Vishakha Renewables, jointly promoted by the Vishakha Group and the Adani Group, filed its DRHP on September 30, 2026 — a ₹1,250 crore fresh issue plus an offer for sale of up to 1.82 crore shares, with Adani Properties among the sellers. Promoters hold 75.61% of the company, with Adani Properties at 39.14%.
The company makes the critical non-cell components of solar modules — solar glass, aluminium frames, EVA/EPE encapsulants and backsheets — at facilities in Mundra, Gujarat. Of the proceeds, ₹900 crore will repay borrowings (consolidated debt stood at ₹2,700.57 crore as of June 30, 2026), and a ₹250 crore pre-IPO placement may precede the issue.
Growth capex is the other half of the story: solar glass capacity is expanding from 660 TPD (4.4 GW) to 1,920 TPD (12.8 GW). CRISIL ranks the company as India's second-largest solar glass maker, with long-term offtake arrangements with Mundra Solar PV and Mundra Solar Energy.
Solar manufacturing's domestic-value chain is the quiet backbone of India's energy transition — and this IPO funds the glass layer of it.
Why it matters for founders
For founders in climate and manufacturing: Vishakha's filing shows the money is in the pickaxes, not the gold — solar glass and encapsulants are where domestic manufacturing meets policy tailwinds. A ₹900 crore deleveraging plus 3x capacity expansion is exactly the kind of IPO story markets fund.
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