Goldi Solar plans to launch its IPO in 2026

09 Oct 2024 CW Team

Goldi Solar, a solar module manufacturer based in Gujarat, plans to launch an initial public offering (IPO) in 2026, according to its Managing Director and Founder, Ishver Dholakiya. He indicated that discussions were in the early stages, and it was too soon to disclose specific details.

Dholakiya mentioned that the company also aims to expand its export business by fully entering the US and South American markets for solar modules and cells by next year, with a focus on increasing the percentage of exports to the US. Additionally, Goldi Solar is planning to venture into the green hydrogen segment but has yet to decide which part of the supply chain it will target.

The company is considering expansion into related industries, including aluminium manufacturing, over the next few years. Goldi Solar recently announced plans to increase its solar module manufacturing capacity from the current 3 gigawatts (GW) to 14 GW by mid-financial year 2025-26. Its solar cell manufacturing capacity is expected to reach 4 GW by FY27. The upcoming solar modules, both n-type and p-type, will be produced using AI technology.

The company is expanding its capacity at a new facility in Kosamba, Gujarat, with a capital expenditure of around Rs 100 crore for every 1 GW of solar manufacturing capacity. Goldi Solar has experienced significant growth, with its turnover rising from Rs 600 crore in FY22 to Rs 1,750 crore in FY24, reflecting a 191.67 percent increase. Its current order book stands at approximately Rs 5,350 crore, comprising Rs 4,550 crore in module manufacturing and Rs 800 crore in EPC contracts.

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