New Delhi, June 15 -- Gurugram-headquartered solar energy company Sunkind India Ltd is looking to float its initial public offering on the National Stock Exchange's SME platform, NSE Emerge, by mid-to-late July, people aware of its plans told VCCircle.
The company, which filed a draft red herring prospectus for the IPO with the NSE in September 2025 and received the exchange's approval in February, may raise between Rs 100 crore and Rs 150 crore ($10.5-15.8 million) through the IPO, the people said, asking not to be named. The IPO comprises a fresh issue of about 6.41 million shares and doesn't include any offer for sale.
This indicates that the company could target a valuation of around Rs 450-500 crore, considering the minimum dilution threshold of 25% for SME IPOs, the people said.
Ahead of the IPO, well-known stock market investor Param Capital's Mukul Agarwal invested Rs 15 crore in the company through a pre-IPO round in 2025, the people said.
IPO proceeds
A significant portion of the IPO proceeds are earmarked for Sunkind's manufacturing build-out. Per its DRHP, Rs 41.35 crore will go into subsidiary Sunkind Photovoltaics Pvt Ltd to establish a solar module manufacturing plant in Jaipur, Rajasthan. A further Rs 7.43 crore has been allocated as capital expenditure into subsidiary Sunkind Strucmax Pvt Ltd, which manufactures module mounting structures. Working capital allocations - Rs 10 crore for Strucmax and Rs 40 crore for the parent entity - make up the bulk of the remaining proceeds.
The Jaipur plant forms part of a broader 4 GW manufacturing ambition. In June 2025, Sunkind signed a memorandum of understanding with ConfirmWare PV Manufacturing Solutions to commission two production facilities: a 2.5 GW module-and-cell unit in Madhya Pradesh's Mohasa Babai Renewable Energy Manufacturing Hub, and a 1.5 GW module-only unit in Rajasthan. Both facilities will produce 610 W TOPCon modules on M10 monocrystalline cells.
Sunkind also announced a technical partnership with global solar manufacturer JA Solar in June 2025 to support its 2.4 GW solar cell and 4 GW module facilities. The arrangement is expected to give Sunkind access to JA Solar's TOPCon cell technology, production know-how, and supply chain.
Financials and growth trajectory
Sunkind India's consolidated total income for FY25 stood at Rs 120.5 crore, with a profit after tax of Rs 13.67 crore, per the DRHP.
For FY26, consolidated revenue is understood to have grown sharply to approximately Rs 305 crore, with profit after tax around Rs 35-36 crore, reflecting growth driven by an accelerating order book and the company's pivot toward larger open-access and utility-scale engineering, procurement and construction projects. The company is targeting revenue exceeding Rs 1,000 crore in FY27, drawing on contributions from its EPC arm, module manufacturing unit, and solar structures business.
As of September 26, 2025, Sunkind's order book stood at approximately Rs 142 crore, per the DRHP. The company has since flagged an EPC pipeline of over Rs 2,000 crore in advanced stages, with active execution in Chhattisgarh alone accounting for over 100 MW under construction and a further 100 MW at the design stage.
From rooftop EPC to utility developer
Sunkind, incorporated in September 2019, has delivered over 150 MW of solar EPC projects across multiple states and segments. In recent years, the company has shifted its focus sharply - 90% of business is now oriented toward open-access ground-mounted projects for large industrial consumers - moving away from its roots in commercial and industrial rooftop solar.
Its client roster includes several Jindal Group companies - Jindal Supreme, Jindal Saw, Jindal Stainless, Jindal Steel and Power, Jindal Polyfilms and Global Non-wovens - as well as Aditya Birla Group's renewable energy arm. Steel, textiles, and other power-intensive industries are the primary targets as Sunkind expands into Chhattisgarh, Maharashtra, Tamil Nadu, Haryana, Rajasthan, and Uttar Pradesh.
The company is also developing a battery energy storage assembly business under the brand name BATLI - a 3 GW utility-scale BESS assembly unit in Rajasthan, expected to be commissioned by mid-2027. Sunkind plans to procure cells from overseas suppliers, assemble battery packs and containerised solutions domestically, targeting a local value addition of 30-40%.
Sunkind India is ranked ninth among 368 tracked competitors in the solar EPC segment, with Gensol, Aegeus Technologies, and Inspire Clean Energy counted among its top peers, according to the DRHP.
Hem Securities is the book-running lead manager to the IPO.
Published by HT Digital Content Services with permission from VC Circle.