Cosmic PV Power Limited: Company Analysis, Financials, IPO Details & Future Plans

Komal Bhatt

Oct 3rd 2026

Finance

Cosmic PV Power Limited is an India-based solar manufacturing company in Surat, incorporated as Cosmic PV Power Private Limited on September 1, 2020, and was subsequently converted into a public limited company in 2025. The company is actively engaged in the manufacturing, operation, and installation of Solar PV modules. It operates across multiple parts of the solar value chain.

Its core business is Solar PV module manufacturing, while its subsidiaries provide solar EPC services and aluminium frame manufacturing. The group has also expanded into battery energy storage systems through CGEC Private Limited and is pursuing backward integration through a proposed solar cell manufacturing facility in Narmadapuram, Madhya Pradesh.

The company is also proposing an IPO. It filed its Draft Red Herring Prospectus on March 30, 2026. The company has proposed an issue size of ₹640 crores, comprising a fresh issue of up to ₹540 crores and an offer for sale of up to ₹100 crores. According to reports, it received SEBI’s observations for its IPO in September 2026.  

Cosmic PV Power Limited IPO 2026: Key Details

Here are the key details of the company's proposed IPO:

Note: The price band, Offer dates, minimum bid lot, and other key details about the IPO are yet to be announced.

Key Financial Highlights (FY 2024-25)

The key financial highlights of the company for FY 2024-25 are as follows:

Cosmic PV Power Limited - An Overview

The key facts about Cosmic PV Power Limited are as follows:

History & Evolution

Over the years, Cosmic PV Power Limited has gone through several phases, including enhancing its solar capacity, acquiring several solar units, and moving ahead with its IPO preparation in 2026. Here are the company’s key timelines since its beginning:

2020: Incorporated as Cosmic PV Power Private Limited

The company was incorporated on 1 September 2020 as Cosmic PV Power Private Limited, a solar manufacturing company in Gujarat. This marked the formal beginning of its journey in the solar manufacturing industry.

2021: Commenced sale of Solar panels

Within a year of incorporation, the company started selling solar panels, establishing its initial commercial presence in the market.

2024: Commissioned 600 MW PERC fully Automated Manufacturing Line

The company commissioned a fully automated 600 MW PERC manufacturing line. This was a major capacity addition that significantly strengthened its manufacturing base.

2025: Acquired Cosmic Greentech Private Limited & Converted into a Public Limited Company

Cosmic Power acquired Cosmic Greentech Private Limited. This helped expand its capabilities in solar panel production and solar aluminium frames. In the same year, the company converted from a private limited to a public limited company.

2026: Acquired Cosmic Solar EPC Private Limited & Acquired CGEC Private Limited and filed DRHP

In 2026, the company acquired Cosmic Solar EPC Private Limited. This move helped in making a strong presence in the EPC segment and enabling more integrated solar solutions. Later, it also acquired CGEC Private Limited for manufacturing and dealing in Battery Energy Storage Systems (BESS) and filed its DRHP on 30th March 2026, with SEBI’s observations received in September.

Company’s Promoters

Following details of Cosmic PV Power Promoters;

Jenishkumar Deepakkumar Ghael

Jenishkumar Deepakkumar Ghael is the Chairman & Whole-time Director of the company.  He is one of the original promoters and has been associated with the company since incorporation. He handles overall business strategy, corporate & financial oversight. He has worked for 13 years across some of the leading companies like iVentures Capital, Merits Capital Market Services, Vishwas Fincap Services, Citizen Solar, and Mainframe Energy Solutions.  

Shravan Kumar Gupta

Shravan Kumar Gupta is the Managing Director of the company, responsible for day-to-day management and overall operations. He has significant experience in the solar and related sectors.

Surabhi Sureshchandra Sahu

Surabhi Sureshchandra Sahu is the Non-Executive Director and earlier served as Executive Director and President – HR Department.  She holds a B.Tech (Biotechnology) from Dr. DY Patil Vidyapeeth, Pune, and has over 5 years of experience in the company.

