Founded in 2017, Rayzon Solar Limited is India’s fastest-growing solar module manufacturer. Headquartered in Gujarat, it has quickly scaled to an installed module capacity of 6 GW and is planning to reach 8 GW by the end of 2025.
The company’s product portfolio includes high-efficiency mono and bifacial solar modules, aligning with India’s push for sustainable energy. Rayzon is also ALMM (Approved List of Module Manufacturers) certified, making it eligible for government projects.
Read MoreP&L Statement | 2022 | 2023 | 2024 | 9M FY25 (Dec 24) |
---|---|---|---|---|
Revenue | 261.60 | 698.00 | 1272.80 | 1957.00 |
Cost of Material Consumed | 254.00 | 618.00 | 1101.00 | 1442.30 |
Gross Margins | 7.60 | 80.00 | 171.80 | 514.70 |
Change in Inventory | -16.90 | -1.20 | -16.40 | -38.70 |
Employee Benefit Expenses | 6.40 | 15.50 | 31.30 | 44.50 |
Other Expenses | 8.40 | 20.90 | 58.10 | 161.00 |
EBITDA | 13.50 | 45.00 | 101.40 | 354.90 |
OPM | 5.15 | 6.45 | 7.96 | 18.12 |
Other Income | 3.70 | 0.20 | 2.50 | 7.00 |
Finance Cost | 2.20 | 5.70 | 8.40 | 14.20 |
D&A | - | - | - | - |
EBIT | 8.60 | 25.20 | 72.60 | 210.60 |
EBIT Margins | 3.30 | 3.60 | 5.70 | 10.80 |
PBT | 6.00 | 34.50 | 81.70 | 320.10 |
PBT Margins | 2.30 | 4.90 | 6.40 | 16.40 |
TAX | 2.10 | 9.00 | 20.80 | 81.10 |
PAT | 3.90 | 25.50 | 60.90 | 239.00 |
NPM | 1.50 | 3.60 | 4.80 | 12.20 |
EPS | 39.12 | 1.45 | 2.03 | 7.97 |
Financial Ratios | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|
Operating Profit Margin | 5.20 | 6.40 | 8.00 | 18.10 |
Net Profit Margin | 1.50 | 3.60 | 4.80 | 12.20 |
Earning Per Share (Diluted) | 39.12 | 1.45 | 2.03 | 7.97 |
Balance Sheet | 2022 | 2023 | 2024 | 9M FY25 |
---|---|---|---|---|
Fixed Assets | 30.60 | 40.62 | 110.67 | 175.59 |
CWIP | - | - | - | 37.17 |
Investments | - | - | 0.24 | 0.47 |
Trade Receivables | 3.26 | 11.80 | 59.17 | 177.19 |
Inventory | 57.39 | 47.84 | 67.23 | 338.44 |
Other Assets | 1.83 | 3.60 | 9.05 | 227.60 |
Total Assets | 93.08 | 103.86 | 246.36 | 956.46 |
Liabilities | 2022 | 2023 | Dec 31,2024 | Mar 31,2024 |
---|---|---|---|---|
Share Capital | 0.01 | 3.00 | 3.00 | 3.00 |
FV | 2.00 | 2.00 | 2.00 | 2.00 |
Reserves | 14.46 | 23.37 | 323.33 | 84.31 |
Borrowings | 45.93 | 54.87 | 172.62 | 102.88 |
Trade Payables | 28.64 | 37.46 | 221.80 | 86.33 |
Other Liabilities | 21.04 | 16.16 | 413.21 | 91.58 |
Total Liabilities | 112.08 | 136.86 | 1135.96 | 370.1 |
Cash-Flow Statement | 2022 | 2023 | 2024 | 9M 2025 (Dec-24) |
---|---|---|---|---|
PBT | 0.54 | 3.51 | 8.41 | 32.17 |
OPBWC | 2.62 | 6.25 | 12.71 | 38.65 |
Change in Receivables | -0.32 | -0.85 | -4.74 | -11.80 |
Change in Inventory | -1.04 | 0.95 | -1.94 | -27.12 |
Change in Payables | 0.88 | 2.19 | 4.57 | 13.55 |
Other Changes | -1.44 | -2.17 | -2.62 | -2.45 |
Working Capital Change | -0.48 | 0.97 | -2.09 | -25.36 |
Cash Generated From Operations | 2.14 | 7.22 | 10.62 | 13.29 |
Tax | -0.56 | -1.09 | -2.21 | -2.74 |
Cash Flow From Operations | 1.58 | 6.13 | 8.41 | 10.55 |
Purchase of PPE | -28.43 | -15.59 | -107.37 | -163.97 |
Sale of PPE | 0.01 | 0.00 | 0.06 | 0.16 |
Cash Flow From Investment | -29.08 | -15.55 | -89.10 | -168.51 |
Borrowing | 31.99 | -10.06 | 40.38 | 51.32 |
Divided | 0.00 | 0.00 | 0.00 | 0.00 |
Equity | 0.13 | 0.01 | 0.00 | 0.00 |
Others From Financing | 0.02 | -0.01 | 0.05 | 5.43 |
Cash Flow from Financing | 32.15 | -10.06 | 40.43 | 56.75 |
Net Cash Generated | 4.65 | -19.48 | -40.25 | -101.21 |
Cash at the Start | 2.09 | 6.74 | 4.61 | 2.06 |
Cash at the End | 6.74 | 4.61 | 2.06 | 0.95 |
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