Rays Power Infra Limited Unlisted Share Price
Rays Power Infra is one of India’s fast-growing solar EPC and renewable energy solutions companies, and over the years, it has attracted strong interest from private-market investors. As the renewable energy sector expands rapidly, many investors actively track the Rays Power Infra Unlisted Share Price to understand potential value creation ahead of a future listing.
This page provides an insightful and easy-to-read overview of the company, what drives its unlisted share price, and how investors generally participate in the pre-IPO market.
About Rays Power Infra
Rays Power Infra is a leading player in India’s solar engineering, procurement, and construction (EPC) space. The company has executed numerous large-scale solar power projects across multiple states and has developed strong capabilities in turnkey execution, project development, and long-term O&M services.
With over a decade of presence in the renewable energy landscape, the company has built:
Operating in a sector that is central to India’s clean energy transition, Rays Power Infra’s work aligns with national sustainability goals. Renewable energy—especially solar power—continues to see aggressive expansion, driven by policy support, falling technology costs, and rising demand for green infrastructure. This sector-wide momentum naturally enhances investor interest in the company’s long-term prospects.
Why Investors Track Rays Power Infra’s Unlisted Shares
Investors—especially seasoned pre-IPO and private equity participants—closely evaluate companies in sunrise sectors like renewable energy. Rays Power Infra fits this thesis perfectly. This is why the Rays Power Infra Unlisted Share Price has become a trending topic in India’s private-market ecosystem.
Key reasons for investor interest include:
1. Strong Industry Tailwinds
India aims to reach significant renewable energy capacity in the coming years. Solar power forms a major part of this target, ensuring continuous project demand for companies like Rays Power Infra.
2. Growing Execution Track Record
A company with a proven EPC and development record in solar infrastructure often draws higher valuation expectations, especially when the renewable market is expanding.
3. Progress Toward a Potential IPO
Many investors accumulate unlisted shares ahead of an IPO with the expectation of long-term gains. As the company strengthens its business position, the sentiment around its forthcoming listing grows stronger.
4. Interest in Green & Impact Investing
Renewable energy is increasingly becoming a preferred sector for ESG-focused investors. Rays Power Infra’s business model naturally aligns with sustainability principles.
Factors Influencing Rays Power Infra Unlisted Share Price
The Rays Power Infra Unlisted Share Price fluctuates based on multiple internal and external factors. These include:
1. Company Financial Performance
Growth in revenue, profitability, and cash flow positively influences valuations in the private market.
2. New Project Orders
Winning large EPC contracts or expanding into new markets often leads to price appreciation in unlisted shares.
3. Sector Growth Trends
Policy changes, government incentives, and rising demand for solar installations can impact investor perception and pricing.
4. IPO-Related Developments
News regarding fundraising, corporate restructuring, financial audits, or steps taken toward listing can significantly influence the unlisted share price.
5. Market Demand & Supply
Unlisted shares trade in a private network where price is heavily determined by the availability of shares and investor appetite at any given time.
For these reasons, the Rays Power Infra Unlisted Share Price is not fixed—it moves based on sentiment, performance, and broader industry dynamics.
Benefits of Investing in Rays Power Infra Unlisted Shares
Investing in unlisted shares has its own advantages for informed investors:
✔ Early Entry Before IPO
Investors can participate before the company is listed publicly, potentially benefiting from value appreciation.
✔ Exposure to a High-Growth Sector
Solar and renewable energy continue to expand rapidly, offering long-term growth potential.
✔ Portfolio Diversification
Adding private equity or unlisted shares helps diversify beyond traditional equity and mutual funds.
✔ Potential for Higher Returns
If the company performs well post-listing, early investors may see significant upside.
Risks of Investing in Unlisted Shares
As with any investment, risks exist and must be evaluated carefully:
⚠ Low Liquidity
Unlisted shares are not as easily traded as public market shares.
⚠ Price Volatility
The Rays Power Infra Unlisted Share Price may fluctuate widely depending on market sentiment.
⚠ No Guaranteed Listing Timeline
Even if a company prepares for an IPO, market conditions may delay or alter listing plans.
⚠ Limited Public Information
Unlike listed companies, unlisted firms disclose less frequent financial data.
Investors should perform thorough due diligence before committing funds.
How to Buy Rays Power Infra Unlisted Shares
Buying unlisted shares typically involves:
It’s important to follow only compliant and transparent processes. Unlisted Radar helps investors access reliable data, pricing updates, and insights before making a decision—ensuring a smoother and more informed investment experience.
