Among the companies awaiting Securities and Exchange Board of India (Sebi) clearance are Emmvee Photovoltaic and Juniper Green Energy – with plans to raise ₹3,000 crore each – and Prozeal Green Energy, which has filed for a ₹700 crore IPO.
Regreen-Excel EPC India, an ethanol plant manufacturer, has already received Sebi approval for its ₹500 crore IPO, as has Saatvik Green Energy, which has got the nod for a ₹1,150 crore issue.
This comes on the back of the blockbuster ₹10,000 crore listing of NTPC Green Energy in November 2024, which set the tone for the sector.
Industry experts see this as a sign of the sector coming of age.
“This surge highlights equity markets’ critical role in funding the $20-25 billion in annual investments needed to meet 2030 targets,” said Raghav Gupta, joint CEO of IIFL Capital. Strong investor appetite, backed by valuations now on a par with traditional infrastructure companies, is helping renewable energy emerge as a mainstream portfolio choice for both institutional and retail investors, he said.The momentum is set to be maintained. Hero Future Energies, backed by KKR and promoted by the Munjal family, is preparing to file for a ₹5,000 crore IPO. Solar panel manufacturing player SAEL is also in line to file draft papers. If these plans materialise, the renewable energy sector will be one of the busiest spaces in India’s IPO calendar for FY26.With India targeting 500 GW of renewable capacity by 2030, up from around 242 GW now, funding needs are only going to intensify. The scale of capital required for India’s energy transition makes IPOs a natural financing route. The total capital expenditure estimate for the renewable value chain between FY26 and FY30 is ₹20 lakh crore, said Harendra Kumar, managing director of institutional equities at Elara Capital.
AgenciesCapacity Expansion “Given the robust capacity addition plan with backward integration in solar cells, modules and related areas, many companies are in strong capex mode,” he said. “Almost 20% of each project requires equity funding, which cannot be met by internal accruals alone. That’s why we are seeing a spurt in IPO activity.”
According to investment bankers, most of the IPO proceeds will be used by the companies for capacity expansion. They added that the domestic content rule for solar plants, which becomes mandatory for government projects from September 2025, along with the rooftop solar push, is creating opportunities for local solar cell and module makers to scale up.
