Goldi Solar Ltd
Surat solar-module maker scaling to 14.7 GW of module and new cell capacity, backed by Havells (₹600 Cr) and Nikhil Kamath (₹137.5 Cr), confidential DRHP reported filed 1 Oct 2026. Rate ₹317.67 on the post-split shares (old ₹62,500 quote = ₹304.88 split-adjusted).
Market cap
₹10,863 Cr
35.26 Cr shares
P/E ratio
0.89
Sector average 40
Book value
₹1,754.19
P/B 0.18
1-year return
-99.39%
52w ₹244 – ₹312
Currently 94% of the way through its 52-week range.
Indicative price history
1Y change
-99.39% ₹50,485 → ₹308
52-week band in this window: ₹304.88 – ₹63,151.30. Weekly indicative marks, not exchange-traded prices.
Key highlights
- 30 Sep 2026 split (₹10→₹2) plus 40:1 bonus: 205 new shares per old share; Split-adjusted rates (1 old ₹10 share = 205 new ₹2 shares after the 30 Sep 2026 sub-division and 40:1 bonus): old board rate ₹62,500 = ₹304.88; 52-week high ₹64,000 = ₹312.2; 52-week low ₹50,000 = ₹243.9; Oct 2025 funding round ₹59,501 = ₹290.25; today's ₹317.67 = ₹65,122 on the old shares.
- 14.7 GW module capacity in Surat (up from 3 GW), solar-cell plant under construction; ALMM-listed.
- FY24 revenue ₹1,756.36 Cr and PAT ₹59.38 Cr (MCA filing via press); FY25/FY26 not yet found.
- Havells India ₹600 Cr and Nikhil Kamath ₹137.5 Cr investments in 2025; $350 million IPO being weighed (Bloomberg, Feb 2026).
- No UnlistedZone rate; wwipl ₹62,500 (15 Sep 2026) on 17.2 lakh shares = ₹10,751 Cr — share count unverified.
About Goldi Solar
Goldi Solar Limited is one of India's larger solar photovoltaic module manufacturers, based in Surat, Gujarat. Founded in 2011 by Ishver Dholakiya (with Bharat Bhut as co-founder), it makes mono-PERC and TOPCon modules under the Goldi brand for utility-scale developers, EPC contractors, commercial-and-industrial rooftops and the PM Surya Ghar residential programme, and is listed on MNRE's ALMM. It expanded module capacity from about 3 GW to 14.7 GW over 2024–25 at its Pipodara plants in Surat district and is building an integrated solar-cell plant in Surat to backward-integrate, a prerequisite for the ALMM List-II cell requirement from mid-2026. The company also exports modules and supplies several of the large Gujarat and Rajasthan solar parks.
The company converted from Goldi Solar Private Limited to a public limited company in 2025 ahead of a planned listing; its CIN and exact incorporation date were not retrieved (see verification). Ownership sits with the Dholakiya family, with two strategic investors: Havells India invested ₹600 Cr in 2025 for a minority stake (press reports), and Zerodha co-founder Nikhil Kamath invested ₹137.5 Cr in August 2025 to fund the cell plant and capacity scale-up. Bloomberg reported in February 2026 that the company had shortlisted advisers for an IPO that could raise as much as $350 million, with a draft prospectus possible as early as April 2026; no DRHP had been reported as filed by October 2026.
Financials: for FY24 (year ended March 2024) the company reported revenue of ₹1,756.36 Cr and net profit of ₹59.38 Cr (Entrackr/Inc42 from the MCA filing). Earlier years were about ₹1,100 Cr (FY23, estimate) as capacity ramped. The FY25 annual report had not been filed when the press reports were written, and no FY25 or FY26 figures were found; given the 14.7 GW capacity and the module-price fall through 2025, FY25 revenue is likely to have grown strongly in volume but with pressure on realisations — the FY24 row below is the only reported year, and its balance-sheet and cash-flow lines are estimates built around the reported revenue and profit.
