Vishakha Renewables IPO (DRHP filed)
Vishakha Renewables Limited filed its draft red herring prospectus with SEBI on 30 Sep 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- DRHP Filed
- DRHP filed
- 30 Sep 2026
- Days since
- 31
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
Vishakha Renewables IPO status
Vishakha Renewables Limited filed its draft red herring prospectus (DRHP) with SEBI on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 30 Sep 2026 |
|---|---|
| Days since filing | 31 |
| SEBI observation | Awaited |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Vishakha Renewables Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹1,543.59 Cr to ₹1,920.91 Cr, and profit after tax rose from ₹62.87 Cr to ₹173.45 Cr. The PAT margin for 31 Mar 2026 was 9.03%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 3,874.74 | 2,587.82 | 1,917.20 |
| Total Income | 1,920.91 | 1,543.59 | 1,020.13 |
| Profit After Tax | 173.45 | 62.87 | 83.48 |
| EBITDA | 389.94 | 237.40 | 184.31 |
| Net Worth | 762.26 | 892.52 | 458.99 |
| Total Borrowings | 2,311.92 | 1,173.04 | 1,367.20 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 22.75 | 7.04 | 18.19 |
| ROCE % | 10.71 | 8.86 | 9.18 |
| Debt / Equity | 3.03 | 1.31 | 2.98 |
| RoNW % | 22.75 | 7.04 | 18.19 |
| Pat Margin % | 9.03 | 4.07 | 8.18 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Vishakha Renewables Ltd | 10 | — | 3.84 | 3.84 | 22.75% | 20.00 |
| Borosil Renewables Ltd | 1 | — | 25.14 | 25.10 | 18.86% | 102.57 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of our Company | 900.00 |
| 2 | General corporate purposes | — |
| Total | 900 |
About Vishakha Renewables Limited
Vishakha Renewables Ltd. is engaged in the manufacturing of critical components across the solar module value chain, including solar glass, aluminium frames, encapsulants such as Ethylene Vinyl Acetate (EVA) and Expandable Polyethylene (EPE), and back sheets. These products constitute essential components of solar modules and enable the Company to support the growing domestic renewable energy ecosystem.
The Company is among the largest manufacturers of solar glass in India, with an installed capacity of 660.00 TPD, equivalent to approximately 4.40 GW, as of March 31, 2026. It operates as part of the Vishakha Group, which has over 25 years of manufacturing experience and a presence across five locations in India—Mundra, Moti Bhoyan, Kalol, Burdwan and Baddi—as well as an overseas manufacturing facility in Indonesia.
The Company has established an integrated manufacturing platform encompassing key components of solar modules, enabling greater coordination across procurement, manufacturing and delivery. Its diversified product portfolio and strategically located manufacturing facilities provide customers with an integrated sourcing solution, helping them efficiently manage the interdependencies involved in procuring multiple solar module components through a single platform.
Promoters
Jigish Nagindas Doshi
Akshat Jigishbhai Doshi
Gautam S.Adani
Rajesh S.Adani
Vinod S.Adani
Adani Properties Pvt.Ltd.
Adani Commodities
S.B.Adani Family Trust.
Contact details
Vishakha Renewables Ltd.
Vishakha House, CH-09,
Inspire Business Park, Adani Shantigram,
Near Vaishnodevi Circle, S.G. Highway,
Ahmedabad, Gujarat, 382421
Telephone: +91 79 6190 7373
Email: cs@vishakha.com
Website: https://vishakharenewables.com/
Vishakha Renewables IPO FAQs
- Has Vishakha Renewables IPO filed for an IPO?
- Vishakha Renewables Limited filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026.
- When will the Vishakha Renewables IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Vishakha Renewables IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.