Vishakha Renewables Limited, the solar module component manufacturer jointly promoted by the Vishakha Group and the Adani Group, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering comprising a fresh issue of up to ₹1,250 crore and an Offer for Sale (OFS) of up to 1.82 crore equity shares by selling shareholders. The DRHP was filed on 1 October 2026.
The filing adds to a crowded renewable-energy IPO pipeline — Inox Clean Energy (₹10,000 crore) and Inox Air Products (₹10,000 crore) also filed their DRHPs in recent days. Here is everything the draft papers reveal so far.
Vishakha Renewables IPO: Key Details
| Item | Detail |
|---|---|
| Company | Vishakha Renewables Limited |
| Fresh issue | Up to ₹1,250 crore |
| Offer for Sale | Up to 1.82 crore equity shares |
| Pre-IPO placement | Up to ₹250 crore (may reduce fresh issue size) |
| Price band | Not announced yet |
| Lot size | Not announced yet |
| Issue dates | To be announced after SEBI clearance |
| Listing | BSE and NSE (mainboard) |
| BRLMs | SBI Capital Markets, ICICI Securities, IIFL Capital Services |
| Registrar | MUFG Intime India Private Limited |
| DRHP filed | 1 October 2026 |
Adani Properties Private Limited — a Gautam Adani-led group entity and a promoter of the company — will be one of the promoter selling shareholders in the OFS. The company may also consider a pre-IPO placement of up to ₹250 crore; if completed, the fresh issue size will be reduced accordingly.
Where the IPO Money Goes
The primary objective is debt deleveraging. Of the net proceeds from the fresh issue:
- ₹900 crore towards repayment or pre-payment of certain outstanding borrowings
- Balance towards general corporate purposes
As of 30 June 2026, Vishakha Renewables had consolidated outstanding borrowings of ₹2,700.57 crore. Retiring roughly a third of this debt through equity proceeds would lower financing costs and strengthen the balance sheet ahead of its next capex phase.
Note: only the fresh issue puts money into the company. The OFS proceeds go to the selling shareholders (including Adani Properties), not to the company.
Business: What Vishakha Renewables Makes
Vishakha Renewables manufactures four of the six essential components used in solar module production — a group that collectively accounts for an estimated 40–45% of the average manufacturing cost of a bifacial solar module:
- Solar glass — India's second-largest manufacturer, installed capacity of 660 tonnes per day (TPD) (equivalent to 4.40 GW)
- EVA/EPE encapsulants — second-largest domestic manufacturer, capacity of 23.20 million linear metres
- Aluminium frames — the largest manufacturer in India, capacity of 14,508.75 tonnes per annum
- Backsheets — among the top 10 domestic manufacturers
A CRISIL report cited in the DRHP ranks it as India's largest solar component manufacturer (excluding cells) by combined installed production capacity as of 31 March 2026.
Expansion plans
The company is scaling its solar glass capacity from 660 TPD to 1,920 TPD (equivalent to 12.80 GW) — a near-threefold jump. On completion, its facilities are expected to house one of India's largest operational solar glass furnaces. Aluminium frame and encapsulant capacities are being expanded in parallel.
Long-term offtake contracts
Manufacturing facilities are located in Mundra, Gujarat, close to key offtakers and Mundra Ports and the Special Economic Zone. The company had 99 customers as of 31 March 2026.
Crucially, it has entered into long-term take-or-pay offtake arrangements with Mundra Solar PV Ltd and Mundra Solar Energy Ltd:
- 15 years — solar glass from the Phase I facility
- 8.5 years — aluminium frames
- 17 years — solar glass from the Phase II facility
These minimum offtake commitments provide multi-year demand visibility — a key comfort factor for investors, though customer concentration is a risk to watch.
Financial Performance
| Metric | FY26 | FY25 |
|---|---|---|
| Revenue from operations | ₹1,893.4 crore | ₹1,517 crore |
| Revenue growth | +24.8% | — |
| Net profit | ₹173.4 crore | ₹56.5 crore |
| Profit growth | ~3x | — |
| Borrowings (30 June 2026) | ₹2,700.57 crore | — |
The numbers show strong momentum: revenue grew nearly 25% and net profit more than tripled year-on-year. Investors should read the full DRHP for margin details, debt-servicing ratios and contingent liabilities before the price band is announced.
Adani Group Connection
The Adani angle is the headline-grabber here. Vishakha Renewables is jointly promoted by the Vishakha Group and the Adani Group, and Adani Properties Private Limited is both a promoter and a promoter selling shareholder in the IPO. Adani Group backing brings brand credibility and, as seen above, built-in demand from group solar entities (Mundra Solar PV and Mundra Solar Energy) — but it also means related-party transactions merit close reading in the DRHP.
What's Next
The DRHP is at the SEBI review stage. Investors can expect the following sequence:
- SEBI observations / approval (typically a few months)
- RHP filing with the price band, lot size and issue dates
- Anchor allocation, subscription window, allotment and listing
Price band, lot size, issue dates and GMP are not available yet and will only be known after SEBI clearance. IPOlist.in will publish a full update — with the price band, dates, GMP and review — as soon as the RHP is filed.
For now, compare this filing with the other recent renewable-energy DRHPs:
- Inox Clean Energy IPO: ₹10,000 Cr DRHP
- Inox Air Products IPO: ₹10,000 Cr DRHP
- B.S. Sponge IPO: ₹1,000 Cr DRHP
FAQs
What is the Vishakha Renewables IPO issue size?
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹1,250 crore and an offer for sale of up to 1.82 crore equity shares by the selling shareholders.
When will the Vishakha Renewables IPO open?
The DRHP was filed on 1 October 2026. The IPO dates, price band and lot size will be announced only after SEBI approves the draft documents and the company files the RHP.
Is Adani Group involved in Vishakha Renewables?
Yes. The company is jointly promoted by the Vishakha Group and the Adani Group. Adani Properties Private Limited is a promoter and will also be a promoter selling shareholder in the IPO.
What will Vishakha Renewables use the IPO money for?
The company plans to use ₹900 crore of the net fresh-issue proceeds to repay or pre-pay borrowings, with the balance for general corporate purposes. As of 30 June 2026, its consolidated borrowings stood at ₹2,700.57 crore.
Who are the book running lead managers for the Vishakha Renewables IPO?
SBI Capital Markets, ICICI Securities and IIFL Capital Services are the BRLMs, and MUFG Intime India Private Limited is the registrar.
Is the Vishakha Renewables IPO a good investment?
It's too early to say. The DRHP shows strong revenue growth (₹1,893.4 crore in FY26) and tripled profits, but valuation, price band and GMP are unknown until the RHP is filed. Read the DRHP, watch for the price band, and decide based on your own risk appetite.
Conclusion
The Vishakha Renewables DRHP is one of the more interesting filings of the season: a ₹1,250 crore fresh issue by India's largest non-cell solar component maker, with Adani Group backing, long-term take-or-pay contracts stretching up to 17 years, and a balance-sheet repair story (₹900 crore of debt repayment). On the flip side, the issue is largely a deleveraging exercise rather than a growth capex raise, and most proceeds flow to lenders rather than new capacity — the expansion is already underway.
The real test comes at RHP time: pricing will decide whether the strong FY26 numbers translate into listing gains. We'll cover it the moment the price band is out.