Solar91 Cleantech IPO Review

Solar91 Cleantech Limited, Jaipur, where they believe that “Every ray of sunshine is an opportunity for a brighter, sustainable future.” Committed to delivering exceptional service and cultivating a luminous world, they offer configured solar solutions to residential, industrial and commercial establishments. From design to deployment, they specialise in leveraging a full-cycle Engineering, Procurement and Construction (EPC) services for all things solar, worldwide.

The Company is led by Promoters, namely MR. PRATEEK AGRAWAL have over nine years of experience in the solar industry, he has played a significant role in shaping the company’s success, MR. SAURABH VYAS haveover Nine years of experience in the industry, he focuses on developing new business areas for the company, his strong educational background and extensive industry knowledge make him a valuable leader in the team, MR. SANDEEP GURNANI have over nine years of solar industry experience, Sandeep focuses on technological advancements, especially in developing battery technology and MR. DHAWAL GAURANG VASAVADA have over nine years of experience in the solar industry and has been driving force in our growth and expansion of our company.

The Revenues from operations for the period ended on Sep 30, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 5,255.92 Lakh, ₹ 4,297.40 Lakh, ₹ 3,766.95 Lakh and ₹ 4,201.23 Lakh respectively. The EBITDA for the period ended on Sep 30, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 647.58 Lakh, ₹ 411.46 Lakh, ₹ 83.00 Lakh, and ₹ 60.52 Lakh, respectively. The Profit after Tax for the period ended on Sep 30, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 425.42 Lakh, ₹ 260.56 Lakh, ₹ 20.33 Lakh, and ₹ 32.34 Lakh respectively. This indicate a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹2.4 and post-issue EPS of ₹1.27 for FY24. The pre-issue P/E ratio is 81.25x, while the post-issue P/E ratio is 153.52x against the Industry P/E ratio is 80x. The company's ROCE for FY24 is 37.29%, ROE for FY24 is 52.52% and RoNW 49.51%. The Annualised EPS based on the latest financial data is ₹6.02 and PE ratio is 32.39x. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Solar91 Cleantech showing potential listing gains of 25.64%. Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Solar91 Cleantech Limited IPO for Listing gain.

Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 

About the Author
 CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms during the training period. He is good at Technical analysis and Fundamental Analysis and uses both Technical and Fundamental analysis along with five other important factors that affect the movement of the Market namely Global Market Analysis, Upcoming Event Analysis, Institutional Money Analysis, Derivative Data Analysis, and Emotions and Sentiment of Traders and Investors in his Framework called - Technical Fundamental GUIDE to find the winning Trades.
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