Business Profile of Rays Power Infra Limited
Rays Power Infra Ltd. was incorporated in 2011 and engaged in providing utility-scale end-to-end renewable energy solutions with a primary focus on solar energy. As of July, 2025, the company has executed and commissioned 50 renewable power projects with an aggregate installed capacity of 1,771.18 MWp. The company operates two business models – Co-Development, involving land aggregation, grid connectivity, approvals, and transfer of special purpose vehicles (SPVs) to developers; and EPC, offering complete solutions including design, construction, testing , procurement, , and commissioning of renewable energy projects. Rays Power Infra has executed or is executing projects across 13 states and 1 union territory in India and its clients includes Ampin Energy Transition and SJVN Green Energy and Indore Municipal Corporation.
Objective of Rays Power Infra Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨2.00 each aggregating up to ₹ 9,000.00 million and OFS consists XXXX shares at face value of ₨ 2.00 each aggregating up to ₨ 2,500.00 million. There are fresh shares issues and OFS by company and main objective of company is investment in wholly owned subsidiary, working capital requirements and general corporate purposes.
Details of Rays Power Infra Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹2.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 11,500.00 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 9,000.00 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 2,500.00 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Rays Power Infra Limited IPO: Issue Price & Size
The issue price of RAYS POWER INFRA LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ 11,500.00 million at the price of ₨XXXX.
Launch Date of Rays Power Infra Limited IPO
The IPO opening date of RAYS POWER INFRA LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Rays Power Infra Limited
| Particulars | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| Income : | |||
| Revenue from operations | 12,206.41 | 10,487.99 | 7,765.81 |
| Other income | 174.90 | 237.07 | 1,139.29 |
| Total income | 12,381.31 | 10,725.06 | 8,905.10 |
| Expenses : | |||
| Cost of materials consumed | 6,374.55 | 5,849.62 | 4,727.22 |
| Engineering , procurement and construction project expenses | 2,603.75 | 1,778.76 | 1,439.91 |
| Purchases of stock – in – trade | 558.18 | 1,064.55 | 386.29 |
| Changes in inventories of finished goods s | 3.69 | 24.27 | 13.15 |
| Employee benefit expense | 431.17 | 294.36 | 282.64 |
| Depreciation and Amortisation expense | 40.58 | 82.30 | 51.73 |
| Finance costs | 209.41 | 180.73 | 205.79 |
| Other expense | 293.02 | 275.46 | 215.75 |
| Total expenses | 10,514.35 | 9,550.05 | 7,322.48 |
| Profit before share of net profit / ( loss ) of associates | 1,866.96 | 1,175.01 | 1,582.62 |
| Share of net profit ( loss ) of associates | ( 0.23 ) | 0.19 | ( 0.01 ) |
| Profit before tax | 1,866.73 | 1,175.20 | 1,582.61 |
| Tax expense : | |||
| ( 1 ) Current tax expense | 504.27 | 186.65 | 175.37 |
| ( 2 ) Tax relating to earlier years | ( 0.40 ) | ( 16.78 ) | – |
| ( 3 ) Deferred tax ( credit ) / charge | ( 30.64 ) | 91.47 | 117.34 |
| Total tax expense | 473.23 | 261.34 | 292.71 |
| Profit for the year | 1,393.50 | 913.86 | 1,289.90 |
Key financial ratios of Rays Power Infra Limited
| Particulars | Units | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Financial KPIs | ||||
| Revenue from Operations | Mn | 12.206.41 | 10,487.99 | 7,765.81 |
| Revenue from Operations Growth | % | 16.38 % | 35.05 % | NA |
| Operating EBITDA | Mn | 1,942.05 | 1,200.97 | 700.86 |
| Operating EBITDA Margin | % | 15.91 % | 11.45 % | 9.02 % |
| PBT | Mn | 1,866.96 | 1,175.01 | 1,582.62 |
| PBT Margin | % | 15.29 % | 11.20 % | 20.38 % |
| PAT | Mn | 1,393.50 | 913.86 | 1,289.90 |
| PAT Margin | % | 11.42 % | 8.71 % | 16.61 % |
| Fixed Asset Turnover Ratio | No. of Times | 5.44 | 7.90 | 1.91 |
| Total Equity ( including NCI ) | Mn | 6,157.87 | 3,487.89 | 1,888.72 |
| Net Debt | Mn | 271.34 | -138.15 | 586.12 |
| Net Debt to Operating EBITDA | No. of Times | 0.14 | -0.12 | 0.84 |
| Net Debt to Total Equity | No. of Times | 0.04 | -0.04 | 0.31 |
| Return on Average Equity ( ROE ) | % | 28.89 % | 33.99 % | 97.48 % |
| ROCE | % | 29.80 % | 33.72 % | 35.52 % |
Promoters & Shareholding Rays Power Infra Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 89.74% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | ||
| Ketan Mehta | 86,290,162 | 30.15 |
| Pawan Kumar Sharma | 46,740,505 | 16.33 |
| Sanjay Garudapally | 46,740,505 | 16.33 |
| Sweta Mehta . | 75 | Negligible |
| Richa Sharma | 75 | Negligible |
| Shruthi Gupta Garudapally | 75 | Negligible |
