# Soleos Energy Limited: IPO analysis > Soleos Energy Limited (CIN U31909GJ2017PLC095084) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 1,10,00,000 shares and an offer for sale of 90 lakh shares. In FY26 it reported revenue of ₹281 Cr (+26.7% on FY25) and a net profit of ₹21 Cr. Promoters hold 60.6% before the IPO. Our fact-check of its claims found 3 medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U31909GJ2017PLC095084/soleos-energy-limited/ - CIN: U31909GJ2017PLC095084 - Last updated: 13 Oct 2026 ## Key facts - **Company:** Soleos Energy Limited - **CIN:** U31909GJ2017PLC095084 - **Filing stage:** DRHP - **Latest SEBI filing:** 13 Oct 2026 - **Offer for sale:** 90,00,000 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹281 Cr - **Revenue growth:** +26.7% - **Net profit FY26:** ₹21 Cr - **Revenue CAGR FY24 to FY26:** 73.0% - **Promoter holding (pre-IPO):** 60.6% - **Lead managers:** Beeline Capital Advisors Private Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 3 medium, 2 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 73% a year. Sales FY24 to FY26; latest year +26.7%. - **Profitability** (look closer): 7.6% net margin. FY26; operating margin slipping. - **Debt** (look closer): 0.51x equity. ₹102 crore borrowed at the end of FY26. - **Profit into cash** (concern): -319% of profit. Operations brought in ₹-68.5 crore against ₹21.5 crore of profit in FY26. - **One-off income** (look closer): 19% of profit. Other and one-off income is 19% of pre-tax profit; management describes 6 one-off items. - **Where the money goes** (look closer): 45% for sale. 55% is new shares issued by the company. - **Red flags** (look closer): 3 to review. 40 claims checked: 0 high, 3 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 94 | 222 | 281 | | Sales growth | – | 136.2% | 26.7% | | Operating profit | 8.8 | 33 | 30 | | Operating margin | 9.3% | 15.0% | 10.7% | | Net profit | 5.5 | 25 | 21 | | Net margin | 5.9% | 11.2% | 7.6% | | Net worth | 27 | 86 | 199 | | Borrowings | 10 | 28 | 102 | | Return on equity | 20.4% | 28.8% | 10.8% | ## Non-recurring items (as described by management) - Government grants and subsidies are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. (p.485) - Government grants of a capital nature which are in the nature of promoters’ contribution are credited to a capital subsidy reserve within other equity. (p.485) - Profit before exceptional items and tax decreased by 15.19% from ₹ 3,447.16 lakhs in Fiscal 2025 to ₹ 2,923.49 lakhs in Fiscal 2026. (p.496) - Exceptional items were Nil in Fiscal 2026 as compared to Nil in Fiscal 2025. (p.496) - Profit before exceptional items and tax increased by 359.29% from ₹ 750.54 lakhs in Fiscal 2024 to ₹ 3,447.16 lakhs in Fiscal 2025. (p.499) - Exceptional items were Nil in Fiscal 2025 as compared to Nil in Fiscal 2024. (p.499) ## Use of proceeds (fresh issue) - Funding capital expenditure requirement for setting up battery energy storage systems manufacturing facility with an installed capacity of 2.20 GWh (“BESS Project”): ₹114 crore - General corporate purposes(1)(2): amount not fixed yet ## Fact-checked claims - **MEDIUM** (LitigationStatus): No outstanding litigation proceedings involving Key Managerial Personnel and Senior Management were found regarding criminal proceedings.. The search results mention a legal case involving a Managing Director of Soleos Solar Energy Private Limited, which is related to the company, but do not explicitly confirm or deny the claim regarding outstanding litigation proceedings involving Key Managerial Personnel and Senior Management in criminal proceedings. - **MEDIUM** (LitigationStatus): No outstanding litigation proceedings involving the Group Companies that may have a material impact on the Company were found.. The search results mention a legal case involving a Managing Director of Soleos Solar Energy Private Limited, which is related to the group, but do not explicitly confirm or deny the claim about outstanding litigation proceedings against the Group Companies. There is also news regarding an investment agreement between Gujarat Inject and Soleos Energy Limited. - **MEDIUM** (SubsidiaryPerformance): The company was incorporated as ‘Soleos Solar Energy Private Limited’ on January 11, 2017 as a private limited company.. The search results do not explicitly state the exact incorporation date or the specific name 'Soleos Solar Energy Private Limited' being incorporated on January 11, 2017. However, some results mention the company's founding year (2012) and its business activities, which relates to the company's operations but not the precise incorporation detail mentioned in the claim. - **LOW** (SubsidiaryPerformance): Customers include reputed national and multinational corporations such as GRE renew Enertech Limited and Santosh Bai Goyal.. The search results confirm the existence and trading information for a company named GRE Renew Enertech Ltd., which is related to the name mentioned in the claim. However, the search results do not explicitly confirm that 'GRE renew Enertech Limited' or 'Santosh Bai Goyal' are customers of Soleos Energy Limited. - **LOW** (PromoterBackground): The document references various SEBI regulations, including Insider Trading, Listing Obligations, Merchant Bankers, Mutual Funds, Takeover Regulations, and Share Based Employee Benefits and Sweat Equity Regulations.. The search results do not directly corroborate or contradict the claim regarding the reference to various SEBI regulations in the offer document. One result mentions a disclosure related to Soleos Energy Private Limited and SEBI