Smart Roof Solar Solutions Limited IPO

01At a glance

What the company does: a solar engineering, procurement and construction (EPC) contractor that designs, sources and installs rooftop solar, ground-mounted solar and, since FY26, small battery storage systems; rooftop projects were 94.49% of FY26 revenue (DRHP p.156, DRHP p.168).

Who pays it: mainly private factories and businesses in Rajasthan, Haryana and Delhi, which together were 69.88% of FY26 revenue, and government customers in Bhutan, with exports 28.54% of FY26 revenue (DRHP p.33, DRHP p.171). The largest customer, not named, was 31.37% of FY26 revenue and the top ten 76.46% (DRHP p.171).

Why it is raising money: ₹43.5 crore of the fresh issue is for working capital, ₹24.5 crore in FY27 and ₹19.0 crore in FY28; an amount for acquisitions not yet identified and one for general corporate purposes are left blank (DRHP p.105, DRHP p.113). There is no offer for sale (DRHP p.1).

How fast it has grown: revenue from operations from ₹37.0 crore in FY24 to ₹104.3 crore in FY26, about 67.8% a year, and profit after tax from ₹1.8 crore to ₹13.3 crore, about 169.0% a year (our arithmetic, DRHP p.70).

The one thing to understand: profit has not yet turned into cash. FY26 operating cash flow was −₹5.6 crore against ₹13.3 crore of profit, because money owed by customers rose from ₹10.7 crore to ₹31.7 crore in the year, 109 days of revenue (DRHP p.71, DRHP p.69, DRHP p.42).

02The business, in plain words

What Smart Roof Solar Solutions does

Smart Roof Solar Solutions was incorporated on April 7, 2015 as Smart Roof Solar Solutions Private Limited and became a public company with a fresh certificate dated April 8, 2026 (DRHP p.3, DRHP p.192). It describes itself as a solar EPC and battery energy storage system (BESS) solutions provider (DRHP p.156). Its work on a project runs through these steps (DRHP p.157, DRHP p.165, DRHP p.166):

• Finding the job: private customers through direct selling by management and a 30-person sales team; government and international work through tenders (DRHP p.171, DRHP p.174).
• Design: site survey, roof and load checks, system layout, electrical and structural design (DRHP p.165).
• Buying: modules, inverters, mounting structures, cables and other parts bought from suppliers project by project, on purchase orders without long-term contracts (DRHP p.166, DRHP p.37).
• Building: civil works, mounting structures, modules, inverters and wiring, then testing and connection to the distribution company's grid (DRHP p.166).
• After handover: operations and maintenance (O&M) for its plants is done by Sunadda Rooftop Private Limited, a group company, under a support services agreement dated March 24, 2026 (DRHP p.168).

A factory owner, a state or foreign government body, or a developer wants a solar plant → the company designs it and buys the panels, inverters and frames → it installs and commissions the plant, on a roof or on land, and hands it over → it is paid the contract value, usually in stages against work done (DRHP p.163, DRHP p.42).

It works under two models. Under the CAPEX model the customer owns the plant from commissioning; under the RESCO model the company would own the plant and supply power to the customer at a fixed tariff for 15 to 25 years (DRHP p.163, DRHP p.164). Three RESCO solar farms of 20 MW in Madhya Pradesh, 6.8 MW in Delhi and 10 MW in Rajasthan are described as at various stages of development (DRHP p.164).

It has worked abroad in Uganda since 2018 and in Bhutan, Madagascar and Comoros (DRHP p.159). It reports a monitoring platform called SolarMaxx with over 250 plants under monitoring and maintenance contracts (DRHP p.159). It does not own any premises: its office, warehouse and Bhutan guest houses are rented (DRHP p.43, DRHP p.179). It had 122 employees at August 31, 2026 (DRHP p.174).

Earnings equation: Revenue = kilowatts installed × price per kilowatt + O&M fees. The document gives kilowatts executed each year, 18,202.01 kW in FY26, but no price per kilowatt and no split of revenue between equipment and work (DRHP p.157); section 04 approaches it.

03Where the money comes from

By service, revenue from operations (₹ crore):

Source: DRHP p.168, converted from ₹ lakh. Rooftop work was 98.27%, 89.41% and 94.49% of revenue in FY24 to FY26 (DRHP p.33). The restated accounts split the same revenue another way: sale of products ₹67.8 crore and sale of services ₹36.5 crore in FY26 (our arithmetic, DRHP p.272).

By geography, share of revenue from operations:

Source: DRHP p.170, DRHP p.171; "Other Indian states" is our arithmetic from the same table. Export revenue was ₹9.7 crore in FY25 and ₹29.8 crore in FY26, all from Bhutan (DRHP p.171). A ₹0.72 crore project in Comoros in FY26 is counted as domestic revenue because the money came from an Indian agency (DRHP p.171). By customer type, government customers were nil in FY24, 18.85% in FY25 and 21.59% in FY26, and private customers the rest (DRHP p.35).

