Rays Power Infra IPO was proposed as a Mainboard book-built public issue of Rays Power Infra Limited, an integrated renewable energy company focused primarily on solar power. The proposed issue comprised a fresh issue of equity shares aggregating up to ₹900 crore and an Offer for Sale aggregating up to ₹250 crore. The company had proposed to list its equity shares on the BSE and NSE.
Rays Power Infra operates across the renewable energy value chain through its Co-Development and Engineering, Procurement and Construction (EPC) businesses. Under its Co-Development model, the company develops ready-to-build infrastructure for renewable energy projects by undertaking activities such as land aggregation, grid connectivity and other project-development requirements. Its EPC business covers engineering, procurement, construction, testing and commissioning of renewable energy projects.
The September 2025 DRHP proposed raising ₹900 crore through the fresh issue and ₹250 crore through the OFS. The fresh issue proceeds were proposed to be used mainly for investment in Rays Green Energy Manufacturing Private Limited for a 1.5 GW solar cell manufacturing plant and for incremental working capital requirements, with the balance proposed for general corporate purposes.
However, the proposed IPO did not proceed to a public listing. Rays Power Infra withdrew its IPO papers in March 2026. Therefore, the price band, IPO dates, lot size, subscription figures, allotment details, GMP and listing performance were not finalised for a completed public issue.
Table of Contents
IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Rays Power Infra IPO |
| Company Name | Rays Power Infra Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard |
| Face Value | ₹2 Per Equity Share |
| Price Band | |
| Issue Size | ₹1,150 Crore |
| Fresh Issue | ₹900 Crore |
| Offer for Sale | ₹250 Crore |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | Bigshare Services Private Limited |
| Book Running Lead Managers | Anand Rathi Advisors Limited, Pantomath Capital Advisors Private Limited |
Rays Power Infra IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The September 2025 DRHP did not contain final bidding dates because the offer had not reached the final Red Herring Prospectus stage. The proposed IPO was subsequently withdrawn in March 2026, so no final IPO timetable was completed.
Rays Power Infra IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% of the Net Offer |
| Non-Institutional Investors (NII) | Not Less Than 15% of the Net Offer |
| Retail Individual Investors (RII) | Not Less Than 35% of the Net Offer |
| Employee Reservation | As disclosed in the DRHP |
The proposed offer followed the standard Mainboard allocation framework, with not more than 50% of the Net Offer proposed for QIBs, not less than 15% for NII bidders and not less than 35% for Retail Individual Bidders. The offer documents also provided for an employee reservation portion.
Rays Power Infra IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum |
The final price band and minimum bid lot were not announced before withdrawal of the IPO papers. Therefore, the minimum retail investment and HNI application amounts cannot be calculated reliably.
About Rays Power Infra Limited
Rays Power Infra Limited is a renewable energy company headquartered in Jaipur with operations spanning renewable project development, EPC, independent power production and long-term operation and maintenance services. The company has a strong focus on solar energy and provides utility-scale, end-to-end renewable energy solutions.
The company was incorporated in 2011 as Rays Power Infra Private Limited and was subsequently converted into a public limited company in 2023. Its registered office is in Mumbai, while its corporate office is in Gurugram and its head office is in Jaipur. The September 2025 DRHP identifies Ketan Mehta, Pawan Kumar Sharma and Sanjay Garudapally along with members of the promoter group and family trusts as promoters.
Rays Power Infra has developed a business model combining Co-Development and EPC services. In its Co-Development business, the company prepares renewable energy projects for customers by arranging land, grid connectivity and other project-development requirements. It can subsequently transfer the project SPV to the customer and undertake EPC and O&M activities based on contractual arrangements.
The company has executed renewable energy projects across several Indian states and has also undertaken international EPC projects in Bangladesh and Vietnam. According to its September 2025 DRHP, Rays Power Infra had commissioned 50 renewable power projects with an aggregate capacity of 1,771.18 MWp as of July 31, 2025, and had an order book of approximately ₹8,034.26 crore covering 30 contracted projects.
