Rayzon Solar IPO

About Rayzon Solar

Rayzon Solar is a solar photovoltaic module manufacturer with an installed capacity of 6.00 GW as of March 2025. Established in 2017, the company operates two manufacturing facilities in Surat, Gujarat, and is certified under the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers with 3.00 GW enlisted capacity.
The company specializes in manufacturing bifacial and monofacial solar PV modules using advanced TOPCon and Mono PERC cell technologies, designed for utility-scale, residential, commercial, and industrial installations. Their product portfolio includes dual glass modules, glass-to-transparent backsheet variants, and full black modules optimized for space efficiency and enhanced power density. Manufacturing operations utilize automated equipment for glass loading, cell cutting, robotic lay-up, and automated encapsulant processing.
Rayzon Solar is expanding its operations with an additional 2.00 GW module capacity by October 2025, establishing a 3.50 GW solar cell manufacturing unit by Fiscal 2027, and setting up an aluminium frames manufacturing facility.

Issue size

Strengths

• Advanced manufacturing, in-house R&D, and quality testing ensure reliable solar modules.
• Strategically positioned to benefit from India’s solar growth and policy push.
• Strong global customer base and order book supports sustained growth.
• Pan-India distribution and direct sales network ensures wide market reach.
• The company has consistent financial growth with strong margins, returns, and operational efficiency.
• Experienced promoters and leadership team with deep solar industry expertise.

Risks

• High reliance on limited solar module types may impact revenues.
• Fluctuating raw material prices may impact solar module profitability.
• Heavy dependence on imported materials exposes the company to regulatory cost risks.
• Heavy reliance on top suppliers may disrupt operations and margins.
• Inventory mishandling or accidents may disrupt operations and cause financial loss.
• Regulatory shifts, supply issues, and tech changes threaten solar operations.
• Non-receipt of government subsidies may raise costs and reduce product affordability.

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