What does Rays Power Infra Limited do?

Rays Power Infra Limited is a Mumbai-based solar power EPC (Engineering, Procurement and Construction) company incorporated in 2011. It delivers solar energy solutions across portable power, home power (rooftop solar), and infrastructure power segments, serving diverse customer categories with sustainable energy products.

Why is the share price of Rays Power Infra so low?

Rays Power Infra Limited's share price of ₹0.01 reflects significant distress signals for the company. Such near-zero pricing in unlisted markets typically indicates severe financial difficulties, potential insolvency concerns, or a highly diluted share structure. Investors should exercise extreme caution and conduct thorough due diligence.

When was Rays Power Infra Limited incorporated?

Rays Power Infra Limited was incorporated in 2011 and is registered with the Registrar of Companies, Mumbai (CIN: U40106MH2011PLC267684). It is a public limited non-government company.

What segments does Rays Power Infra serve?

Rays Power Infra serves three main segments: portable power solutions, home power (likely rooftop solar installations), and infrastructure power (utility-scale or industrial solar EPC projects).

Is Rays Power Infra Limited a safe investment?

The near-zero share price (₹0.01) and lack of public financial disclosures make Rays Power Infra Limited a very high-risk investment. The distressed pricing suggests the company may be facing significant financial challenges, and investors should treat it with extreme caution.

How do I buy Rays Power Infra unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Rays Power Infra?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Rays Power Infra shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Rays Power Infra Unlisted Share Price | Buy Rays Power Infra Pre-IPO Shares — wisefolio

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

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Rays Power Infra Unlisted Share Price | Buy Rays Power Infra Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Rays Power Infra Limited is a Mumbai-based solar EPC company with over a decade of operations across portable, home, and infrastructure power segments. However, the company's near-zero share price (₹0.01) raises critical red flags about its financial health. Despite operating in a sector with strong government policy support and growing demand, investors should exercise extreme caution given the apparent financial distress signals.

Pros

Operates in India's high-growth solar EPC (Engineering, Procurement and Construction) sector, which has received massive policy support under the National Solar Mission and PM Surya Ghar scheme
Incorporated in 2011, giving it over a decade of experience in solar power project development across portable, home, and infrastructure power segments
Diversified customer segments — portable power, home power, and infrastructure power — reduce dependence on any single market
Mumbai headquarters provides access to institutional clients, project financing from major banks, and government utility tenders

Cons

The near-zero share price (₹0.01) raises serious concerns about the financial health and solvency of the company
Solar EPC is a highly competitive, margin-pressured business with intense competition from large players like Adani Solar, Waaree, Sterling & Wilson, and KPI Green
No publicly available revenue, profit, or balance sheet data for investor due diligence
EPC businesses are working capital intensive and prone to project execution delays and receivables stress

Business Segments

Portable Power

Solar-powered portable energy solutions for mobile and off-grid applications

Home Power

Rooftop solar installation and home solar energy systems

Infrastructure Power

EPC services for utility-scale solar projects, industrial installations, and government energy tenders

Revenue Model

Rays Power Infra generates revenue primarily through EPC contracts for solar power projects (turnkey project delivery), sale of solar equipment, and potentially O&M (Operations & Maintenance) services. Revenue is project-driven and lumpy in nature.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds6

Growth Plans

India's massive solar expansion plans (500 GW by 2030) creating sustained demand for EPC services

PM Surya Ghar scheme targeting 1 crore rooftop solar installations could benefit home power segment

Industry Tailwinds

India's massive solar expansion plans (500 GW by 2030) creating sustained demand for EPC services

PM Surya Ghar scheme targeting 1 crore rooftop solar installations could benefit home power segment

Recent Developments

Record revenue of Rs. 1,350 Cr — 29% YoY growth

Rays Power Infra achieved record revenue of Rs. 1,350 crore in FY2025, a 29% increase from the previous year. EBITDA CAGR has been 31%, reflecting improved project execution margins.

