Adani Group-backed Vishakha Renewables Ltd, 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 an initial public offering (IPO) comprising a fresh issue of up to ₹1,250 crore and an offer for sale (OFS) of up to 1.82 crore equity shares.
The company is jointly promoted by the Vishakha Group and the Adani Group. Adani Properties Private Ltd is a promoter of Vishakha Renewables and will also be a promoter selling shareholder in the proposed IPO. The company may also consider a pre-IPO placement of up to ₹250 crore. If such a placement is completed, the size of the fresh issue will be reduced accordingly.
Vishakha Renewables plans to use ₹900 crore of the net proceeds from the fresh issue to repay or pre-pay certain borrowings, with the balance earmarked for general corporate purposes. As of June 30, the company had consolidated outstanding borrowings of ₹2,700 crore. Second-largest solar glass maker Vishakha Renewables has built a presence across multiple components of the solar module supply chain, including solar glass, EVA/EPE encapsulants, aluminium frames and backsheets.
According to a Crisil report cited in the DRHP, the company was the second-largest solar glass manufacturer in India as of March 31, 2026, with installed capacity of 660 tonnes per day (TPD). It was also the second-largest EVA/EPE encapsulant manufacturer, with capacity of 23 million linear metres, and the largest aluminium frame manufacturer in India, with installed capacity of 14,508 tonnes per annum. The company was also among the top 10 backsheet manufacturers in India, according to the report. Vishakha Renewables manufactures four of the six key components used in solar modules. Crisil has identified it as the largest solar component manufacturer in India, excluding cells, based on combined installed production capacity as of March 31, 2026. The four product categories together account for around 40-45 per cent of the average cost of a bifacial solar module, according to the DRHP.
The company is expanding its manufacturing capacity at Mundra, Gujarat, with solar glass capacity set to increase from 660 TPD, equivalent to 4.40 GW, to 1,920 TPD, or 12.80 GW. It is also expanding its aluminum frame and encapsulant capacities. Upon completion of the solar glass expansion, the company’s facilities are expected to house the largest operational solar glass furnace in India, according to the DRHP. Vishakha Renewables’ manufacturing facilities are located in Mundra, close to the facilities of its key offtakers and the Mundra Ports and Special Economic Zone. The company had 99 customers as of March 31, 2026.
The company has entered into long-term offtake arrangements with Mundra Solar PV Ltd and Mundra Solar Energy Ltd. The agreements include a 15-year take-or-pay arrangement for solar glass from the company’s Phase I facility, an 8.5-year arrangement for aluminium frames and a 17-year arrangement for solar glass from its Phase II facility. These arrangements provide for minimum offtake commitments and are intended to provide demand visibility for Vishakha Renewables’ products. The proposed IPO will be managed by SBI Capital Markets, ICICI Securities and IIFL Capital Services, which are the book running lead managers to the offer. MUFG Intime India Private Ltd is the registrar to the issue.
Published on October 1, 2026
