Vishakha Renewables scales solar glass capacity to 1,920 tpd
Vishakha Renewables, backed by the Adani Group, has filed for an IPO to fund a major expansion of its solar component manufacturing.
Vishakha Renewables Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering. The IPO comprises a fresh issue of equity shares aggregating up to INR 1,250 crore and an offer for sale of up to 1.82 crore equity shares. The company, jointly promoted by the Vishakha Group and the Adani Group, is simultaneously embarking on a significant expansion of its solar glass manufacturing capacity from 660 tonnes per day to 1,920 tpd.
This expanded solar glass capacity is equivalent to 12.80 GW of solar module capacity. The current capacity of 660 tpd equates to 4.4 GW. Upon completion, the company’s facilities in Mundra, Gujarat, are expected to house the largest operational solar glass furnace in India. As of March 31, 2026, a CRISIL report identified Vishakha Renewables as the second largest solar glass manufacturer in India. Following the expansion, the company stays as the largest solar component manufacturer, excluding solar cells, in the country for combined installed production capacity.
Offtake arrangements and demand visibility
The expansion is underpinned by long-term offtake arrangements that provide clear demand visibility. The company has entered into agreements with Mundra Solar PV Ltd and Mundra Solar Energy Ltd. These include a 15-year take-or-pay arrangement for solar glass from its Phase I facility and a 17-year arrangement for solar glass from its Phase II facility. There is also an 8.5-year arrangement for aluminium frames.
These arrangements stipulate minimum offtake commitments. The manufacturing facilities are strategically located in Mundra, Gujarat, in close proximity to the facilities of these key offtakers and the Mundra Ports and Special Economic Zone.
IPO details and financial utilisation
The proposed IPO will see SBI Capital Markets, ICICI Securities and IIFL Capital Services act as the book running lead managers. MUFG Intime India Private Ltd is the registrar to the offer. The company may consider a pre-IPO placement of up to INR 250 crore, which would correspondingly reduce the size of the fresh issue.
Vishakha Renewables plans to utilise INR 900 crore of the net proceeds from the fresh issue towards repayment or pre-payment of certain borrowings. As of June 30, 2026, the company had consolidated outstanding borrowings of INR 2,700.57 crore. The balance of the net proceeds is earmarked for general corporate purposes. Adani Properties Private Ltd, a promoter, will also be a promoter selling shareholder in the offer-for-sale component.
Product portfolio and manufacturing footprint
Vishakha Renewables manufactures four of the six key components used in solar modules. Its product portfolio includes solar glass, aluminium frames, and EVA/EPE encapsulant. As of March 31, 2026, the company held leading market positions across these categories.
| Product Category | Installed Capacity (as of March 31, 2026) | Market Position (as of March 31, 2026) |
|---|---|---|
| Solar Glass | 660 tpd (pre-expansion) | Second largest manufacturer in India |
| Aluminium Frames | 14,508.75 tonnes per annum (tpa) | Largest manufacturer in India |
| EVA/EPE Encapsulant | 23.20 million linear metres | Second largest manufacturer in India |
| Backsheets | Not quantified | Among the top 10 manufacturers in India |
These four product categories together account for approximately 40-45 percent of the average cost of a bifacial solar module. The company is expanding its manufacturing capacity for aluminium frames and encapsulants alongside the solar glass expansion at its Mundra, Gujarat site. As of March 31, 2026, Vishakha Renewables served 99 customers. With the proposed capacity expansion and public offering, the company is positioned as India's largest solar component manufacturer, excluding cells, by installed capacity.
