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Mundra Solar Pv Limited
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MUNDRA SOLAR PV LIMITED

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Gujarat ›

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Updated: 21 Aug 2026

Mundra Solar PV Limited is a renewable energy company focused on solar photovoltaic (PV) power generation. It develops and operates solar power plants, providing clean energy solutions to meet growing energy demands while contributing to sustainability initiatives in various sectors.

Mundra Solar Pv Limited, is an unlisted public company incorporated on 01 June, 2015. It is classified as a public limited company and is located in , Gujarat. It's authorized share capital is INR 1,000.00 cr and the total paid-up capital is INR 918.37 cr.

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Industry and products

Business Services

bifacial solar panel, mono solar panel, Multi solar panel

Company size

Auth Capital

₹ 1,000.0 Cr

Paidup Capital

₹ 918.4 Cr

Revenue

₹ >5000 cr

Key Metrics

** All rupee values in INR crores. Based on March 2025 numbers.

Total Revenue

99.4%

₹ 6,488.4

EBITDA

280.06%

₹ 1,650.5

Net Profit

474.91%

₹ 1,085.0

Networth

95.51%

₹ 2,221.8

Borrowings

-20.87%

₹ 1,469.9

Assets

-7.25%

₹ 6,018.1

Gross Margin

14.52

42.3 %

Operating Margin

12.06

26.0 %

Net Profit Margin

10.92

16.7 %

Return on Equity

32.23

48.8 %

ROCE

37.54

49.5 %

Debt to Equity

-0.97

0.7

Sales

Mar 2025

Net worth

Mar 2025

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Locations

India (23)

State	Type	Address

Locations on Map

People

Designation	Name	DIN/PAN	Tenure
Director	Rajesh Kumar Jha	03387711	11 years
Director	Sushama Oza	07145540	10 years
Director	Gaurav Surinder Vesasi	09848221	2 years

Financial Highlights

** All numbers in INR crores

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	2,924.9	2,572.0	1,592.5	3,122.2	6,355.6
Operating profit	792.0	336.7	41.7	434.3	1,650.5
Net profit	418.1	93.4	-351.4	188.7	1,085.0
Gross margin	44.7	32.2	20.2	27.8	42.3
Operating margin	27.1	13.1	2.6	13.9	26.0
Net margin	14.1	3.6	-21.5	5.8	16.7
Networth	764.4	857.4	505.2	1,136.4	2,221.8
Borrowings	1,522.3	1,531.1	1,198.1	1,857.5	1,469.9
Assets	3,410.4	2,946.6	2,758.9	6,488.2	6,018.1
Debt to equity	2.0	1.8	2.4	1.6	0.7
Current ratio	1.1	1.2	0.5	1.2	1.4
ROE	54.7	10.9	-69.6	16.6	48.8
Days payable	108.0	20.0	34.0	34.0	38.0
WC days	21.0	32.0	-200.0	90.0	48.0

Margins

Gross margin

Operating margin

Net margin

Balance Sheet

₹

** All numbers in INR crores

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	300.0	300.0	300.0	918.4	918.4
Reserves	464.4	557.4	205.2	218.0	1,303.4
Borrowings +	1,522.3	1,531.1	1,198.1	1,857.5	1,469.9
Long term borrowings	719.6	562.5	399.0	1,155.2	1,063.8
Short term borrowings	802.6	968.6	799.1	702.4	406.1
Trade payables +	477.9	97.5	117.3	211.6	384.5
Days payable	108.0	20.0	34.0	34.0	38.0
Other liabilities +	645.9	460.7	938.3	3,282.6	1,941.9
Other non-current liabilities	390.9	380.6	268.8	920.7	519.7
Other current liabilities	254.9	80.0	669.6	2,361.9	1,422.2
Total liabilities	3,410.4	2,946.6	2,758.9	6,488.2	6,018.1
Fixed Assets +	1,664.4	1,555.5	1,685.9	2,283.8	2,208.2
Tangible assets	1,640.3	1,553.8	801.1	2,251.8	2,158.3
CWIP	21.9	0.3	883.9	30.9	49.3
Intangible assets	2.1	1.4	0.9	1.1	0.6
LT loans and advances	6.6	-	-	-	500.5
Other non-current assets	34.3	22.2	361.2	156.4	267.3
Current assets +	1,705.1	1,368.9	711.9	4,048.1	3,042.1
Inventories	300.2	263.3	136.4	1,950.8	1,231.0
Trade receivables	813.2	742.2	341.6	491.3	284.9
Cash and cash equivalents	62.4	8.2	20.6	279.6	101.7
ST loans and advances	1.5	0.7	0.4	0.5	373.1
Other current assets	527.8	354.6	212.7	1,325.8	1,051.5
Total assets	3,410.4	2,946.6	2,758.9	6,488.2	6,018.1