Smart Roof Solar Solutions customers: how concentrated the revenue is

Source: DRHP p.171, DRHP p.172; the top five is our arithmetic from the named lists on the same pages. In FY26 the largest customer brought ₹32.7 crore and the second ₹23.8 crore, together 54.23% of revenue; the document does not name either (our arithmetic, DRHP p.171). The largest customer in FY24, at ₹6.1 crore, was PSPL Smart Roof Solar Private Limited, the company's own 50% associate, which was also second in FY25 at 12.15% (DRHP p.172, DRHP p.171). Revenue does depend on a few customers: in FY26 two unnamed customers were more than half of it.

Revenue from repeat customers was ₹8.3 crore in FY24, ₹6.2 crore in FY25 and ₹6.1 crore in FY26, so its share fell from about 22.4% to about 5.8% (our arithmetic, DRHP p.159). The company states it has served over 800 customers since FY16 (DRHP p.160).

On the supply side, the top supplier was 19.45% of FY26 purchases and the top ten 72.26%, against 35.06% and 87.25% in FY24 (DRHP p.37). Imported purchases were ₹10.0 crore in FY26 (DRHP p.273).

04The growth record

Smart Roof Solar Solutions financials: revenue, profit and margins

Source: DRHP p.69, DRHP p.70, DRHP p.71, DRHP p.118, converted from ₹ lakh. Revenue from operations went from ₹37.0 crore in FY24 to ₹104.3 crore in FY26 and profit after tax from ₹1.8 crore to ₹13.3 crore (DRHP p.70). EBITDA is profit before tax plus finance cost and depreciation, less other income; RoE is on average equity (DRHP p.118). On year-end net worth instead, return on net worth was 32.99%, 47.46% and 55.64% (DRHP p.116).

Our arithmetic over FY24 to FY26: revenue grew about 67.8% a year and profit after tax about 169.0% a year (our arithmetic, DRHP p.70); EBITDA grew about 149.8% a year (our arithmetic, DRHP p.279). EBITDA margin moved from 8.02% to 17.77%, up 975 basis points, so from 8.0% to 17.8% rounded (DRHP p.118). Revenue rose 38.97% in FY25 and 102.54% in FY26 (DRHP p.297, DRHP p.294); profit after tax rose about 173.8% in FY25 and about 164.3% in FY26 (our arithmetic, DRHP p.70).

The year ends on March 31 throughout. Restatement changed profit: FY26 profit after tax was ₹13.0 crore audited and ₹13.3 crore restated, FY25 ₹5.1 crore audited and ₹5.0 crore restated, FY24 ₹1.7 crore audited and ₹1.8 crore restated, for expense timing, tax provisions and deferred tax (DRHP p.250). Profit includes the company's share of the associate's profit, ₹0.07 crore in FY26 (DRHP p.70). The auditor's examination report carries no modification (DRHP p.232).

What sits around the record:

• Cash: operating cash flow was −₹5.6 crore in FY26, ₹1.1 crore in FY25 and −₹0.32 crore in FY24 (DRHP p.71). In FY26 trade receivables absorbed ₹20.9 crore and income tax paid was ₹4.0 crore (DRHP p.71).
• Receivables: ₹31.7 crore at March 31, 2026, 109 days of revenue, against 70 days in FY24 and 75 in FY25 (DRHP p.42).
• Other income was ₹0.40 crore in FY26, about 2.3% of profit before tax, mostly a foreign exchange gain of ₹0.23 crore (our arithmetic, DRHP p.70, DRHP p.272).
• Debt: borrowings were ₹13.7 crore at March 31, 2026, all bank cash credit, debt to equity 0.57 times, so 0.6× (DRHP p.69, DRHP p.118). Net of ₹2.7 crore of cash, that is about 0.6× FY26 EBITDA (our arithmetic, DRHP p.69, DRHP p.70). Return on capital employed was 49.49%, so 49.5% rounded (DRHP p.118).
• Order book: unexecuted contract value of ₹67.2 crore at March 31, 2026, against ₹58.9 crore and ₹46.6 crore a year and two years earlier (DRHP p.38).
• Customers and suppliers: the largest customer was 31.37% of FY26 revenue, so 31.4% rounded, and the top ten 76.46%, so 76.5% (DRHP p.171); exports were 28.54%, so 28.5% (DRHP p.171); Rajasthan, Haryana and Delhi were 69.88%, so 69.9% (DRHP p.33); the top ten suppliers were 72.26% of FY26 purchases, so 72.3% (DRHP p.37).
• Related parties: transactions with related parties, leaving out a promoter loan taken and repaid in the year, came to about ₹3.9 crore in FY26 (our arithmetic, DRHP p.74).
• Contingent liabilities: ₹7.9 crore at March 31, 2026, of which bank guarantees ₹7.2 crore (DRHP p.72).
• Cases: two income tax matters against promoter Pradeep Prakash Singhal, both decided in the promoter's favour on appeal; no criminal cases against the company or promoters (DRHP p.310, DRHP p.307).
• Use of the issue: ₹43.5 crore of the fresh issue is for working capital (DRHP p.105).

05What the growth is made of

Revenue from operations rose ₹67.2 crore from FY24 to FY26 (our arithmetic, DRHP p.70). By source (our arithmetic, DRHP p.168, DRHP p.171):

• Rooftop EPC: up ₹62.1 crore, from ₹36.4 crore to ₹98.5 crore.
• Ground-mounted EPC: ₹3.1 crore in FY26 from nil in FY24.
• O&M and battery storage: up ₹2.0 crore together.
• Bhutan: ₹29.8 crore of FY26 revenue from nil in FY24, so Indian revenue rose ₹37.5 crore and exports ₹29.8 crore.

