Rays Power Infra Limited
Rays Power Infra Limited
INE666X01012
Incorporation Date: 13-Jun-2011
Listing Status: DRHP Not Filed
About Rays Power Infra Limited
Overview of Rays Power Infra Limited
Rays Power Infra Limited
Rays Power Infra Limited (RPIL) is an integrated renewable-energy company focused primarily on utility-scale solar power infrastructure, with capabilities spanning project development, EPC, solar parks, open-access power, operations & maintenance and energy-storage solutions. Established in 2011, the company has developed a differentiated Co-Development Business model, under which it creates “ready-to-build” renewable-energy assets by aggregating land, securing grid connectivity and facilitating key approvals before transferring the developed project to customers. Its portfolio has expanded beyond solar into wind and hybrid renewable-energy projects, along with selected infrastructure EPC activities.
🏢 Introduction & Infrastructure
Established: 2011.
Head Office: Jaipur, Rajasthan, with corporate presence in Gurugram and offices in Mumbai and Hyderabad.
Core Business: Renewable-energy project development and EPC.
Project Footprint: Projects executed or under development across 13 states and 1 Union Territory in India.
International Experience: Solar EPC projects executed in Bangladesh and Vietnam.
Installed Portfolio: Approximately 2.4 GWp of renewable-energy projects commissioned as of March 31, 2026.
Renewable Pipeline: Diversified portfolio spanning solar, wind and hybrid projects.
Engineering Infrastructure: Supported by in-house design, engineering, project-management and execution teams.
Quality Systems: Certified under ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018.
⚙️ Business Model & Operational Verticals
Rays Power Infra operates through an integrated renewable-energy model combining project development, EPC and long-term operations.
1. Co-Development Business — Key Differentiator
The company develops “ready-to-build” renewable-energy infrastructure for customers.
Its activities typically include:
Land aggregation
Identification and development of project sites
State and inter-state grid connectivity
Bay allocation
Regulatory approvals
Captive arrangements
Power Purchase Agreement facilitation
Development of dedicated project SPVs
Transfer of developed projects to customers
Subsequent EPC and O&M services
This model allows customers to acquire renewable projects at a more advanced stage of development rather than starting the development process from scratch.
2. Solar EPC Business
Provides end-to-end EPC services covering:
Design and engineering
Procurement
Construction
Testing
Commissioning
Project management
The company executes utility-scale solar projects for customers who already possess the underlying renewable-energy asset or project rights.
3. Solar Park Development
Development of solar parks and associated infrastructure.
Land and site development.
Grid-connectivity infrastructure.
Common infrastructure for multiple renewable projects.
Project-development support for renewable-energy customers.
4. Open Access Renewable Power
Develops renewable projects for commercial and industrial consumers.
Supports third-party, group-captive and captive structures.
Long-term PPAs with power consumers.
Renewable electricity supplied through open-access arrangements.
Real-time monitoring and operational support.
5. Operations & Maintenance
Long-term O&M of commissioned renewable projects.
Preventive and corrective maintenance.
Plant monitoring and performance optimisation.
O&M contracts typically ranging from 2 to 10 years, depending on project requirements.
6. Energy Storage & Emerging Renewables
Participation in Battery Energy Storage System (BESS) and Energy Storage System opportunities.
Development of hybrid renewable-energy projects.
Integration of storage with renewable-generation assets.
Experience with emerging storage technologies, including a commissioned Vanadium Redox Flow Battery system.
👥 Management Structure
Rays Power Infra is supported by a promoter-led and professional management structure with experience across renewable-energy development, EPC, engineering, project finance, operations and infrastructure.
Ketan Mehta — Managing Director
Chandrakant D. Jain — Director
Supported by professional teams across engineering, project development, EPC, procurement, finance, O&M, regulatory affairs and business development.
The company has developed dedicated in-house capabilities for design, execution, project management and renewable-energy development.
📦 Key Product & Project Portfolio
| Business / Solution | Key Offering |
|---|---|
| Solar Co-Development | Ready-to-build renewable-energy assets |
| Solar EPC | End-to-end engineering, procurement and construction |
| Solar Parks | Development of utility-scale solar infrastructure |
| Open Access Solar | Renewable power supply to C&I customers |
| Hybrid Renewable Projects | Solar, wind and integrated renewable systems |
| Wind Projects | Development of renewable wind assets |
| O&M Services | Long-term operation and maintenance |
| Energy Storage | BESS and other energy-storage solutions |
| Substations & Transmission | Power evacuation and grid-connectivity infrastructure |
| Water EPC | EPC solutions for selected water-infrastructure projects |
🔧 Engineering & Project Execution Capabilities
End-to-end renewable project development.
In-house design and engineering capabilities.
Land aggregation and site development.
State and inter-state transmission connectivity.
Power evacuation and grid-integration infrastructure.
Procurement and construction management.
Testing and commissioning of renewable projects.
Project SPV development and transaction support.
Long-term plant O&M and performance monitoring.
Ability to execute large-scale utility projects across multiple geographies.
