What does Solar91 Cleantech Limited do?

Solar91 Cleantech Limited provides end-to-end solar energy solutions as an Engineering, Procurement, and Construction (EPC) company. It is incorporated in Jaipur, Rajasthan, and focuses on design, supply, installation, and commissioning of solar power systems, including rooftop and ground-mounted solar projects.

When was Solar91 Cleantech Limited incorporated?

Solar91 Cleantech Limited was incorporated in 2015 and is registered with the Registrar of Companies, Jaipur. Its CIN is U40108RJ2015PLC048401, indicating it is a public limited company in the energy sector.

Is Solar91 Cleantech planning an IPO?

No public IPO plans have been announced for Solar91 Cleantech Limited as of early 2025. The company remains an unlisted public limited entity.

What is the investment opportunity in Solar91 Cleantech?

Solar91 Cleantech operates in India's rapidly growing solar EPC sector supported by government mandates for renewable energy. However, as an unlisted company, shares trade in the pre-IPO/unlisted market and carry higher liquidity risk compared to listed peers.

How do I buy Solar91 Cleantech 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 Solar91 Cleantech?

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 Solar91 Cleantech 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.

Solar91 Cleantech Unlisted Share Price | Buy Solar91 Cleantech Pre-IPO Shares — wisefolio

Investment Thesis

Solar91 Cleantech Limited (CIN: U40108RJ2015PLC048401) is a Jaipur-based solar EPC company founded in 2015 by four IIT alumni, providing turnkey solar installations to commercial and industrial customers. With 191 completed projects, 94+ MW installed, and operations across 13 states plus Kenya, it is a credible C&I solar player. FY2024 revenue of ₹42.97 Cr (+14%) and PAT of ₹2.36 Cr (+1,080%) show strong margin inflection. The company filed a ₹100 Cr BSE SME IPO (DRHP August 2024), which was postponed by BSE on December 23, 2024 — one day before opening — following social media scrutiny and SEBI regulatory changes on IPO proceed usage. The IPO re-filing status is pending.

Pros

Founded by 4 IITians — technically strong founding team with credible academic pedigree
Revenue ₹42.97 Cr FY2024 (+14% YoY); PAT ₹2.36 Cr (+1,080%) — profitability inflecting sharply
191 projects completed, 94+ MW installed capacity across 13 Indian states + Kenya — proven EPC track record
C&I (Commercial & Industrial) solar EPC — fastest growing segment of Indian renewables
Filed BSE SME DRHP for ₹100 Cr IPO — exchange-validated for public listing
Jaipur, Rajasthan — geographic proximity to Rajasthan's massive solar infrastructure pipeline

Cons

BSE postponed IPO on December 23, 2024 (one day before opening) — red flags from social media scrutiny and SEBI regulatory changes regarding IPO proceed usage
Revenue scale ₹42.97 Cr is modest for a solar EPC player targeting ₹100 Cr public raise
PAT ₹2.36 Cr on ₹43 Cr revenue — 5.5% margin is thin for EPC business
EPC business is project-driven with lumpy revenue recognition
Paid-up ₹15.08 Cr vs authorized ₹21 Cr — moderate equity utilisation
International foray (Kenya) at this scale stretches management bandwidth

Business Segments

Solar EPC — turnkey Engineering, Procurement & Construction for Commercial & Industrial rooftop/ground-mount solar

191 completed projects, 94+ MW installed capacity, 13 Indian states

International: projects in Kenya — African market entry

Revenue Model

Solar91 Cleantech earns revenue through project-based EPC contracts for solar power installations, encompassing engineering design, equipment procurement, civil and electrical work, and project commissioning for residential, commercial, and industrial customers.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

India's aggressive renewable energy targets and PM-KUSUM scheme driving rooftop and distributed solar demand

Rajasthan government's solar energy policy promoting large-scale solar parks in the state

Corporate and industrial demand for captive solar power driven by RPO obligations

Industry Tailwinds

India's aggressive renewable energy targets and PM-KUSUM scheme driving rooftop and distributed solar demand

Recent Developments

BSE SME IPO (₹100 Cr fresh issue, 54.36 lakh shares at ₹10 face value) postponed December 23, 2024 — status pending re-filing

FY2024: PAT +1,080% to ₹2.36 Cr on ₹42.97 Cr revenue — strong margin expansion

44 employees as of May 2025; AGM held September 30, 2024

Comparable Companies

CompanyTypeTickerMkt Cap

Waaree Energies LtdListedWAAREEENER~50,000 Cr

Sterling and Wilson Renewable EnergyListedSWSOLAR~8,000 Cr

Websol Energy SystemListedWEBSOL~3,000 Cr

Waaree Energies LtdListed

WAAREEENER · ~50,000 Cr

Frequently Asked Questions

About Solar91 Cleantech

Solar91 Cleantech Limited is a Jaipur-based solar energy company incorporated on October 7, 2015, providing EPC (Engineering, Procurement & Construction) solar energy solutions to commercial and industrial (C&I) customers across India. The company was co-founded by IIT alumni, bringing technical rigor and engineering excellence to the rooftop and ground-mounted solar sector. Solar91 focuses on helping commercial and industrial businesses offset their power consumption through solar energy, enabling clients to reduce electricity costs, achieve sustainability goals, and transition toward renewable energy. The company provides end-to-end solar project delivery including system design, equipment procurement, installation, and post-installation operations & maintenance (O&M) services. The company reported revenue of Rs 43 crore in FY2024, reflecting 13.8% growth from FY2023, and has filed a Draft Red Herring Prospectus (DRHP) with SEBI for an IPO targeting a raise of approximately Rs 106 crore. The IPO would provide capital for business expansion and offer partial liquidity to existing shareholders. Solar91 operates in a rapidly growing market. India's renewable energy capacity has surpassed 200 GW total installed capacity, with solar accounting for the majority. The government's ambitious targets of 500 GW renewable capacity by 2030 and the accelerating corporate adoption of solar power purchase agreements (PPAs) provide a strong tailwind for EPC solar companies like Solar91. IIT-alumni founding teams in India's clean energy sector have demonstrated strong execution capabilities, as seen in comparable companies. Solar91's focus on the C&I segment — where customers have strong ability to pay and high energy cost motivations — positions it in the most commercially attractive solar segment.

Key Milestones

2015 — Incorporated as Solar91 Cleantech (Private) Limited, ROC Jaipur by 4 IIT alumni

Common questions about unlisted shares

How do I buy Solar91 Cleantech 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?

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