60 % |
| PAT Margin | 7.05 % |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.52 | - |
| P/E (x) | - | - |
Cosmic PV Power IPO Objectives
The company intended to utilise the Cosmic PV Power IPO proceeds for strategic purposes:
- • Funding capital expenditure requirements to scale solar PV infrastructure.
- • Funding the working capital needs to support expanded business operations.
- • General corporate purposes.
Cosmic PV Power IPO Review
Cosmic PV Power Ltd. is positioned in the renewable energy and solar PV sector, operating in a high-growth industry supported by favourable government policies, which strengthens its ability to benefit from the ongoing shift toward clean energy.
Financially, the company has shown growing and profitable financial statements; as of Q3 FY26, assets were reported at ₹346.90 crore and PAT was at ₹12.82 crore, with an operating EBITDA of ₹27.70 crore. Notably, the top 10 customers of the company contributed around ₹14.55 crore, which is 80.10% of the total revenue for the same fiscal period.
However, the investors must be aware of both sides of the company, from strengths to potential risks. Key strengths include its focused presence in solar power and a strategic base in Gujarat, though risks remain from regulatory changes, capital-intensive operations and supply chain dependencies for PV components. Overall, the IPO shows an opportunity for investors who are willing to take risks in the solar PV module manufacturing niche; the firm offers exposure to India’s evolving green energy sector.
Conclusion
Cosmic PV Power IPO is an opportunity for investors to invest in a growing company that is a solar PV module manufacturer in India, commenced its operations in 2021 with a manufacturing capacity of 100MW that expands to 3 GW per annum. The company is also engaged in providing EPC services and aluminium frame manufacturing; the company operates different segments catering to OEMs, EPC players and other industrial clients. With this listing, the company aims to set up its manufacturing facilities in Madhya Pradesh and for its day-to-day operations.
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Competitive Strengths
A strategic operational base in Surat, Gujarat, a prominent hub for industrial and renewable development.
Direct alignment with India's macroeconomic push towards solar energy and sustainability.
Strong backing from a structured promoter group and corporate institutional investors.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 30/03/2026 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 0 |
| S-HNI (Min) | 0 | 0 | 0 |
| S-HNI (Max) | 0 | 0 | 0 |
| B-HNI (Min) | 0 | 0 | 0 |