Percentage of assets	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.8	10.18	10.87	14.15	15.26
Reserves	13.62	18.92	7.44	3.36	21.66
Borrowings +	44.64	51.96	43.43	28.63	24.42
Long term borrowings	21.1	19.09	14.46	17.8	17.68
Short term borrowings	23.54	32.87	28.96	10.83	6.75
Trade payables	14.01	3.31	4.25	3.26	6.39
Other liabilities +	18.94	15.63	34.01	50.59	32.27
Other non-current liabilities	11.46	12.92	9.74	14.19	8.64
Other current liabilities	7.48	2.72	24.27	36.4	23.63
Total liabilities
Fixed Assets +	48.8	52.79	61.11	35.2	36.69
Tangible assets	48.1	52.73	29.04	34.71	35.86
CWIP	0.64	0.01	32.04	0.48	0.82
Intangible assets	0.06	0.05	0.03	0.02	0.01
LT loans and advances	0.19	0.0	0.0	0.0	8.32
Other non-current assets	1.01	0.75	13.09	2.41	4.44
Current assets +	50.0	46.46	25.8	62.39	50.55
Inventories	8.8	8.93	4.95	30.07	20.45
Trade receivables	23.85	25.19	12.38	7.57	4.73
Cash and cash equivalents	1.83	0.28	0.75	4.31	1.69
ST loans and advances	0.04	0.02	0.02	0.01	6.2
Other current assets	15.47	12.03	7.71	20.43	17.47
Total assets

Total assets

Profit & Loss

₹

** All numbers in INR crores

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales +	2,924.9	2,572.0	1,592.5	3,122.2	6,355.6
Sales growth %	24.18	-12.07	-38.08	96.06	103.56
Expenses +	2,428.5	2,492.2	1,793.8	2,909.9	5,029.9
Cost of goods	1,617.3	1,744.1	1,270.9	2,255.8	3,669.1
Employee cost	110.3	72.4	31.3	50.7	90.4
Other costs	405.3	418.8	248.6	381.4	945.7
Operating profit +	792.0	336.7	41.7	434.3	1,650.5
Operating margin %	27.1	13.1	2.6	13.9	26.0
Other income	35.9	44.0	44.6	131.8	132.7
Interest	182.1	141.0	127.4	153.1	177.8
Depreciation	113.5	115.9	115.7	68.8	146.9
Exceptional items	-	-	-309.4	-88.0	-
Profit before tax	532.3	123.8	-466.2	256.1	1,458.5
Tax	114.2	30.4	-114.8	67.4	373.4
Profit - disc. ops	-	-	-	-	-
Net profit	418.1	93.4	-351.4	188.7	1,085.0
Net margin %	14.1	3.6	-21.5	5.8	16.7

Precentage of total income	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	98.79	98.32	97.28	95.95	97.95
Expenses +	82.02	95.27	109.58	89.42	77.52
Cost of goods	54.62	66.67	77.63	69.32	56.55
Employee cost	3.73	2.77	1.91	1.56	1.39
Other costs	13.69	16.01	15.19	11.72	14.57
Operating profit	26.75	12.87	2.55	13.35	25.44
Other income	1.21	1.68	2.72	4.05	2.05
Interest	6.15	5.39	7.78	4.71	2.74
Depreciation	3.83	4.43	7.07	2.12	2.26
Exceptional items	0.0	0.0	-18.9	-2.7	0.0
Profit before tax	17.98	4.73	-28.48	7.87	22.48
Tax	3.86	1.16	-7.01	2.07	5.76
Profit - disc. ops	0.0	0.0	0.0	0.0	0.0
Net profit	14.12	3.57	-21.46	5.8	16.72

Revenue from operations

Ratios

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Solvency +
Total Debt/Equity	2.0	1.8	2.4	1.6	0.7
Net Debt/Equity	1.9	1.8	2.3	1.4	0.6
Total Debt/Assets	0.5	0.5	0.4	0.3	0.2
Total Assets/Equity	4.5	3.4	5.5	5.7	2.7
Liquidity +
Current Ratio	1.1	1.2	0.5	1.2	1.4
Quick Ratio	0.9	1.0	0.4	0.6	0.8
Interest Coverage	4.3	2.4	0.3	2.8	9.3
Performance
Gross Margin	44.7	32.2	20.2	27.8	42.3
Operating Margin	27.1	13.1	2.6	13.9	26.0
Net Margin	14.1	3.6	-21.5	5.8	16.7
Return +
Return on Equity	54.7	10.9	-69.6	16.6	48.8
Pre-tax ROCE	37.0	12.4	-9.1	12.0	49.5
Return on Assets	12.3	3.2	-12.7	2.9	18.0
Pre-tax ROIC	30.5	9.3	-4.4	13.5	41.9
Efficiency +
Days Payable	108.0	20.0	34.0	34.0	38.0
Days Inventory	68.0	55.0	39.0	316.0	122.0
Days Receivable	101.0	105.0	78.0	57.0	16.0
Fixed Asset Turnover	1.8	1.6	0.9	1.4	2.9
Total Asset Turnover	0.9	0.9	0.6	0.5	1.1
Working Capital
Cash Conversion Cycle	61.0	140.0	83.0	339.0	100.0
Working Capital Days	21.0	32.0	-200.0	90.0	48.0

