Shirdi Sai Electricals-Backed, Indosol eyes IPO in FY27, to invest ₹69,000 cr on future capex
Shirdi Sai Electricals
Ltd, is planning to go for an Initial Public Offering (
IPO
) next financial year after the company's ongoing 1 GW line in Andhra Pradesh is commissioned.
Chairman and Managing Director of Shirdi Sai Electricals N Visweswara Reddy said Indosol Solar has been recognised under the Production Linked Incentive (PLI) scheme and awarded a total incentive of ₹5,175 crores, granted in two tranches.
Indosol aims to become an eminent player in India's solar sector by developing a fully integrated, Giga-scale
Solar PV manufacturing
facility covering the entire process from quartz to PV modules.
He further said Indosol, which plans to invest ₹69,000 crore over a period, has already commissioned a 500 MW module line last March but had to halt operations due to power instability, prompting the company to build a 33kV dedicated transmission line.
"By the end of this financial year, we will commission a 1 GW integrated line (from ingot to cell module). We are planning an IPO, likely after the 1 GW line is commissioned and before the targeted 10 GW plant goes live. We plan to dilute 25-26 per cent initially, possibly through a Pre-IPO placement," Reddy told PTI in an exclusive interview.
He further said the company may dilute up to 49 per cent, with Shirdi Sai retaining at least 51 per cent in Indosol.
He also indicated that if the Indosol IPO is not possible, Shirdi Sai is likely to go public in FY27.
The Andhra government has issued orders to allocate 8,348 acres of land to Indosol for the establishment of a vertically integrated Solar PV manufacturing plant at Karedu Village, in SPSR Nellore District. Additionally, 114.5 acres of land at Chevuru Village in the same district.
On Indosol's backward integration plans, Reddy said the firm secured quartz mining rights in Kurnool and Anantapur, the primary raw material for polysilicon. The entire process-from quartz to metallurgical-grade silicon, to polysilicon, to ingots, wafers, cells, and modules-will be in-house, while about 40-50 per cent of polysilicon will be used internally; the rest will support an external ecosystem.
On the future investment, the official said the Phase 1A- 1 GW line, which will come up in 1500 acres of land will be completed with ₹2,400 crore investment.
The Phase I, which envisages 10 GW line (ingot to module) will be commissioned by December 2026, involving an investment of around ₹25,000 to ₹28,000 crore, including a 2,400 TPD (tons per day) glass plant while the Phase II involves 45,000 tons of polysilicon production and an additional 10 GW downstream capacity.
"The long-term goal is to produce 90,000 MT of polysilicon, and 20 GW of Downstream (ingot to Module) supported by 120,000 MT of metallurgical silica and 120 MLD of desalination capacity. The overall Indosol project is planned at ₹64,000 crore investment," he said.
Replying to a query, Reddy said the company has already tied up debt of ₹12,000 crore from internal
equity
and IREDA (
Indian Renewable Energy Development Agency
) and is in advanced talks with MNCs and PSUs for equity participation.
Indosol Solar did not generate any
revenue
s last year due to infrastructure issues, but this year the company aims to generate around ₹600 crore revenue as the production is expected to commence.
Shirdi Sai's consolidated order book stands at approximately ₹12,000 crore, with a significant portion expected to be completed in the next financial year. Export orders for transformers alone are valued at around ₹600 crore this year.
Shirdi Sai's revenue was ₹3,400 crore in FY24, but declined to ₹3,000 crore in FY25 due to issues such as delayed government payments and election-related slowdowns. However, this year, the company anticipates ₹6,500 crore revenue.
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