SAEL Industries has secured supply orders for 1 GWp of N-type TOPCon solar PV modules, the company announced on September 2, 2026. This comes as the company prepares for its Mainboard IPO. The largest single order, for 585.8 MWp, is from NTPC Renewable Energy for its Chitrakoot solar project in Uttar Pradesh.
These new orders arrive six months after SAEL filed its Draft Red Herring Prospectus (DRHP). For a company seeking to raise INR 4,575 crore, partly to reduce its debt, securing a 1 GWp order book directly before the IPO opens provides clear operational proof for investors.
Order Book: Domestic Focus, Export Plans
The Chitrakoot order accounts for nearly 59% of the 1 GWp total. The remaining orders are for utility-scale projects in Gujarat and other parts of Uttar Pradesh. SAEL also confirmed plans to supply modules to international markets, marking its first explicit export signal since its DRHP filing.
SAEL’s modules are listed under the Ministry of New and Renewable Energys Approved List of Models and Manufacturers (ALMM). This mandatory clearance allows SAEL to bid for government and government-backed solar projects, including the NTPC Renewable Energy order, and positions its manufacturing arm to compete for large-scale Indian utility projects.
Manufacturing Capacity
SAEL’s current TOPCon module manufacturing capacity stands at 3,625 MW. The company also has 164.9 MW of Agri Waste-to-Energy capacity and a significant under-construction cell and module facility in Greater Noida/Jewar, aiming for 5 GW cell and 5 GW module capacity. As of September 30, 2025, its contracted and awarded solar plus storage capacity was 8,299 MWp (DC). It is unclear how much of the new 1 GWp order book will be fulfilled from existing lines versus the under-construction facility, as no completion date was provided.
IPO Details
SAEL’s DRHP, filed in late 2025, proposes an IPO comprising a fresh issue of INR 3,750 crore and an offer for sale (OFS) of INR 825 crore by Norfund, the Norwegian governments climate investment arm. The total issue size is INR 4,575 crore. ICICI Securities, Kotak Mahindra Capital, JM Financial, and Ambit Private are managing the IPO, with KFin Technologies as the registrar.
About 75% of the fresh issue proceeds, or INR 2,812.5 crore, are earmarked to repay borrowings at subsidiaries SAEL Solar P4 and P5. This means investors are primarily funding debt reduction rather than new capacity expansion.
Financial Performance
SAEL has shown strong operating growth, with revenue nearly doubling from FY2023 to FY2025 and EBITDA margins expanding sharply. Revenue from operations grew from INR 388.9 crore in FY2023 to INR 664.8 crore in FY2025, reaching INR 260.8 crore in Q1 FY2026. EBITDA increased from INR 136.5 crore in FY2023 to INR 358.9 crore in FY2025, with margins rising from 34% to 49% in the same period, and further to 54% in Q1 FY2026.
Despite this, the company has not reported a profit in any disclosed period. Losses after tax have widened each year, from INR 71.1 crore in FY2023 to INR 280.9 crore in FY2025, and INR 58.3 crore in Q1 FY2026. This trend is largely due to interest and depreciation costs from its capital-intensive, project-finance-heavy business model. Investors must consider both high-margin EBITDA growth and widening bottom-line losses.
According to a CRISIL report commissioned for the DRHP, SAEL ranks among the top five renewable Independent Power Producers (IPPs) in India by contracted and awarded capacity as of September 2025.
Offtake and Receivable Management
SAEL states that roughly 82% of its contracted capacity is with offtakers rated AA or higher. The company also maintains a receivable cycle of 34.5 days, which is well below the typical 90120 day range for the sector. However, Punjab State Power Corporation Ltd (PSPCL) alone accounted for 56.8% of SAEL’s FY2025 revenue. PSPCL carries a BBB rating, which is lower than the portfolio average the company highlights.
Key Investor Question
The 1 GWp order book, including the NTPC Renewable Energy contract, demonstrates SAEL’s ALMM-listed manufacturing arm can secure business beyond its own captive projects. The core question remains whether this growth will translate into profit before the debt, which SAEL seeks IPO investors to help retire, becomes due again. While manufacturing order momentum is evident, its ability to offset roughly eight times leverage on equity will be a key test for this IPO.
The Indian primary market has recently seen increased activity in the renewable energy sector, with successful listings such as Clean Max Enviro Energy and Juniper Green Energy, which raised INR 3,100 crore and INR 1,800 crore respectively and rewarded investors post-listing.
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