circulars, which is tangentially related to regulatory compliance, but does not confirm the broad reference made in the claim. - **NONE** (SubsidiaryPerformance): Growth in mining activities in the industrial sector was 5.15% in FY 2026 compared with 11.69% in FY 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the growth in mining activities in the industrial sector for FY 2026 compared to FY 2025. - **NONE** (SubsidiaryPerformance): The industrial sector experienced steady growth momentum in FY 2026, recording 7.9% year-on-year growth against 7.3% year-on-year growth in FY 2025.. The search results do not contain information that directly corroborates or contradicts the claim regarding the year-on-year growth rates of the industrial sector in FY 2026 and FY 2025. The results mention various aspects of Soleos Energy, such as revenue changes and IPO filings, but not the specific growth figures cited in the claim. - **NONE** (LitigationStatus): The Company has filed pending patent applications for a solar generation system with seasonal tilt function and an AI-enabled solar tracker with dynamic self-adjusting tilt (SAT) model.. The search results do not contain information confirming or denying the existence of pending patent applications for a solar generation system with a seasonal tilt function and an AI-enabled solar tracker as claimed. The results mention legal cases and investment agreements but do not specifically address the patent claim. - **NONE** (LitigationStatus): A criminal complaint was filed against the Promoters for alleged theft of a signed blank cheque, and the matter is currently pending.. The provided search results do not contain information corroborating or contradicting the claim that a criminal complaint was filed against the Promoters for the theft of a signed blank cheque and that the matter is currently pending. No relevant legal proceedings are mentioned in the search snippets. - **NONE** (SubsidiaryPerformance): A guarantee was sanctioned on November 26, 2025, for a facility with Ratnafin Capital Private Limited, with a guaranteed amount of 400.00 and outstanding amount of 349.04.. The search results confirm the existence and activity of Ratnaafin Capital Private Limited, mentioning its incorporation date and business activities. However, none of the provided search results mention a specific guarantee sanctioned on November 26, 2025, for a guaranteed amount of 400.00 and an outstanding amount of 349.04. - **NONE** (SubsidiaryPerformance): A guarantee was sanctioned on March 02, 2026, for a facility with HDFC Bank Limited, with a guaranteed amount of 8,635.00 and outstanding amount of 3,597.21.. The provided search results pertain to HDFC Bank, but none of the snippets directly corroborate or contradict the specific claim regarding a guarantee sanctioned on March 02, 2026, for a specific amount with HDFC Bank. The search results only provide general links and news related to HDFC Bank's stock and performance. - **NONE** (SubsidiaryPerformance): The company obtained ISO 9001:2015 certification from TÜV SÜD South Asia Private Limited in 2023.. The provided search results do not contain any information regarding the ISO 9001:2015 certification obtained by Soleos Energy Limited (or the related entity mentioned in the search results). ## Common questions ### How big is the Soleos Energy Limited IPO? Soleos Energy Limited's IPO comprises a fresh issue of 1,10,00,000 shares and an offer for sale of 90 lakh shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Soleos Energy Limited's revenue and profit? Soleos Energy Limited reported revenue from operations of ₹281 Cr in FY26, +26.7% versus FY25. Net profit was ₹21 Cr (FY25: ₹25 Cr). Revenue grew at a compound rate of 73.0% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Soleos Energy Limited? Promoters hold 60.6% of Soleos Energy Limited before the IPO. ### How will Soleos Energy Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding capital expenditure requirement for setting up battery energy storage systems manufacturing facility with an installed capacity of 2.20 GWh (“BESS Project”) (₹114 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Soleos Energy Limited's DRHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 3 medium and 2 low. The most notable: The search results mention a legal case involving a Managing Director of Soleos Solar Energy Private Limited, which is related to the company, but do not… The search results mention a legal case involving a Managing Director of Soleos Solar Energy Private Limited, which is related to the group, but do not… The search results do not explicitly state the exact incorporation date or the specific name 'Soleos Solar Energy Private Limited' being incorporated on… This is an automated screen, not a verdict; each finding links to its sources. ### What does Soleos Energy Limited do? Here's what almost nobody noticed about the SOLEOS ENERGY IPO: there's a legal case involving a Managing Director of Soleos Solar Energy Private Limited, and whether that connects to ongoing criminal proceedings against key management personnel is still unclear. ### Who manages the Soleos Energy Limited IPO? Book running lead managers: Beeline Capital Advisors Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Soleos Energy Limited IPO documents? All 1 filing for Soleos Energy Limited (DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Soleos Energy Limited – DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791886399419.pdf) (Draft Red Herring Prospectus, filed 13 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.