In a strong signal for startup funding in India's cleantech segment, Ahmedabad-based Soleos Energy has filed its draft red herring prospectus (DRHP) with SEBI, taking a formal step toward a public listing. The DRHP appeared on SEBI's filings page on October 13, 2026 (document dated September 30, 2026).
The offer comprises up to 2 crore equity shares of Rs 5 face value — a fresh issue of up to 1.10 crore shares plus an offer for sale of up to 90 lakh shares; the price band is not set yet. Of the proceeds, Rs 113.60 crore will build a 2.2 GWh battery energy storage systems (BESS) manufacturing facility at Jotana (Mehsana), Rs 20 crore will repay or prepay borrowings, and the remainder goes to general corporate purposes.
Solar EPC cash flows, BESS ambitions
Soleos' core business is solar EPC, contributing 87.2% of FY26 revenue, alongside project development and consultancy, solar products and asset management. It operates a 100 MWh BESS plant at Daskroi near Ahmedabad and has executed work in England, Zimbabwe, Spain and Uganda.
The numbers back the ambition: FY26 revenue hit Rs 281.16 crore (up 26.74%), PAT stood at Rs 21.48 crore (down 13.5%), and the order book is a formidable Rs 1,632.76 crore — roughly 5.8x FY26 revenue. Promoters hold 60.63% pre-issue, while VC investors include the GVFL Emerging Enterprise Venture Trust (3.66%), India-Ahead Venture Fund (2.24%) and Invicta Continuum Fund I (0.92%). Beeline Capital Advisors is the book running lead manager, MUFG Intime India is registrar, and the listing is proposed on BSE and NSE.
Why it matters for founders
Soleos shows the playbook for cleantech scale: anchor on a cash-generating EPC base, then fund the higher-margin BESS pivot through public markets rather than endless dilutive rounds. A 5.8x revenue order book is the currency that buys you an IPO — build the backlog, and the capital follows.