Bookbuilding IPO | ₹4,575 Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Sael Industries Ltd. on March 27, 2026. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 12 months.
Sael Industries Ltd. IPO is a Book Build Issue of ₹4,575.00 crores consisting of a fresh issue of shares worth Rs ₹3,750.00 crores and an offer for sale (OFS) of ₹825.00 crores.
The equity shares are proposed to be listed on NSE and BSE. ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Sael Industries IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | [.] shares (agg. up to ₹4,575 Cr) |
| Fresh Issue | [.] shares (agg. up to ₹3,750 Cr) |
| Offer for Sale | [.] shares of ₹5 (agg. up to ₹825 Cr) |
| Share Holding Pre Issue | 1,28,32,11,722 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Nov 3, 2025 |
| SEBI/Exchange approval received | Fri, Mar 27, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Offer |
| Retail Shares Offered | Not more than 10% of the Offer |
| NII Shares Offered | Not more than 15% of the Offer |
Incorporated in 2022, Sael Industries is one of India’s top five renewable energy independent power producers (IPPs) with in-house solar module manufacturing, EPC, and O&M capabilities.
As of September 30, 2025, its total contracted and awarded renewable capacity is 5,765.70 MW (8,464.40 MWp), including 5,600.80 MW (8,299.51 MWp) of solar projects, and 164.90 MW of agri waste-to-energy (AgWTE) projects. These projects are spread across 10 Indian states and 1 union territory. The company has long-term power purchase agreements (PPAs) with central and state government off-takers and private companies.
Agri Waste-to-Energy (AgWTE): We are a pioneer and the largest operator in India’s AgWTE sector. The plants use paddy straw and other crop residues to generate clean electricity, helping reduce stubble burning and air pollution in North India.
As of September 30, 2025, the company operates 10 AgWTE plants (150 MW) and are building one more in Rajasthan (14.9 MW).
Solar Power Business: The company entered the solar power sector in 2011 and grew rapidly since 2016. Its largest solar project is a 1,000 MWp solar IPP in Khavda, Gujarat, completed in just 16 months.
It has 29 utility-scale and 25 rooftop solar projects, with total solar capacity of 5,600.80 MW (8,299.51 MWp).
Solar Module Manufacturing: It is among India’s leading TopCon solar module manufacturers with 3,625 MW annual capacity across Punjab and Rajasthan. The comapny is also planning to set up a new 5 GW solar cell and 5 GW module manufacturing facility in Greater Noida, Uttar Pradesh.
Competitive Strengths
Sael Industries Ltd.'s revenue increased by 24% and profit after tax (PAT) dropped by 5% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 12,456.86 | 10,917.27 | 3,852.62 | 2,471.17 |
| Total Income | 276.31 | 730.52 | 587.01 | 398.12 |
| Profit After Tax | -58.31 | -280.95 | -267.14 | -71.07 |
| EBITDA | 133.63 | 141.92 | 97.08 | 130.22 |
| NET Worth | -338.92 | -281.03 | -131.52 | 134.05 |
| Reserves and Surplus | -393.07 | -335.18 | -182.45 | 83.12 |
| Total Borrowing | 9,922.75 | 8,162.03 | 2,214.87 | 1,655.75 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Investment in our Subsidiaries namely SAEL Solar P5 Private Limited and SAEL Solar P4 Private Limited for repayment/prepayment, in full or in part, of certain of their outstanding borrowings, interest accrued and prepayment penalties, as applicable | 2,812.50 |
| 2 | General corporate purposes |
| KPI | Mar 31, 2025 |
|---|---|
| Debt/Equity | 6.27 |
| EBITDA Margin | 19.43% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 99.16% |
Sael Industries IPO is a main-board IPO of 0 equity shares of the face value of ₹5 aggregating up to ₹4,575 Crores. The issue is priced at To be declared. The minimum order quantity is .
The Sael Industries IPO open and close dates are not available as of now.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Sael Industries IPO using UPI as a payment gateway. Zerodha customers can apply in Sael Industries IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Sael Industries IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Sael Industries IPO dates are not announced. Please check back again after some time.
Sael Industries IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Sael Industries IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Sael Industries IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Sael Industries IPO allotment status.
The Sael Industries IPO listing date is not yet announced. The tentative date of listing is .
