Cosmic PV Power Limited
Cosmic PV Power Limited
INE13V701016
Incorporation Date: 01-Sep-2020
Listing Status: DRHP Filed
About Cosmic PV Power Limited
Overview of Cosmic PV Power Limited
Incorporated in September 2020 and headquartered in Surat, Gujarat, Cosmic PV Power Limited is an aggressive, high-growth player in India's booming renewable energy sector.
The company is experiencing a watershed moment, having filed its Draft Red Herring Prospectus (DRHP) with SEBI to launch a ₹640 crore Initial Public Offering (IPO) to fuel its next phase of vertical expansion.
📊 Business Model
Cosmic PV Power operates a vertically integrated clean-tech manufacturing and services model. They have scaled their annual manufacturing capacity remarkably fast—surging from a modest 100 MW in 2021 to a robust 3.00 GW capacity.
Dual B2B Revenue Streams: The company operates as an Original Equipment Manufacturer (OEM) / Original Design Manufacturer (ODM) for over 15 major domestic solar brands while simultaneously selling premium modules under its own corporate banner.
Forward Integration (EPC): Beyond just assembling hardware, they provide end-to-end Engineering, Procurement, and Construction (EPC) services.
This allows them to capture margins across the entire project lifecycle—from concept to long-term maintenance. Strategic Backward Integration: Through its subsidiary, Cosmic Greentech Private Limited, the company manufactures its own aluminium frames and profiles.
This drastically insulates them from global supply chain shocks and volatile import costs. Hyper-Growth Financials: Backed by an astronomical revenue CAGR of 125.8% between FY23 and FY25, the company posted a total income of ₹246.29 crore in FY25 with a healthy ₹24.44 crore net profit.
👥 Management Structure
The executive leadership effectively blends the entrepreneurial risk-appetite of its parent group with specialized clean-tech project expertise:
Mr. Jenishkumar Deepakkumar Ghael (Founder & Promoter/Director):
A green entrepreneur coming from the prominent Surat-based Ghael Group legacy. He brings over half a decade of hands-on experience in solar component trading and has personally directed the solarization of over 1,000 establishments. Mr. Shravan Kumar Gupta (Promoter & Director):
A seasoned clean-tech marketing strategist who drives the company’s B2B corporate relationships, institutional client acquisition, and nationwide distribution network. Core Promoters: The foundational equity and corporate vision are securely held by the Ghael and Gupta families, alongside Surabhi Sureshchandra Sahu and Maitry Jenishkumar Ghael, retaining a strong pre-IPO promoter holding of ~83%.
☀️⚡ Product Portfolio
Cosmic PV Power leverages fully automated robotic production facilities in Gujarat to roll out a heavily certified, tier-compliant portfolio that qualifies for India's prestigious Approved List of Models and Manufacturers (ALMM-I).
| Category / Service | Key Technology & Offerings | Market Application |
| Next-Gen Solar PV Modules | N-Type TOPCon (G12R series ranging up to 630Wp with 23.33% efficiency) and Bi-Facial Modules (capturing light from both sides to maximize albedo yield). | Designed for high-output deployment in challenging utility-scale environments and large industrial rooftops. |
| Classic Performance Modules | Mono-PERC Half-Cell Twin Series (510Wp–550Wp) featuring zero PID (Potential Induced Degradation) and anti-reflective glass. | The bread-and-butter product optimized for standard commercial and residential deployment with lower Balance of System (BOS) costs. |
| EPC Project Solutions | Full-scale project implementation for Residential, Commercial & Industrial (C&I), Ground-Mounted, and complex Floating Solar arrays. | Active execution footprints spanning across 13 Indian states with an order book exceeding 2.6 GW. |
| Aluminium Hardware | Specialized in-house premium aluminium framing profiles. | Structural hardware designed to withstand heavy mechanical loads, high wind speeds, and extreme weather humidity. |
Insights of Cosmic PV Power Limited
Financial Highlights & Growth
The company has demonstrated explosive growth, positioning itself as one of India's fastest-growing solar PV module manufacturers.