Maitry Jenishkumar Ghael

Maitry Jenishkumar Ghael is the Non-Executive Director and has been associated with the company since incorporation. She earlier served as Executive Director and President of the Legal Department. She is a B.Com degree holder from Veer Narmad South Gujarat University and an LL.B (General & Special) from Sardar Patel University.

Shareholding Structure

The shareholding structure of the company as per the DRHP is as follows:

Board of Directors

The Board of Directors of the company was reconstituted in 2025 and 2026, and the key details regarding the Board of Directors as of the date of DRHP filing on 30 June, 2026 are as follows:

Subsidiary Companies

As of the date of DRHP filing, the company has the following three subsidiaries:

Products and Services

Cosmic PV Power operates across several product categories within the solar and renewable energy value chain.

1. Solar PV Modules

The company's main product is Solar PV modules. It manufactures bifacial and monofacial modules using N-Type TOPCon and Mono PERC technologies. The portfolio includes standard and customised modules with wattages ranging from 420 Wp to 750 Wp.

2. Solar EPC Services

Through Cosmic Solar EPC Private Limited, the Cosmic Group provides rooftop solar EPC solutions for commercial and industrial as well as residential customers. Depending on project requirements, these services can cover design, engineering, procurement, and construction, or selected individual components of the EPC process.

3. Aluminium Frames

Through Cosmic Greentech Private Limited, the group manufactures aluminium frames used in Solar PV modules. The facility is capable of custom cutting, punching, designing, and moulding aluminium profiles.

4. Solar Cell Manufacturing

Cosmic Power is pursuing backward integration through a planned 1.10 GW TopCon solar cell manufacturing facility at Narmadapuram, Madhya Pradesh. The facility is intended to reduce dependence on externally sourced solar cells and support the company's module manufacturing operations. The facility is expected to become operational in June 2027.

5. Battery Energy Storage Systems

Through CGEC Private Limited, the  Cosmic Group intends to diversify into Battery Energy Storage Systems. The DRHP states that the company has entered into arrangements for a 2.00 GWh per annum cell-to-pack battery assembly line in Surat, including cell sorting, stacking, laser welding, inspection, material handling and testing equipment.

Financial Overview

Let’s have a glimpse at the company’s financial overview through the key financial metrics associated with the company’s Balance Sheet and Cash Flow Statement.

Financial Performance

Key Financial Insights:

• Revenue from operations increased by approximately 145% in FY2025 compared with FY2024.
• PAT increased from ₹65.75 million to ₹244.39 million.
• EPS increased 3x from ₹1.16 to ₹3.94.  

Balance Sheet Snapshot

Key Balance Sheet Insights:

• Total assets grew from ₹746.61 Mn to ₹2,118.51 Mn, about 2.8x in a year.
• Equity rose about 5.7x, so it now funds about 34% of assets, up from about 17%.
• Total liabilities to equity fell from about 5.0x to about 2.0x, so the balance sheet is much less debt-heavy.
• Non-current assets almost tripled to ₹1,064.82 Mn, which points to capex or long-term investments.

Cashflow Statement

Key Cash Flow Insights:

• Operating cash stayed around ₹38-39 Mn in both years, even as the balance sheet nearly tripled.
• Investing outflow rose from ₹241.14 Mn to ₹555.30 Mn, about 2.3x.
• Financing inflows of ₹517.59 Mn covered about 93% of the investing outflow, while operations covered only about 7%.
• Inflows rose from ₹203.33 Mn to ₹517.59 Mn, so the company is still relying on fresh capital to fund expansion.
• Note: The financial figures presented above are based on the Restated Financial Information contained in the DRHP filed on 30 March 2026. 

Peer Comparison

Cosmic PV Power Limited is compared with Waaree Energies Limited and Premier Energies Limited, operating in the same broad solar manufacturing industry. The following table gives a brief of the peer comparison.

