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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
Crisil BB+/Stable/Crisil A4+
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 19 Feb 2025
This rating is over a year old.
View Full ReportValuation
Financials (FY2024)
Source: CRISILInvestment Thesis
Navitas Green Solutions Private Limited is a 2013-incorporated renewable energy company focused on solar power in one of the world's fastest-growing clean energy markets. Its high unlisted share price of ₹1,460 reflects meaningful operational scale and investor confidence. With India's solar sector experiencing unprecedented policy support and investment, the company is well-positioned thematically, though limited public disclosure requires direct due diligence on project assets and financial performance before any investment decision.
Pros
Cons
Business Segments
Solar Module Manufacturing
Manufacturing of Mono PERC and TOPCon solar modules (40-720W range); EVA sheet manufacturing; 1.5 GW capacity at Sisodara plant.
Solar EPC
Engineering, Procurement, and Construction (EPC) for residential, commercial, and industrial rooftop solar and open access solar parks.
Revenue Model
Navitas Green Solutions generates revenue through long-term Power Purchase Agreements (PPAs) from owned solar generation assets, EPC contract revenues from designing and commissioning solar installations for third-party clients, and potentially through operations & maintenance (O&M) service contracts. The PPA-based generation model provides predictable, recurring revenue over 20-25 year contract periods, while EPC income is project-cycle dependent.
Detailed Analysis
Growth Plans
India's 500 GW renewable energy target by 2030 creating massive project development opportunities
Corporate renewable energy procurement (C&I segment) growing rapidly as companies commit to net-zero targets
PM Surya Ghar scheme and KUSUM scheme driving distributed solar demand for EPC players
Declining battery storage costs enabling hybrid solar-storage projects with better grid integration
Recent Developments
New manufacturing plant at Sisodara (near Surat, Gujarat) with 1.5 GW annual capacity of high-efficiency TOPCon solar modules commenced trial production.
January 2025Active order book of ₹1,001 Cr as of January 2025 providing strong near-term revenue visibility for EPC and module supply.
January 2025Comparable Companies
Frequently Asked Questions
About Navitas Green Solutions
Navitas Green Solutions Private Limited is an Indian renewable energy and clean technology company focused on developing or deploying green energy solutions. The 'Navitas' name (Latin for energy/vitality) and 'Green Solutions' positioning indicate operations in solar energy, energy storage, energy efficiency, or related clean technology segments. India's renewable energy sector is one of the world's fastest-growing, with the government targeting 500 GW of renewable capacity by 2030. Companies in this space develop solar, wind, and hybrid power projects; manufacture solar panels or batteries; or provide energy efficiency services to industrial and commercial clients. Navitas Green Solutions may develop captive solar power projects for industrial consumers, provide rooftop solar installations, or operate in the energy storage space serving grid-scale or commercial applications. Given limited public data, the specific business model, installed capacity, and financial metrics are not confirmed for Navitas Green Solutions.
Key Milestones
Incorporated February 13, 2013 in Surat, Gujarat (CIN: U74990GJ2013PTC073551) — 12+ years old
Solar module manufacturer (Mono PERC, TOPCon) + EPC; revenue ₹100-500 Cr range (FY24)
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You enquire
Takes 2 minutes
We source & quote
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You accept the allocation
Quote valid for 3 days
You transfer the funds
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Shares reach your demat
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Potential PE or strategic investor interest in established solar development platforms
Industry Tailwinds
India's 500 GW renewable energy target by 2030 creating massive project development opportunities
Corporate renewable energy procurement (C&I segment) growing rapidly as companies commit to net-zero targets
PM Surya Ghar scheme and KUSUM scheme driving distributed solar demand for EPC players
Declining battery storage costs enabling hybrid solar-storage projects with better grid integration
Potential PE or strategic investor interest in established solar development platforms
Industry Headwinds
Intense competition from well-capitalised listed players compressing EPC margins and development returns
Import duty changes and supply chain disruptions affecting solar equipment costs
Grid curtailment risks in high-penetration solar states affecting generation revenue
Solar project development requires land acquisition, regulatory clearances, and timely equipment procurement — delays in any of these can impact project economics and revenue timelines.
Source: Company Financial Filings
Capital-intensive solar projects require substantial debt; rising interest rates or tightening credit conditions can compress project IRRs and strain liquidity.
Source: Regulatory Filings
Changes to solar tariff structures, ISTS waiver policies, or import duties on solar panels (ALMM regulations) could impact project economics and competitive positioning.
Source: AlphaHub Research
India's solar sector is dominated by large integrated players (Adani Green, Tata Power Solar, ReNew, Greenko) with significant financial and operational advantages over smaller private players.
Source: Media Reports / Public Records
Rapid evolution of solar technology (bifacial panels, tracker systems, BESS integration) requires continuous capital reinvestment to maintain competitive project performance.
Source: AlphaHub Research
Solar project development requires land acquisition, regulatory clearances, and timely equipment procurement — delays in any of these can impact project economics and revenue timelines.
Capital-intensive solar projects require substantial debt; rising interest rates or tightening credit conditions can compress project IRRs and strain liquidity.
Changes to solar tariff structures, ISTS waiver policies, or import duties on solar panels (ALMM regulations) could impact project economics and competitive positioning.
India's solar sector is dominated by large integrated players (Adani Green, Tata Power Solar, ReNew, Greenko) with significant financial and operational advantages over smaller private players.
Rapid evolution of solar technology (bifacial panels, tracker systems, BESS integration) requires continuous capital reinvestment to maintain competitive project performance.
ADANIGREEN · ₹2,50,000 Cr (listed)
TATAPOWER · ₹80,000 Cr (listed)
RNW (Nasdaq) · ~$1.5 Bn (listed)
WAAREEENER · ₹70,000 Cr (listed)
Order book ₹1,001 Cr (Jan 2025); 1.5 GW TOPCon plant at Sisodara in trial production (Jan 2025)
Products: Navitas Solar branded modules 40-720W; EPC for rooftop and open access solar parks
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