Navitas Green Solutions Pvt Ltd.

Navitas Green Solutions Private Limited (operating as Navitas Solar ) is a Surat-based solar PV-module manufacturer and solar EPC provider, incorporated in 2013. It is an unlisted company. Business overview Core activities: Manufacturing solar photovoltaic modules and executing solar EPC projects, including rooftop and ground-mounted installations.infomerics+1 Product portfolio: Modules across polycrystalline, mono-PERC and N-type TOPCon technologies; the company markets panels ranging broadly from 40W to 720W.navitassolar+1 Location and structure: The original module unit is in Surat, Gujarat. The group includes wholly owned subsidiaries Navitas Solar Private Limited (NSPL) and Navitas Planet Private Limited. Promoters/founders: The company identifies Vineet Mittal, Sunay Shah, Ankit Singhania, Aditya Singhania and Saurabh Aggarwal as its founders Capacity and developments The key growth event is the commissioning of NSPL’s new plant at Sisodara, Taluka Ankleshwar, Bharuch, Gujarat, with 1.13 GW annual module capacity. Operations commenced in January 2025, according to Infomerics. The parent’s Surat facility was cited at 220 MW, implying group capacity of roughly 1.35 GW on that basis; separately, Navitas’s own website has cited 1.7 GW and subsequently 2 GW capacity. The variation likely reflects different dates and/or expansion-stage definitions, so it should be reconciled through current management/MCA disclosures before using it in a valuation note. Funding and IPO status In April 2023, Navitas raised US$5 million from a consortium of HNI investors, led by promoters of Parishi Diamond Group along with Lemon Emerging Ventures LLP. The funding was intended to support capacity expansion. As of January 2025, it was reportedly working on a proposed ₹150 crore equity raise to support expansion and strengthen its capital base; confirmation of closure should be verified. No SEBI-filed DRHP or formally announced IPO was identified in the available public sources; the company remains unlisted. Credit rating: Infomerics assigned IVR BBB/Stable to ₹50.68 crore of long-term facilities in January 2025—₹12.68 crore term loan and ₹38 crore cash credit.