Business Profile of SAEL Industries Limited
Sael Industries was incorporated in 2022 and it is one of India’s top five renewable energy independent power producers (IPPs) with in-house solar module manufacturing, EPC, and O&M capabilities. The company the largest operator in India’s Agri Waste-to-Energy sector, generate clean electricity. It also entered in solar power sector, leading TopCon solar module manufacturers with 3,625 MW annual capacity across Punjab and Rajasthan. As of September 30, 2025, its total contracted and awarded renewable capacity is 5,765.70 MW (8,464.40 MWp), including 5,600.80 MW (8,299.51 MWp) of solar projects, and 164.90 MW of agri waste-to-energy (AgWTE) projects.
Objective of SAEL Industries 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 ₨5.00 each aggregating up to ₹ 37,500.00 million and OFS consists XXXX shares at face value of ₨ 5.00 each aggregating up to 8,250.00 million. There are fresh shares issues and OFS by company and main objective of company is investment in subsidiaries, re-payment of outstanding borrowings and general corporate purposes.
Details of SAEL INDUSTRIES Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹5.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 45,750.00 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ ₹ 37,500.00 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 8,250.00 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
SAEL INDUSTRIES Limited IPO: Issue Price & Size
The issue price of SAEL INDUSTRIES 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 ₹ 45,750.00 million at the price of ₨XXXX.
Launch Date of SAEL INDUSTRIES Limited IPO
The IPO opening date of SAEL INDUSTRIES LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of SAEL INDUSTRIES Limited
| Particulars | 31 March 2025 | 31 March 2024 | 31 March 2023 |
| Income | |||
| Revenue from operations | 6,647.69 | 5,584.66 | 3,889.33 |
| Other income | 657.50 | 285.46 | 91.90 |
| Total income | 7,305.19 | 5,870.12 | 3,981.23 |
| Expenses | |||
| Cost of materials consumed | 2,092.73 | 1,968.62 | 1.512.89 |
| Employee benefits expense | 704.05 | 847.361 | 364.51 |
| Finance costs | 2,717.38 | 1,511.36 | 983.41 |
| Depreciation and amortisation expense | 2,478.87 | 2,101.13 | 1,525.19 |
| Fair value changes on financial instrument | 1,303.46 | 957.96 | 62.80 |
| Other expenses | 919.13 | 1,075.00 | 738.79 |
| Total expenses | 10,215.62 | 8,461.43 | 5.187.59 |
| Loss before tax and exceptional items | (2,910.43) | (2,591.31) | (1,206.36) |
| Net ( gain ) / loss from exceptional items | 866.67 | 50.40 | – |
| Loss before tax | (3,777.10) | (2,641.71) | (1,206.36) |
| Tax expense | |||
| Current tax expense | 1,805.65 | 45.36 | 0.57 |
| Adjustment of tax relating to earlier year / periods | 20.40 | 7.50 | – |
| Deferred tax credit | (2,793.67) | (23.16) | (360.79) |
| Total tax expense | (967.62) | 29.70 | (360.22) |
| Loss for the year / period from continuing operations | ( 2,809.48 ) | ( 2,671.41 ) | ( 846.14 ) |
| Profit before tax from discontinued operations | – | – | 190.72 |
| Tax expense of discontinued operations | – | – | 55.28 |
| Profit after tax from discontinued operations | – | – | 135.44 |
| Loss for the year / period | (2,809.48) | (2,671.41) | (710.70) |
Key financial ratios of SAEL INDUSTRIES Limited
| Financial Parameter | ||||
| Particulars | 2025 | 2024 | 2023 | |
| Revenue from operations | million | 6,647.69 | 5,584.66 | 3,889.33 |
| Total Income | million | 7,305.19 | 5,870.12 | 3,981.23 |
| EBITDA | million | 1,419.15 | 970.78 | 1,302.24 |
| EBITDA Margin | % | 19.43 % | 16.54 % | 32.71 % |
| Adjusted EBITDA | million | 3,589.28 | 1,979.14 | 1,365.04 |
| Adjusted EBITDA Margin | % | 49.13 % | 33.72 % | 34.29 % |
| Profit for the period after tax | million | -2,809.48 | -2671.41 | -846.14 |
| Net Debt | million | 71,167.22 | 17,710.04 | 9,826.56 |
| Adjusted Total Equity | million | 11,342.01 | 8.939.90 | 4.622.67 |
| Net Debt to Adjusted Total Equity | ( x ) | 6.27 | 1.98 | 2.13 |
| Days of Receivable Outstanding | (Days) | 23.12 | 47.59 | 47.82 |
| Adjusted EBIDTA ROCE | (%) | 22.35 % | 16.33 % | 11.26 % |
Promoters & Shareholding SAEL INDUSTRIES Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 99.16% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | 1,272,390,522 | 99.16 |