🌐 Customer & Market Ecosystem
Rays Power Infra serves a diversified customer ecosystem comprising:
Renewable-energy developers
Independent Power Producers
Commercial & industrial consumers
Captive power users
Infrastructure companies
Public-sector enterprises
Large corporate power consumers
Institutional and international renewable-energy customers
Its project experience includes customers and organisations such as Infosys, Prestige Group, SAIL and Pragathi Group, among others.
🌍 Project & International Presence
The company's renewable-energy execution experience extends across multiple Indian states, including Madhya Pradesh, Assam, Maharashtra, Karnataka, Telangana, Gujarat, Odisha, Rajasthan, Punjab, Uttarakhand, Uttar Pradesh, Tamil Nadu, Arunachal Pradesh and Jammu & Kashmir.
Internationally, the company has executed solar EPC projects in Bangladesh and Vietnam, demonstrating its ability to undertake utility-scale renewable projects beyond the domestic market.
⭐ Key Business Highlights
More than 15 years of experience in renewable-energy project development and EPC.
Integrated platform covering Co-Development, EPC, Solar Parks, Open Access, O&M and Energy Storage.
Approximately 2.4 GWp of renewable-energy projects commissioned as of March 31, 2026.
Diversified renewable portfolio spanning solar, wind and hybrid projects.
Pioneer in India's Co-Development Business model, creating ready-to-build renewable assets for customers.
Strong capabilities in land aggregation, grid connectivity, project approvals and power evacuation.
International EPC experience in Bangladesh and Vietnam.
Growing capabilities in energy storage and hybrid renewable-energy infrastructure.
Ability to participate across a large part of the renewable-energy value chain, from project development and EPC to long-term O&M.
Increasingly positioned as an integrated renewable-infrastructure platform supporting India's transition toward large-scale, reliable and increasingly storage-backed clean energy.
Insights of Rays Power Infra Limited
Rays Power Infra Limited
1. Financial Highlights
| Particulars | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | ₹1,220.00 Cr | ₹1,048.00 Cr | +16.4% |
| EBITDA | ₹191.36 Cr | ₹120.07 Cr | +59.4% |
| EBITDA Margin | 15.7% | 11.5% | +420 bps |
| PBIT | ₹204.79 Cr | ₹135.56 Cr | +51.1% |
| Finance Costs | ₹20.94 Cr | ₹18.07 Cr | +15.9% |
| PBT | ₹183.85 Cr | ₹117.49 Cr | +56.5% |
| PAT | ₹137.20 Cr | ₹91.37 Cr | +50.2% |
| PAT Margin | 11.2% | 8.7% | +250 bps |
Key Financial Insights
Strong revenue growth: Revenue increased 16.4% to ₹1,220 Cr, supported by higher execution across EPC and solar park development activities.
Significant margin expansion: EBITDA grew 59.4%, much faster than revenue, taking EBITDA margin from 11.5% to 15.7%.
Strong earnings growth: PAT increased 50.2% to ₹137.20 Cr, while PBT increased 56.5%, indicating meaningful improvement in profitability.
2. Business & Growth Profile
Rays Power Infra operates primarily across renewable-energy project development and EPC, with activities covering solar project development, EPC execution and related O&M activities. The company also follows a co-development model involving land aggregation, grid connectivity and project development before undertaking EPC/O&M activities.
The company's FY25 revenue mix was increasingly driven by EPC. CARE Ratings reported that EPC accounted for approximately 91% of FY25 revenue, while co-development projects also increased substantially.
This is important because EPC provides an opportunity for faster revenue scaling, but execution, working capital and project concentration remain important factors.
3. Long-Term Financial Performance
Rays Power Infra has shown a significant transformation over the past decade.
| Particulars | FY15 | FY25 | Growth |
|---|---|---|---|
| Revenue | ₹110.30 Cr | ₹1,220.00 Cr | ~11x |
| EBITDA | ₹7.07 Cr | ₹191.36 Cr | ~27x |
| PAT | ₹4.22 Cr | ₹137.20 Cr | ~33x |
The company also experienced losses during FY20–FY22, but subsequently returned to strong profitability. FY25 represents a significant improvement over the weaker years, with both margins and absolute earnings substantially higher.
4. Key Company Developments
The company has significantly expanded its renewable-energy execution capabilities. As of March 2026, it reported 2,400 MWp of commissioned renewable-energy projects across 60 projects.
CARE Ratings reported an order book of approximately ₹7,702 Cr as of October 31, 2025, equivalent to roughly 6.3x FY25 revenue, providing strong revenue visibility if execution remains on track.
FY25 EPC revenue increased to approximately ₹801.53 Cr, while co-development revenue increased to approximately ₹310.64 Cr, highlighting the increasing contribution of these businesses.
The company continues to focus on solar infrastructure and renewable-energy development, with its portfolio also including wind and hybrid projects.
5. Industry Insights & Trends
India's renewable-energy expansion is creating sustained demand for solar EPC, project development, transmission and energy-storage infrastructure.
The opportunity is particularly relevant for companies such as Rays Power Infra because increasing renewable capacity requires not only generation assets but also land, grid connectivity, project execution and related infrastructure.
