Cosmic PV Power Limited

Ovrview Cosmic PV Power Limited is a Surat-based solar photovoltaic company incorporated on 1 September 2020 under CIN U31909GJ2020PLC116052, operating from Ghael Compound, Udhna, Surat, Gujarat. Founded and promoted by Jenishkumar Ghael and Shravan Kumar Gupta, with Maitry Ghael and Surabhi Sahu completing the four-member board, the company remains closely held with each promoter holding roughly 20–23% of equity. It converted from a private limited to a public limited company in mid-2025. Audited by Goyal Rathi & Associates, the company reported FY25 revenue of ₹241.5 crore against ₹98.7 crore in FY24 — growth of 145% — with profit after tax of ₹23.7 crore and earnings per share of ₹137. The company has no subsidiaries, associates or joint ventures, and operates alongside two group entities, Cosmic Solar EPC Private Limited and Cosmic Greentech Private Limited. Publicly, the company positions itself as a BIS and ALMM-certified module manufacturer scaling toward 3 GW of robotic capacity with Mono-PERC, bifacial and N-Type TOPCon technology, though these claims appear only in company marketing material and not in its audited filings. Business Model Sells solar modules domestically — 100% of FY25 revenue (₹241.5 Cr) from product sales, no services, no exports. Trading/assembly-led — ₹211 Cr of stock-in-trade purchases, zero raw material consumption. Thin margins on volume — ~12.6% gross spread, 9.8% net margin. Group companies as captive buyers — ₹14.3 Cr sold to Cosmic Solar EPC and Cosmic Greentech. EPC sits outside this entity — housed in Cosmic Solar EPC Pvt Ltd DRHP: DRHP with SEBI on 30 March 2026 for a ₹640 crore mainboard IPO, comprising a ₹540 crore fresh issue and ₹100 crore offer for sale (OFS), primarily to fund expansion of its solar module and cell manufacturing capacity and for general corporate purposes.