Awards and Recognitions

In the past few years, the company has actively contributed to the solar manufacturing industry and received the following awards and recognitions:

Key Business Strengths

Cosmic PV Power has some unique strengths that help it position well among its peers in the competitive solar manufacturing industry: 

• Expanding Solar PV Manufacturing Capacity: Cosmic Power has expanded from its initial solar panel sales operation into a manufacturer with a stated total installed Solar PV module manufacturing capacity of 3 GW following the commissioning of its 1.6 GW Manufacturing Facility II in February 2026.
• Diversified Solar Value Chain: The group is not limited to module manufacturing. Its activities include Solar PV modules, EPC services, and aluminium frame manufacturing. It is also expanding into solar cell manufacturing and Battery Energy Storage Systems.
• Established Customer Base: As of September 30, 2025, the company stated that it had a presence across 13 states and had served 661 customers, including 36 OEMs and 81 EPC entities since inception.
• Strong OEM Contribution: Solar PV module sales to OEM customers accounted for ₹1,648.40 million, or 67.24% of revenue from operations, in FY2025. OEM sales remained the company's largest customer category.

Growth Plans & Outlook

The company is also projecting some effective growth plans for its future; some of the major ones are as follows:

• Expansion into Solar Cell Manufacturing: The company's principal expansion initiative is the proposed 1.10 GW TopCon solar cell manufacturing facility in Narmadapuram, Madhya Pradesh. The project is planned on approximately 24.66 hectares of land allotted by Madhya Pradesh Industrial Development Corporation. The company entered into the relevant lease deed in March 2026.
• Increase in Solar Module Capacity: Manufacturing Facility II, with a capacity of 1.6 GW, was commissioned in February 2026. This took the company's total installed Solar PV module manufacturing capacity to 3 GW.
• Battery Energy Storage Systems: It is expanding into BESS through CGEC Private Limited. The DRHP states that a 2.00 GWh per annum cell-to-pack battery assembly line is planned in Surat, supported by machinery for cell sorting, stacking, welding, inspection, and testing.
• Expanding Customer and Distribution Network: The company plans to increase its presence among independent power producers, EPC companies, and commercial and industrial customers.
• Increasing Vertical Integration: The combination of module manufacturing, aluminium frame manufacturing, planned solar cell manufacturing, EPC services and BESS is intended to give the group broader participation across the renewable energy value chain.

Key Challenges

Cosmic Power also has some business challenges that are considerable before making any kind of investment decision. Here are the key business risks:  

• High Customer Concentration: Cosmic’s top 10 customers contribute nearly 80% of total revenue. Loss of even one or two major customers can significantly impact sales and cash flows.
• Heavy Dependence on OEM Buyers: Around 60-67% of revenue comes from selling modules to Original Equipment Manufacturers. Any slowdown in OEM demand or a shift to in-house manufacturing by them can hurt growth.
• Geographic Concentration: The majority of revenue comes from Gujarat, Rajasthan, and Maharashtra. Adverse demand or policy changes in these states can impact overall performance.
• Execution Risk of New Cell Facility: The company plans a 1.10 GW solar cell plant in Madhya Pradesh. Delays, cost overruns or lower utilisation can affect future profitability.
• Working Capital & Cash Flow Pressure: The business is working-capital intensive. The company has reported negative operating cash flows in certain periods due to high inventory levels.

Recent Market Updates

Cosmic has contributed to some major developments in 2025 and 2026. These include the February 2026 announcement regarding the addition of a 1.6 GW solar module manufacturing line in Gujarat, the company's February 2026 announcement regarding Shreyas Iyer as its Global Brand Ambassador, the proposed battery manufacturing expansion, the land allotment for the Madhya Pradesh solar cell manufacturing project, and the 2025 Gujarat Growth Icon recognition.

As of the October 2026 review date, the company has received SEBI’s observations in September 2026, and its opening and closing dates and final allotment date are yet to be announced by the company as it proceeds with its proposed IPO.

Disclaimer: This company analysis is based on the information provided by publicly available sources, the company’s website, and the DRHP filed with SEBI on 30 March, 2026. Any future performance of the company depends on factors such as regulatory changes, market conditions, and execution risks. Investors should conduct their own independent research and consult professional advice before making any investment decisions. 

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.