Solar91 Cleantech Ltd

Indicative price history

Key highlights

• Audited FY24: revenue ₹42.77 Cr, PAT ₹2.60 Cr (7x FY23), net worth ₹5.04 Cr, debt ₹6.82 Cr, CFO ₹3.59 Cr.
• Founded 2015 in Jaipur by four IIT graduates; 94 MW+ commissioned across 13 states; 18 project SPVs for RESCO/IPP assets.
• ₹106 Cr BSE SME IPO at ₹185-195 postponed by BSE on 23 Dec 2024 pending examination of media complaints; not rescheduled.
• UnlistedZone ₹475 (lot 100) implies about ₹514 Cr market value — 2.4x the IPO band and about 198x FY24 earnings.

About Solar91

Solar91 Cleantech Limited is a Jaipur-based solar energy company that designs, procures and builds ground-mounted and rooftop solar plants for commercial and industrial (C&I) customers, and increasingly owns plants itself under RESCO (renewable energy service company) and IPP models, selling power to the host under long-term agreements. Its service lines are ground-mounted EPC for C&I and solar-park customers, rooftop EPC (grid-tied, off-grid and hybrid), fully-held and mixed-holding RESCO projects, operation and maintenance, and an exploratory battery-leasing business for electric two- and three-wheelers. The company says it has commissioned more than 94 MW across 13 states and develops projects through a chain of special-purpose vehicles named Solar91 Project One Private Limited through Solar91 Project Eighteen Private Limited.

The business was incorporated in Jaipur in 2015 (CIN U40108RJ2015PTC048401 while private) by four IIT graduates — Saurabh Vyas (IIT Bombay, chairman), Prateek Agrawal (IIT Roorkee, managing director), Sandeep Gurnani (IIT Delhi, CEO) and Dhawal Gaurang Vasavada (IIT Roorkee, CFO) — and converted into a public limited company ahead of its IPO. A 700-for-1 bonus/sub-division in 2024 took the share count from 15,473 shares to about 1.08 Cr shares of ₹10 (the audited FY24 accounts show basic EPS of ₹1,680.68 and adjusted EPS of ₹2.40, a ratio of 700). The promoters are the four founders; registry data and the IPO documents put their combined holding in the mid-70s percent, with the balance held by early angel and employee investors.

Audited FY24 (year to 31 March 2024, the latest accounts available): revenue from operations ₹42.77 Cr (FY23: ₹37.58 Cr), other income ₹0.20 Cr, profit before tax ₹3.41 Cr and profit after tax ₹2.60 Cr (FY23: ₹0.35 Cr), a net margin of 6%. Net worth was ₹5.04 Cr, borrowings ₹6.82 Cr (₹5.84 Cr long-term, ₹0.99 Cr short-term), property, plant and equipment ₹2.97 Cr, current and non-current investments ₹2.82 Cr and cash ₹2.35 Cr on a balance sheet of ₹21.03 Cr. Operating cash flow was ₹3.59 Cr. The DRHP filed in September 2024 was built on these figures; FY25 and FY26 audited numbers have not been found and are not shown here.

The IPO: Solar91 filed draft papers with BSE SME in September 2024 for a fresh issue of 54,36,000 shares at ₹185-195 to raise about ₹106 Cr, with Narnolia Financial Services as lead manager and Maashitla Securities as registrar, for IPP capex and working capital. On 23 December 2024 — the day before anchor bidding — BSE postponed the issue 'until further notice' saying complaints raised by media sources needed further examination. No revised issue date has been published since; dealer pages still show the issue as to-be-announced, and the shares have instead traded in the unlisted market, where wwipl recorded ₹800 in December 2025 before quotes settled around ₹475.

At the UnlistedZone indicative rate of ₹475 (21 July 2026; lot 100) the roughly 1.08 Cr pre-issue shares are worth about ₹514 Cr — about 198 times FY24 profit of ₹2.60 Cr, 12 times FY24 revenue and 100 times FY24 book value of about ₹4.65 per share. The IPO price band of ₹185-195 valued the company at roughly ₹200 Cr pre-money, so the unlisted quote is 2.4 times the price at which the company itself was prepared to sell shares. Planify (₹473.50, 19 July 2026) and Sharescart (₹475) show similar levels; the rate assumes strong FY25-26 growth and an eventual listing, neither of which is yet documented.

Verification status (10 Oct 2026): CIN, registered office, directors with DINs, subsidiaries, FY24 and FY23 income statement, balance sheet and cash-flow figures, and the 2024 share-count change are from the audited FY2023-24 annual report (ninth annual report, auditors APCS & Associates, Jaipur, signed 19 July 2024). The IPO terms and postponement are from Business Today, Outlook Business and Energetica India. The incorporation day, headcount, promoter percentage split, segment shares and the exact pre-issue share count (derived from the adjusted-EPS ratio) are estimates. The rate is UnlistedZone's indicative price; no FY25/FY26 audited figures were available.

Where the revenue comes from

• Ground-mounted & rooftop EPC (C&I)80%

  Turnkey solar plants for commercial and industrial customers and solar-park developers (estimate)

• RESCO / IPP power sales12%

  Electricity sold from plants owned through Solar91 Project SPVs under long-term PPAs (estimate)

• O&M and other services8%

  Operation and maintenance contracts, battery leasing pilots (estimate)

Products & services