Volume: projects executed were 9,884.74 kW in FY24, 13,603.94 kW in FY25 and 18,202.01 kW in FY26, up about 84.1% over the two years (DRHP p.157, our arithmetic).

Realisation, read from volume: revenue per kilowatt executed was about ₹37,478 in FY24, ₹37,844 in FY25 and ₹57,287 in FY26 (our arithmetic, DRHP p.70, DRHP p.157). This is a rough figure: revenue includes O&M, work billed on projects not yet finished, and supply of equipment that may not match the kilowatts executed in the same year, so it does not separate price from mix.

The document gives kilowatts but no price per kilowatt or split by customer type, so the increase cannot be split cleanly into volume and price. That is the finding. The management discussion puts FY26 growth down to EPC up 101.78%, exports up 206.57% and domestic sales up 78.37%, with repeat business and new customers (DRHP p.295). It says exports earn higher margins than domestic sales, without giving the margins (DRHP p.297).

Cost of materials fell from 71.19% of revenue in FY24 to 59.79% in FY26 (DRHP p.39). Custom duty and clearance charges were ₹2.9 crore in FY24 and ₹2.0 crore in FY26, while installation, service and site charges paid to others rose from ₹0.91 crore to ₹10.5 crore (our arithmetic, DRHP p.276).

06Earnings quality

The item that needs explaining is receivables. They rose from ₹7.2 crore at March 2024 to ₹31.7 crore at March 2026, 84.70% of current assets (DRHP p.69, DRHP p.42). The company says it extended longer credit on export orders and billed heavily in the last quarter, and that government payments wait for certification and budget approval (DRHP p.42).

It also says most of its revenue is usually booked in the last quarter of a year (DRHP p.55). Of the March 2026 balance, ₹30.1 crore was under six months old, ₹1.3 crore six months to a year and ₹0.29 crore over a year (DRHP p.42). No provision for doubtful debts has been made (DRHP p.269).

The other side moved the opposite way: trade payables fell to ₹0.87 crore at March 2026, five days of purchases, which the company says helped it negotiate lower prices (DRHP p.69, DRHP p.110). Together these put ₹31.1 crore into net working capital at March 2026, against ₹7.3 crore two years earlier, funded by ₹13.7 crore of bank borrowing and the rest from accruals and equity (DRHP p.107).

07The balance sheet

At March 31, 2026 total assets were ₹41.6 crore: trade receivables ₹31.7 crore, cash ₹2.7 crore, fixed deposits ₹1.8 crore lien-marked to the banks, inventories ₹1.6 crore, property, plant and equipment ₹1.1 crore, investments ₹0.97 crore and other assets (DRHP p.69, DRHP p.265). Against them: short-term borrowings ₹13.7 crore, trade payables ₹0.87 crore, other current liabilities ₹2.1 crore, including advances from customers of ₹1.6 crore, provisions ₹0.97 crore and net worth ₹23.9 crore (DRHP p.69, DRHP p.261).

Source: DRHP p.255. The State Bank of India account held a small debit balance, shown within cash (DRHP p.255, DRHP p.271). The fund-based and non-fund based limits were ₹32.5 crore sanctioned at March 31, 2026 and ₹57.5 crore at August 31, 2026, when ₹3.8 crore of fund-based and ₹8.0 crore of non-fund based limits were in use, ₹11.8 crore in all (DRHP p.304).

HDFC Bank raised its limits from ₹27.5 crore to ₹52.5 crore by a sanction letter of July 6, 2026, and Punjab National Bank took over the State Bank of India limit with a ₹5.0 crore sanction (DRHP p.292).

The loans are secured on current assets and fixed deposits, by mortgages over eight properties owned by the promoters and their relatives, and by personal guarantees of Vismay Singhal, Vinay Kumar Singhal, Renu Singhal, Chakit Singhal, Vikas Kumar Singhal and Pradeep Prakash Singhal (DRHP p.304, DRHP p.305).

Contingent liabilities were ₹7.9 crore at March 31, 2026: bank guarantees ₹7.2 crore and a disputed indirect tax demand ₹0.72 crore (DRHP p.72). They were ₹1.0 crore at March 2024 (DRHP p.72). Foreign currency exposure not hedged was ₹12.4 crore at March 2026 (DRHP p.237).

Source: DRHP p.290, DRHP p.105. The capitalisation statement leaves the post-issue column blank (DRHP p.290). There are no long-term borrowings (DRHP p.69).

08What the money is for

Smart Roof Solar Solutions IPO objects: what the money is for

Source: DRHP p.105, DRHP p.111. Acquisitions and general corporate purposes together may not exceed 35% of the amount raised (DRHP p.105). The rupee size of the fresh issue depends on a price not yet set (DRHP p.105).

Working capital, ₹43.5 crore: ₹24.5 crore in FY27 and ₹19.0 crore in FY28 (DRHP p.113). The company's own estimate puts net working capital at ₹55.6 crore in FY27 and ₹74.8 crore in FY28, against ₹31.1 crore at March 2026, assuming receivables of 100 days, inventory of 40 days and trade payables of 4 and 3 days (DRHP p.107, DRHP p.108). It plans to fund the rest with ₹14.0 crore of bank borrowing each year and internal accruals or net worth of ₹17.1 crore in FY27 and ₹41.8 crore in FY28 (DRHP p.108).

