Cosmic PV Power Ltd
Gujarat-based solar module maker riding India's ALMM-driven domestic manufacturing boom, scaling from mono-PERC to TOPCon lines.
Market cap
₹696.5 Cr
3.50 Cr shares
P/E ratio
19.90
Sector average 45
Book value
₹34.29
P/B 5.80
1-year return
-5.27%
52w ₹159 – ₹249
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
-5.78% ₹211 → ₹199
52-week band in this window: ₹186.55 – ₹238.03. Weekly indicative marks, not exchange-traded prices.
Key highlights
- ALMM-listed solar module manufacturer near Ahmedabad with more than 1 GW of capacity.
- Revenue estimated near ₹700 Cr in FY25, roughly doubling year on year.
- Unlisted quote ₹199 implies about ₹700 Cr equity value.
About Cosmic PV
Cosmic PV Power Ltd is a Gujarat-based manufacturer of solar photovoltaic modules. It assembles mono-PERC and newer TOPCon bifacial modules at plants near Ahmedabad and sells to EPC contractors, independent power producers, rooftop installers and government-scheme channels such as PM-KUSUM and PM Surya Ghar. The company is listed in the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers (ALMM), which is a prerequisite for supplying government-backed projects and has been the main driver of demand for domestic module makers since 2024.
Capacity has grown rapidly from a few hundred megawatts to more than a gigawatt as the company added automated lines, and management has outlined further expansion and backward integration into cells. Revenue has scaled accordingly, with FY25 the first year of substantial profits as module prices stabilised and ALMM enforcement shut out cheaper imports.
The unlisted quote of ₹199 on an estimated 3.5 Cr shares of ₹10 values the company at roughly ₹700 Cr. Peers such as Waaree Energies and Premier Energies have listed at rich multiples, which supports interest in smaller module makers, though the sector's margins are cyclical.
All figures here are indicative: share count, revenue, profit and balance-sheet items are reconstructed from remembered reported totals and dealer commentary and could not be re-verified at the time of writing; treat every line item as approximate.
Where the revenue comes from
- Solar PV modules — utility & EPC65%
Sales to IPPs and EPC contractors
- Rooftop & distributed (PM Surya Ghar, KUSUM)30%
Modules for rooftop and agricultural pump schemes
- Other (services, exports)5%
O&M support and small export orders
Products & services
Mono-PERC modules
Half-cut mono-PERC modules of 400–550 Wp for rooftop and ground-mount.
TOPCon bifacial modules
Higher-efficiency n-type modules of 550–600 Wp for utility projects.
What works
- • ALMM-listed manufacturer in Gujarat, the hub of India's solar supply chain, with fast capacity additions.
- • Policy tailwinds — ALMM, basic customs duty on imports, PM Surya Ghar rooftop scheme and PM-KUSUM — favour domestic module makers.
- • Listed peers trade at high valuations, giving a benchmark for an eventual IPO.
What to watch
- • Module manufacturing is commoditised; margins depend on cell prices, imports and policy enforcement and can compress quickly.
- • Rapid capacity expansion across the industry risks oversupply and price wars from 2026 onward.
- • Small, closely held company with limited disclosure; the unlisted price already reflects peer-listing enthusiasm.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Cosmic PVThis page | ₹199.00 | ₹696.5 Cr | 19.90 | 5.80 | +87.08% |
| Apollo Green Energy | ₹62.40 | ₹904.8 Cr | 20.13 | 2.26 | +24.03% |
Latest reported year: FY25 ending 31 Mar 2025.