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MUNDRA SOLAR PV LIMITED
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Updated: 24 Nov 2025
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
₹ 1,000.0 Cr
₹ 918.4 Cr
₹ 3250-3500 cr
Auth Capital
Paidup Capital
Revenue
Key Metrics
** All rupee values in INR crores. Based on March 2024 numbers.
Total Revenue
98.77%
98.77%
EBITDA
940.67%
940.67%
Net Profit
-
Networth
124.96%
124.96%
Borrowings
55.04%
55.04%
Assets
135.17%
135.17%
Gross Margin
7.56
7.56
Operating Margin
11.29
11.29
Net Profit Margin
27.26
27.26
Return on Equity
86.17
86.17
ROCE
21.07
21.07
Debt to Equity
-0.74
-0.74
Sales
Mar 2024
Net worth
Mar 2024
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Locations
India
(23)
| State | Type | Address |
|---|
Locations on Map
Locations on Map
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People
| Designation | Name | DIN/PAN | Tenure |
|---|---|---|---|
| Director | Rajesh Kumar Jha | 03387711 | 10 years |
| Director | Sushama Oza | 07145540 | 9 years |
| Director | Gaurav Surinder Vesasi | 09848221 | 1 years |
Financial Highlights
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|
| Sales | 2,355.3 | 2,924.9 | 2,572.0 | 1,592.5 | 3,122.2 |
| Operating profit | 285.4 | 792.0 | 336.7 | 41.7 | 434.3 |
| Net profit | 36.5 | 418.1 | 93.4 | -351.4 | 188.7 |
| Gross margin | 39.2 | 44.7 | 32.2 | 20.2 | 27.8 |
| Operating margin | 12.1 | 27.1 | 13.1 | 2.6 | 13.9 |
| Net margin | 1.5 | 14.1 | 3.6 | -21.5 | 5.8 |
| Networth | 346.4 | 764.4 | 857.4 | 505.2 | 1,136.4 |
| Borrowings | 1,605.1 | 1,522.3 | 1,531.1 | 1,198.1 | 1,857.5 |
| Assets | 3,024.0 | 3,410.4 | 2,946.6 | 2,758.9 | 6,488.2 |
| Debt to equity | 4.6 | 2.0 | 1.8 | 2.4 | 1.6 |
| Current ratio | 1.0 | 1.1 | 1.2 | 0.5 | 1.2 |
| ROE | 10.5 | 54.7 | 10.9 | -69.6 | 16.6 |
| Days payable | 108.0 | 108.0 | 20.0 | 34.0 | 34.0 |
| WC days | 3.0 | 21.0 | 32.0 | -200.0 | 90.0 |
Margins
Gross margin
Operating margin
Net margin
Balance Sheet
₹
%
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|
| Equity Capital | 300.0 | 300.0 | 300.0 | 300.0 | 918.4 |
| Reserves | 46.4 | 464.4 | 557.4 | 205.2 | 218.0 |
| Borrowings + | 1,605.1 | 1,522.3 | 1,531.1 | 1,198.1 | 1,857.5 |
| Long term borrowings | 1,178.9 | 719.6 | 562.5 | 399.0 | 1,155.2 |
| Short term borrowings | 426.2 | 802.6 | 968.6 | 799.1 | 702.4 |
| Trade payables + | 423.1 | 477.9 | 97.5 | 117.3 | 211.6 |
| Days payable | 108.0 | 108.0 | 20.0 | 34.0 | 34.0 |
| Other liabilities + | 1,072.5 | 1,123.8 | 558.1 | 1,055.7 | 3,494.3 |
| Other non-current liabilities | 385.0 | 390.9 | 380.6 | 268.8 | 920.7 |
| Other current liabilities | 264.4 | 254.9 | 80.0 | 669.6 | 2,361.9 |
| Total liabilities | 3,024.0 | 3,410.4 | 2,946.6 | 2,758.9 | 6,488.2 |
| Fixed Assets + | 1,763.0 | 1,664.4 | 1,555.5 | 1,685.9 | 2,283.8 |
| Tangible assets | 1,732.6 | 1,640.3 | 1,553.8 | 801.1 | 2,251.8 |
| CWIP | 28.2 | 21.9 | 0.3 | 883.9 | 30.9 |
| Intangible assets | 2.3 | 2.1 | 1.4 | 0.9 | 1.1 |
| LT loans and advances | 1.7 | 6.6 | - | - | - |
| Other non-current assets | 124.1 | 34.3 | 22.2 | 361.2 | 156.4 |
| Current assets + | 1,135.2 | 1,705.1 | 1,368.9 | 711.9 | 4,048.1 |
| Inventories | 273.5 | 300.2 | 263.3 | 136.4 | 1,950.8 |
| Trade receivables | 509.7 | 813.2 | 742.2 | 341.6 | 491.3 |
| Cash and cash equivalents | 0.3 | 62.4 | 8.2 | 20.6 | 279.6 |
| ST loans and advances | 13.2 | 1.5 | 0.7 | 0.4 | 0.5 |