Revenue Surge: For the fiscal year ending March 31, 2025 (FY25), the company generated a net operating revenue of approximately ₹243 Crores ($28.7M).
CAGR: According to its regulatory filings, Cosmic PV Power boasts a staggering Revenue Compound Annual Growth Rate (CAGR) of roughly 125% to 145% over the recent fiscal periods (FY23–FY25).
Funding: Before its IPO phase, the company operated at a Series A stage, having raised approximately $7.85M from institutional and angel investors, including the Chanakya Opportunities Fund.
Upcoming IPO Details (Filed early 2026)
To fund its aggressive expansion plans, the company recently filed its Draft Red Herring Prospectus (DRHP) with SEBI.
Total Issue Size: Up to ₹640 Crores (₹6,400 million).
Fresh Issue: Up to ₹540 Crores, which will likely be routed toward capital expenditure, debt reduction, and working capital.
Offer for Sale (OFS): Up to ₹100 Crores by promoters (including Founder & MD Jenish Ghael) and existing corporate/investor shareholders.
Face Value: ₹10 per equity share.
Recent Strategic Milestones (2025–2026)
The company has been aggressively expanding its manufacturing footprint to capture India's booming renewable energy demand:
Capacity Expansion (Feb 2026): Successfully added a massive 1.6 GW Solar Module Manufacturing line in Gujarat.
Solar Cell Integration (April 2026): Conducted the Bhumi Poojan (groundbreaking) for a new 1.1 GW Solar Cell Manufacturing Unit. Additionally, the Madhya Pradesh government granted the company 60 acres of land to facilitate further cell manufacturing.
Major Order Book Wins (Nov 2025): Secured a massive ₹600 Crore solar module supply order from Zetwerk for Independent Power Producer (IPP) projects.
Brand Visibility: Appointed Indian cricketer Shreyas Iyer as its Global Brand Ambassador in February 2026 to boost retail and commercial brand recall.
Industry Outlook
The macroeconomic tailwinds for Cosmic PV Power are exceptionally strong. The Indian government is heavily incentivizing domestic solar manufacturing through initiatives like the ALMM (Approved List of Models and Manufacturers) and PLI (Production Linked Incentive) schemes to reduce reliance on Chinese imports. With the national target of achieving 500 GW of non-fossil fuel capacity by 2030, integrated module and cell manufacturers like Cosmic PV are positioned in a high-demand, high-growth sector.
Financial Charts of Cosmic PV Power Limited
Balance Sheet of Cosmic PV Power Limited
Profit and Loss of Cosmic PV Power Limited
Ancillary of Cosmic PV Power Limited
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Cosmic PV Power Limited
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How to buy Cosmic PV Power Limited?
Below are three ways through which you can purchase Cosmic PV Power Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Cosmic PV Power Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Cosmic PV Power Limited?
Below are three ways through which you can sell Cosmic PV Power Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Cosmic PV Power Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Cosmic PV Power Limited?
We provide a two way quote on all the shares we deal in. Your buy price for Cosmic PV Power Limited is ₹100 and your sell price for Cosmic PV Power Limited is ₹90. The price is based on our estimates and market conditions.
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What is the lock-in period of Cosmic PV Power Limited?
The lock-in period for Cosmic PV Power Limited varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Cosmic PV Power Limited
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Cosmic PV Power Limited
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Cosmic PV Power Limited price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Cosmic PV Power Limited. The price is also determined from the most recent funding round for Cosmic PV Power Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Cosmic PV Power Limited?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Cosmic PV Power Limited with us kindly click here.
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What are the financials of Cosmic PV Power Limited?
The financials of Cosmic PV Power Limited which includes the P/L of Cosmic PV Power Limited and the Balance Sheet of Cosmic PV Power Limited is in the financials section (Click on link).
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Where can I find the annual report of Cosmic PV Power Limited?
The annual report of Cosmic PV Power Limited is available in the annual report section (Click on link).
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Is buying Cosmic PV Power Limited legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Cosmic PV Power Limited?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Cosmic PV Power Limited and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Cosmic PV Power Limited once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Cosmic PV Power Limited?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Cosmic PV Power Limited from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
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