Business Overview
Rayzon Solar is among the top 10 solar PV module manufacturers in India, with an installed capacity of 6.00 GW as of March 31, 2025, as per the CRISIL Report. It is an ALMM-certified manufacturer operating two production facilities in Karanj and Sava, Gujarat, each with an installed capacity of 3.00 GW. The product portfolio includes bifacial and monofacial solar PV modules based on Mono PERC and TOPCon cell technologies. These modules are designed to cater to utility-scale projects as well as residential, commercial, and industrial installations, reflecting the company’s strong technological capability and market reach.
Rayzon Solar IPO Size
Objects of Issue
- Investment in our wholly owned Subsidiar REPL, for part financing the cost of establishing the manufacturing facility with 3.5 GW installed capacity, to produce solar cells using TOPCon technology
- General corporate purposes
Rayzon Solar IPO IPO Financial Performance
(Rs. in crores)
| Particulars | Dec-24 | Mar-24 | Mar-23 | Mar-23 |
|---|---|---|---|---|
| Revenue | 1,957.00 | 1,272.85 | 698.02 | 261.65 |
| PAT | 239.03 | 60.94 | 25.48 | 3.91 |
| Net Worth | 326.34 | 87.31 | 26.37 | 14.46 |
| Borrowings | 172.62 | 102.88 | 54.87 | 45.93 |
| Assets | 996.99 | 352.80 | 138.20 | 111.19 |
| NAV (₹) | 10.88 | 2.91 | 0.88 | 144.57 |
| EPS (₹) | 7.97 | 2.03 | 1.45 | 39.12 |
Key Performance Indicators (KPIs)
EBITDA
7.95%
PAT
4.78%
ROE
107.34%
ROCE
66.33%
Debt to Equity
1.18
All the data pertains to FY 2023-24. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Promoter Holding
Promoter
98.10%
Public
1.90%
Management
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: Rayzon Solar Limited
Address: 1104 - 1107 & 1109 - 1110, 11th Floor, Millennium Business Hub, Opp. Deep Kamal Mall, Varachha Road, Sarthana Jakatnaka, Surat City, Surat – 395006, Gujarat, India
Number: +91-9898089173
Email: ir@rayzonenergies.com
Website: https://rayzonsolar.com/