Acquisitions not yet identified: to be used by the end of FY2030; no target or definitive agreement exists (DRHP p.110, DRHP p.39).

The objects have not been appraised by any bank or outside agency (DRHP p.114). The document says the issue size exceeds ₹50 crore and that a monitoring agency, not yet named, will be appointed (DRHP p.81, DRHP p.114). The company may place up to 14,00,000 shares before the red herring prospectus, which would reduce the fresh issue (DRHP p.105).

Into the business the fresh issue of up to 75,00,000 shares, at a price not yet set (DRHP p.105). To selling shareholders nothing: there is no offer for sale (DRHP p.1).

09Who is selling

Smart Roof Solar Solutions IPO offer for sale: who is selling

Nobody. The whole issue is a fresh issue of up to 75,00,000 shares of ₹10, amount not set (DRHP p.105), and the document marks the offer for sale “NOT APPLICABLE AS THE ENTIRE ISSUE CONSTITUTES FRESH ISSUE OF EQUITY SHARES” (DRHP p.1, AP p.1). If all of it is issued, the new shares would be about 30.6% of the post-issue capital (our arithmetic, DRHP p.88, DRHP p.105). The promoters and promoter group will not take part in the issue (DRHP p.104).

10Promoters

The promoters are Pradeep Prakash Singhal and Vikas Kumar Singhal (DRHP p.217). The document states that Vikas Kumar Singhal is the son-in-law of Pradeep Prakash Singhal (DRHP p.202). Holdings: Pradeep Prakash Singhal 17,00,000 shares (10.00%) and Vikas Kumar Singhal 1,47,84,560 shares (86.97%), 96.97% in all (DRHP p.99).

• Pradeep Prakash Singhal, 71, Chairman and Whole-time Director, associated with the company since April 2015, a director since 2022 in the board table; earlier with SPANCO Telesystems and Solutions Ltd. and ITI Limited; stated to have over 45 years of experience in the renewable sector (DRHP p.200, DRHP p.202).
• Vikas Kumar Singhal, 48, Managing Director, associated since January 2018; an engineering graduate who attended IIM Lucknow; earlier with PricewaterhouseCoopers, Strategic Value Partners India, GMR Energy Trading, ICF International and ENGIE Energy and Services India; stated to have over 22 years of experience in energy (DRHP p.200, DRHP p.202).

Pay: remuneration was ₹0.36 crore in FY24 and ₹0.54 crore in FY26 for the two together, ₹0.30 crore to Vikas Kumar Singhal and ₹0.24 crore to Pradeep Prakash Singhal in FY26 (DRHP p.74). From May 1, 2026 each may be paid up to ₹0.05 crore a month, about ₹0.60 crore a year each (DRHP p.203, our arithmetic). Relatives received consultancy fees of ₹0.22 crore and rent of ₹0.32 crore in FY26 (our arithmetic, DRHP p.74).

Loans: the two promoters lent the company ₹5.0 crore in FY26, ₹1.9 crore and ₹3.1 crore, all repaid in the same year (DRHP p.74).

Other businesses: the promoter group entities are Sunadda Rooftop Private Limited, PSPL Smart Roof Solar Private Limited and SRSS Greens & Organics LLP (DRHP p.220). Sunadda designs, installs and maintains solar systems and trades solar equipment and renewable energy certificates, shares the registered office, and does the company's O&M work; the document says a conflict of interest exists and that a non-compete agreement was signed on September 7, 2026 (DRHP p.48, DRHP p.224). Both promoters are directors of Sunadda, and Vikas Kumar Singhal is also a director of PSPL (DRHP p.200).

Guarantees and pledges: the promoters and four relatives guarantee the bank limits of ₹57.5 crore and have mortgaged personal property for them (DRHP p.51, DRHP p.305). No promoter shares are pledged (DRHP p.95).

Promoter group disclosure: seven relatives of Pradeep Prakash Singhal refused to give information as promoter group members, and the company applied to SEBI on August 1, 2026 for an exemption, still pending (DRHP p.40, DRHP p.41).

Cases: two income tax matters against Pradeep Prakash Singhal from salary tax that a former employer deducted but did not deposit, for AY 2013-14 and AY 2014-15; both appeals were allowed but are not yet shown on the tax portal (DRHP p.310). No criminal or regulatory cases against the promoters (DRHP p.309).

Promoter economics: Pradeep Prakash Singhal subscribed at ₹10 a share in 2015 to 2017 through the incorporation and three rights issues, and bought and sold 80,000 shares at ₹10 and ₹12.5 in 2016 and 2017 (DRHP p.97, DRHP p.103). Vikas Kumar Singhal bought 2,50,000 shares at ₹12.2 from Ajit Kumar Gupta on April 2, 2018 and received 6,50,000 shares as a gift from Pradeep Prakash Singhal on July 31, 2025 (DRHP p.98).