| Mehta Family Trust | 36.981,498 | 12.92 |
| Sharma Family Trust | 20,031,645 | 7.00 |
| Garudapally Family Trust | 20,031,645 | 7.00 |
| Sonali Mehtal | 50 | Negligible |
| Total (A) | 25,68,16,235 | 89.74 |
| Public | 2,89,72,616 | 10.14 |
| Total (A+B) | 28,57,88,851 | 100 |
Should You Subscribe To Rays Power Infra Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Rays Power Infra Limited IPO
Co-Development Business model
The company commissioned under the Co-Development Business model, offering a simplified and ‘ready-to-build’ solution for the development of solar power projects. Under Co-Development Business model of company is structured through SPVs created specifically for each project. This model allows efficiently managing risks, capital redeployment, and maintaining an asset-light balance sheet, while continuing to scale company project portfolio.
Robust revenue
The company has been able to capitalize on the favorable demand outlook for solar power to secure orders for both of key business models. The order book of company has grown from ₹ 11,290.50 million as on March 31, 2023 to ₹ 63,871.26 million as on March 31, 2025 indicating a CAGR of 137.85%. Further, as of July 31, 2025 our Company’s order book stood at ₹80,342.61 million. Diversifying skill set and order book across different business and geographical regions, enables company to pursue a broader range of projects.
Asset light business model
The EPC Business model is inherently an asset-light model and has contributed 65.66%, 61.90%, and 37.91% of company revenue from operations in Fiscals 2025, 2024, and 2023, respectively. It includes stringent criteria for project selection, supported by a disciplined bidding strategy that incorporates comprehensive risk assessments to protect returns. This model allows company to minimize capital expenditures and operating costs, offering greater flexibility and scalability to meet diverse customer requirements.
Strong execution track record
The company specializes in the development of ‘readyto-build’ infrastructure for renewable power projects under our Co-Development Business model and providing engineering, construction and procurement (“EPC”) services for renewable power projects. The company engaged in the business of providing utility scale end-to-end renewable energy solutions with a focus on solar energy solutions and by relying on it in-house design and execution, engineering and project management teams, which have helped in ensuring timely completion of projects.
Risk Factors of Rays Power Infra Limited IPO
Key customer risk
A majority of company revenue from operations is from their top three customers (which accounted for 51.12%, 57.56% and 60.45% of its total revenue from operations in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively). Loss of any such customers or reduction in business or demand from such customers may have a significant adverse impact on company business and results of operation.
Supplier risk
The business of company is heavily dependent on the procurement of equipment and materials from their suppliers. The top ten suppliers accounted for 54.99%, 65.17% and 80.28% of cost of materials consumed in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. The company faces a risk that one or more of its existing suppliers may discontinue their supplies to them. Any inability on part to procure equipment and materials from alternate suppliers in a timely manner may adversely affect company business, financial condition and results of operations.
High working capital requirement
The company has large working capital requirement, and proposes to utilize ₹ 2,000.00 million of the Net Proceeds towards its incremental net working capital requirements for Fiscal 2027. The actual amount and timing of future working capital requirements may differ from estimates as a result of, among other factors, unforeseen delays, unanticipated expenses, regulatory changes, economic conditions and market developments. If company is unable to raise sufficient working capital then it may be adversely affect company operations.
Outstanding loan
The outstanding loan of company as of July 31, 2025, was ₹ 6,929.29 million and they are subject to certain restrictive covenants in loan documents, which may restrict company operations and ability to grow. Inability of company to meet their obligations, including financial and other covenants under debt financing arrangements and also inability in obtaining timely access to borrowings can have an adverse impact on Company’s business, results of operations, liquidity and financial condition.
Rays Power Infra Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the RAYS POWER INFRA LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