Business Operations
Rays Power Infra operates through multiple activities across the renewable energy value chain.
- Co-Development Business – The company develops ready-to-build infrastructure for renewable energy projects by undertaking land aggregation, grid connectivity and related project-development activities.
- Solar EPC Business – Rays Power Infra provides engineering, procurement, construction, testing and commissioning services for renewable power projects.
- Project Development – The company works with renewable energy developers and customers to prepare utility-scale projects for implementation.
- Land Aggregation – Land identification and aggregation are important components of its Co-Development model.
- Grid Connectivity – The company assists with state and inter-state grid connectivity requirements for renewable energy projects.
- Operation & Maintenance – Rays Power Infra provides O&M services for commissioned renewable energy projects.
- Open Access Solar Power – The company provides renewable electricity solutions to eligible commercial and industrial customers through open-access arrangements.
- Energy Storage Systems – The company is also participating in opportunities involving battery energy storage and other energy-storage projects.
- Substations and Transmission Lines – It provides EPC solutions for substations and transmission networks supporting renewable energy evacuation.
Industry Overview
India’s renewable energy sector has expanded rapidly as the country increases its focus on clean energy, energy security and reduction of carbon emissions. Solar power has become one of the key contributors to new renewable capacity because of falling technology costs, large-scale project development and increasing demand from commercial and industrial consumers.
The solar industry includes several business segments such as project development, EPC services, equipment manufacturing, operation and maintenance, open-access power supply and energy storage. Companies with capabilities across multiple stages of the project lifecycle can potentially benefit from increasing demand for integrated renewable energy solutions.
Utility-scale renewable projects require access to land, grid connectivity, project approvals, engineering expertise and construction capabilities. These requirements create opportunities for specialised companies that can support developers from project conception through commissioning.
The renewable energy sector also faces challenges. Companies are exposed to project execution risks, land acquisition issues, transmission constraints, commodity-price fluctuations, customer concentration, working-capital requirements and competition. Changes in government policies, tender structures and regulatory frameworks can also affect project economics.
Rays Power Infra participates in this industry through its Co-Development and EPC businesses. Its ability to provide project-development services together with EPC execution gives it exposure to multiple parts of the renewable energy value chain.
Business Strategy
Rays Power Infra’s strategy is focused on expanding its renewable energy project pipeline while strengthening its EPC execution capabilities. Its Co-Development model allows the company to create ready-to-build infrastructure and provide customers with support for land, connectivity and other project-development requirements.
The company is also increasing its focus on EPC projects. According to the DRHP, EPC accounted for 65.66% of revenue in FY2025 compared with 37.91% in FY2023, indicating a significant increase in the contribution of EPC operations.
Another important strategic initiative was the proposed investment in solar cell manufacturing. The IPO proceeds were intended to support Rays Green Energy Manufacturing Private Limited in establishing a 1.5 GW PV solar n-type TOPCon G12R cell manufacturing plant in Madhya Pradesh. This represented an effort to move further upstream in the solar value chain.
The company also intends to participate in emerging renewable energy opportunities such as hybrid projects, battery energy storage systems and firm and dispatchable renewable energy projects. Its existing project-development expertise and grid connectivity capabilities provide a foundation for expansion into these areas.
Rays Power Infra IPO Financial Information
Rays Power Infra reported strong revenue growth between FY2023 and FY2025. Revenue from operations increased from ₹776.58 crore in FY2023 to ₹1,048.80 crore in FY2024 and ₹1,220.64 crore in FY2025. Operating EBITDA also increased significantly during the same period.
Profit after tax was ₹128.99 crore in FY2023, declined to ₹91.39 crore in FY2024 and recovered to ₹139.35 crore in FY2025. The FY2025 improvement was accompanied by higher operating EBITDA and stronger EPC contribution.