Both then received the 16:1 bonus on August 18, 2026 (DRHP p.97, DRHP p.98). The average cost is ₹4.41 a share for Pradeep Prakash Singhal and ₹0.20 for Vikas Kumar Singhal (DRHP p.102, AP p.10). Vikas Kumar Singhal sold 100 shares each at ₹110 on March 16, 2026 to two buyers and 100 shares at ₹198 on July 3, 2026, all before the bonus, and gave shares as gifts to relatives (DRHP p.103).

11Who already owns it

Smart Roof Solar Solutions promoter holding before and after the IPO

Source: DRHP p.99; the after-issue column is our arithmetic. There are 1,70,00,000 shares of ₹10 before the issue and nine shareholders (DRHP p.88, DRHP p.98). If all 75,00,000 new shares are issued the total becomes 2,45,00,000 shares (our arithmetic, DRHP p.88, DRHP p.105), and the promoters' 96.97% becomes about 67.3%, so 97.0% → 67.3% (our arithmetic, DRHP p.99, DRHP p.105). Promoters and promoter group together go from 99.97% to about 69.4% (our arithmetic, DRHP p.99). The document leaves the after-issue percentages blank (DRHP p.99). A pre-IPO placement of up to 14,00,000 shares, if made, would come out of the fresh issue (DRHP p.105).

The promoter group table lists Vismay Singhal as spouse of Vikas Kumar Singhal, Vinay Kumar Singhal and Renu Singhal as father and mother of Vikas Kumar Singhal, Shalu Kapoor as sister of Vikas Kumar Singhal, and Tanmay Singhal as daughter of Pradeep Prakash Singhal (DRHP p.219, DRHP p.220). No fund or company holds shares (DRHP p.95). Promoter shares equal to 20% of post-issue capital are to be locked in for three years (DRHP p.99).

12What changed just before the IPO

• Revenue and profit: revenue from operations went from ₹37.0 crore in FY24 to ₹104.3 crore in FY26 and profit after tax from ₹1.8 crore to ₹13.3 crore (DRHP p.70).
• Receivables: 70 days in FY24 and 109 days in FY26 (DRHP p.42).
• Promoter pay: ₹0.36 crore in FY24 and ₹0.54 crore in FY26 (DRHP p.74).
• Exports: Bhutan revenue from nil in FY24 to 28.54% of FY26 revenue, under a 15-month contract of April 17, 2025 with Druk Green Power Corporation Limited, signed by a joint venture of Telecommunications Consultants India Limited, the company and Enerture Technologies Private Limited (DRHP p.171, DRHP p.36).
• Share transfers: 6,50,000 shares gifted by Pradeep Prakash Singhal to Vikas Kumar Singhal on July 31, 2025; small transfers at ₹110 a share in March 2026 and ₹198 a share in July 2026, before the bonus (DRHP p.103).
• Bonus issue: 16:1, 1,60,00,000 shares on August 18, 2026, taking the count from 10,00,000 to 1,70,00,000 (DRHP p.91).
• Last allotment before the IPO: the bonus of August 2026; the last allotment for cash was a rights issue at ₹10 a share on March 14, 2017 (DRHP p.91).
• Pre-IPO placement: none so far; up to 14,00,000 shares may be placed before the red herring prospectus (DRHP p.89).
• Converted to a public company: shareholders approved on March 27, 2026; fresh certificate April 8, 2026; registered office moved on April 11, 2026 (DRHP p.3, DRHP p.192).
• New objects: on March 27, 2026 the memorandum added agrivoltaics, farm produce, packaged drinking water and beverages, and information technology and artificial intelligence to the main objects (DRHP p.194).
• Board and officers: Shalu Kapoor a director from March 16 to May 11, 2026; independent directors and Company Secretary from May 1, 2026; CFO Roshan Lal from June 10, 2026 (DRHP p.205, DRHP p.206, DRHP p.215).
• Subsidiary: SRSS Greens & Organics LLP, 60% owned, formed on June 4, 2026 to trade food products, nutraceuticals and cosmetics (DRHP p.221).
• Group arrangements: support services agreement with Sunadda on March 24, 2026 and non-compete with Sunadda on September 7, 2026 (DRHP p.168, DRHP p.198).
• Debt: cash credit rose from ₹4.4 crore to ₹13.7 crore in FY26; bank limits raised to ₹57.5 crore by August 2026 (DRHP p.69, DRHP p.304).
• Past compliance: applications filed on September 23, 2026 to adjudicate late receipt of money in the 2015 and 2016 rights issues (DRHP p.46).
• Auditor: Anuj Goyal Associates throughout; no change in the last three years (DRHP p.79).
• Dividend: none in the last three financial years (DRHP p.226).

13Capacity and expansion

Source: DRHP p.157, DRHP p.38. The company buys finished equipment and installs it; it lists a store of about 2,400 sq. ft. at Village Sakatpur, Gurugram (DRHP p.43, DRHP p.179). The order book at March 2026 was rooftop ₹63.4 crore, ground-mounted ₹3.1 crore and O&M ₹0.76 crore (DRHP p.38).

