Adani Group Affiliate Plans ₹1,250 Cr IPO to Boost Solar Manufacturing

Adani Group-backed Vishakha Renewables has filed draft IPO papers with SEBI to raise ₹1,250 crore via a fresh issue, alongside an offer-for-sale of 1.81 crore shares. The proceeds will primarily be used to repay ₹900 crore of its ₹2,700 crore debt, strengthening its balance sheet and funding solar glass capacity expansion.

Vishakha Renewables has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI on September 30, 2026, confirming plans to raise ₹1,250 crore via a fresh issue, alongside an offer-for-sale of 1.82 crore shares. This filing is the authoritative announcement from the company.

Founded in 2015, Vishakha Renewables is an Adani Group‑backed solar manufacturing company that produces critical components for photovoltaic systems, including solar glass, aluminium frames, encapsulants (EVA/EPE), and backsheets. It is headquartered in Gujarat and operates large integrated facilities in Mundra, making it one of India’s leading players in the solar value chain. The company has India’s largest operational solar glass furnace, scaling from 660 TPD to 1,920 TPD (12.8 GW equivalent capacity). 

Adani Group-backed Vishakha Renewables IPO

IPO Structure

• Fresh Issue: ₹1,250 crore
• Offer-for-Sale (OFS): 1.81 crore shares by promoters and existing shareholders
• Pre-IPO Placement: Up to ₹250 crore possible; fresh issue size will be reduced if exercised
• Promoter Holding: 75.61% (Adani Properties 39.14%, Jigish Nagindas Doshi 30.92%, others include Gautam, Rajesh, Vinod Adani, and S B Adani Family Trust)

Business & Operations

• Core Products: Solar glass, aluminium frames, encapsulants (EVA, EPE), and back sheets for solar panels
• Facilities: 4 manufacturing plants in Mundra, Gujarat
• Current Capacity: 660 tonnes per day (TPD) solar glass
• Expansion: Additional 1,260 TPD nearing commissioning, making it one of India’s largest solar glass producers

Financials

• Revenue (FY26): ₹1,893.4 crore (up 24.8% YoY)
• Profit (FY26): ₹173.4 crore (vs ₹56.5 crore in FY25)
• Debt: ₹2,700.5 crore (as of June 2026)
• Use of IPO Proceeds: ₹900 crore for debt repayment; balance for general corporate purposes; OFS proceeds go to selling shareholders

Strategic Significance

• Adani Ecosystem: Deep integration with Adani’s renewable energy push; Adani Properties is the largest shareholder
• Demand Visibility: Long-term offtake agreements with Mundra Solar PV Ltd and Mundra Solar Energy Ltd (15–17 years) ensure steady demand
• Sector Context: India’s solar manufacturing sector is expanding under government incentives, but faces risks from import competition and policy changes

Risks & Considerations

• High Debt Load: Even after repayment, significant borrowings remain
• Execution Risk: Timely commissioning of new capacity is critical
• Competitive Pressure: Global imports could impact margins
• Regulatory Dependence: Policy shifts in solar energy could affect demand

Quick Comparison: IPO Highlights

Aspect	Details
Fresh Issue	₹1,250 crore
Offer-for-Sale	1.81 crore shares
Pre-IPO Placement	Up to ₹250 crore
Debt Repayment	₹900 crore planned
FY26 Profit	₹173.4 crore
Capacity Expansion	660 TPD → 1,920 TPD solar glass