The company also experienced substantial working-capital requirements. Operating cash flow was negative in each of FY2023, FY2024 and FY2025 according to the DRHP, highlighting the importance of working-capital management for the business.
Rays Power Infra Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹776.58 Crore | ₹1,048.80 Crore | ₹1,220.64 Crore |
| Other Income | ₹113.93 Crore | ₹23.71 Crore | ₹17.49 Crore |
| Total Income | ₹890.51 Crore | ₹1,072.51 Crore | ₹1,238.13 Crore |
| Operating EBITDA | ₹70.09 Crore | ₹120.10 Crore | ₹194.21 Crore |
| Profit Before Tax | ₹158.26 Crore | ₹117.52 Crore | ₹186.67 Crore |
| Profit After Tax | ₹128.99 Crore | ₹91.39 Crore | ₹139.35 Crore |
| Total Equity | ₹188.87 Crore | ₹348.79 Crore | ₹615.79 Crore |
| Total Borrowings | ₹110.30 Crore | ₹139.32 Crore | ₹270.45 Crore |
| Net Debt | ₹58.61 Crore | (₹13.82 Crore) | ₹27.13 Crore |
| Cash from Operating Activities | (₹70.24 Crore) | (₹22.89 Crore) | (₹69.62 Crore) |
The financial figures above are based on the restated consolidated financial information reported in the 2025 DRHP.
Rays Power Infra IPO Key Performance Indicators (KPIs)
Key Performance Indicators provide insight into Rays Power Infra’s revenue growth, operating profitability, return ratios, leverage and overall financial performance. The company’s operating EBITDA margin improved from 9.02% in FY2023 to 15.91% in FY2025, indicating stronger operating profitability during the period.
| KPI | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue from Operations | ₹12,206.41 Million | ₹10,487.99 Million | ₹7,765.81 Million |
| Revenue Growth | 16.38% | 35.05% | |
| Operating EBITDA | ₹1,942.05 Million | ₹1,200.97 Million | ₹700.86 Million |
| Operating EBITDA Margin | 15.91% | 11.45% | 9.02% |
| PAT | ₹1,393.50 Million | ₹913.86 Million | ₹1,289.90 Million |
| PAT Margin | 11.42% | 8.71% | 16.61% |
| ROE | 28.89% | 33.99% | 97.48% |
| ROCE | 29.80% | 33.72% | 35.52% |
| Net Debt / Operating EBITDA | 0.14x | -0.12x | 0.84x |
| Net Debt / Total Equity | 0.04x | -0.04x | 0.31x |
The DRHP-based financial data shows improvement in operating margins and a stronger equity base, although the company continued to require significant working capital to execute its growing project portfolio.
KPIs & Valuation
The FY2025 financial information reported diluted earnings per share of approximately ₹4.96 and net asset value of approximately ₹21.89 per share based on the post-split capital structure. Since the final IPO price band was never announced and the IPO papers were withdrawn, the pre-IPO and post-IPO P/E multiples cannot be calculated.
| KPI & Valuation | Value |
|---|---|
| Pre-IPO EPS | ₹4.96 |
| Post-IPO EPS | |
| Pre-IPO P/E | |
| Post-IPO P/E | |
| NAV Per Share | ₹21.89 |
| Return on Net Worth | 28.89% |
| ROCE | 29.80% |
| Debt / Equity | 0.04x |
Objects of the Rays Power Infra IPO
The proposed fresh issue proceeds were intended to support the company’s expansion and working-capital requirements.
- Investment in Rays Green Energy Manufacturing Private Limited for part-financing the establishment of a 1.5 GW PV solar n-type TOPCon G12R cell manufacturing plant in Madhya Pradesh.
- Part funding of incremental working capital requirements of the company.
- General corporate purposes, subject to the applicable limits and final offer terms.
The proposed allocation included ₹500 crore for investment in Rays Green Energy Manufacturing and ₹200 crore for incremental working capital requirements. The remaining proceeds were intended for general corporate purposes.
