Introduction: IPO Momentum and Unlisted Space
India’s IPO pipeline remains strong, supported by robust domestic liquidity, rising retail participation, and policy push toward infrastructure and clean energy. Within this backdrop, Rays Power Infra Limited (Rays Power Infra) has filed its Draft Red Herring Prospectus (DRHP) with SEBI, signaling its intent to tap public markets through a fresh issue and offer for sale of equity shares.
For investors tracking upcoming unlisted shares in India, this filing matters because it opens a new opportunity in the fast-growing solar engineering, procurement and construction (EPC) and operations & maintenance (O&M) space. The company’s detailed restated consolidated financials, risk factors, and growth plans in the SEBI document help investors assess Rays Power Infra’s unlisted share price potential and pre-IPO positioning.
About Rays Power Infra Limited
Rays Power Infra Limited is a public company incorporated in India and domiciled in Mumbai, Maharashtra, with its registered office at Evershine Mall, Malad (West), Mumbai. The group is primarily engaged in design, consulting, turnkey EPC services, and O&M for solar power projects, and is also involved in co-development and sale of photovoltaic (PV) solar modules to offer integrated solutions to clients.
The business model focuses on:
- Turnkey EPC for utility-scale and captive solar projects (design to commissioning).
- Long-term O&M contracts, providing recurring revenue streams.
- Co-development of solar assets through subsidiaries and project SPVs, which enables shared infrastructure and engineering cost efficiencies.
The group operates through a network of subsidiaries and step-down subsidiaries such as various solar project SPVs and LLPs, reflecting a project-based structure common in infrastructure and renewable energy businesses. Board-level oversight is provided by the managing director and whole-time director, supported by a professional CFO and company secretary, and the restated consolidated financial information has been audited by G. M. Kapadia & Co., a reputed chartered accountancy firm.
Promoters, Group Structure and Milestones
Rays Power Infra has grown from a project developer into an integrated solar EPC and O&M platform with multiple project entities across India and select overseas locations. Over the years it has incorporated or acquired numerous solar project companies and LLPs, and has also exited or struck off certain SPVs once projects were completed or restructured, indicating an active portfolio management strategy.
Key structural and corporate milestones include:
- Expansion into multiple Indian states via project SPVs in places like Haveri, Kaduru, Nadbai, Tumkur and others, demonstrating geographic diversification.
- Consolidation and rationalisation of SPVs, including loss of control or strike-off of certain entities, improving focus on core operating assets.
- Implementation of an Employee Stock Option Scheme (ESOP 2020) to align key employees with long-term shareholder value, later modified to comply with SEBI’s share-based regulations and to shift from trust to direct route.
These developments enhance the group’s credibility as a professionalised renewable energy platform preparing for a mainboard IPO.
Financial Overview: Revenue, Profit and Cash Flows
The DRHP provides restated consolidated financial information for FY23, FY24 and FY25 (year ended March 31). All figures below are in INR million unless stated otherwise.
Revenue and Profitability
- Total consolidated revenue increased from 7,765.81 in FY23 to 10,487.99 in FY24 and further to 12,206.41 in FY25, reflecting strong top-line growth led by EPC execution within India.
- Revenue from Indian customers rose from 7,096.59 in FY23 to 10,153.30 in FY24 and 12,067.92 in FY25, while overseas revenue fluctuated from 669.22 in FY23 to 334.69 in FY24 and 138.49 in FY25, indicating a strategic tilt toward domestic projects.
Profitability trends:
- Profit before tax increased from 1,582.61 in FY23 to 1,175.20 in FY24 and 1,866.73 in FY25, with some variability due to one-offs and finance costs.
- Profit attributable to equity shareholders rose from 1,312.04 in FY23 to 939.63 in FY24 and 1,393.52 in FY25, supporting a substantial build-up of reserves.
The equity base has strengthened meaningfully:
- Equity share capital increased from 102.69 in FY22 to 542.15 in FY24 and 569.38 in FY25, driven by fresh share issues and share split.
- Other equity rose significantly, reflecting profits, securities premium and ESOP-related reserves.
Cash Flow and Debt
- Net cash generated from operating activities fluctuated but showed improvement, with working-capital swings driven mainly by trade receivables and other assets.
- Cash flows from investing activities were negative in some years due to capex and investments, while financing cash flows were positive owing to borrowings and equity issuances.
Debt and gearing:
- Total borrowings rose from 1,103.02 in FY23 to 2,704.49 in FY25, showing higher leverage to support growth.
- Net debt increased, and gearing ratio moved from 32.43% to 35.09%, reflecting higher leverage but manageable financial risk.
