Sael Industries IPO

About Sael Industries IPO

The IPO of Sael Industries comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹3750 crores while the offer for sale aggregates up to ₹825 crores. The total issue aggregates up to ₹4575 crores. It’s a 100% book-built issue.

Sael Industries IPO opens on [XX] and closes on [YY]. The allotment of shares will take place on [TBA]. The credit of shares to the demat account will take place on [TBA]. The initiation of refunds will take place on [TBA]. The listing of shares will take place on [TBA].

Sael Industries is among the top five renewable energy independent power producers (IPPs) in India, which are vertically integrated and equipped with in-house solar module manufacturing, based on operational capacity as of June 30, 2025. The company also has in-house capabilities for engineering, procurement and construction (EPC) and operations and maintenance (O&M) for power projects.

Objectives of Sael Industries IPO

The company proposes to utilise the IPO proceeds for:

• Investment in its subsidiaries namely SAEL Solar P5 and SAEL Solar P4
  
• Repayment/prepayment, in full or in part, of certain of their outstanding borrowings, interest accrued and prepayment penalties, as applicable
  
• General corporate purposes
  

Industry Outlook

Renewable energy installations (incl. large hydro) in India have increased to 234 GW as of June 2025, as compared with approximately 63 GW as of March 2012, led by various central and state-level incentives.

As of June 2025, installed grid connected RE generation capacity (including large hydro) in India constituted approximately 46% of the total installed generation base in India. This growth has been led by solar power, which has grown to 116 GW from merely approximately 0.9 GW in March 2012.

However, owing to lower capacity utilisation factors, the RE penetration (incl. large hydro) in terms of energy generation was at approximately 27% as of June 2025, Also the total ESS installed capacity of India is 6.65 GW out of which 0.20 GW is from BESS and the remaining 6.45 GW GWh is from PSP.

Sael Industries Company Information

Sael Industries is among the top five renewable energy independent power producers (IPPs) in India, which are vertically integrated and equipped with in-house solar module manufacturing, based on operational capacity as of June 30, 2025.

The company also has in-house capabilities for engineering, procurement and construction (EPC) and operations and maintenance (O&M) for power projects. As of September 30, 2025, the total contracted & awarded capacity of its renewable energy projects is 5,765.70 megawatts (MW) (8,464.40 megawatts peak (MWp), comprising of 5,600.80 MW (8,299.51 MWp) solar and 164.90 MW of agri waste-to-energy (AgWTE) capacities across 10 Indian states and 1 union territory.

Strengths of Sael Industries

• Leading renewable energy power producer in India that is integrated and diversified, well positioning it to capitalise on industry tailwinds
• Strong off-taker profile and long-term power purchase agreements provide stable revenue visibility
• Pioneering business model with agri waste-to-energy capabilities backed by robust performance combined with tangible environmental and social impact
• Robust capital management allows for access to diversified sources of funding and financial performance
• Proven execution capabilities with in-house engineering, procurement and construction and operations & maintenance functions to optimise cost structures and increase efficiency
• Experienced board and promoter-led management team

Risks of Sael Industries

• History of losses and the company may continue to incur losses and not be able to achieve profitability in the future
• 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
• Inability to retain our key off-takers or decrease in revenues from any of key off-takers could negatively affect business, results of operations, financial condition and cash flows
• Inability to convert any project into an operational project, our business, financial condition, results of operations, cash flows and prospects could be materially and adversely affected
• Power purchase agreements expose the company to several risks including those associated with cost overruns and delays
• Substantial indebtedness and liabilities and are subject to restrictive and other covenants under debt financing arrangements
• If the energy production by, or availability of, projects is less than expected, its projects may not be able to satisfy minimum production
• Providing corporate guarantees for certain debt of subsidiaries, which, if invoked, could lead to a material adverse effect on business, cash flows, financial condition and results of operations
• Success of agri waste-to-energy projects depends on the steady supply of fuel feedstock, which is subject to various uncertainties and risks
• Delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could adversely affect business

Anchor Investor Bidding Date TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: KFin Technologies
• Book Running Lead Managers: ICICI Securities, Kotak Mahindra Capital Company, JM Financial and Ambit

Sael Industries Business Model

Sael Industries is a pioneer in the Indian AgWTE industry and the largest AgWTE operator in India based on operational capacity as of June 30, 2025. The company develops, builds, owns and operates utility scale solar and AgWTE energy projects that generate energy for central government entities, state DISCOMs and private entities.

The company has diversified into new renewable energy technologies through its entry into hybrid solar and energy storage systems, with its successful bids for two solar and energy storage hybrid projects.

Sael Industries Growth Trajectory

The revenue from operations of Sael Industries grew from ₹388.933 crores in FY 23 to ₹664.769 crores in FY 25. Its EBITDA margin grew from 34.29% in FY 23 to 49.13% in FY 25. Its annual installed capacity also increased from 225MW in FY 23 to 2225MW in FY 25.

Proven execution capabilities with in-house engineering, procurement and construction and operations & maintenance functions to optimise cost structures and increase efficiency has helped the company grow over the years.

Sael Industries Market Position

Sael Industries is among the top five renewable energy independent power producers (IPPs) in India, which are vertically integrated and equipped with in-house solar module manufacturing, based on operational capacity as of June 30, 2025. According to the CRISIL Report, the company is a pioneer in the Indian AgWTE industry and the largest AgWTE operator in India based on operational capacity as of June 30, 2025. According to the CRISIL Report, the company is also one of the largest industrial off-takers of paddy straw in India as of June 30, 2025, which serves as a feedstock for its power plants, helping it to contribute towards both energy transition and pollution mitigation.

How to Check Allotment Status of Sael Industries IPO?

1. Visit the Registrar’s Website

• Visit the official website of KFin Technologies
• Click on ‘IPO Allotment Status’ from ‘Investors’ under ‘Products’
• Click on any one of the appearing links
• Choose IPO name and enter either your application number, Demat account or PAN number
• Enter captcha and click on ‘Submit’ to know the status

2. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) website has an IPO bid verification module. You can use it to check the allotment status of Sael Industries IPO. Go to the NSE website and find the ‘Invest’ tab. Click on ‘Verify IPO Bids’ under ‘Resources & Tools’.

On the NSE IPO bid verification page, enter:

• Company name from dropdown
  
• Application number
  
• PAN
  

Then click ‘Submit’ to know the allotment status.

3. Check on BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the ‘Investors’ tab. Under ‘Investors’, click on ‘IPO’. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select ‘Equity’ from the dropdown menu
  
• Choose ‘Sael Industries’ in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click ‘Search’ to know allotment status
  

How to Apply for the Sael Industries IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
  
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.