HVR Solar Share Price 2026: FY25 Financials, Valuation and IPO Outlook

HVR Solar Private Limited earned ₹100.5 crore in revenue in FY25 and turned it into ₹7 crore of profit, five times what it made a year earlier. That jump is the reason the HVR Solar share price has drawn steady attention in the unlisted market. It is also why buyers need to read the numbers carefully. A bonus issue in January 2026 changed the share count, so older per-share figures quoted online no longer line up with today's price. This guide sets out what the company does, what the FY25 accounts show and what valuation the current price implies. It also covers where the IPO question stands and the risks of buying HVR Solar unlisted shares.

Key Takeaways

• Fast growth from a small base: Revenue rose from ₹43 crore in FY23 to ₹100.5 crore in FY25, and profit after tax from ₹0.35 crore to ₹7 crore.

• Margins are thin but improving: The FY25 net margin was about 7 percent, up from roughly 2 percent in FY24.

• The share count changed in 2026: A 2:1 bonus issue reported on 19 January 2026 took the share count to 99 lakh, so pre-bonus EPS figures are not comparable.

• Valuation at our quote: At ₹305 a share, HVR Solar is valued at about ₹302 crore, roughly 43 times FY25 earnings and 3 times FY25 revenue.

• No IPO has been filed: We found no draft prospectus with SEBI as of 15 October 2026, and the company is still a private limited company.

• Liquidity is the main risk: Unlisted shares trade privately, so selling depends on finding a buyer at a price you accept.

What is the HVR Solar share price today?

The HVR Solar share price is not set by an exchange. It is a negotiated quote between buyers, sellers and intermediaries, which is why platforms publish different numbers on the same day.

Indicative price as on 15 October 2026, based on the We Grow Wealth quote. Unlisted shares are not traded on any stock exchange and are not regulated by SEBI. Prices are not guaranteed and may differ at the time of the deal.

Why HVR Solar unlisted share price quotes differ

Quotes differ because each dealer prices its own inventory, adds its own spread and updates on its own schedule. A stale quote can look cheap simply because no one has traded at that price for months, so always ask when a quote was last updated and whether shares are actually available at it. Our guide on why the same unlisted share shows different prices on different websites explains how to compare them.

How the January 2026 bonus issue affects the numbers

A 2:1 bonus gives two new shares for every share held, which triples the share count without changing the company's value. Some websites still show FY25 EPS of ₹23.33. That figure appears to be calculated on the pre-bonus count of 33 lakh shares. On today's 99 lakh shares, FY25 EPS is ₹7.07. Use the post-bonus figure whenever you compare EPS or P/E with the current price.

What does HVR Solar do?

HVR Solar makes solar photovoltaic (PV) modules and builds rooftop and ground-mounted systems for commercial and industrial customers, the work known as EPC (engineering, procurement and construction). The company was incorporated on 24 February 2016 in Delhi, with CIN U74900DL2016PTC291628, and its registered office is in Pitampura, Delhi.

Manufacturing base and expansion plans

The existing module plant is in Sonipat, Haryana. Company information on our HVR Solar research page refers to a 1.2 GW module facility in Sonipat and a solar cell plant planned in Amroha, Uttar Pradesh. A trade report describes the 1.2 GW line as a TOPCon cell line instead. Until audited capacity figures are published, treat these as plans rather than installed capacity.

Management and shareholding

Rishabh Aggarwal is Managing Director and CEO, and Harsh Aggarwal is a director. Veena Aggarwal and Sagar Sachdev are also listed as directors. One data provider reports that the two Aggarwal promoters hold the shares equally. Because this comes from a single source, confirm the current shareholding before you rely on it.

What drives the HVR Solar share price: FY23 to FY25 financials

Source: HVR Solar Private Limited's filed financial statements, FY23 to FY25.

Revenue growth

Revenue grew about 54 percent in FY24 and 52 percent in FY25. For a module maker and EPC contractor, growth at this pace usually comes from larger orders and more manufacturing output, which also ties up more cash in raw material and receivables.

Profitability

Profit grew about five times in FY25. Part of that came from fixed costs being spread over a much larger revenue base. A 7 percent net margin still leaves little room if module prices fall or input costs rise, so one weak year could reverse much of the gain.

Is the HVR Solar share price expensive? Valuation in context

At ₹305, the HVR Solar share price values the company at about 43 times FY25 earnings. Whether that is high depends on what you compare it with and on how long the FY25 growth lasts.