Recent developments: capacity expansion to 14.7 GW of modules (2024–25); the Surat cell plant under construction; Havells' ₹600 Cr strategic investment and Nikhil Kamath's ₹137.5 Cr (2025); IPO preparations with advisers shortlisted (Bloomberg, Feb 2026). The sector backdrop is favourable — ALMM, domestic-content requirements and the PM Surya Ghar rooftop scheme — but module prices have fallen sharply and listed peers (Waaree Energies, Premier Energies, Vikram Solar) have raised large capacities, so margins depend on cell integration and export access.
Valuation at the listed rate: UnlistedZone's page shows no price history yet, so the rate used is wwipl's last traded ₹62,500 (15 September 2026; 52-week high ₹64,000 on 7 September 2026) — a fallback, flagged. wwipl cites 17,20,196 shares outstanding, which at ₹62,500 implies a market capitalisation of about ₹10,751 Cr — roughly 180 times FY24 profit and 6 times FY24 revenue. That is far above the roughly ₹2,500–3,000 Cr valuation implied by press reports of Havells' ₹600 Cr investment, so either the share count is stale (a split or bonus may have followed the public conversion) or the quote is for a very thin market; do not transact on this figure without a dealer confirming the current share count and lot.
Verification status (10 Oct 2026): identity, ISIN, capacity, investors and IPO plans come from press reports (Bloomberg, Entrackr, Inc42, Saur Energy, Machinist) via search snippets; FY24 revenue and profit are reported figures from the MCA filing as cited by the press; all other financial lines, the share count, headcount, incorporation date, registered-office details and the board are estimates or unverified. No UnlistedZone price exists; wwipl's rate is used as a fallback.
Where the revenue comes from
- Solar PV modules — utility & EPC65%
Mono-PERC and TOPCon modules for large solar parks and EPC contractors (estimate)
- Rooftop, C&I & PM Surya Ghar25%
Distribution and residential/commercial rooftop demand (estimate)
- Exports & other10%
Module exports and services (estimate)
Products & services
TOPCon & mono-PERC modules
High-efficiency bifacial and monofacial modules (up to about 600–700 Wp) for utility-scale and C&I projects.
Rooftop & residential modules
Modules and kits for PM Surya Ghar residential rooftops and distributors.
Solar cells (under construction)
Integrated cell manufacturing in Surat to meet ALMM List-II requirements and cut import dependence.
What works
- • Scale: 14.7 GW of module capacity, among the top four or five Indian makers, with cell backward-integration under way in Surat.
- • Strategic and marquee capital — Havells India (₹600 Cr) and Nikhil Kamath (₹137.5 Cr) — plus a planned $350 million IPO with advisers shortlisted.
- • Profitable growth: FY24 revenue ₹1,756 Cr with ₹59 Cr net profit before the latest capacity tripling.
- • Policy tailwinds: ALMM, domestic content rules, PM Surya Ghar rooftop demand and anti-dumping protection against Chinese modules.
What to watch
- • No UnlistedZone quote and an unverified share count: wwipl's ₹62,500 implies ₹10,751 Cr, three to four times the valuation implied by Havells' 2025 investment.
- • Module prices and margins are volatile; large listed competitors (Waaree, Premier, Vikram, Adani) are adding capacity faster, and cell integration is capital-hungry.
- • FY25 and FY26 accounts were not available — the only reported year is FY24, before the big expansion.
- • IPO timing is uncertain and pre-IPO shares would be locked in for six months after listing; a DRHP will reveal a fresh-issue price that may be below dealer quotes.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Goldi SolarThis page | ₹308.04 | ₹10,863 Cr | 0.89 | 0.18 | +0.00% |
| Jupiter Solar | ₹300.00 | ₹77.4 Cr | 27.65 | 2.81 | +18.32% |
| Navitas Solar | ₹1,460.00 | ₹1,249 Cr | 47.67 | 15.90 | +133.08% |
| Insolare | ₹134.64 | ₹403.92 Cr | 21.27 | 3.85 | +49.07% |
Latest reported year: FY24 ending 31 Mar 2024.