However, EPC businesses are also exposed to:
Project execution delays
Working-capital requirements
Customer concentration
Raw-material and construction-cost fluctuations
Receivables and cash-flow management
Therefore, order-book conversion into revenue and cash flow will be as important as the headline order-book size.
6. Proper Peer Comparison
For Rays Power Infra, I would use Oriana Power as the closest listed growth-oriented peer because both businesses have significant exposure to renewable-energy project development/EPC. Sterling & Wilson Renewable Energy is useful as a larger-scale renewable EPC benchmark. Sterling & Wilson operates across solar, BESS and wind EPC and O&M.
FY26 Peer Comparison
| Particulars | Rays Power Infra | Oriana Power | Sterling & Wilson Renewable Energy |
|---|---|---|---|
| FY26 Revenue | ₹1,220 Cr* | ₹1,813.67 Cr | ₹7,548.05 Cr |
| FY26 EBITDA | ₹191.36 Cr* | ₹425.37 Cr | ₹480.75 Cr |
| EBITDA Margin | 15.7%* | 23.5% | 6.4% |
| FY26 PAT | ₹137.20 Cr* | ₹252.34 Cr | -₹295.79 Cr |
| PAT Margin | 11.2%* | 13.9% | -3.9% |
| Business Focus | Solar EPC / Co-development | Renewable EPC / Solar / Energy solutions | Solar / BESS / Wind EPC |
| Scale | Mid-sized | Mid-sized | Large |
*Rays Power figures are based on the FY25 financial data supplied by you, while the listed peers are shown on FY26 consolidated figures. Therefore, Rays Power's column is not directly FY26 comparable. Oriana's FY26 consolidated revenue was ₹1,813.67 Cr, EBITDA ₹425.37 Cr and PAT ₹252.34 Cr.
What the Peer Comparison Shows
Oriana Power is the closest growth benchmark: It operates at a similar broad scale but currently has higher EBITDA and PAT margins than Rays Power.
Rays Power's profitability is strong relative to the larger EPC benchmark: Its FY25 EBITDA margin of 15.7% is substantially above Sterling & Wilson's FY26 6.4%.
Scale remains the key difference: Sterling & Wilson is substantially larger by revenue, while Rays Power and Oriana are more comparable from a growth-company perspective.
Rays Power's biggest strength is its combination of growth and profitability: FY25 revenue grew 16.4%, while EBITDA grew 59.4% and PAT grew 50.2%.
7. Key Takeaways
Strong growth + improving margins: Rays Power Infra increased revenue by 16.4%, while EBITDA and PAT grew 59.4% and 50.2%, respectively.
Strong execution visibility: The reported ₹7,702 Cr order book provides substantial potential revenue visibility, subject to timely execution and cash-flow conversion.
Attractive positioning in renewable EPC: The company has built a sizeable renewable project execution portfolio, with 2.4 GWp commissioned capacity reported as of March 2026.
Peer positioning is encouraging: Rays Power's FY25 15.7% EBITDA margin is stronger than the FY26 margin reported by Sterling & Wilson, although Oriana currently operates at a higher margin.
Key watchpoint: The next phase of the story will depend on order-book execution, working-capital management and maintaining margins as the company scales.
Financial Charts of Rays Power Infra Limited
Balance Sheet of Rays Power Infra Limited
Profit and Loss of Rays Power Infra Limited
Ancillary of Rays Power Infra Limited
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Rays Power Infra Limited
-
How to buy Rays Power Infra Limited?
Below are three ways through which you can purchase Rays Power Infra 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 Rays Power Infra 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
-
How to sell Rays Power Infra Limited?
Below are three ways through which you can sell Rays Power Infra 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 Rays Power Infra 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
-
What is the price of Rays Power Infra Limited?
We provide a two way quote on all the shares we deal in. Your buy price for Rays Power Infra Limited is ₹92 and your sell price for Rays Power Infra Limited is ₹83. The price is based on our estimates and market conditions.
-
What is the lock-in period of Rays Power Infra Limited?
The lock-in period for Rays Power Infra 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 Rays Power Infra 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 Rays Power Infra 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.
-
How is the Rays Power Infra 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 Rays Power Infra Limited. The price is also determined from the most recent funding round for Rays Power Infra 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.
-
What are the lot sizes of Rays Power Infra Limited?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Rays Power Infra Limited with us kindly click here.
-
What are the financials of Rays Power Infra Limited?
The financials of Rays Power Infra Limited which includes the P/L of Rays Power Infra Limited and the Balance Sheet of Rays Power Infra Limited is in the financials section (Click on link).
-
Where can I find the annual report of Rays Power Infra Limited?
The annual report of Rays Power Infra Limited is available in the annual report section (Click on link).
-
Is buying Rays Power Infra 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.
-
Short-term Capital Gain taxes to be paid on Rays Power Infra 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.
-
Long-term Capital Gain taxes to be paid on Rays Power Infra 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.
-
Applicability of Taxes on Rays Power Infra 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 Rays Power Infra 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 Rays Power Infra 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.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
Press of Rays Power Infra Limited
Featured Blogs of Rays Power Infra Limited
Annual Report of Rays Power Infra Limited
Company Information of Rays Power Infra Limited
Featured Companies


