Rays Power Infra IPO
Rays Power Infra IPO was proposed as a Mainboard Book Build Issue of ₹1,150 crore, comprising a fresh issue of up to ₹900 crore and an Offer for Sale of up to ₹250 crore. The company later withdrew its IPO proposal in March 2026.
Rays Power Infra IPO Details
Rays Power Infra IPO was proposed by Rays Power Infra Limited, a renewable energy company focused on utility-scale solar power solutions. The company filed its revised DRHP with SEBI in September 2025 for an IPO comprising a fresh issue of up to ₹900 crore and an Offer for Sale of up to ₹250 crore. The proposed equity shares were to be listed on NSE and BSE. The company operates through its Co-Development and EPC business models. It develops ready-to-build renewable energy infrastructure and provides engineering, procurement and construction services for renewable power projects. As of July 31, 2025, the company had commissioned 50 renewable power projects with cumulative capacity of 1,771.18 MWp and had an order book of ₹8,034.2 crore. The IPO was subsequently withdrawn in March 2026. Therefore, the proposed price band, lot size, subscription figures, allotment and listing price were never finalised through a completed public issue.
Rays Power Infra IPO Timeline (Tentative)
Rays Power Infra filed its earlier DRHP in December 2023 for a proposed fresh issue of ₹300 crore and an OFS of 29.95 lakh shares. That proposal was withdrawn on March 13, 2024. The company subsequently refiled its IPO papers in September 2025 with a larger proposed issue of ₹1,150 crore. The second IPO proposal was withdrawn in March 2026.
| Event | Tentative Date |
|---|---|
| Original DRHP Filed | 29 December 2023 |
| First IPO Proposal Withdrawn | 13 March 2024 |
| Revised DRHP Filed | 29 September 2025 |
Rays Power Infra IPO Lot Size
The IPO price band and minimum bid lot were not announced before the proposed issue was withdrawn. Therefore, the application amounts were not finalised.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Rays Power Infra IPO Reservation
The proposed Rays Power Infra IPO included reservations for QIB, NII and Retail Individual Investors. The final category-wise share allocation was not established because the IPO was withdrawn before the public bidding process.
Rays Power Infra IPO Subscription
Rays Power Infra IPO did not open for public subscription. Hence, there are no QIB, NII, RII or total subscription figures.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Rays Power Infra
Rays Power Infra Limited is a renewable energy company providing utility-scale, end-to-end renewable energy solutions, with a strong focus on solar power. The company operates through its Co-Development Business model, under which it develops ready-to-build infrastructure for renewable power projects, and its EPC business, through which it provides engineering, procurement and construction services.
The company has executed projects across multiple Indian states and has also undertaken solar EPC projects in Bangladesh and Vietnam. As of July 31, 2025, Rays Power Infra had commissioned 50 renewable power projects with cumulative capacity of 1,771.18 MWp. Its order book stood at ₹8,034.2 crore across 30 contracted projects under execution.
The company also provides operations and maintenance services and has expanded its renewable energy portfolio into areas such as hybrid renewable energy and energy storage. Its website states that as of March 31, 2026, it had commissioned approximately 2.4 GWp of renewable energy projects.
Strengths
- Established renewable energy business with a track record in solar project development and EPC services.
- Large order book of ₹8,034.2 crore as of July 31, 2025, providing revenue visibility.
- Diversified business model through Co-Development, EPC, O&M and renewable power activities.
- Strong execution track record with 50 commissioned renewable power projects as of July 31, 2025.
- Geographically diversified operations across several Indian states and international markets.
- Expansion into solar cell manufacturing through the proposed 1.5 GW TOPCon solar cell manufacturing facility.
Risks to Consider
- Negative operating cash flows were reported during the financial years covered by the DRHP.
- Working capital requirements increased significantly, with working-capital days reaching 138 days in FY2025.
- Customer concentration risk exists, with the top three customers contributing 51.12% of FY2025 revenue.
- Project execution risks may affect revenue, margins and cash flows.
- Competition in the renewable energy and solar EPC industry can put pressure on margins.
- Pending legal and regulatory proceedings involving the company, subsidiaries and promoters could adversely affect operations.
