Cosmic PV Power is planning an IPO to raise up to INR 6.4 billion to fund its solar PV manufacturing
Most of the funds will support the construction of a planned 1.10 GW solar cell plant in Narmadapuram
It aims for the new facility to achieve vertical integration and meet India’s upcoming ALMM List-II requirements for solar cells
Indian solar PV manufacturer Cosmic PV Power Limited has filed a Draft Red Herring Prospectus (DRHP) for a proposed public listing. It aims to raise INR 6.4 billion to establish a TOPCon solar cell manufacturing facility.
For the initial public offering (IPO), it plans a fresh issue of equity shares aggregating up to INR 5.4 billion, along with an Offer for Sale (OFS) of shares aggregating up to INR 1 billion by existing shareholders.
The manufacturer intends to use INR 4.97 billion out of the total targeted proceeds to fund the development of a planned 1.10 GW solar cell manufacturing facility in Narmadapuram, Madhya Pradesh. The remaining proceeds will go towards funding general corporate purposes.
Cosmic has secured land at a subsidized cost from MP Industrial Development Corporation Limited for the Narmadapuram facility, which is targeted to come online by June 2027.
The Madhya Pradesh factory will ensure vertical integration for Cosmic, which operates 3 GW of module production capacity at its Surat facility in Gujarat. It will also qualify for MNRE’s Approved List of Models and Manufacturers (ALMM) List-II for solar cells, due to come into force on June 1, 2026 (see India To Impose ALMM For Solar Cells From June 1, 2026).
Cosmic PV produces standard and customized high-efficiency n-type TOPCon, mono-PERC, and bifacial solar PV modules with power outputs ranging from 420 W to 750 W.
As of March 20, 2026, Cosmic PV’s outstanding order book for solar PV modules totaled 1.80 GW. The company generates a large share of its revenue from selling solar PV modules to Original Equipment Manufacturers (OEMs). In Fiscals 2025, 2024, and 2023, and 6 months ended September 30, 2025, its revenue from operations from the sale of solar modules to OEMs was 67.24%, 60.64%, 43.73%, and 60.49%, respectively.
Its future plans include manufacturing battery energy storage systems (BESS) through Cosmic GEC Private Limited. To this end, it has entered a memorandum of understanding (MoU) with Indygreen Technologies Private Limited to establish a 2 GWh lithium-ion battery production line in Surat.
Cosmic PV also operates an aluminum frame facility through its subsidiary, Cosmic Greentech Private Limited (CGPL). The company operates in the space of solar EPC through another group company, Cosmic Solar EPC Private Limited (CSEPL).
In Narmadapuram, the Madhya Pradesh government has established a Manufacturing Zone for Power and Renewable Energy Equipment to facilitate solar PV manufacturing activities. Jaipur-based Insolation Energy is also planning a 4.5 GW solar cell manufacturing facility here (see INR 11.34 Billion IREDA Loan For 4.5 GW Solar Cell Factory).