Ratios

Current ratio

Debt/equity ratio

Charges on assets

Bank wise

Charges

PNB INVESTMENT SERVICES LIMITED

No. of Loans: 4

Total Amount : 2,237.0 cr

PNB Investment Services Limited

No. of Loans: 1

Total Amount : 1,121.1 cr

Charge Holder	Amount	Date of creation/modification
PNB INVESTMENT SERVICES LIMITED	250.0 cr	20 May, 2025
PNB INVESTMENT SERVICES LIMITED	666.0 cr	27 Dec, 2023
PNB Investment Services Limited	1,121.1 cr	22 Dec, 2023
PNB INVESTMENT SERVICES LIMITED	1,121.0 cr	14 Dec, 2023
PNB INVESTMENT SERVICES LIMITED	200.0 cr	14 Dec, 2023

Charges

PNB INVESTMENT SERVICES LIMITED

PNB Investment Services Limited

Company Network

Companies connected through Directors

Name	Status	Paid up Capital	Common Directors	Address
DHAMRA INFRASTRUCTURE PRIVATE LIMITED	Active	50.1 Cr	1	Odisha
MUNDRA SYNENERGY LIMITED	Active	5.0 L	1	Gujarat
DIGHI ROHA RAIL LIMITED	Active	10.0 L	1	Delhi
NAGPUR SYN-GAS & CHEMICALS LIMITED	Active	5.0 L	1	Maharashtra
OD SYN-GAS & CHEMICALS LIMITED	Active	5.0 L	1	Odisha
UP SYN-GAS & CHEMICALS LIMITED	Active	5.0 L	1	Uttar Pradesh
CG SYN-GAS & CHEMICALS LIMITED	Active	5.0 L	1	Chhattisgarh
MARWAR CEMENT LIMITED	Active	401.0 Cr	1	Maharashtra
ADANI VIZHINJAM PORT PRIVATE LIMITED	Active	897.0 Cr	1	Gujarat
SINGRAULI SYN-GAS &CHEMICALS LIMITED	Active	5.0 L	1	Madhya Pradesh
ADANI RENEWABLE ENERGY (RJ) LIMITED	Active	97.7 Cr	1	Gujarat
KRISHNAPATNAM OILS & FATS PRIVATE LIMITED	Amalgamated	32.0 Cr	1	Gujarat
SATYA SAI AGROILS PRIVATE LIMITED	Amalgamated	149.7 Cr	1	Gujarat
ADIMAHESH SEVA FOUNDATION	Active	1.0 L	1	Gujarat
ADANI RENEWABLE ENERGY PARK RAJASTHAN LIMITED	Active	80.6 Cr	1	Rajasthan
WARDHA SOLAR (MAHARASHTRA) PRIVATE LIMITED	Active	277.0 Cr	1
PARAMPUJYA SOLAR ENERGY PRIVATE LIMITED	Active	395.8 Cr	1	Gujarat
PARAMPUJYA SOLAR ENERGY PRIVATE LIMITED	Active	395.8 Cr	1	Gujarat
ADANI DEFENCE SYSTEMS AND TECHNOLOGIES LIMITED	Active	500.9 Cr	1	Gujarat
ADANI POWER MAHARASHTRA LIMITED	Amalgamated	2,854.7 Cr	1	Gujarat
KORBA POWER LIMITED	Active	621.0 Cr	1	Gujarat
MAHAN ENERGEN LIMITED	Active	897.0 Cr	1	Gujarat
ADANI POWER RAJASTHAN LIMITED	Amalgamated	1,200.0 Cr	1	Gujarat
MUNDRA LPG TERMINAL PRIVATE LIMITED	Active	10.2 L	1	Gujarat
GOPALPUR PORTS LIMITED	Active	227.3 Cr	1
MUNDRA SOLAR ENERGY LIMITED	Active	141.0 Cr	1	Gujarat

Tofler Score

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No risks identified

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About Tofler Score

Tofler Score measures the quality of performance and integrity of a company. It is dependent on three key factors - Sustainability, Governance, and Growth.

CIN

U74999GJ2015PLC083378

Incorporation

2015, 11.3 years

Company Email

pragnesh[dot]darji[at]adani[dot]com

Paid up Capital

₹ 918.4 Cr

Authorised Capital

₹ 1,000.0 Cr

AGM

Jun 2025

Type

Public

Others

FAQ - MUNDRA SOLAR PV LIMITED

What is the incorporation date of MUNDRA SOLAR PV LIMITED?

The incorporation date of MUNDRA SOLAR PV LIMITED is 01 June, 2015

What is the authorized share capital of MUNDRA SOLAR PV LIMITED?

The authorized share capital of MUNDRA SOLAR PV LIMITED is INR ₹ 1,000.0 Cr.

What is the paid-up capital of MUNDRA SOLAR PV LIMITED?

The paid-up capital of MUNDRA SOLAR PV LIMITED is INR ₹ 918.4 Cr.

What is the registered address of MUNDRA SOLAR PV LIMITED?

The registered address of MUNDRA SOLAR PV LIMITED is Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad, Ahmedabad, Gujarat, India, 382421 - 382421

What is the CIN number of MUNDRA SOLAR PV LIMITED?

The CIN number of MUNDRA SOLAR PV LIMITED is U74999GJ2015PLC083378.

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