Swid Renewables files DRHP with NSE EMERGE for SME IPO, expands into battery storage

Swid Renewables Limited, a Pune-based renewable energy EPC company, has filed its Draft Red Herring Prospectus (DRHP) with NSE EMERGE for its proposed SME initial public offering. The filing was announced on October 13, 2026 (the DRHP itself is dated September 20, 2026).

Established in 2016, the company specialises in solar photovoltaic (Solar PV) projects for industrial and commercial customers, with a presence across 30 cities and eight states, serving industries including automotive, manufacturing, pharmaceuticals, warehousing, logistics, food processing and hospitality.

Building on its solar EPC business, Swid Renewables is expanding into Battery Energy Storage Systems (BESS) and integrated solar-plus-storage solutions. During FY2026, it completed commissioning services for an 862.58 MWh BESS project comprising 172 containers in Rajasthan, and secured an integrated 650 kWp Solar PV and 1,044 kWh BESS project in Pune. It is also pursuing open-access solar parks and power-purchase-agreement-based renewable solutions.

For FY2026, the company reported revenue of ₹79.93 crore, EBITDA of ₹19.31 crore and restated profit of ₹16.22 crore, with a revenue CAGR of 31.05% and EBITDA CAGR of 40.29% between FY2024 and FY2026. As of September 15, 2026, its order book stood at ₹36.10 crore across 40 purchase orders aggregating 12,458 kWp.

The proposed IPO is a fresh issue of up to 44,00,000 equity shares with no offer-for-sale component. GYR Capital Advisors Private Limited is the book-running lead manager and Bigshare Services Private Limited the registrar. The issue is subject to regulatory approvals and market conditions.