- IPO withdrawal means the proposed issue did not reach the public subscription or listing stage.
Rays Power Infra Financials (₹ Cr)
The restated financial information in the DRHP shows revenue from operations of ₹1,220.64 crore in FY2025, ₹1,048.79 crore in FY2024 and ₹776.58 crore in FY2023. Profit after tax stood at ₹139.35 crore, ₹91.38 crore and ₹128.90 crore respectively.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2025 | ₹1,220.64 Cr | ₹139.35 Cr | ₹1,432.70 Cr | ₹615.78 Cr |
| FY2024 | ₹1,048.79 Cr | ₹91.38 Cr | ₹750.66 Cr | ₹348.78 Cr |
| FY2023 | ₹776.58 Cr | ₹128.90 Cr | ₹652.54 Cr | ₹188.87 Cr |
KPIs & Valuation
Rays Power Infra reported an EPS of ₹4.96 for FY2025. Its FY2025 ROE was 22.63%, ROCE was 29.80%, PAT margin was 11.42% and debt-to-equity ratio was 0.44x. Since the IPO price band was never announced, the pre-IPO and post-IPO P/E could not be calculated.
Objects of the Issue
The company proposed to use the net proceeds from the fresh issue for investment in its wholly owned subsidiary, Rays Green Energy Manufacturing Private Limited, to part-finance a 1.5 GW PV solar n-type TOPCon G12R cell manufacturing plant in Madhya Pradesh. A portion was also proposed for incremental working capital, with the balance for general corporate purposes.
- Investment in Rays Green Energy Manufacturing Private Limited for part-financing a 1.5 GW PV solar n-type TOPCon G12R cell manufacturing plant at Mohasa-Babai Industrial Area, Narmadapuram, Madhya Pradesh — approximately ₹500 crore.
- Incremental working capital requirements — approximately ₹200 crore.
- General corporate purposes — balance amount.
Promoters, Lead Managers & Registrar
Anand Rathi Advisors Limited and Pantomath Capital Advisors Private Limited were appointed as the Book Running Lead Managers for the proposed IPO. Bigshare Services Private Limited was appointed as the registrar to the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Bigshare Services Private Limited |
|---|---|
| Phone | +91 22 6263 8200 |
| ipo@bigshareonline.com | |
| Website | bigshareonline.com |
Rays Power Infra IPO Review
Rays Power Infra had built a presence in the renewable energy sector through its Co-Development and EPC business models. Its project execution track record and sizeable order book were key positives of the proposed IPO, while the business remained exposed to project execution, customer concentration, working-capital requirements and competition.
The proposed IPO also aimed to support a strategic expansion into solar cell manufacturing. The company planned to invest ₹500 crore in its subsidiary for a 1.5 GW TOPCon cell manufacturing facility and allocate another ₹200 crore toward working capital. This represented an expansion beyond its existing renewable project development and EPC activities.
However, the proposed IPO was withdrawn in March 2026. Consequently, investors cannot apply for the issue and there is no final IPO price, subscription data or listing performance. The historical DRHP remains useful for understanding the company's proposed fund-raising plan, but its proposed IPO terms should not be treated as a live issue.
How to Apply
Rays Power Infra IPO is not open for subscription because the proposed IPO was withdrawn. Investors cannot submit a fresh IPO application for this issue.
Through UPI
- The Rays Power Infra IPO is not currently open for subscription.
- Do not submit an IPO application for the withdrawn issue.
- Check the company's latest announcements for future fund-raising plans.
- Check NSE and BSE disclosures for any future listing-related developments.
- Verify the latest offer document before considering any future IPO.
- Review the final price band if a new IPO proposal is announced.
- Check the minimum bid lot and application amount.
- Review the company's latest financial statements.
- Use a registered broker for any eligible market transaction.
- Verify all transaction details before confirming an order.
Prospectus & Documents
The revised DRHP for Rays Power Infra Limited was dated September 29, 2025 and was filed with SEBI in October 2025. The document proposed a 100% book-built issue of up to ₹1,150 crore.
Last updated Oct 6, 2026.