Company Intelligence Profile
Soleos Energy Private Limited
Ahmedabad-based Solar EPC contractor and IPP project developer (Soleos Energy Limited, formerly Soleos Energy/Soleos Solar Energy Private Limited) with a ~₹2,100 Cr orderbook and growing Africa/Europe footprint.
CIN: U31909GJ2017PTC095084Active. Recently converted from a Private Limited to a Public Limited companyRegistrar of Companies, Ahmedabad
Last updated 11 August 2026
AI OverviewGenerated from public records
Soleos Energy Private Limited, an Ahmedabad-based Solar EPC contractor and IPP project developer, operates as an integrated renewable-energy platform with a growing international presence. The company reported a total operating income of ₹186.27 Cr and a PAT of ₹23.46 Cr for FY25, supported by a confirmed orderbook of approximately ₹2,100 Cr as of December 2025.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
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Company Identity
| Registered name | Soleos Energy Private Limited |
|---|---|
| CIN | U31909GJ2017PTC095084 |
| PAN | AAXCS9948K |
| Status |
|
| Listing | No — unlisted (private placement funding only; no IPO found) |
| Incorporated | Originally a proprietorship founded in 2012 by Bhaveshkumar Rathod; converted/incorporated as a private limited company on 11 January 2017. Converted to a public limited company in 2026. |
| ROC | Registrar of Companies, Ahmedabad (Gujarat) |
| Sector (NIC) |
|
| Registered address |
|
| Authorized capital |
|
| Paid-up capital | ₹2.11 Cr (through FY2025) → ₹22.31 Cr as of balance sheet date 31-03-2025 per one aggregator, consistent with CARE Ratings' note that ~₹100 Cr was infused as equity via private placement in FY26, taking envisaged net worth to ~₹220-240 Cr by FY26-end. |
Business Overview
- Soleos began in 2012 as a proprietorship providing solar ground-mount and rooftop EPC solutions to commercial/industrial clients, converting to a private limited company in 2017
- It now operates as an integrated renewable-energy platform: a Solar EPC contractor and a project developer for IPP (independent power producer) assets, with service lines spanning onsite solar (rooftop, carports, ground-mount, agrivoltaic), offsite/utility-scale and floating solar, battery energy storage systems (BESS), and proprietary solar trackers/AI controllers
- Since 2022 it has expanded internationally into Africa (Ghana, DRC, Zambia, Uganda, Zimbabwe), Europe (Spain, Portugal) and Southeast Asia (Philippines, Sri Lanka)
- A flagship ~50%-of-orderbook project is a 100MW solar EPC contract in the DRC, Congo, running through March 2028
Directors
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Bhaveshkumar Chunilal Rathod | 05290250 | - | 9 Mar 2021 |
Financials
- Standalone, per CARE Ratings press releases: FY24 (audited, YE 31-Mar-2024): Total Operating Income ₹100.45 Cr, PBILDT ₹15.88 Cr, PAT ₹11.03 Cr, overall gearing 0.41x, interest coverage 9.84x. FY25 (audited, YE 31-Mar-2025): TOI ₹186.27 Cr, PBILDT ₹31.00 Cr, PAT ₹23.46 Cr, overall gearing 0.26x, interest coverage 11.80x, TOL/TNW 0.94x. 9MFY26 (unaudited, to 31-Dec-2025): TOI ₹171.4 Cr, PBILDT ₹18.85 Cr, PAT not disclosed
- CARE projects full-year FY26 TOI of ~₹500 Cr (Q4-skewed execution typical of the business)
- PBILDT margin trend: ~7-8% (FY21-22) → ~16% (FY25) → guided 12-14% (FY26)
- Confirmed orderbook ~₹2,100 Cr as of 8-Dec-2025 (~10.7x FY25 TOI)
- Liquidity: free cash & bank balance ₹5.49 Cr as of 31-Dec-2025 (FY25-end: ₹26.15 Cr); current ratio 1.72, quick ratio 1.43 as of 31-Mar-2025
- Tofler's independent (partly paywalled) FY24 balance sheet is broadly consistent: total assets ₹79.9 Cr, reserves ₹29.1 Cr
Funding
- ~₹100 Cr raised via private placement of equity in FY26 — investor names/round name not obtained
- Additionally, ~₹54 Cr had been extended by the company (as of Dec 2025) as equity commitments/corporate guarantees to project SPVs under its developer model, with a further ~₹11 Cr expected, funded from the private-placement proceeds
Charges / Loans
- HDFC Bank Limited — ₹56.4–56.5 Cr across 2 loans (charges dated 8-Apr-2025 and 1-Aug-2024)
- Yes Bank Limited — ₹19.35–19.4 Cr, 1 loan (charge dated 20-Sep-2024)
- HSBC — ₹4 Cr, satisfied/released 28-Oct-2025
- Total open charges cited by TheCompanyCheck: ~₹75.8 Cr; satisfied charges ~₹12.2 Cr
Credit Ratings
- CARE Ratings (CareEdge), primary source: 5-Mar-2026 — assigned CARE BBB-
- Stable / CARE A3 to two bank facilities of Soleos Energy Private Limited: ₹40 Cr fund-based LT/ST and ₹35 Cr non-fund-based LT/ST-BG/LC (total ₹75 Cr)
- Rationale cited comfortable financial risk profile, healthy ~₹2,100 Cr orderbook, improving PBILDT margins, and experienced promoters, offset by SPV equity/corporate-guarantee commitments, single-project (Gujarat–DRC, Congo) concentration risk (~50% of orderbook), and working-capital intensity (GCA days 240 as of FY25-end)
- 22-Jul-2026 — CARE withdrew these ratings on Soleos Energy Limited at the company's request, since it had not availed any debt against the proposed facilities
- No CRISIL or ICRA rating found
Legal
- Parth Rameshbhai Rangholia vs. State of Gujarat — Gujarat High Court, order dated 12-Mar-2024
- Petitioner identified as Managing Director-designate of Soleos Solar Energy Private Limited; matter concerned a solar-module sale dispute with Agrawal Renewable Energy Private Limited
- Single source found; treat as partial/unverified beyond the case snippet
Competitors
Waaree Energies
listed, large-cap, module manufacturing + EPC, revenue in the ₹10,000+ Cr range
Premier Energies
listed, large, solar cell/module manufacturer
Vikram Solar
large, module manufacturer + EPC, IPO-track record
Sterling and Wilson Renewable Energy
listed, large, pure-play global Solar EPC
Gensol Engineering
mid-size, EPC + solar/EV-adjacent developer
Websol Energy System
smaller-to-mid, module manufacturer
Frequently Asked Questions
What does Soleos Energy Private Limited do?
Ahmedabad-based Solar EPC contractor and IPP project developer (Soleos Energy Limited, formerly Soleos Energy/Soleos Solar Energy Private Limited) with a ~₹2,100 Cr orderbook and growing Africa/Europe footprint.
What is the CIN of Soleos Energy Private Limited?
The Corporate Identification Number (CIN) of Soleos Energy Private Limited is U31909GJ2017PTC095084.
Where is Soleos Energy Private Limited registered?
Soleos Energy Private Limited is registered with Registrar of Companies, Ahmedabad (Gujarat). Registered address: Historical (2017–2025): Shop No. H/412, Sumel Business Park-7, Near Soni Ni Chali, N.H.
When was Soleos Energy Private Limited incorporated?
Soleos Energy Private Limited was incorporated on Originally a proprietorship founded in 2012 by Bhaveshkumar Rathod; converted/incorporated as a private limited company on 11 January 2017 (per Tofler, KnowYou….
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