HVR Solar
Unlisted Shares
Current Price
₹800
Market Cap
₹240 Cr
Book Value
33.964
ISIN
INE1NDM01010
P/E Ratio
10.469
Lot Size
Trade
₹800
Stats
| Company | HVR Solar |
| Incorporation Date | 24 Feb 2016 |
| ISIN Number | INE1NDM01010 |
| PAN | |
| CIN | U74900DL2016PTC291628 |
| Corporate Office | Unit No. 612, Pearl Omaxe Tower, Netaji Subhash Place, Pitampura, Delhi- 110034 |
| Sector | Solar |
| Depository | CDSL & NSDL |
| Face Value | 10 |
| Book Value | 33.964 |
Finanical Year Report
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Turnover | ₹42.88 Cr. | ₹66.12 Cr. | ₹101.37 Cr. |
| EBIDTA | 3.12 | 5.29 | 13.31 |
| PBT | 0.49 | 1.99 | 9.67 |
| PAT | 0.34 | 1.39 | 7.01 |
| EPS | 11.1 | 40.58 | 76.41 |
| P/E Ratio | 49 | 15.62 | 9.22 |
| Number Of Shares | 310000 | 500000 | 3000000 |
| Price | ₹550 | ₹634 | ₹705 |
| Market Cap | ₹17.05 Cr. | ₹31.7 Cr. | ₹211.5 Cr. |
HVR Solar Company Thesis
HVR Solar Pvt. Ltd. – Overview
Your New Energy Partner
Founded: 2016 Headquarters & Manufacturing: Sonipat, Haryana Core Business: Solar PV Module Manufacturing & Solar EPC Solutions
Company Snapshot
HVR Solar is an integrated renewable energy company focused on manufacturing high-efficiency solar PV modules and delivering turnkey solar EPC solutions. With steady capacity expansion and a growing national and international footprint, the company positions itself as a disciplined, scalable player in India’s accelerating solar transition.
Manufacturing Strength
Current Capacity: 75 MW semi-automatic solar PV module line
Planned Expansion: 1.2 GW annual manufacturing facility (FY26)
Focus on automation, efficiency, and quality control
Aims to emerge as a Tier-1 OEM & turnkey supplier
Geographic Presence
India: Operations across 15 states including Haryana, Delhi, Rajasthan, Gujarat, UP, MP, and North-East India
International: Presence in 9 countries across Asia & Africa (UAE, Oman, Kenya, Uganda, Rwanda, Nepal, Sudan, South Sudan)
Key Projects & Achievements
3.5 MW rooftop installations across C&I segment
Solar-integrated street lighting across 178 Jawahar Navodaya Vidyalayas
2 MW Smart City rooftop solar project in Shillong
Strong government, institutional, and corporate engagements
Business Model
Solar PV Modules (Primary Revenue Driver)
Solar EPC (Commercial & Industrial projects)
Market Opportunity
India’s solar market projected to grow from US$45B (2024) to US$1.25T by 2034
Industry CAGR: 41.5% (2025–2034)
Driven by rising electricity demand, falling solar costs, corporate sustainability goals, and rural electrification
Financial Performance (₹ Crore) FY Revenue EBITDA PAT FY20 19.31 1.69 0.04 FY22 33.42 2.40 0.32 FY24 66.12 5.29 1.39 FY25 101.37 13.31 7.01
Key Ratios (FY25):
EBITDA Margin: 13.13%
PAT Margin: 7.28%
ROE: 68.79%
ROCE: 59.84%
Growth Outlook (Projections)
FY26 Revenue: ₹172 Cr
FY27 Revenue: ₹748 Cr
EBITDA margins expected to expand steadily to ~15%
GP margins stabilizing above 16% post scale-up
Leadership
Rishabh Aggarwal (Founder & MD): 10+ years in solar sector, engineering background
Harsh Aggarwal (Director): 35+ years, strategic and industrial leadership
Veena Aggarwal (Director): 20+ years in management & policy
Sagar Sachdev (Executive Director): Project finance & renewable infrastructure expert
Investment Rationale
Proven execution with consistent revenue and margin expansion
Clear scale-up roadmap to 1.2 GW capacity
Strong ROE/ROCE reflecting capital efficiency
Aligned with India’s long-term energy transition
Operating at the intersection of manufacturing + EPC, reducing cyclicality
Website: https://hvrsolar.com