Rayzon Solar IPO

Rayzon Solar Limited IPO Strengths

Advanced Manufacturing Facilities and R&D Capabilities with Focus on Quality

Rayzon Solar Limited operates two Gujarat-based facilities, Karanj and Sava, with a combined 6.00 GW PV module capacity. Equipped with advanced machinery, ISO certifications, and rigorous testing protocols, the company ensures high-quality, durable solar products. Its in-house R&D and academic collaborations drive innovation, reliability, and efficiency, supporting long-term warranties and meeting evolving market demands.

Diversified Customer Base with a Robust Order Book

Rayzon Solar Limited serves a diverse global clientele, including distributors, C&I clients, OEMs, IPPs, and EPCs, with marquee names like Panasonic Life Solutions and Mahindra Solarize. Its strategic capacity expansion, backward integration, and 3.60 GW order book enable reliable, competitively priced solar PV solutions, driving sustained growth, strong client relationships, and market leadership.

Expansive Distribution Network Supported by a Comprehensive Sales Framework

Rayzon Solar Limited operates a wide-reaching distribution network across 20 Indian states, supported by 68 channel partners and a 40-member in-house sales team. Direct and partner-led sales ensure efficient delivery to C&I clients, OEMs, and IPPs. Active participation in industry events and educational initiatives strengthens brand visibility, customer engagement, and market penetration.

Track Record of Delivering Consistent Financial and Operational Growth

Rayzon Solar Limited has demonstrated strong financial and operational performance, with revenue rising from ₹2,616.48 million in Fiscal 2022 to ₹12,728.47 million in Fiscal 2024. EBITDA, PAT, margins, and returns on capital and equity have grown substantially. Efficient working capital management, low debt levels, and robust operational metrics highlight the company’s sustainable growth trajectory.

Experienced Promoters and Senior Management Team

Rayzon Solar Limited is led by Promoters Chirag Devchandbhai Nakrani and Hardik Ashokbhai Kothiya, whose strategic vision drives growth. Supported by a professional management team with extensive expertise across solar, marketing, finance, operations, R&D, and procurement, the company leverages seasoned leadership to optimise resources, enhance operational efficiency, and ensure sustained success in the renewable energy sector

More About Rayzon Solar Limited

Rayzon Solar Limited is among the top 10 solar photovoltaic (“PV”) module manufacturers in India, with an installed capacity of 6.00 GW as of March 31, 2025. Certified under the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers (ALMM), the company holds an enlisted capacity of 3.00 GW, representing 3.8% of the total ALMM capacity as of April 21, 2025.

The company operates two manufacturing facilities in Karanj and Sava, Surat, Gujarat, each with a 3.00 GW capacity. Expansion plans include adding 2.00 GW at the Sava facility, expected to be operational by October 2025. Through its subsidiary, Rayzon Energy Private Limited, the company is establishing a 3.50 GW solar cell manufacturing unit using TOPCon technology, scheduled for Fiscal 2027. Additionally, Rayzon Industries Private Limited is developing an aluminium extrusion and anodizing unit with 19,800 MT annual capacity for aluminium frames, expected to begin operations in July 2025.

Growth and Revenue

Rayzon Solar began in 2017 as M/s Rayzon Green Energies, focusing on affordable and quality solar solutions. Installed manufacturing capacity has expanded from 40 MW in 2018 to 6.00 GW by March 2025. Revenue has grown at a CAGR of 120.56%, from ₹2,616.48 million in Fiscal 2022 to ₹12,728.47 million in Fiscal 2024, reaching ₹19,570.01 million in the nine months ended December 31, 2024. The company has supplied 2.49 GW of high-efficiency modules and held an order book of 3.60 GW as of May 31, 2025.

Product Portfolio

Rayzon Solar offers:

• Bifacial modules (dual glass or glass-to-transparent backsheet) with TOPCon and Mono PERC cells

• Monofacial modules (glass-to-white/black backsheet) with Mono PERC cells

• Full black variants of bifacial and monofacial modules

Manufacturing utilizes advanced automation, including robotic lay-up, automated cell cutting, encapsulant loading, and TOPCon technology to optimize efficiency and reduce energy loss. Modules are designed for utility-scale, residential, commercial, and industrial installations.

Research, Certifications, and Customers

Rayzon Solar’s R&D lab in Karanj drives innovation and product reliability. Certifications include ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and IEC standards for durability and safety. The company serves a diversified client base, including commercial, industrial, IPPs, EPCs, and OEMs, with over 1,930 customers in Fiscal 2022-2024.

Branding and Leadership

Brand-building initiatives include partnerships with the Indian Premier League, cricket teams Gujarat Titans and Chennai Super Kings, and a television entrepreneurship show. Led by Managing Director Chirag Devchandbhai Nakrani and Joint Managing Director and Chairman Hardik Ashokbhai Kothiya, the senior management team drives operations and strategic growth, supported by high-net-worth investors.

Rayzon Solar continues to expand its capacities, enhance efficiency, and strengthen its presence in India’s renewable energy sector.