| Public | 421,200 | 0.03 |
| Total (A+B) | 1,283,211,722 | 100.00 |
Should You Subscribe To SAEL INDUSTRIES 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 SAEL INDUSTRIES Limited IPO
Leading renewable energy power producer in India
The company is pioneer in the Indian AgWTE industry and the largest AgWTE operator in India based on operational capacity as of June 30, 2025. To complement their solar projects, they have also developed in-house solar module manufacturing and assembly infrastructure, and according to the CRISIL Report, they are one of the few Indian renewable energy firms with such capabilities. The company has extensive presence across the value chain allowing them to leverage in-house strengths to drive innovation and efficiency.
Long-Term PPAs Support Predictable Earnings
The power projects of company benefit from a diversified and strong off-taker profile including central and state government off-takers, which provide them with a long-term and stable revenue profile during the term of PPAs. The current PPAs have a weighted average life of 24.64 years as of June 30, 2025. The off-taker counterparties to their PPAs, being government entities, allow them to benefit from reduced collection uncertainty and payment delays.
In-House EPC & O&M Execution Efficiency
The project execution capabilities are proven and established through company EPC and O&M functions across scaled and complex solar and AgWTE projects. As of June 30, 2025, company EPC and O&M teams comprise 1,421 personnel, out of a total 2,449 employees, which demonstrates their emphasis and focus project execution as a strength. This vertical integration of EPC and O&M enable company to design and construct projects at low cost, to achieve better margins.
Strong Capital Structure
Norfund (owned by the Norwegian government) and United States International Development Finance Corporation (DFC) have together invested US$145 million as of June 30, 2025, recognizing company ability to contribute towards long-term impact in renewable energy and climate change mitigation. The company experience in effectively financing their renewable energy and manufacturing projects, and have been able to leverage both at the Subsidiary level as well as at the overall Group level.
Risk Factors of SAEL INDUSTRIES Limited IPO
Weak financials amid sustained losses
The company has a history of net losses from continuing operations and negative net worth. In particular, they had loss for the period/years from continuing operations of ₹(583.11) million, ₹(2,809.48) million, ₹(2,671.41) million and ₹(846.14) million for the three months ended June 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. If company is not be able to achieve profitability in the future, and net worth may continue to be negative, which may have an adverse effect on company cash flows.
Execution risk due to PPA uncertainty
The off-takers of company may not be able to or be unwilling to fulfill their contractual obligations as a result of their poor financial health or for other reasons, which may adversely affect company business, financial condition, results of operations, cash flows and prospects. Further, any delay in, or failure to, execute a power purchase agreement after the receipt of a letter of award may hinder the progress of such projects.
Dependence on Key clients
The company depends on certain key off-takers for a significant portion of their revenues (top 5 off-takers contributed to 94.63%, 89.81%, 93.12% and 89.41% of revenue from operations in the three months ended June 30, 2025 and Fiscals 2025, 2024 and 2023, respectively). Any inability to retain key off-takers or decrease in revenues from any of company key off-takers could negatively affect business.
Heavy Indebtedness
The company has substantial indebtedness and liabilities and is subject to restrictive and other covenants under its debt financing arrangements. If company is unable to satisfy its debt and liabilities or refinance indebtedness on commercially reasonable terms, company business, financial condition and results of operations could be materially and adversely affected.
SAEL INDUSTRIES 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 SAEL INDUSTRIES 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.