Key Financial Table (YoY Snapshot)
| Metric | FY23 | FY24 | FY25 | Comment |
|---|---|---|---|---|
| Revenue from operations | 7,765.81 | 10,487.99 | 12,206.41 | Strong CAGR in top line driven by solar EPC orders. |
| India revenue | 7,096.59 | 10,153.30 | 12,067.92 | Domestic market is core revenue driver. |
| Outside India revenue | 669.22 | 334.69 | 138.49 | Overseas share declining as focus shifts to India. |
| Profit before tax | 1,582.61 | 1,175.20 | 1,866.73 | Healthy profitability with some volatility. |
| Profit to equity holders | 1,312.04 | 939.63 | 1,393.52 | Supports strong growth in reserves. |
| Net cash from operations | 702.36 | 228.94 | 696.18 | Working capital intensive; cash generation improving. |
| Total borrowings | 1,103.02 | 1,393.22 | 2,704.49 | Leverage increasing with growth capex. |
| Cash & cash equivalents | 202.54 | 632.69 | 1,005.67 | Liquidity position strengthened. |
Market Position and Industry Opportunities
Rays Power Infra operates in the solar EPC and O&M segment, benefiting from India’s push toward renewable energy capacity addition and decarbonisation. The company positions itself as an integrated player offering design, procurement, construction, and lifecycle maintenance, with additional value from co-development and PV module-related activities.
Industry growth drivers include:
- Strong policy support for solar capacity addition, grid-scale projects, and industrial/commercial rooftop demand in India.
- Increasing investor appetite for asset-light service providers in the renewable ecosystem, where EPC players can scale rapidly with limited balance-sheet risk compared to asset owners.
Competitive differentiators for Rays Power Infra include:
- Project execution scale demonstrated by multi-year revenue growth and geographic spread of projects and SPVs.
- Professional management, use of ESOPs, and adherence to Ind AS and SEBI disclosure norms, enhancing governance perception.
- Diversification across EPC, O&M, and project co-development, balancing one-time EPC revenues with recurring income streams.
Though exact peer data is not in the DRHP excerpt, Rays Power Infra’s scale and profitability position it among mid-sized solar EPC players with growth potential.
Key Strengths for Investors
- Scale and growth: Rising revenues and profits across three years, with India-centric growth providing visibility in a large market.
- Improved equity and capital base: Higher share capital and reserves, along with ESOP-based alignment of key employees, supporting scalable capital structure.
- Risk-managed capital structure: Leverage rising but gearing remains moderate and no covenant breaches reported.
- Strong financial risk management: Detailed disclosures on credit, liquidity, market, currency and interest rate risks indicate mature treasury practices.
Risks and Challenges
Key risk categories include:
- Regulatory and Policy Risks: Dependency on power sector policies and compliance with SEBI regulations.
- Operational and Execution Risks: Project delays, cost overruns, and high working capital needs.
- Financial and Market Risks: Leverage and interest rate exposure, currency risks on overseas contracts.
- Business Concentration and Counterparty Risks: Revenue concentration in a few customers and credit risk from trade receivables.
Investment Insights: Pre-IPO and Long-Term View
Rays Power Infra shows strong revenue growth, profitability, and an expanding equity base. It is a leveraged growth proxy on India’s solar expansion.
Short- to medium-term, the company offers potential listing gains, but investors should watch earnings quality and cash flow.
Long-term, success depends on sustained order inflows, margin discipline, diversified revenues, and prudent capital allocation post listing.
The company’s government and regulatory adherence position it for institutional scrutiny, a positive signal for minority investors.
Unlisted Share Price and Market Trends
The DRHP does not provide a live unlisted share price, as such trades occur privately. Investors should consult specialised unlisted share brokers and platforms for indicative pricing.
Trends in India’s unlisted market include growing interest in pre-IPO companies, use of ESOP liquidity windows, and secondary shareholder transactions for price discovery.
Conclusion: Why Track Rays Power Infra on Unlisted Radar?
Rays Power Infra provides a play on India’s solar EPC and O&M growth, with rising revenues, profitability, and equity over FY23–FY25, balanced with working capital and leverage risks.
Investors interested in investment opportunities in unlisted companies in renewables should track DRHP progress, unlisted pricing, and IPO updates on platforms like Unlisted Radar.
FAQs on Rays Power Infra Limited Unlisted Shares and IPO
- What is Rays Power Infra Limited’s unlisted share price today? No public price is available; investors must refer to brokers and platforms for indicative prices.
- How can an investor buy Rays Power Infra Limited unlisted shares? Through SEBI-registered intermediaries or specialist brokers via secondary deals, subject to due diligence.
- Is Rays Power Infra Limited a good investment before IPO? It shows strong fundamentals but depends on price, risk appetite, and sector outlook.
- When is the Rays Power Infra Limited IPO expected to launch? The date depends on SEBI approvals and market conditions; not currently disclosed.
- What are the key risks of investing in Rays Power Infra Limited unlisted shares? Regulatory, operational, financial risks, and liquidity risk inherent to unlisted shares.
- Which brokers or platforms can deal in Rays Power Infra Limited unlisted shares? SEBI-registered unlisted share brokers and platforms; verify credentials before transacting.
- What could be the lot size in the Rays Power Infra Limited IPO? Not disclosed; details will come closer to the IPO opening.
- How does Rays Power Infra Limited compare with competitors? Positioned as a mid-sized solar EPC player with good growth and moderate leverage; detailed benchmarking advised.
- Does Rays Power Infra Limited have recurring revenue streams? Yes, from O&M contracts and co-development activities.
- How can investors stay updated on Rays Power Infra Limited unlisted share developments? Monitor SEBI filings, stock exchange updates, and platforms like Unlisted Radar for latest information.