Read More| P&L Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| Interest Earned | 0.00 | 0.00 | 0.00 |
| Other Income | 1335.74 | 1047.53 | 476.63 |
| Interest Expended | 2752.16 | 1519.64 | 3730.18 |
| Operating Expenses | 89533.67 | 71141.69 | 84995.59 |
| Provisions and contingencies | 0.00 | 0.00 | 0.00 |
| PAT | 5080.90 | 4590.11 | 20859.06 |
| EPS | 5.59 | 4.57 | 20.14 |
| Gross NPA | 0.00 | 0.00 | 0.00 |
| Net NPA | 0.00 | 0.00 | 0.00 |
| Financial Ratios | 2023 | 2024 | 2025 |
|---|---|---|---|
| Advances | 1200.66 | 2174.49 | 2406.06 |
| Book Value | 7.35 | 13.40 | 21.89 |
| P/B | 0.00 | 0.00 | 0.00 |
| ROE(%) | 97.48 | 33.99 | 28.89 |
| Balance Sheet | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 9309.86 | 8789.63 | 10782.23 |
| Cash and Balances | 3268.12 | 4057.36 | 3109.73 |
| Investments | 1112.48 | 1133.33 | 1130.89 |
| Advances | 37636.09 | 20073.18 | 30339.30 |
| Other Assets | 29650.16 | 36965.11 | 70837.38 |
| Total Assets | 80976.71 | 71018.61 | 116199.53 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 102.69 | 542.15 | 569.38 |
| FV | 2.00 | 2.00 | 2.00 |
| Reserves | 1757.57 | 2945.73 | 5588.48 |
| Borrowings | 1103.02 | 1393.22 | 2704.49 |
| Deposits | 0 | 0 | 0 |
| Other Liabilities | 3474.84 | 2513.03 | 5291.39 |
| Total Liabilities | 6440.12 | 7396.13 | 14155.74 |
| Cash-Flow Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| PBT | 1582.61 | 1175.20 | 1866.73 |
| OPBWC | 740.86 | 1232.16 | 1991.26 |
| Term Deposit | 0.00 | 0.00 | 0.00 |
| Change in Investment | 0.00 | 0.00 | 0.00 |
| Change in Advances | 0.00 | 0.00 | 0.00 |
| Change in Deposit | 0.00 | 0.00 | 0.00 |
| Other Changes | 0.00 | 0.00 | 0.00 |
| Working Capital Change | 539.56 | 70.41 | 327.82 |
| Cash Generated From Operations | 201.30 | 1161.75 | 1663.44 |
| Tax | 162.80 | 158.53 | 368.36 |
| Cash Flow From Operations | 702.36 | 228.94 | 696.18 |
| Purchase of PPE | 185.87 | 936.21 | 291.76 |
| Sale of PPE | 0.00 | 10.51 | 30.83 |
| Purchase of Investment | 0.00 | 0.00 | 0.00 |
| Sale of investments | 0.00 | 0.00 | 21.37 |
| Others | 0.00 | 0.00 | 0.00 |
| Cash flow from Investment | 538.30 | 1757.93 | 1158.12 |
| Proceeds from Borrowing | 0.00 | 0.00 | 0.00 |
| Repayment of Borrowing | 0.00 | 0.00 | 0.00 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Proceeds from Equity | 0.00 | 0.00 | 0.00 |
| Others From Financing | 0.00 | 0.00 | 0.00 |
| Cash Flow from Financing | 0.00 | 0.00 | 0.00 |
| Net Cash Generated | 49.85 | 49.85 | 372.98 |
| Cash at the Start | 0.00 | 0.00 | 0.00 |
| Cash at the End | 0.00 | 0.00 | 0.00 |
Data not found
| Particulars (cr) | Revenue (FY2025) | EPS (FY2025) | Mcap (26.09.25) | P/E (26.09.25) |
|---|---|---|---|---|
| Sterling & Wilson Renewables | 63018.60 | 3.49 | 242.75 | 69.56x |
| Waaree RTL | 15977.48 | 22.00 | 1010.75 | 45.94x |
| Oriana Power | 9871.66 | 79.52 | 2398.80 | 30.17x |
| KPI Green Energy | 17354.54 | 16.23 | 447.55 | 27.58x |
Received land allotment from MPIDC for new solar cell manufacturing plant (1.5 GW TOPCon).
Won major Letters of Award from a prominent PSU for FDRE + ESS renewable projects.
Executed two major solar projects in Karnataka & Gujarat.
Entered into contract for water EPC project in Uttar Pradesh.
Completed 270 MWp solar project in Bangladesh.
Moved from asset-heavy IPP model to asset-light Co-Development model.
106 MWp Solar Project (Tamil Nadu)
Commissioned 50 MWp project in Vietnam, first overseas project.
Started project development as independent power producer.
Commenced and commissioned first project under the Co-Development business model.
Company incorporated as “Rays Power Infra Private Limited” in Jaipur, Rajasthan.
| Name | Designation | Experience | Social Profile |
|---|---|---|---|
| Ketan Mehta | Chairperson & Managing Director (Promoter) | 0 | |
| Pawan Kumar Sharma | Whole-time Director (Promoter) | 0 | |
| Sanjay Garudapally | Whole-time Director (Promoter) | 0 | |
| Sweta Mehta | Deputy General Manager (Contracts), Promoter | 0 | |
| Richa Sharma | Manager, Promoter | 0 | |
| Shruthi Gupta Garudapally | General Manager, Garudapally Infrastructures Pvt Ltd (Group Co.), Promoter | 0 | |
| Mehta Family Trustee Private Limited | Promoter Entity (does not hold equity shares) | 0 | |
| Mehta Family Trust | Promoter Entity | 0 | |
| Sharma Family Trust | Promoter Entity | 0 | |
| Garudapally Family Trust | Promoter Entity | 0 |
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