Navitas Green Solutions (Navitas Solar)
Surat solar-module maker that quadrupled revenue to ₹299 Cr in FY25, running about 2.5 GW of capacity with plans for 10 GW and its own cell line.
Market cap
₹1,249 Cr
0.86 Cr shares
P/E ratio
47.67
Sector average 45
Book value
₹91.84
P/B 15.90
1-year return
+0.00%
52w ₹1,460 – ₹1,460
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹1,460 → ₹1,460
52-week band in this window: ₹1,460.00 – ₹1,460.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 revenue ₹299 Cr (from ₹68 Cr) and PAT ₹26 Cr (from ₹3 Cr).
- About 2.5 GW module capacity in Surat with a stated roadmap to 10 GW and an in-house cell line.
- Founder-owned; ₹150 Cr equity raise reported in 2025; no DRHP.
About Navitas Solar
Navitas Green Solutions Private Limited, branded Navitas Solar, was founded in Surat in February 2013 by Vineet Mittal, Sunay Shah, Ankit Singhania, Aditya Singhania and Saurabh Aggarwal. It manufactures mono-PERC and TOPCon solar PV modules at its Hojiwala Industrial Estate plant and provides solar EPC and project-development services. Customers named by the company include Indian Oil, ONGC, GAIL, Tata Power and HP.
Reported financials show a step change: revenue rose from ₹68 Cr in FY24 to ₹299 Cr in FY25 and profit after tax from ₹3 Cr to ₹26 Cr as new module lines came on stream and India's ALMM rules favoured domestic manufacturers. Module capacity stood at about 2.5 GW in late 2025, and management has publicly targeted 10 GW of modules plus a backward-integrated solar-cell line by 2026-27.
The company has 85.5 lakh shares of ₹10 (paid-up capital ₹8.55 Cr), so the wwipl.com rate of ₹1,460 values it at about ₹1,250 Cr, or roughly 48 times FY25 profit. A ₹150 Cr equity raise to fund expansion was reported in January 2025, but no DRHP has been filed and the company remains a private limited company.
Figures preliminary; verify from MCA filings. The FY24 and FY25 revenue and profit lines are as reported by unlisted-share data providers; FY23 and all balance-sheet lines are estimates. Group operations may be split between this entity and Navitas Solar Private Limited (incorporated 2022), so check which entity the traded shares belong to.
Where the revenue comes from
- Solar PV modules80%
Mono-PERC and TOPCon modules sold to developers, PSUs and distributors; estimate
- EPC & project development20%
Rooftop and ground-mount turnkey projects; estimate
Products & services
TOPCon & mono-PERC modules
Bifacial and mono-facial modules in the 400-700 Wp range, ALMM-listed.
Solar EPC
Turnkey rooftop, ground-mount and captive projects for industrial and PSU clients.
What works
- • Domestic-content tailwind: ALMM listing and import duties on Chinese modules give Indian manufacturers a protected market through the decade.
- • Revenue grew more than four-fold in FY25 with net margin close to 9%, and management targets a further four-fold capacity expansion.
- • Founder-run with a blue-chip PSU and corporate customer list (Indian Oil, ONGC, GAIL, Tata Power).
- • Backward integration into cells would lift margins and qualify the company for the stricter ALMM List-II regime.
What to watch
- • Small base and heavy capex: a 10 GW build-out and cell line need far more capital than the current ₹80-odd Cr net worth; dilution or debt is inevitable.
- • Module prices are volatile and the sector is crowded — Waaree, Premier Energies, Vikram Solar and dozens of new entrants are adding capacity.
- • The FY25 jump is one year of data; sustaining margins through a price downcycle is unproven.
- • Private-company transfer restrictions and a possible two-entity group structure (Navitas Green Solutions vs Navitas Solar Pvt Ltd) complicate ownership of the traded shares.