FY2025

Comparable Companies

CompanyTypeTickerMkt Cap

Sterling and Wilson Renewable EnergyListedSTERLINWIL~10,000 Cr

KPI Green EnergyListedKPIGREEN~8,000 Cr

Waaree EnergiesListedWAAREEENER~30,000 Cr

Sterling and Wilson Renewable EnergyListed

STERLINWIL · ~10,000 Cr

Group Structure (63 entities)

EntityExtentReason

Rays Power Infra LimitedFullBusiness and financial linkages

Rays Green Energy Manufacturing Pvt LtdFullBusiness and financial linkages

Shining Sun Power Pvt LtdFullBusiness and financial linkages

Almora Solar Power Pvt LtdFullBusiness and financial linkages

Balasore Solar Power Pvt LtdFullBusiness and financial linkages

Belagere Solar Power Pvt LtdFullBusiness and financial linkages

Bhalki Prime Solar Power Pvt LtdFullBusiness and financial linkages

Frequently Asked Questions

About Rays Power Infra

Rays Power Infra Limited is one of India's leading integrated solar power companies, incorporated in 2011 in Mumbai, Maharashtra. Founded by Ketan Mehta, the company has established itself as a comprehensive solar EPC (Engineering, Procurement, and Construction) player, with over 1,207 MWp of solar power projects implemented across India. Rays Power Infra provides end-to-end solar project services from site assessment and design to construction, commissioning, and operations & maintenance. The company achieved record revenue of Rs. 1,350 crore in FY2025, a 29% increase from the previous year, demonstrating strong execution capability in the booming renewable energy sector. For FY2023, the operating revenue was over Rs. 500 crore. These figures position Rays Power Infra among India's mid-to-large scale solar EPC companies. Rays Power Infra has raised $57 million across six funding rounds from 52 investors, indicating strong institutional confidence in the company's business model and growth trajectory. The company is classified as a Series C stage company on PitchBook, suggesting it has raised meaningful venture and growth capital to fund its project pipeline. India's solar sector is a key pillar of the country's energy transition strategy. India has a target of achieving 500 GW of renewable capacity by 2030, of which solar is expected to contribute 300+ GW. As of 2024, India had approximately 90 GW of installed solar capacity with an annual addition of 15–20 GW. Rays Power Infra, with 1,207 MWp executed, is well-positioned in this growing market serving utilities, C&I clients, and government agencies.

Key Milestones

Incorporated in 2011 in Mumbai during India's early solar energy push under the National Solar Mission

Common questions about unlisted shares

How do I buy Rays Power Infra unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings10

Insolvency RiskHigh

Near-zero share price of ₹0.01 strongly suggests severe financial distress, potential liquidity issues, or insolvency risk

Source: Company Financial Filings

Fraud / GovernanceLow

Solar EPC market has become highly competitive with large, well-capitalized players like Adani Solar, Sterling & Wilson Renewable Energy, and Waaree Energies dominating project awards

Source: Media Reports / Public Records

Fraud / GovernanceLow

EPC businesses face working capital strain from long project cycles, delayed payments from government utilities, and raw material cost escalations

Source: Media Reports / Public Records

Operational RiskLow

Solar module prices have been volatile due to global supply chain dynamics, affecting EPC project economics

Source: AlphaHub Research

Fraud / GovernanceLow

Sustenance of operating margin and timely execution of contracts: The operating margin has grown from 9.9% in fiscal 2023, to 15.9% in fiscal 2025, considering the skewed order execution towards the solar-park development segment, which has fetched a higher margin of 20-25%. In the near term, considering the longer

Source: Company Financial Filings

Fraud / GovernanceLow

Exposure to intense competition in the solar EPC segment: Although RPIL has a strong competitive edge, considering its confirmed orderbook position, it derives over 80% of revenue from EPC contracts, which is a highly competitive segment. Moreover, peers in the solar EPC industry have also started venturing

Source: Company Financial Filings

Financial

Near-zero share price of ₹0.01 strongly suggests severe financial distress, potential liquidity issues, or insolvency risk

Competition

Solar EPC market has become highly competitive with large, well-capitalized players like Adani Solar, Sterling & Wilson Renewable Energy, and Waaree Energies dominating project awards

Operational

EPC businesses face working capital strain from long project cycles, delayed payments from government utilities, and raw material cost escalations

Market

Solar module prices have been volatile due to global supply chain dynamics, affecting EPC project economics

Rays Power Infra LimitedFull