- Adani Group–Vishakha Group promoted solar-component maker taps capital markets with ₹1,250-crore fresh issue
- ₹900 crore earmarked for repayment/pre-payment of borrowings; consolidated debt stood at ₹2,700.57 crore as of June 30
- Company may consider pre-IPO placement of up to ₹250 crore, which could trim the fresh issue
- Four of six key solar-module components give Vishakha Renewables a strategically integrated manufacturing footprint
- Solar glass capacity to surge from 660 TPD to 1,920 TPD, equivalent to 12.80 GW
- Mundra manufacturing hub, long-term offtake contracts and 99 customers anchor expansion strategy
NE BUSINESS BUREAU
AHMEDABAD, OCT 1
The sunrise of India’s solar manufacturing ecosystem is now casting a new light on the capital markets.
Vishakha Renewables Limited, jointly promoted by the Vishakha Group and the Adani Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed Initial Public Offering, setting the stage for a capital-market push by one of India’s significant manufacturers of non-cell solar-module components. The company’s DRHP was filed on September 30, 2026, according to NSE’s offer-document database.
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹1,250 crore and an Offer for Sale (OFS) of up to 1.82 crore equity shares by the selling shareholders.
Adani Properties Private Limited, a promoter of Vishakha Renewables, is also a Promoter Selling Shareholder in the offer. The company may additionally consider a pre-IPO placement of up to ₹250 crore; if completed, the amount raised through such placement would reduce the size of the fresh issue accordingly.
₹900 crore set aside for debt reduction
The IPO is not merely about raising fresh capital—it also carries a significant balance-sheet component.
Vishakha Renewables proposes to deploy ₹900 crore of the net proceeds from the fresh issue towards repayment and/or pre-payment of certain borrowings, with the balance earmarked for general corporate purposes.
As of June 30, 2026, the company had consolidated outstanding borrowings of ₹2,700.57 crore, according to the DRHP disclosures reported following the filing.
The structure therefore places debt management alongside business expansion at the heart of the proposed capital raise.
Four components, one integrated solar play
Vishakha Renewables occupies an unusual position in the solar manufacturing value chain.
According to the CRISIL Report cited in the DRHP, as of March 31, 2026, the company was:
- the second-largest solar glass manufacturer in India, with installed capacity of 660 tonnes per day (TPD);
- the second-largest EVA/EPE encapsulant manufacturer, with capacity of 23.20 million linear metres;
- the largest aluminium-frame manufacturer in India, with installed capacity of 14,508.75 tonnes per annum; and
- among the top 10 backsheet manufacturers in India.
The company manufactures four of the six key components used in solar modules—solar glass, aluminium frames, encapsulants and backsheets.
According to the CRISIL Report, Vishakha Renewables was the largest solar-component manufacturer in India in terms of combined installed production capacity, excluding solar cells, as of March 31, 2026.
The four product categories collectively account for approximately 40–45% of the average cost of a bifacial solar module, according to the DRHP disclosures.
Mundra set for a massive capacity leap
The next phase of the company’s manufacturing story is already under construction.
Vishakha Renewables is expanding its solar-glass capacity from 660 TPD, equivalent to 4.40 GW, to 1,920 TPD, equivalent to 12.80 GW. It is simultaneously expanding its aluminium-frame and encapsulant capacities.
Upon completion of the solar-glass expansion, the company expects its facilities to house the largest operational solar-glass furnace in India, as stated in the DRHP.
The company’s manufacturing facilities are located in Mundra, Gujarat, strategically close to its key offtakers as well as the Mundra Ports and Special Economic Zone.
As of March 31, 2026, Vishakha Renewables had 99 customers, giving its manufacturing footprint a diversified customer base even as a substantial part of its growth strategy is anchored around large solar-sector offtakers.
Long-term offtake gives demand visibility
Vishakha Renewables has also entered into long-term offtake arrangements with Mundra Solar PV Limited and Mundra Solar Energy Limited.
These include:
- a 15-year take-or-pay arrangement for solar glass from the Phase I facility;
- an 8.5-year arrangement for aluminium frames; and
- a 17-year arrangement for solar glass from the Phase II facility.
The agreements provide for minimum offtake commitments and are intended to provide demand visibility for the company’s products, according to disclosures surrounding the DRHP. (HDFC Sky)
Gujarat base, national market ambition
The IPO comes against the backdrop of Vishakha Renewables’ transformation into a specialised solar-component manufacturer.
The Vishakha Group says its renewables business manufactures solar glass, aluminium frames, encapsulants and backsheets, with its solar-glass and integrated aluminium-frame operations forming key parts of its manufacturing platform.
The group’s renewable-energy operations are headquartered in Gujarat, with Vishakha Renewables’ manufacturing base at Mundra providing proximity to both logistics infrastructure and major customers.
The proposed public issue consequently brings together three strands of the company’s strategy—capacity expansion, balance-sheet management and deeper participation in India’s solar manufacturing supply chain.
The IPO does not yet carry an issue price, subscription dates or listing date; those details will emerge at later stages of the offer process.
SBI Capital Markets, ICICI Securities and IIFL Capital Services are the Book Running Lead Managers to the offer, while MUFG Intime India Private Limited is the Registrar.
For Vishakha Renewables, the DRHP marks more than an entry into the IPO pipeline.
It places a Gujarat-built solar-component manufacturing platform squarely before public-market investors—just as India’s renewable-energy supply chain continues to expand from cells and modules into the critical components that make the solar economy work.
