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

Valuation
Financials (FY2024)
Investment Thesis
Wholly owned solar energy subsidiary of listed KPI Green Energy Limited (KP Group, Gujarat). Established May 2019, it operates as IPP and CPP solar developer with ₹169 Cr FY2024 revenue. Rapidly scaling — 36.87 MW captive solar orders won, 445 MW BESS projects in pipeline. Parent KPI Green is growing at 75% YoY. One of Gujarat's most active solar developers with strong promoter backing from Dr. Faruk G. Patel / KP Group. High-growth renewable energy play.
Pros
Cons
Business Segments
Solar IPP (Independent Power Producer) — utility-scale solar plants
Solar CPP (Captive Power Producer) — solar solutions for industrial clients
BESS (Battery Energy Storage Systems) — 445 MW/890 MWh BESS projects under development
Revenue Model
Sun Drops Energia generates revenue primarily through long-term power purchase agreements (PPAs) with distribution companies (discoms), industrial consumers, or under government solar schemes. Revenue is derived from electricity generation and sale from owned and operated solar assets.
Detailed Analysis
Growth Plans
India's target of 500 GW renewable energy by 2030 driving large-scale solar tender activity
Gujarat's solar-friendly policy and established grid infrastructure supporting project development
Industry Tailwinds
India's target of 500 GW renewable energy by 2030 driving large-scale solar tender activity
Gujarat's solar-friendly policy and established grid infrastructure supporting project development
Recent Developments
Comparable Companies
ADANIGREEN · ~200000 Cr
Frequently Asked Questions
About Sun Drops Energia
Sun Drops Energia Private Limited is a Gujarat-based solar energy solutions company incorporated on May 28, 2019 in Surat. The company operates under CIN U40107GJ2019PTC108373 and is registered with the Registrar of Companies, Ahmedabad. The company's primary business is in the production, collection, and distribution of electricity with a focus on solar energy solutions within Gujarat's growing renewable energy ecosystem. The company is headquartered at KP House, Near KP Circle, Opp. Ishwar Farm Junction BRTS, Canal Road, Bhatar, Surat City, Gujarat – 395017. Surat is Gujarat's second-largest city and a major commercial hub that has embraced solar energy adoption, with many commercial and industrial establishments in the city seeking rooftop and ground-mounted solar installations. Sun Drops Energia was founded by Farukbhai Gulambhai Patel and Mohmed Sohil Yusufbhai Dabhoya and has built a business around solar project development, EPC (Engineering, Procurement, and Construction) for solar installations, and potentially solar power generation for commercial customers. With an authorized share capital of ₹6 crore and paid-up capital of approximately ₹5.35 crore, the company is modestly capitalized but well-positioned in Gujarat's solar-friendly regulatory environment. Gujarat has been one of India's leading states for solar energy development, with early mover advantage in utility-scale solar parks (Charanka Solar Park) and strong state government support for rooftop solar. The Surat district in particular has significant industrial activity in textiles, diamonds, and chemicals — sectors that are major consumers of electricity and increasingly adopting solar to reduce grid dependence and energy costs. The company's solar energy focus aligns with India's ambitious renewable energy targets — 500 GW of renewable capacity by 2030 — and Gujarat's position as a leading state in solar installations. With roots in 2019, Sun Drops Energia represents the new generation of solar entrepreneurs who entered the sector as module prices crashed and solar economics became compelling.
Key Milestones
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You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
Usually credited within 2–3 business days
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.
Industry Headwinds
Intense competition from large listed players like Adani Green, Azure Power, and ReNew Power
Financing risk for early-stage solar developer without established track record
Company incorporated in 2019 is still in early stages of operations with no verified track record of project commissioning
Source: Media Reports / Public Records
Solar developers in India face risk of payment delays from state electricity distribution companies, which can affect cash flows
Source: AlphaHub Research
Changes in solar tariff policies, import duties on solar panels, or renewable purchase obligations can affect project economics
Source: AlphaHub Research
Company incorporated in 2019 is still in early stages of operations with no verified track record of project commissioning
Solar developers in India face risk of payment delays from state electricity distribution companies, which can affect cash flows
Changes in solar tariff policies, import duties on solar panels, or renewable purchase obligations can affect project economics
AZRE
Unlisted
2019 — Incorporated as solar arm of KP Group / KPI Green Energy
Developed utility-scale solar IPP projects across Gujarat
2024 — Secured LoA for 36.87 MW captive solar projects
2025 — Secured 13.80 MW solar LoA (March 2025); 445 MW BESS projects announced
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