Rays Power Infra IPO Listing Performance
The proposed Rays Power Infra IPO did not reach the listing stage. Therefore, there is no official issue price, listing price or listing gain for the proposed issue.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The September 2025 DRHP stated that the equity shares were proposed to be listed on BSE and NSE and that the company had sought in-principle approvals from both exchanges. However, the IPO papers were subsequently withdrawn before a completed public offering.
Rays Power Infra IPO Subscription Status
The proposed IPO did not proceed to the public bidding stage. Consequently, there are no final QIB, NII, retail or total subscription figures available for Rays Power Infra IPO.
Rays Power Infra IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
No subscription figures are available because the IPO was withdrawn before the completion of the public bidding process.
Rays Power Infra IPO Review
Rays Power Infra has established itself as a renewable energy company with capabilities spanning project development and EPC execution. Its Co-Development model gives the company an opportunity to prepare ready-to-build renewable energy infrastructure, while its EPC business allows it to participate in the actual construction and commissioning of solar projects.
One of the company’s important strengths is its growing project portfolio. As of July 31, 2025, the company had commissioned 50 renewable power projects with an aggregate capacity of 1,771.18 MWp and had an order book of approximately ₹8,034.26 crore covering 30 contracted projects. This provides visibility for future execution, although the ability to convert the order book into revenue and cash flows remains important.
Financial performance showed significant revenue growth between FY2023 and FY2025. Revenue from operations increased from ₹776.58 crore to ₹1,220.64 crore, while operating EBITDA increased from ₹70.09 crore to ₹194.21 crore. However, profit growth was more moderate and operating cash flows remained negative, highlighting the working-capital intensity of the business.
The proposed investment in solar cell manufacturing was another important part of the company’s strategy. The planned 1.5 GW TOPCon cell manufacturing facility was intended to increase vertical integration and provide exposure to the growing domestic solar manufacturing ecosystem. The project also carries execution, funding, technology and market risks.
Customer concentration is another factor investors would need to consider. The top three customers accounted for 51.12% of FY2025 revenue, according to the DRHP. A significant contribution from a limited number of customers can create revenue concentration and counterparty risks if major contracts are delayed or cancelled.
The proposed IPO was ultimately withdrawn in March 2026. Therefore, while the 2025 DRHP provides useful information about the company’s business and financial position, investors should not treat the proposed ₹1,150 crore issue terms as a currently active IPO.
Rays Power Infra IPO Strengths
- Strong renewable energy project execution track record with 1,771.18 MWp of commissioned renewable projects as of July 31, 2025.
- Large order book of approximately ₹8,034.26 crore providing project visibility.
- Diversified renewable energy capabilities covering Co-Development, EPC, O&M and related infrastructure services.
- Improving operating profitability with operating EBITDA margin increasing from 9.02% in FY2023 to 15.91% in FY2025.
- Experienced promoter and management team with substantial experience in solar project development and execution.
- Expansion into solar cell manufacturing through the proposed 1.5 GW TOPCon cell manufacturing facility.
Rays Power Infra IPO Risk Factors
- Negative operating cash flow was reported in FY2023, FY2024 and FY2025 despite reported profitability.
- High customer concentration exposes the company to risks associated with dependence on major customers.
- Working-capital intensity can increase financing requirements and affect cash generation.
- Project execution risks may arise from land, grid connectivity, approvals, construction and commissioning requirements.
- Solar industry competition may put pressure on project margins, pricing and order acquisition.
- IPO uncertainty remains relevant because the proposed IPO papers were withdrawn before the issue could be completed.
Rays Power Infra IPO Promoters
Rays Power Infra is promoted by Ketan Mehta, Pawan Kumar Sharma and Sanjay Garudapally along with other promoter-group members and family trusts.
The September 2025 DRHP identifies Ketan Mehta, Pawan Kumar Sharma, Sanjay Garudapally, Sweta Mehta, Richa Sharma, Shruthi Gupta Garudapally, Mehta Family Trustee Private Limited, Mehta Family Trust, Sharma Family Trust and Garudapally Family Trust as promoters and members of the promoter group.
