Whalesbook
Ab dekho, is IPO se ₹640 Crore judenge, jisme ₹540 Crore naye shares se aur ₹100 Crore offer-for-sale se aayenge. Zyada tar paisa, matlab ₹497.1 Crore, Madhya Pradesh ke Narmadapuram mein naya plant lagane mein use hoga. Isse company ki solar PV module banane ki capacity lagbhag double ho jayegi, abhi jo 3.0 GW hai woh aur badhegi. Ek tarah se, ye company zoron shoron se expand karne ka plan bana rahi hai.
Par yahan ek twist hai! India mein waise hi bade-bade solar companies hain. Jaise Waaree Energies jiska market value ₹88,000 Crore se upar hai, aur Premier Energies jiska ₹40,000 Crore se zyada hai. Cosmic PV Power ka IPO valuation abhi final nahi hua hai, par expect hai ki ye unse kam hoga, matlab ye naya player banne ki koshish mein hai.
Company ne 2021 mein manufacturing start ki thi aur abhi 3.0 GW annual capacity Surat mein do plants se manage kar rahi hai. Haal hi mein jo ₹600 Crore ka Zetwerk Manufacturing Businesses se module supply ka deal mila hai, woh ek badi achievement hai. Isse ye log bade utility-scale Independent Power Producer (IPP) market mein officially enter kar gaye hain. Yeh deal 688,947 modules (550 Wp each) ke liye hai, jo dikhata hai ki company ab bade deals handle kar sakti hai. Yeh naya plant inke growth ke liye zaroori hai, par isme investment bhi badi hai aur execution risk bhi hai, kyunki India mein module manufacturing capacity 170 GW se zyada ho chuki hai.
India ka solar market ekdum tez chal raha hai, aur 2026 tak yeh world ka dusra sabse bada market ban jayega. Par bhai, jitna market badh raha hai, utni hi zabardast competition bhi hai. Cosmic PV Power ko seedhi takkar Waaree Energies, Premier Energies, Vikram Solar, Emmvee Photovoltaic Power, aur Solex Energy jaisi companies se milegi, jo pichhle 18 mahine mein hi list hui hain. Inke operations aur market value Cosmic se kaafi zyada hain. Jaise, Emmvee ka P/E ratio 28 se 115 tak hai, Vikram Solar ka 49 ke aas paas tha, aur Solex Energy ka market cap ₹1,000 Crore ke around hai jiska P/E mid-20s mein hai. Industry mein price ka pressure bhi rehta hai, khas kar jab non-DCR modules, DCR modules ke comparison mein saste milte hain, jo manufacturers ke profit ko affect kar sakta hai.
Ab financials ki baat karein toh Cosmic PV Power ne kaafi acche numbers dikhaye hain. FY24-25 mein revenue ₹245.1 Crore raha, jo pichhle saal ke ₹99.9 Crore se lagbhag 2.5X zyada hai. Profit bhi 4X badh kar ₹24.4 Crore ho gaya, jo pichhle saal ₹6.5 Crore tha. Aur September 2025 tak ke pehle 6 mahine mein bhi ₹181.6 Crore revenue par ₹12.8 Crore ka profit kamaya hai. Company ne do saal mein 200 MW se 3 GW tak ka safar tezi se तय kiya hai.
Lekin risk bhi kam nahi hain. Naye plant ki itni badi investment ko time par aur budget mein poora karna ek challenge hai. India mein solar capacity bahut tezise badh rahi hai, aur agar demand se zyada ho gayi toh price competition aur badh jayegi, jisse profit kam ho sakta hai. Yeh risk tab aur badh jata hai jab wafers aur cells jaisi cheezon ki supply chain slow rahe. Saath hi, company ko bade aur established competitors se compete karna hai jo economies of scale ka fayda uthate hain. Haalanki Zetwerk ka deal achha hai, par aise utility-scale contracts consistently jeetna zaruri hoga. Company ka FY24-25 net profit margin lagbhag 10% tha, jo competitive bidding mein pressure mein aa sakta hai. Government ki schemes jaise PM Surya Ghar aur PM-KUSUM is sector ko support kar rahi hain, jo ek achhi baat hai. Cosmic PV Power ko iss boom ka fayda uthane ke liye efficiently scale karna, supply chain risks manage karna, aur price aur technology par compete karna hoga.