Vishakha Renewables Limited, a manufacturer of critical solar module components, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The IPO comprises a fresh issue of equity shares aggregating up to INR 1,250 crore and an offer for sale (OFS) of up to 1.82 crore equity shares by the selling shareholders. The company is jointly promoted by the Vishakha Group and the Adani Group, with Adani Properties being a promoter and a promoter selling shareholder in the offer.
Vishakha Renewables said it may also consider a pre-IPO placement of up to INR 250 crore, which, if undertaken, will reduce the size of the fresh issue.
The company proposes to utilise INR 900 crore of the net proceeds towards repayment and/or pre-payment of certain borrowings, with the balance towards general corporate purposes. As of June 30, 2026, the company had consolidated outstanding borrowings of INR 2,700.57 crore.
According to a CRISIL report, as of March 31, 2026, Vishakha Renewables was the second largest solar glass manufacturer in India, with an installed capacity of 660 tonnes per day (tpd), the second largest EVA/EPE encapsulant manufacturer, with capacity of 23.20 million linear metres, and the largest aluminium frame manufacturer in India, with an installed capacity of 14,508.75 tonnes per annum (tpa). It was also among the top 10 backsheet manufacturers in India.
The company produces four of the six key components used in solar modules and, according to the CRISIL report, is the largest solar component manufacturer (non-cell) in India in terms of combined installed production capacity as of March 31, 2026. Its four product categories collectively represent approximately 40–45% of the average cost of a bifacial solar module.
Vishakha Renewables is also expanding its solar glass manufacturing capacity from 660 tpd (equivalent to 4.4 GW of solar module capacity) to 1,920 tpd (12.80 GW), while also ramping up aluminium frame and encapsulant production. Upon completion of the solar glass expansion, the company’s facilities are expected to house the largest operational solar glass furnace in India, as stated in the DRHP.
Vishakha Renewables has entered into long-term offtake arrangements with Mundra Solar PV Ltd and Mundra Solar Energy Ltd. These include a 15-year take-or-pay arrangement for solar glass from its Phase I facility, an 8.5-year arrangement for aluminium frames and a 17-year arrangement for solar glass from its Phase II facility. The arrangements provide for minimum offtake commitments and are intended to provide demand visibility for the company’s products.
The company operates its manufacturing facilities in Mundra, Gujarat, in close proximity to the facilities of its key offtakers and the Mundra Ports and Special Economic Zone. It had 99 customers as of March 31, 2026.
SBI Capital Markets, ICICI Securities and IIFL Capital Services are the book running lead managers to the offer, while MUFG Intime India is the registrar to the offer.
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