Industry Outlook

Market Growth and Projections

• India’s solar energy market is projected to reach 284.14 GW by 2033, growing from 92 GW in 2024, reflecting a CAGR of 13.35% from 2025 to 2033.

• In Q1 2025, India added 7.8 GW of solar capacity, bringing the total installed capacity to 89.7 GW, indicating robust growth momentum.

Manufacturing Capacity Expansion

• India’s solar module manufacturing capacity has expanded dramatically from 2.3 GW in 2014 to over 100 GW as of August 2025.

• The Production Linked Incentive (PLI) scheme has driven the establishment of 18.5 GW of solar module capacity, 9.7 GW of solar cell capacity, and 2.2 GW of ingot-wafer capacity by June 2025.

Rooftop Solar Market Dynamics

• India’s rooftop solar sector has experienced rapid growth, with a 34% CAGR, reaching 18.4 GW by December 2024, driven by favorable policies and declining PV costs.

• The rooftop solar market is projected to reach 25–30 GW by FY27, up from 17 GW in FY25, with a CAGR of 33% from FY25 to FY27.

Technological Advancements

• India is expected to reach 160 GW of solar module capacity and 120 GW of cell capacity by 2030, up from 80 GW and 15 GW respectively in 2025.

• The adoption of advanced technologies like TOPCon cells is enhancing the efficiency and performance of solar modules, contributing to the sector’s growth.

Policy Support and Initiatives

• Government schemes such as the Pradhan Mantri Surya Ghar Muft Bijli Yojana and PM-KUSUM are accelerating the adoption of rooftop solar systems, especially in states like Gujarat, Maharashtra, and Tamil Nadu.

• Subsidies and incentives are making solar installations more accessible to residential and commercial consumers, further driving market expansion.

How Will Rayzon Solar Limited Benefit

• Rayzon Solar Limited can leverage India’s rapidly growing solar energy market, projected to reach 284 GW by 2033, expanding its customer base.

• The company stands to benefit from robust additions in installed capacity, with 7.8 GW added in Q1 2025, strengthening demand for high-efficiency PV modules.

• Expansion of domestic module manufacturing to over 100 GW and supportive PLI schemes create opportunities for scaling production and securing government-backed orders.

• Growing rooftop solar installations, expected to reach 25–30 GW by FY27, provide new markets for Rayzon’s residential and commercial module offerings.

• Adoption of advanced technologies like TOPCon and Mono PERC aligns with India’s focus on efficiency, allowing Rayzon to offer high-performance modules.

• Policy incentives and subsidies, such as PM-KUSUM and Surya Ghar programs, reduce adoption barriers, boosting sales potential across states like Gujarat, Maharashtra, and Tamil Nadu.

• Increasing demand for utility-scale, industrial, and C&I solar projects enables Rayzon to diversify its revenue streams.

• Expansion plans in solar cell and aluminium frame manufacturing position Rayzon to capitalize on upstream and downstream integration opportunities.

• Rising domestic and international recognition of certified, high-quality modules enhances brand credibility and long-term market positioning.

Peer Group Comparison

Name of Company	Total Revenue (₹ million)	Face Value per Equity Share (₹)	P/E EPS (Basic and Diluted) (₹)	RoNW (%)	NAV (₹ per share)
Rayzon Solar Limited	12,753.76	2.00	Basic EPS: 2.03 Diluted EPS: 2.03	69.79%	2.91
Peer Groups
Waaree Energies Limited	116,327.63	10.00	Basic EPS: 48.05 Diluted EPS: 47.86	30.72%	157.76
Premier Energies Limited	31,713.11	1.00	Basic EPS: 6.93 Diluted EPS: 5.48	35.06%	25.05

Key Strategies for Rayzon Solar Limited

Continue to Expand Module Manufacturing Capacity

Rayzon Solar Limited plans to expand its solar PV module production from 6.00 GW to 8.00 GW by October 2025, leveraging a 3.60 GW order book. This expansion enhances market share, ensures competitively priced high-quality modules, and supports the transition to sustainable energy solutions for a diverse global customer base.

Focus on Backward Integration in Solar Cell and Aluminium Frame Manufacturing

Rayzon Solar Limited is establishing a 3.50 GW TOPCon solar cell unit and a 19,800 MT aluminium frame facility. Backward integration reduces reliance on external suppliers, lowers costs, supports domestic manufacturing initiatives, and positions the company to meet regulatory requirements under government schemes, enhancing competitiveness and operational efficiency.

Continuing to Develop and Reinforce the Latest Technologies to Manufacture Modules

Rayzon Solar Limited continually advances its module manufacturing through automation, R&D, and adoption of cutting-edge technologies like dual-glass modules with POE encapsulants. These initiatives ensure reliable, efficient, and high-performance products, maintaining a competitive edge while enhancing energy output and meeting the evolving technological demands of the solar industry.

Focusing on Customer Engagement Efforts

Rayzon Solar Limited prioritizes customer engagement through tailored solutions, superior service, and strategic branding initiatives, including IPL partnerships and digital campaigns. By fostering long-term relationships, educating consumers, and leveraging its extensive distribution network, the company strengthens brand recognition, drives sustainable growth, and reinforces its market leadership in solar PV modules.