SAEL’s IPO-Bound Business Builds 1 GWp Solar Module Order Book

New Delhi: IPO-bound renewable energy company SAEL Industries on Wednesday said its arm SAEL Solar P6 has secured orders to supply 1 GWp of solar PV modules over the past six months.

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The company is expected to launch its Rs 4,575-crore initial public offering (IPO) in the coming months and has started roadshows for institutional investors, sources said.

SAEL will supply N-type TOPCon modules for projects in domestic and international markets.

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In a statement, SAEL said the order book includes a 585.8 MWp module supply contract from NTPC Renewable Energy Ltd for its Chitrakoot solar PV project in Uttar Pradesh. The remaining orders are for utility-scale projects in Gujarat and Uttar Pradesh.

SAEL said its modules are listed under the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers (ALMM), a requirement for government and government-assisted solar projects.

The company operates in utility-scale solar power generation, solar PV module manufacturing and agri waste-to-energy.

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As of September 30, 2025, SAEL had 8,299 MWp of contracted and awarded solar and storage capacity, 3,625 MW of TOPCon module manufacturing capacity and 164.90 MW of agri waste-to-energy capacity.

It is also developing an integrated facility in Greater Noida (Jewar), Uttar Pradesh, with 5 GW of solar cell and 5 GW of solar module manufacturing capacity.

In November, SAEL filed preliminary IPO papers with Sebi to raise Rs 4,575 crore through an IPO. It received Sebi approval in March. The IPO comprises a fresh issue of shares worth Rs 3,750 crore and an Offer for Sale (OFS) of Rs 825 crore by investor shareholder Norfund.

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