Sunkind India IPO

Sunkind India IPO is a book-built issue consisting entirely of a fresh issue of up to 64,08,000 equity shares. The equity shares are proposed to be listed on the NSE SME.

Hem Securities Limited is the book-running lead manager to the issue, while KFin Technologies Limited is the registrar. Key details, including the IPO dates, price band and lot size, are yet to be announced. Investors can refer to the Sunkind India IPO DRHP for detailed information about the company's business, financials and associated risks.

About Sunkind India Limited

Sunkind India Limited was originally incorporated as Sunkind India Private Limited on September 20, 2019, under the Companies Act, 2013. The company was subsequently converted into a public limited company and renamed Sunkind India Limited on May 22, 2025. The company is promoted by Hanish Gupta and Nidhi Gupta.

The company operates in the renewable energy sector and is primarily engaged in the design, engineering, procurement and construction (EPC) of solar power projects. Its project portfolio includes utility-scale solar installations, commercial and industrial rooftop solar systems, and ground-mounted solar projects across India. The company offers solutions under various models, including CAPEX, OPEX and Power Purchase Agreement (PPA) structures.

In addition to EPC services, Sunkind India provides comprehensive operations and maintenance (O&M) services for solar power assets. The company utilises data analytics and preventive maintenance practices to improve plant efficiency and maximise uptime across its installed solar projects.

The company has expanded its operations through subsidiaries that support backward integration initiatives. These include Sunkind Photovoltaics Private Limited, which is establishing a planned 250 MW TOPCon solar module manufacturing facility in Jaipur, and Sunkind Strucmax Private Limited, which is focused on manufacturing solar module mounting structures.

Sunkind India has developed a presence across 15 states and union territories and had an order book of approximately ₹432.37 crore as of July 30, 2026. The company's growth strategy focuses on expanding its EPC capabilities, increasing manufacturing integration, strengthening its order pipeline, and enhancing its position in India's growing renewable energy ecosystem.

Industry Outlook

• India's renewable energy sector continues to benefit from strong policy support and the country's long-term commitment towards clean energy adoption and decarbonisation targets.
• Solar energy remains one of the fastest-growing segments within the power sector, supported by increasing electricity demand and the shift towards sustainable energy sources.
• The utility-scale solar market and the commercial and industrial rooftop solar segment are witnessing growing adoption as businesses seek to reduce energy costs and improve sustainability credentials.
• Government initiatives such as renewable purchase obligations, transmission infrastructure development and renewable energy zones are expected to support future solar capacity additions across the country.
• Battery energy storage systems and integrated renewable energy solutions are creating new growth opportunities for companies operating across the solar value chain.
• The industry remains highly competitive, with EPC contractors, solar module manufacturers and integrated renewable energy companies competing on execution capabilities, pricing, technology adoption and project delivery.
• Increasing investments in domestic solar module manufacturing and localisation initiatives are expected to strengthen India's renewable energy supply chain while reducing dependence on imports over the long term.

Sunkind India IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Meet the working capital requirements of Sunkind India Limited to support the execution of existing and future solar EPC projects.
• Provide funding support towards the working capital requirements of its subsidiary, Sunkind Strucmax Private Limited.
• Strengthen the company's liquidity position and support growing operational requirements arising from business expansion.
• Support procurement of raw materials and inventory required for project execution and manufacturing activities.
• Enhance the company's ability to execute its growing order book and manage project delivery timelines efficiently.
• Provide financial flexibility to support future business growth initiatives and expansion plans.
• Utilise the remaining proceeds for general corporate purposes in accordance with applicable regulations.

Financial Performance of Sunkind India Limited

Sunkind India Limited Peer Details Comparison

Strengths and Opportunities of Sunkind India IPO

1. Strong revenue growth, with consolidated revenue increasing from ₹81.91 crore in FY24 to ₹302.96 crore in FY26.
2. Healthy profitability profile with FY26 PAT of ₹35.83 crore and PAT margin of 11.83%.
3. Large order book of approximately ₹432.37 crore providing revenue visibility for future periods.
4. Operations spread across multiple states and union territories, providing geographical diversification.
5. Presence across EPC, O&M and manufacturing segments allows the company to participate in multiple areas of the solar value chain.
6. Planned backward integration through solar module and mounting structure manufacturing could improve operational efficiencies and margins.
7. Strong return ratios, including RoE of 68.97% and RoCE of 53.29% in FY26.
8. Relatively low debt position, with debt-to-equity ratio of 0.16x as of March 31, 2026.
9. Growing renewable energy demand and supportive policy environment may create long-term growth opportunities.

Risks and Threats of Sunkind India IPO

1. The company derives a significant portion of its revenue from a limited number of customers, creating customer concentration risk.
2. Its business is exposed to fluctuations in raw material prices, which can impact project margins and profitability.
3. The EPC business may face project delays, cost overruns and performance-related challenges that could affect financial results.
4. The company operates a working-capital-intensive model, with trade receivables of ₹54.25 crore as of March 31, 2026.
5. Dependence on imports from countries such as China and Vietnam exposes the company to supply chain and foreign exchange risks.
6. The planned solar module manufacturing business carries execution and scaling risks due to limited historical operating experience in manufacturing.
7. Solar project performance remains dependent on favourable weather and irradiation conditions.
8. The renewable energy sector is highly competitive and may put pressure on pricing, margins and market share.
9. Changes in government policies, regulatory frameworks, approval processes or power sector dynamics could adversely affect operations and growth prospects.

Sunkind India IPO Reservation

Sunkind India IPO Promoter Holding

The promoters of the company are Hanish Gupta and Nidhi Gupta.

Sunkind India IPO Prospectus

• Sunkind India IPO DRHP

Sunkind India IPO Registrar and Lead Managers

Sunkind India IPO Lead Managers

• Hem Securities Limited

Registrar for Sunkind India IPO

KFin Technologies Limited

• Contact Number: 040-79615565
• Email Address: ipo@kfintech.com

Sunkind India IPO Registrar

How To Apply for Sunkind India IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Sunkind India IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Sunkind India IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orde₹
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

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Contact Details of Sunkind India IPO

Registered Office: Plot No-97A, AIHP Skyline, 1st Floor, Sector 32, Gurugram, Urban Estate, Gurugram, Haryana, 122001.

Phone: +91-124-4064684

E-mail: cs@sunkind.in