| Other current assets | 338.5 | 527.8 | 354.6 | 212.7 | 1,325.8 |
| Total assets | 3,024.0 | 3,410.4 | 2,946.6 | 2,758.9 | 6,488.2 |
Total assets
Profit & Loss
₹
%
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|
| Sales + | 2,355.3 | 2,924.9 | 2,572.0 | 1,592.5 | 3,122.2 |
| Sales growth % | 68.78 | 24.18 | -12.07 | -38.08 | 96.06 |
| Expenses + | 2,359.9 | 2,428.5 | 2,492.2 | 1,793.8 | 2,909.9 |
| Cost of goods | 1,431.9 | 1,617.3 | 1,744.1 | 1,270.9 | 2,255.8 |
| Employee cost | 120.3 | 110.3 | 72.4 | 31.3 | 50.7 |
| Other costs | 517.6 | 405.3 | 418.8 | 248.6 | 381.4 |
| Operating profit + | 285.4 | 792.0 | 336.7 | 41.7 | 434.3 |
| Operating margin % | 12.1 | 27.1 | 13.1 | 2.6 | 13.9 |
| Other income | 18.1 | 35.9 | 44.0 | 44.6 | 131.8 |
| Interest | 181.4 | 182.1 | 141.0 | 127.4 | 153.1 |
| Depreciation | 108.6 | 113.5 | 115.9 | 115.7 | 68.8 |
| Exceptional items | - | - | - | -309.4 | -88.0 |
| Profit before tax | 13.5 | 532.3 | 123.8 | -466.2 | 256.1 |
| Tax | -23.0 | 114.2 | 30.4 | -114.8 | 67.4 |
| Profit - disc. ops | - | - | - | - | - |
| Net profit | 36.5 | 418.1 | 93.4 | -351.4 | 188.7 |
| Net margin % | 1.5 | 14.1 | 3.6 | -21.5 | 5.8 |
Revenue from operations
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|
| Solvency + | |||||
| Total Debt/Equity | 4.6 | 2.0 | 1.8 | 2.4 | 1.6 |
| Net Debt/Equity | 4.6 | 1.9 | 1.8 | 2.3 | 1.4 |
| Total Debt/Assets | 0.5 | 0.5 | 0.5 | 0.4 | 0.3 |
| Total Assets/Equity | 8.7 | 4.5 | 3.4 | 5.5 | 5.7 |
| Liquidity + | |||||
| Current Ratio | 1.0 | 1.1 | 1.2 | 0.5 | 1.2 |
| Quick Ratio | 0.8 | 0.9 | 1.0 | 0.4 | 0.6 |
| Interest Coverage | 1.6 | 4.3 | 2.4 | 0.3 | 2.8 |
| Performance | |||||
| Gross Margin | 39.2 | 44.7 | 32.2 | 20.2 | 27.8 |
| Operating Margin | 12.1 | 27.1 | 13.1 | 2.6 | 13.9 |
| Net Margin | 1.5 | 14.1 | 3.6 | -21.5 | 5.8 |
| Return + | |||||
| Return on Equity | 10.5 | 54.7 | 10.9 | -69.6 | 16.6 |
| Pre-tax ROCE | 9.9 | 37.0 | 12.4 | -9.1 | 12.0 |
| Return on Assets | 1.2 | 12.3 | 3.2 | -12.7 | 2.9 |
| Pre-tax ROIC | 9.1 | 30.5 | 9.3 | -4.4 | 13.5 |
| Efficiency + | |||||
| Days Payable | 108.0 | 108.0 | 20.0 | 34.0 | 34.0 |
| Days Inventory | 70.0 | 68.0 | 55.0 | 39.0 | 316.0 |
| Days Receivable | 79.0 | 101.0 | 105.0 | 78.0 | 57.0 |
| Fixed Asset Turnover | 1.3 | 1.8 | 1.6 | 0.9 | 1.4 |
| Total Asset Turnover | 0.8 | 0.9 | 0.9 | 0.6 | 0.5 |
| Working Capital | |||||
| Cash Conversion Cycle | 41.0 | 61.0 | 140.0 | 83.0 | 339.0 |
| Working Capital Days | 3.0 | 21.0 | 32.0 | -200.0 | 90.0 |
Ratios
Current ratio
Debt/equity ratio
Charges on assets
Bank wise
Charges
1
PNB INVESTMENT SERVICES LIMITED
No. of Loans: 4
Total Amount : 2,237.0 cr
2
PNB Investment Services Limited
No. of Loans: 1
Total Amount : 1,121.1 cr
Charges
PNB INVESTMENT SERVICES LIMITED
PNB Investment Services Limited
Company Network
Companies connected through Directors
Tofler Score
Very Good
Poor
Fair
Good
Very Good
Excellent
Risk
Severe Risk
- No risks identified
Moderate Risk
- HIGH LEVERAGE
Low Risk
- HIGH INVENTORY
- GROSS MARGINS DETERIORATING
- ROCE DETERIORATING
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.
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Registered Details
CIN
U74999GJ2015PLC083378PAN
AAJCM7672AIncorporation
2015, 10.5 yearsCompany Email
pragnesh[dot]darji[at]adani[dot]comPaid up Capital
₹ 918.4 CrAuthorised Capital
₹ 1,000.0 CrAGM
Jun 2025Type
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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