Comparing with listed solar manufacturers

Listed module and cell makers such as Waaree Energies, Premier Energies and Vikram Solar are the natural reference points. They are larger, have audited quarterly disclosures and trade daily, so they usually deserve a liquidity premium over an unlisted company of HVR Solar's size. Check their P/E and price-to-sales on the same date you look at HVR Solar's quote, because listed valuations in the sector move sharply with order books and policy news.

What the price assumes

A buyer at ₹302 crore is paying for growth that has not yet happened. If profit stayed at ₹7 crore, the earnings yield would be about 2.3 percent. The price makes sense only if revenue and margins keep rising. That is a judgement for each investor, not a forecast we make.

HVR Solar IPO: what is known

HVR Solar is a private limited company. A company has to convert to a public limited company before it can file for an IPO. A 2026 brand announcement used the name "HVR Solar Limited", but we found no record of a conversion. We also found no draft red herring prospectus on SEBI's filings as of 15 October 2026.

What would change the picture

Three steps would signal real progress: conversion to a public company, appointment of merchant bankers, and a DRHP filed with SEBI. Until then, buying on IPO expectations alone carries the risk that a listing takes years or does not happen.

Lock-in if the company lists

If HVR Solar does list, pre-IPO shares held by investors other than the promoters are locked in for 6 months from the date of IPO allotment. This is set by Regulation 17 of the SEBI (ICDR) Regulations, 2018. You cannot sell on listing day.

Risks to weigh at the current HVR Solar share price

Liquidity and exit

There is no exchange to sell on. Exit depends on another buyer, and in a falling market the gap between buy and sell quotes can widen sharply.

Industry price cycles

Module prices in India move with global supply, much of it from China. A sharp fall in module prices can squeeze a small manufacturer's margin within a single quarter.

Execution of expansion

New module and cell capacity needs large capital spending. Delays, cost overruns or slow ramp-up would hit returns on that capital and could require fresh borrowing or equity.

Limited disclosure

Private companies file annual accounts, not quarterly results. You will see problems later than you would with a listed stock.

Tax on gains

Unlisted shares held for more than 24 months are taxed at 12.5 percent on long-term gains without indexation, with no ₹1.25 lakh exemption. Gains on shares held for 24 months or less are taxed at your income slab rate. Rules are as on 15 October 2026; confirm with your tax adviser.

Why buy HVR Solar through We Grow Wealth

1. Dated, transparent quotes: every price we share states the date, time and basis.

2. Direct relationship with the company: we deal with HVR Solar directly, which shortens the chain between company and buyer.

3. Demat delivery: shares are transferred to your demat account through NSDL or CDSL, usually within one working day of cleared payment.

4. Clear documents: we ask for your Client Master Report, PAN and bank details, and payment only from the bank account linked to your demat.

5. Plain answers on risk: our relationship managers explain liquidity, lock-in and tax before you commit.

For the full process, read our step-by-step guide on how to buy unlisted shares in India. For the current quote and company data, see the HVR Solar unlisted share price page, or browse our unlisted shares price list.

Quick checklist before you buy

1. Check the HVR Solar share price date and basis, not just the number.

2. Use post-bonus figures: 99 lakh shares and FY25 EPS of ₹7.07.

3. Confirm the lot size and total ticket.

4. Read the latest annual accounts, not just a summary table.

5. Decide whether you can hold for several years with no IPO.

6. Understand the 6-month lock-in that applies from IPO allotment if the company lists.

7. Check your tax position for a holding period under or over 24 months.

8. Pay only from the bank account linked to your demat account.

Speak to a relationship manager through our contact page for today's quote. You can also learn more about We Grow Wealth, read how pre-IPO shares work, compare unlisted and listed shares, or see our IPO process explainer and other unlisted share analyses. To compare HVR Solar with other companies, browse all unlisted shares we deal in or our list of unlisted shares to watch in 2026.

Disclaimer: This content is for information and education only and is not investment advice or a recommendation to buy, sell or hold any security. Unlisted shares are not traded on any stock exchange and are not regulated by SEBI; investors do not get exchange or SEBI investor-protection or dispute-resolution mechanisms. Prices shown are indicative, are negotiated privately, may differ across platforms and are not guaranteed. Unlisted shares can be hard to sell and you may lose part or all of your investment. An expected IPO may be delayed or may not happen; if the company lists, pre-IPO shares are locked in for 6 months from the date of IPO allotment. Tax treatment is as per law on the date of publication and may change. We Grow Wealth earns a margin on the difference between its buy and sell prices. Please consult a qualified adviser before investing.