Planned additions are the company's own plans, not issue-funded objects: the three RESCO solar farms in Madhya Pradesh, Delhi and Rajasthan (DRHP p.164), up to 10 captive or open access solar farms needing about ₹3 to ₹5 crore of development capital each over the medium term (DRHP p.162), and a role as technical partner for an agro-solar project of about 40 MW in the Philippines (DRHP p.161). The issue-funded objects add no capacity (DRHP p.105). The step from kilowatts to revenue cannot be made precisely from the filing.

14Market size and industry structure

Smart Roof Solar Solutions industry: market size and growth

As claimed: the chapter draws on a report titled “Solar Engineering, Procurement and Construction (“EPC”) Services Industry” dated September 24, 2026 by Marqis Analytics Private Limited, commissioned and paid for by the company under an engagement letter of July 16, 2026 (DRHP p.28, DRHP p.32).

The commissioned report sizes Indian solar in gigawatts of capacity, not in rupees: India's installed solar capacity rose from 2.82 GW in March 2014 to 150.26 GW on March 31, 2026, and the chapter gives 162.15 GW at June 30, 2026 and 164.59 GW at July 31, 2026 (DRHP p.134, DRHP p.140, DRHP p.144). It gives no rupee value for Indian solar EPC services.

Its only money sizes are for battery storage: the commissioned report puts the Indian BESS market at USD 0.94 billion in 2025 and USD 1.19 billion in 2026, and projects USD 12.41 billion by 2036, a rate of 26.44% a year, as its own estimate (DRHP p.137).

The part that is addressable: the company sells mainly rooftop solar EPC to commercial and industrial customers in Rajasthan, Haryana and Delhi, and government work in Bhutan (DRHP p.156, DRHP p.170). The commissioned report says 8.71 GW of rooftop solar and 7.67 GW under the PM-KUSUM scheme were added in India in FY26, distributed solar of 16.31 GW, about 36% of the year's solar additions (DRHP p.134). It does not size the commercial and industrial rooftop segment by state, or Bhutan.

What the company is today: the company executed 18,202.01 kW in FY26, including Bhutan (DRHP p.157). Against the 44.61 GW India added in FY26, that is about 0.04% (our arithmetic, DRHP p.134, DRHP p.157). Its battery storage revenue was ₹0.57 crore in FY26 (DRHP p.168).

Size over time: India added a record 44.61 GW of solar in FY26 against a target of 34 GW, after 23.83 GW in FY25 (DRHP p.134). Our arithmetic: the FY26 addition was about 87% more than FY25's (our arithmetic, DRHP p.134). The chapter's figures do not line up in time: it gives 154.24 GW at July 2025 and 150.26 GW at March 2026 (DRHP p.134). At November 30, 2025, 69.12 GW of solar was under implementation and 35.46 GW tendered (DRHP p.144). The commissioned report projects the global BESS market growing from USD 36.81 billion in 2025 to USD 265.20 billion by 2036 (DRHP p.135, DRHP p.136).

Segments: the report divides the industry by project type (utility-scale, commercial and industrial, rooftop, open access, captive), customer, commercial model (CAPEX, RESCO or OPEX, open access, group captive), technology, service and geography (DRHP p.131). The company sits in commercial and industrial rooftop under the CAPEX model, with some ground-mounted, open access and battery work (DRHP p.163, DRHP p.168).

What drives demand: the chapter names India's target of 500 GW of non-fossil capacity by 2030, renewable purchase obligations, the PM Surya Ghar scheme with an outlay of ₹75,021 crore to reach one crore households by FY2026-27, PM-KUSUM with 34,800 MW and ₹34,422 crore of central support, falling solar costs for industrial users, and battery storage support of ₹5,400 crore for 30 GWh approved in June 2025 (DRHP p.140, DRHP p.143, DRHP p.146, DRHP p.138). The Central Electricity Authority projects battery storage needs of 34.72 GWh in 2026-27 and 236.22 GWh in 2031-32, as cited by the report (DRHP p.138).

Structure: the chapter describes large integrated renewable energy and EPC companies, commercial and industrial rooftop specialists, regional and mid-sized EPC contractors, local installers and O&M providers (DRHP p.131). It names competition on tariff and cost, execution record, ALMM-compliant procurement, financial strength and systems integration, and barriers of working capital, track record, engineering capability, compliance and supplier access (DRHP p.149, DRHP p.150, DRHP p.151). It compares the company with GRE Renew Enertech Limited, Trom Industries Limited and Solarium Green Energy Limited (DRHP p.151).

Inputs and trade: modules, inverters, mounting structures and cables are the main inputs and the largest cost (DRHP p.37). The Approved List of Models and Manufacturers (ALMM) sets which modules and cells eligible projects may use (DRHP p.141). Basic customs duty of 25% on solar cells and 40% on modules applies from April 1, 2022 (DRHP p.183). India's module manufacturing capacity is given as about 172 GW at March 31, 2026 (DRHP p.134).

Rules: the business works under the Electricity Act, state net metering regulations, Delhi's group and virtual net metering framework, Haryana's rooftop solar regulations and solar policy, the Haryana electrical licensing rules, CEA safety regulations and the Make in India order for renewable energy procurement (DRHP p.181, DRHP p.183, DRHP p.185, DRHP p.164).

