About Sunkind India IPO
Sunkind India IPO Details
Sunkind India IPO is a 100% book-built issue of up to 64.08 lakh equity shares, entirely a fresh issue of shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 29, 2025.
The price band and the official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the NSE SME platform. The book-running lead manager of this issue is HEM Securities Ltd., while the registrar to the issue is KFIN Technologies Ltd.
Sunkind India IPO Date & Timeline
Sunkind India Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on September 29, 2025. However, the specific Sunkind India IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise 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.
Sunkind India IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Sunkind India IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital |
| Total Issue Size | 64,08,000 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | 64,08,000 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,78,88,000 shares |
| Share Holding Post Issue | 1,78,88,000 shares |
Sunkind India 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 Sunkind India IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before 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
Sunkind India Ltd. was incorporated as a private limited company on September 20, 2019, in Gurugram, Haryana and then converted to a public limited entity in May 2025.
The company is engaged in the design, engineering, procurement and construction (EPC) of solar projects. It serves a diverse range of sectors, including power transmission and distribution, steel, auto components and hospitality, offering both rooftop and ground-mounted solar solutions. Their O&M services comprise both corrective and preventative maintenance, which is supported by advanced data analytics to maximise the uptime and performance of the solar plants.
Operations & Product Range
The core operations of Sunkind India Ltd. involve providing turnkey solar energy solutions through two different business models: the CAPEX model and the OPEX model. Under the CAPEX model, the client bears the upfront cost and owns the asset and in the OPEX model, Sunkind India owns the asset and sells power to the client under a long-term Power Purchase Agreement (PPA).
In addition to EPC services, the company offers various other services that include O&M services along with data analytics to operate their plant performance.
Also, the company has various subsidiary firms that include Sunkind Strucmax Private Ltd. and Sunkind Photovoltaics Private Ltd., which focus on manufacturing module mounting structures and solar module production, respectively.
Facilities & Capacity
The operations of Sunkind India Ltd. are controlled from the registered office in Gurugram, while the manufacturing of solar products is done by the company’s subsidiaries. As per its plans for growth, the company intends to make an investment in one of its subsidiaries, namely Sunkind Photovoltaics Private Ltd., with the objective of setting up a new manufacturing unit in Jaipur, Rajasthan.
Brands & Market Presence
Sunkind India Ltd. has built a strong reputation within the national solar EPC industry through certification of its skills, as evidenced by the company’s inclusion among the 10 largest rooftop solar EPC providers by Bridge to India from 2022 to 2024. It has received the designation “Rising Star Company of the Year-EPC” from the Indian Rooftop Solar Congress in 2022 and is featured on the list of the Top 100 Most Influential Leaders in the Indian Solar Industry by Solar Quarter Magazine.
Revenue Streams & Business Model
Sunkind India Ltd. generates revenue primarily from EPC contracts for solar projects and from the sale of power under long-term PPAs. The financial performance has shown strong growth, with total income recorded at ₹120.53 crore in FY25 and profit after tax reaching ₹13.67 crore. The company’s return on net worth (RoNW) stood at an impressive 59.61% in FY25, reflecting strong profitability.
Management & Shareholding
The management team of Sunkind India Ltd. is promoted by Mr. Hanish Gupta and Ms. Nidhi Gupta. Before the IPO, the promoters held 99.45% of the company’s shareholding, but after the IPO, the promoters' and promoters' group shareholding will not be diluted, as this offer is entirely a fresh issue.
Board & Key Management
The leadership of Sunkind India Ltd. is led by a team of experts with many years of experience. Hanish Gupta serves as the Chairman & Managing Director, giving strategic direction and maintaining daily operations of the firm, along with Whole-Time Directors Nidhi Gupta and Virpal Yadav. To ensure good governance, the board includes Independent Directors, Nirmal Badri Prasad Joshi and Deepanjan Periwal for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Sunkind India IPO Financial Information
Latest Revenue
120.53
₹ Crore
Profit After Tax
13.67
₹ Crore
Net Worth
22.93
₹ Crore
Total Borrowing
12.25
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 67.41 | 120.53 | 13.67 | 22.93 | 22.58 | 12.25 | |||
| 31 Mar 2024 | 43.31 | 82.03 | 4.08 | 5.94 | 5.93 | 1.09 | |||
| Amount in ₹ Crore | |||||||||
Sunkind India Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 94.71% |
| ROCE | 52.26% |
| Debt/Equity | 0.34 |
| RoNW | 59.61 |
| PAT Margin | 11.35% |
| EBITDA Margin | 15.49% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.50 (basic/diluted) | - |
| P/E (x) | - | - |
Sunkind India IPO Objectives
The company intended to utilise Sunkind India IPO proceeds for strategic purposes:
- • Investment in a subsidiary to finance its capital expenditure requirements and working capital requirements
- • Investment in the subsidiary’s new manufacturing plant in Jaipur, Rajasthan
- • Funding the working capital requirements
- • General corporate purposes
Sunkind India IPO Review
Sunkind India Ltd. is in a high-growth sector, with a lot of support from the Indian government towards renewables. This company has performed extremely well financially over the last two years with very good revenues and profitability numbers. The firm's model, which entails both EPC services and manufacturing of its own components, is advantageous to it due to cost savings and better quality assurance.
The DRHP also highlights certain risks, as the company is highly dependent on a limited number of key customers for a significant portion of its revenues and any loss of such customers could impact operations. It also operates under fixed-price EPC contracts, which expose it to cost overruns if project estimates are inaccurate. Additionally, the company does not own its registered office premises and relies on leased space, which carries renewal risks. Overall, this IPO review shows that investors should consider these factors alongside the company’s impressive growth metrics and industry positioning to ensure stable profit.
Conclusion
The Sunkind India IPO is an opportunity for investors to invest in a company that has rapidly scaled its operations in the renewable energy space. The company has maintained a strong financial track record, a clear plan to expand its manufacturing capabilities and a growing order book. This issue mainly aims to fund the capital expenditure and expansion of the subsidiary.
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Competitive Strengths
Revenue CAGR was 106.96% from FY23 to FY25, while PAT more than doubled.
Provides solar energy solutions via CAPEX and OPEX approaches, serving a broad base of commercial and industrial customers.
Via its subsidiaries, it produces critical elements such as module mounting systems and constructs a solar module manufacturing unit.
Ranked among the best rooftop solar EPC firms and possesses essential ISO accreditations.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 10/02/2026 | - |
| 2 | Filed with SEBI/Exchange | 29/09/2025 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | — | — | |
| Individual investors (Retail) (Max) | — | — | |
| S-HNI (Min) | — | — | |
| S-HNI (Max) | — | — | |
| B-HNI (Min) | — | — |