Rays Power Infra IPO Promoters Details
| Promoter / Promoter Group | Category |
|---|---|
| Ketan Mehta | Promoter |
| Pawan Kumar Sharma | Promoter |
| Sanjay Garudapally | Promoter |
| Sweta Mehta | Promoter Group |
| Richa Sharma | Promoter Group |
| Shruthi Gupta Garudapally | Promoter Group |
| Mehta Family Trustee Private Limited | Promoter Group |
| Mehta Family Trust | Promoter Group |
| Sharma Family Trust | Promoter Group |
| Garudapally Family Trust | Promoter Group |
The promoters and promoter group collectively held approximately 89.74% of the company’s share capital before the proposed offer, according to the 2025 DRHP.
Rays Power Infra IPO Management Team
Rays Power Infra is led by a management team with experience in renewable energy project development, EPC execution and business management.
Ketan Mehta serves as Managing Director and has been associated with the company since 2012. He holds a bachelor’s degree in technology in civil engineering from IIT Roorkee and has more than 12 years of experience in the solar power industry.
Pawan Kumar Sharma is a Whole-time Director and has been associated with the company since its incorporation. He holds a bachelor’s degree in technology in civil engineering from IIT Roorkee and has more than 13 years of experience in the execution of solar projects.
Sanjay Garudapally serves as a Whole-time Director and has been associated with the company since 2012. He holds a bachelor’s degree in commerce from Osmania University.
| Name | Designation |
|---|---|
| Ketan Mehta | Managing Director |
| Pawan Kumar Sharma | Whole-time Director |
| Sanjay Garudapally | Whole-time Director |
| Ashish Jain | Chief Financial Officer |
| Deepak Jangid | Company Secretary & Compliance Officer |
The company’s official website identifies Ketan Mehta, Pawan Kumar Sharma and Sanjay Garudapally as members of the Board, while the DRHP identifies Deepak Jangid as Company Secretary and Compliance Officer.
Rays Power Infra IPO Registrar Details
Bigshare Services Private Limited was appointed as the Registrar to the proposed Rays Power Infra IPO. The registrar would have been responsible for processing applications, maintaining application records, finalising the basis of allotment and handling investor-related IPO services.
| Particular | Details |
|---|---|
| Registrar Name | Bigshare Services Private Limited |
| Address | Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri East, Mumbai – 400093 |
| Website | www.bigshareonline.com |
| Email ID | [email protected] |
| Contact Number | +91 22 6263 8200 |
| IPO Allotment Status |
The registrar details are disclosed in the 2025 DRHP.
Rays Power Infra IPO Lead Manager Details
Anand Rathi Advisors Limited and Pantomath Capital Advisors Private Limited were appointed as the Book Running Lead Managers for the proposed IPO.
| Particular | Details |
|---|---|
| Lead Manager 1 | Anand Rathi Advisors Limited |
| Lead Manager 2 | Pantomath Capital Advisors Private Limited |
| Anand Rathi Email | [email protected] |
| Pantomath Email | [email protected] |
| Anand Rathi Contact | +91 22 4047 7001 |
| Pantomath Contact | +91 18008 898711 |
The 2025 DRHP identifies Anand Rathi Advisors and Pantomath Capital Advisors as the Book Running Lead Managers for the proposed offer.
Rays Power Infra Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Rays Power Infra Limited |
| Registered Office | 1st-21, Evershine Mall North Meter Cabin 1, Malad West, Mumbai, Maharashtra – 400064 |
| Corporate Office | Imperia Mindspace Office 2, 6th Floor, Sector 62, Gurugram, Haryana – 122101 |
| Head Office | D-43, 2nd Floor, Janpath, Shyam Nagar, Sodala, Jaipur, Rajasthan – 302019 |
| Website | www.rayspowerinfra.com |
| Email ID | [email protected] |
| Contact Number | +91 141 4038767 |
The registered office, corporate office, contact person, email and telephone details are disclosed in the company’s DRHP and official website.