What the chapter says can go wrong: the scale and timing of projects depend on project economics, financing, land and grid connection, approvals, customer decisions and competitive bidding, and growth in the market does not necessarily translate into proportionate revenue for any one contractor (DRHP p.143, DRHP p.145). Changes in approved manufacturers can affect sourcing, and international work carries host-country rules, local content, logistics and currency risk (DRHP p.142, DRHP p.145). The chapter does not discuss pricing pressure in rooftop contracts or customer payment cycles.

15Competitive position

Smart Roof Solar Solutions competitors

Source: DRHP p.118, DRHP p.119, DRHP p.151, converted from ₹ lakh. GRE Renew Enertech and Trom Industries are each about 1.2 times the company's revenue and Solarium Green Energy about 3.5 times (our arithmetic, DRHP p.118). Solarium Green Energy is also a supplier: ₹2.1 crore of FY26 purchases, 3.59% (DRHP p.172). The peers' margins and returns were higher than the company's in FY24, when its EBITDA margin was 8.02% against 12.77% to 15.75% for the three (DRHP p.119).

What the company puts forward: offers across rooftop, ground-mounted and open access, CAPEX and RESCO models, group and virtual net metering in Delhi, the SolarMaxx platform, work in Bhutan, Uganda, Madagascar and Comoros, and repeat customers (DRHP p.158, DRHP p.159). Against that: O&M is done by a group company, no premises are owned, the trademark application is under objection, attrition was 30.8% in FY26, and the RESCO model is new to it (DRHP p.51, DRHP p.43, DRHP p.49, DRHP p.54, DRHP p.52).

16Peers the company named

Peers named in the offer document: Trom Industries Limited, GRE Renew Enertech Limited and Solarium Green Energy Limited (DRHP p.117).

The three are in solar EPC like the company; Solarium Green Energy is about three and a half times its size with some module manufacturing, and the other two are of similar size (DRHP p.151, DRHP p.118). The document gives their P/E on March 31, 2026 closing prices as 5.84 for Trom Industries, 7.86 for GRE Renew Enertech and 13.92 for Solarium Green Energy, an average of 9.88 (DRHP p.116, DRHP p.117). The company's FY26 EPS is ₹7.83 on 1,70,00,000 post-bonus shares and its net asset value ₹14.08 a share (DRHP p.115, DRHP p.116). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Smart Roof Solar Solutions IPO risks

Customers: the largest customer was 31.37% of FY26 revenue and the second 22.86%, neither named (DRHP p.171) → there are no long-term contracts except the Bhutan agreement, so a lost customer is not replaced by contract → the top ten were 76.46% of FY26 revenue, against 59.05% in FY25 (DRHP p.35, DRHP p.36).

Customers: Bhutan: exports to Bhutan were 28.54% of FY26 revenue (DRHP p.171) → they rest on a 15-month contract of April 2025 through a joint venture, and on winning further tenders (DRHP p.36, DRHP p.41) → unhedged foreign currency exposure was ₹12.4 crore at March 2026 (DRHP p.237).

Financial: receivables and cash: receivables were 109 days of revenue at March 2026 (DRHP p.42) → slow collection ties up cash and raises borrowing → operating cash flow was −₹5.6 crore in FY26 and negative in two of the three years (DRHP p.71).

Financial: working capital: the company estimates net working capital rising to ₹74.8 crore by FY28 (DRHP p.107) → it plans ₹41.8 crore of that year's need from internal accruals and net worth (DRHP p.108) → it has named no other source if the issue falls short (DRHP p.56).

Business: fixed-price contracts: material cost was 59.79% of FY26 revenue (DRHP p.39) → on fixed-price contracts the company bears cost increases in modules and inverters (DRHP p.38) → customs duty and clearance charges were ₹2.0 crore in FY26 (DRHP p.276).

Suppliers: the top ten suppliers were 72.26% of FY26 purchases with no firm commitments (DRHP p.37) → a supply break delays projects → the top supplier alone was 19.45% (DRHP p.37).

Promoters: group company: Sunadda Rooftop Private Limited does the company's O&M and is in the same line of business; the document says a conflict of interest exists (DRHP p.51, DRHP p.224) → work could move between the two → payments to Sunadda rose from ₹0.21 crore in FY24 to ₹1.2 crore in FY26 (DRHP p.74).

Promoters: disclosure gap: seven relatives of a promoter refused to give information and SEBI has not yet ruled on an exemption (DRHP p.40, DRHP p.41) → entities linked to them may not have been identified as promoter group (DRHP p.41) → after the issue the promoters alone would hold about 67.3% (our arithmetic, DRHP p.99, DRHP p.105).

Regulation: past compliance: late receipt of money in two rights issues in 2015 and 2016 has gone to adjudication, past company law filings were late, some records cannot be traced, and statutory dues were paid late, labour welfare fund by up to 388 days (DRHP p.46, DRHP p.45, DRHP p.48) → penalties may follow → no show cause notice has been received (DRHP p.46).

Legal: tax: a GST demand of ₹0.72 crore for FY 2018-19 is under appeal (DRHP p.308) → it would be a cash cost if upheld → it sits within contingent liabilities of ₹7.9 crore (DRHP p.72).

Issue-specific: part of the proceeds is for acquisitions not yet identified, up to 25% of the amount raised (DRHP p.105) → investors cannot assess the target or its price (DRHP p.39) → the deadline for using it is the end of FY2030 (DRHP p.110).

