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 company (name dropped "Private"; CIN suffix changed PTC→PLC; paid-up capital jumped from ₹2.11 Cr to ₹22.31 Cr reflecting a ~₹100 Cr equity private placement in FY26). Not listed on any stock exchange (unlisted public company).Registrar of Companies, Ahmedabad (Gujarat)Confidence: medium-high — identity
AI OverviewGenerated from public records
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | Soleos Energy Private Limited |
|---|---|
| CIN | U31909GJ2017PTC095084 |
| PAN | AAXCS9948K (source: Tofler, KnowYourGST) |
| Status | Active. Recently converted from a Private Limited to a Public Limited company (name dropped "Private"; CIN suffix changed PTC→PLC; paid-up capital jumped from ₹2.11 Cr to ₹22.31 Cr reflecting a ~₹100 Cr equity private placement in FY26). Not listed on any stock exchange (unlisted public company). |
| 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 (per Tofler, KnowYourGST, InstaFinancials, CARE Ratings). Converted to a public limited company in 2026 (exact conversion date not obtained). |
| ROC | Registrar of Companies, Ahmedabad (Gujarat) |
| Sector (NIC) | NIC 31909 – Manufacture of other electrical machinery and apparatus n.e.c.; CARE Ratings classifies it under Industrials > Capital Goods > Electrical Equipment > Other Electrical Equipment (earlier filings used Construction/Civil Construction). Functionally: Solar EPC contractor and IPP (independent power producer) project developer. |
| Registered address | Historical (2017–2025): Shop No. H/412, Sumel Business Park-7, Near Soni Ni Chali, N.H. Road-8, Rakhial, Ahmedabad, Gujarat 380023. More recent aggregator listing (post-conversion, unverified against a primary filing): 802, 8th Floor, Altimus, Shreyas Colony, Tera Panth Road, Off Ashram Road, Ahmedabad, Gujarat 380009. |
| Authorized capital | ₹10 Cr (as private company, through 2025) → ₹30 Cr per most recent aggregator snapshot (2026, post public-conversion/capital raise). Not independently confirmed by a primary filing. |
| Paid-up capital | ₹2.11 Cr (through FY2025) → ₹22.31 Cr as of balance sheet date 31-03-2025 per one aggregator (TheCompanyCheck), 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
Confirmed- 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
- (Sources: CARE Ratings press releases Mar/Jul 2026
- company website soleosenergy.com.)
Directors
Confirmed| Name | DIN | Role | Appointed |
|---|---|---|---|
| Bhaveshkumar Chunilal Rathod | 05290250 | - | 9 Mar 2021 |
Financials
Confirmed- Standalone, per CARE Ratings press releases (primary source, confirmed): 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
Partial / conflicting- ~₹100 Cr raised via private placement of equity in FY26 (confirmed by CARE Ratings, 5-Mar-2026 press release) — investor names/round name not obtained (Tracxn listing exists for the entity but round-name detail was not retrieved in this pass)
- 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
Confirmed- Confirmed by 2 sources (Tofler, TheCompanyCheck): 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 (TheCompanyCheck only)
- Total open charges cited by TheCompanyCheck: ~₹75.8 Cr
- satisfied charges ~₹12.2 Cr
Credit Ratings
Confirmed- CARE Ratings (CareEdge), primary source (confirmed): 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
Partial / conflicting- Parth Rameshbhai Rangholia vs. State of Gujarat — Gujarat High Court, order dated 12-Mar-2024 (via Indian Kanoon)
- 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
Confirmed- Solar EPC / IPP-developer peers in India (named, with rough scale vs. Soleos's FY25 standalone revenue of ~₹186 Cr): Waaree Energies (listed, large-cap, module manufacturing + EPC, revenue in the ₹10,000+ Cr range — much larger)
- 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 — much larger)
- Gensol Engineering (mid-size, EPC + solar/EV-adjacent developer — closer in scale, though under governance/financial stress as of recent news)
- Websol Energy System (smaller-to-mid, module manufacturer)
- Soleos is comparatively a mid-size, fast-growing, unlisted EPC/developer with a heavy Africa/Congo project concentration that differentiates it from the larger domestic-focused listed peers
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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