How to Check Rays Power Infra IPO Allotment Status
The proposed Rays Power Infra IPO was withdrawn before completion of the public issue. Therefore, no final IPO allotment result is available.
Through Bigshare Services
- Visit the official Bigshare Services website.
- Open the IPO allotment or application-status section.
- Search for Rays Power Infra IPO.
- Enter the required application or PAN details.
- Since the IPO was withdrawn, no final allotment status is available.
Through BSE
- Visit the official BSE website.
- Open the IPO application-status section.
- Search for Rays Power Infra IPO.
- Enter the required application details.
- No final allotment result is available because the public issue was not completed.
Rays Power Infra IPO Conclusion
Rays Power Infra Limited is an integrated renewable energy company with a strong focus on solar power. Its business model combines Co-Development and EPC activities, allowing the company to participate in renewable projects from early-stage development through construction and commissioning.
The company had established a sizeable project execution record, with 50 renewable power projects commissioned and an aggregate commissioned capacity of 1,771.18 MWp as of July 31, 2025. Its order book of approximately ₹8,034.26 crore also provided significant project visibility at the time of the 2025 DRHP.
Financially, the company recorded revenue from operations of ₹1,220.64 crore and PAT of ₹139.35 crore in FY2025. Operating EBITDA increased to ₹194.21 crore and the operating EBITDA margin improved to 15.91%. However, negative operating cash flow and rising working-capital requirements remain important factors when evaluating the company’s financial performance.
The proposed ₹1,150 crore IPO included a ₹900 crore fresh issue and ₹250 crore OFS. The fresh issue was intended to support the proposed 1.5 GW solar cell manufacturing project, working capital and general corporate purposes. This strategy was designed to expand the company’s presence across the renewable energy value chain.
However, the proposed IPO was withdrawn in March 2026. As a result, there was no completed IPO, no final price band, no subscription process, no allotment and no listing of Rays Power Infra equity shares through this proposed issue.
Rays Power Infra IPO FAQs
What is Rays Power Infra IPO?
Rays Power Infra IPO was a proposed Mainboard public issue of Rays Power Infra Limited, a renewable energy company engaged primarily in solar project development and EPC services.
What was the proposed issue size of Rays Power Infra IPO?
The September 2025 DRHP proposed an IPO of ₹1,150 crore, consisting of a fresh issue of ₹900 crore and an Offer for Sale of ₹250 crore.
What was the price band of Rays Power Infra IPO?
The final price band was not announced because the proposed IPO did not reach the final public bidding stage.
When was Rays Power Infra IPO opening?
No final IPO opening date was announced.
When was Rays Power Infra IPO closing?
No final IPO closing date was announced.
On which stock exchanges was Rays Power Infra proposed to be listed?
The proposed equity shares were intended to be listed on BSE and NSE.
Who was the registrar for Rays Power Infra IPO?
Bigshare Services Private Limited was appointed as the registrar to the proposed IPO.
What was the face value of Rays Power Infra IPO shares?
The face value of each equity share was ₹2 according to the September 2025 DRHP.
What does Rays Power Infra do?
Rays Power Infra provides renewable energy solutions with a primary focus on solar power. Its operations include Co-Development, EPC, O&M, open-access renewable power solutions, energy storage opportunities and related substations and transmission infrastructure.
What were the objects of the Rays Power Infra IPO?
The proposed fresh issue proceeds were intended mainly for investment in Rays Green Energy Manufacturing Private Limited for a 1.5 GW solar cell manufacturing facility, funding incremental working capital requirements and general corporate purposes.
Did Rays Power Infra IPO get listed?
No. The proposed IPO was withdrawn in March 2026 before the public issue was completed. Therefore, there is no official IPO listing price or listing gain for Rays Power Infra.