18Litigation and regulatory matters

Cases against Smart Roof Solar Solutions and its promoters

Criminal: none against the company, promoters, directors, key managers, senior management or group companies (DRHP p.307, DRHP p.309, DRHP p.311). Regulatory: no actions by statutory or regulatory authorities against the company, promoters or directors (DRHP p.308, DRHP p.309). Civil: no material civil cases by or against the company or promoters (DRHP p.308, DRHP p.309). Creditors: three material creditors were owed ₹0.66 crore of total trade payables of ₹0.87 crore at March 31, 2026 (DRHP p.312). Approvals: the “Smart Roof Solar” trademark application in class 37 is under objection (DRHP p.49).

19Related-party transactions

Source: DRHP p.74, converted from ₹ lakh; consultancy totals are our arithmetic, and FY24 consultancy includes ₹0.01 crore to Tanmay Singhal. Other items: purchases from PSPL of ₹1.4 crore in FY26, receivables from PSPL of ₹1.9 crore at March 2025 and ₹0.20 crore at March 2026, and the company's investment of ₹0.05 crore for 50% of PSPL in March 2022 (DRHP p.74, DRHP p.75, DRHP p.197). The warehouse is leased from Chakit Singhal, a promoter group member, and the registered office is rented from Renu Singhal and Vismay Singhal (DRHP p.44).

What appeared or changed in the two years before filing: rent and consultancy to Renu Singhal and Vinay Kumar Singhal began in FY25; payments to Sunadda rose more than five times in FY26; sales to PSPL fell from ₹6.3 crore in FY25 to ₹0.16 crore in FY26 while purchases from it began; the promoter loans of FY26 were taken and repaid; the support services and non-compete agreements with Sunadda were signed in 2026 (DRHP p.74, DRHP p.168, DRHP p.198). The company states that all related-party transactions are at arm's length (DRHP p.50).

20What the offer document does not say

The names of the two largest FY26 customers, 31.37% and 22.86% of revenue, are not given (DRHP p.171). Prices per kilowatt and margins by project type, by customer type or for Bhutan against India are not given. Gross margin on equipment against services is not given. The financial figures of Sunadda Rooftop Private Limited and PSPL Smart Roof Solar Private Limited are left to the company website (DRHP p.223, DRHP p.224).

What the RESCO solar farms will cost in total and how they will be funded is not stated beyond ₹3 to ₹5 crore per farm (DRHP p.162). The issue size, price band, acquisition amount, general corporate purposes and issue expenses are blank (DRHP p.105). The after-issue shareholding is blank (DRHP p.99). Order book cancellations are not disclosed. The commissioned industry report gives no rupee size for solar EPC services.

Some inconsistencies are recorded as document matters, not business ones: the business chapter says the focus is on private customers while the basis for issue price lists a “Focus on export and international government contracts” and a risk factor says revenue is majorly dependent on international projects, though exports were 28.54% of FY26 revenue (DRHP p.157, DRHP p.115, DRHP p.41, DRHP p.171); government revenue is ₹22.5 crore in FY26 while Bhutan exports are ₹29.8 crore

and private revenue is called domestic though the two figures differ (DRHP p.35, DRHP p.171); a risk factor says the company will appoint a monitoring agency and the general information chapter says the issue exceeds ₹50 crore, though the size is blank (DRHP p.55, DRHP p.81); the strategy chapter says part of the proceeds is earmarked for technology and for bid security deposits which are not among the objects (DRHP p.162, DRHP p.161, DRHP p.105);

the promoters' experience is given as over 45 and 22 years in one chapter and over 20 and 25 years in another (DRHP p.202, DRHP p.160); industrial rooftop capacity is given as about 50 MW and as about 57.4 MW (DRHP p.165); employees averaged 175 in FY26 but numbered 122 at August 2026 (DRHP p.175, DRHP p.174);

the O&M work is said to be done by Sunadda while the company reports its own O&M revenue of ₹2.1 crore (DRHP p.168); several rows of the late statutory dues table show payment before the due date (DRHP p.47); the restated statements are called consolidated with an associate while the subsidiary was formed after the last balance sheet date (DRHP p.228, DRHP p.221);

the industry chapter gives 154.24 GW of capacity at July 2025 and 150.26 GW at March 2026 (DRHP p.134).

21Five questions for management

1. Who are the two largest FY26 customers, and how much of their ₹56.5 crore of revenue (DRHP p.171) was still owed at March 31, 2026?
2. What was revenue per kilowatt in India and in Bhutan in FY26, and how much of the rise from FY24 came from equipment supply rather than installation?
3. What share of the ₹67.2 crore order book at March 2026 (DRHP p.38) is from Bhutan, and which Bhutan contracts run beyond the 15-month agreement of April 2025?
4. What did Sunadda Rooftop Private Limited earn from the company's customers in FY26, and how is the ₹1.2 crore of installation charges paid to it (DRHP p.74) priced?
5. How much capital will the three RESCO farms of 36.8 MW (our arithmetic, DRHP p.164) need, and will any of it come from the issue's general corporate purposes or acquisition amounts?

1Sources and cited facts

This study was read from 1 document the company filed. The 168 figures it cites are listed under the document each came from, with the page and the sentence as printed.