Sun Drops Energia Limited
vs. prev. close ₹360
52W High
₹365
52W Low
₹298
Market cap
₹3,262 Cr
IPO stage
No DRHP filed
Risk level
High
CIN
U40107GJ2019PLC108373
Price History
52W High
₹365
52W Low
₹298
About Sun Drops Energia Limited
Sun Drops Energia Limited is a fast-growing solar IPP/CPP subsidiary of listed KPI Green Energy Limited, posting strong revenue and profit growth in FY26. Investors should weigh that growth against a recently reset equity base, rising leverage, and a large intercompany loan to its own listed parent.
Short Version :
Sun Drops Energia Limited (formerly Sun Drops Energia Private Limited), a Surat-based renewable energy subsidiary of listed KPI Green Energy Limited (65.87% holding), operates as an Independent Power Producer (IPP) selling solar power under long-term power purchase agreements while also developing, building and maintaining solar power plants for third parties as a Captive Power Producer (CPP). Revenue from operations grew 58.84% to Rs 582.41 crore in FY26 (FY25: Rs 366.67 crore), while PAT grew faster still at 89.41% to Rs 97.07 crore (FY25: Rs 51.25 crore). The company-stated EPS, computed on its disclosed weighted-average share basis (retrospectively adjusted for a 1:2 share split carried out during FY26), was Rs 11.19 in FY26 (FY25: Rs 7.40). On a closing-equity basis, Book Value per Share stood at Rs 80.85 (FY25: Rs 139.38, before accounting for the share split's mechanical effect) and Return on Equity at 13.84% (FY25: 8.48%), though both years' equity bases were also reshaped by a large fresh share issue during FY25.
Why It Trades Where It Does :
Sun Drops Energia's profile is that of a fast-scaling renewable IPP/CPP subsidiary within a listed sector group, with strong revenue and profit growth and Return on Capital Employed holding near 19.5% even as the asset base expanded. That growth story is weighed against a recent, large capital infusion that reset the per-share base (making year-on-year book value and EPS comparisons mechanical rather than purely operational), rising leverage to fund expansion (finance costs up sharply), and a sizable interest-free loan extended to its own listed parent, which raises questions about capital allocation independence. As an unlisted subsidiary of a listed group rather than a freestanding company, its pricing on the Priveq Marketplace likely reflects both the underlying project economics and a discount for the intercompany dependency and governance structure.
Top Risk :
The company extended Rs 308.36 crore of loans to its own listed holding company, KPI Green Energy Limited, during FY26, leaving an outstanding related-party loan balance of Rs 214.49 crore at year-end with no interest booked and no fixed repayment schedule, channeling cash away from the company's own project pipeline.
The equity base expanded roughly 8-fold during FY25 via a large fresh share issue, followed by a 1:2 share split in FY26; this makes closing-equity BVPS and ROE swing significantly from the company's own disclosed average-equity ROE (14.87% FY26, 15.10% FY25), so per-share metrics need careful year-on-year interpretation.
The current ratio fell sharply to 2.90x (FY26) from 7.70x (FY25) as current liabilities rose, and finance costs climbed 139.8% year-on-year alongside increased borrowings, which are secured by hypothecation of specific plants (the 8 MW Ranada and 13.6 MW Vagra solar facilities), a corporate guarantee from the holding company, and a pledge of 16,05,000 of the company's own shares held by the parent.
An unquantified contingent liability exists from WRIT petitions challenging the company's statutory approval to lay transmission lines across certain private land in Bharuch district, an unresolved matter tied to project execution rights.
Statutory auditors flagged late deposits of certain statutory dues (TDS, TCS, GST, PF, ESIC and Labour Welfare Fund) during the year, an audit-trail (edit-log) feature not enabled at the database level for the Fixed Assets Register, and differences between book debts/inventory reported in the company's books versus quarterly stock statements submitted to lenders (though these were reconciled and explained).
Top Opportunities :
Revenue grew 58.84% and PAT grew 89.41% year-on-year in FY26, reflecting fast-scaling renewable generation capacity and power sales.
Backing from listed sector parent KPI Green Energy Limited (65.87% holding) provides access to group project pipeline, in-house EPC execution capability through group entity KP Green Engineering Limited, and financing relationships, with ESOP-based employee alignment tied to the parent's listed stock.
A dual revenue model combining annuity-like, long-term PPA-based Independent Power Producer income with project-based Captive Power Producer development for third-party industrial and commercial customers diversifies the company's renewable energy revenue base.
India's continuing renewable energy policy push, including rising corporate and industrial demand for open-access and captive solar power, is a structural tailwind for both the IPP and CPP sides of the business.
Profitability is improving even as the company scales: Net Profit Ratio rose to 16.67% (FY26) from 13.98% (FY25), and Return on Capital Employed held steady near 19.5%, while the underlying asset base (property, plant and equipment) grew from Rs 181.30 crore to Rs 210.54 crore to support continued expansion.
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Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Energy — Renewable
Founded
2019
Headquarters
Surat, Gujarat, India
Min Lot Size
1
Face Value
₹5.00
Shares Outstanding
8,93,64,707
Regulatory Information
Corporate Identity Number (CIN)
U40107GJ2019PLC108373
PAN Number
ABCCS1266N
ISIN
INE0H1U01025
Key Valuation Ratios
Valuation
Market Cap
₹3,261.81 Cr
P/E Ratio
33.60×
P/S Ratio
5.60×
P/B Ratio
4.65×
EV / EBITDA
21.89×
Returns & Per Share
ROE
13.84%
EPS
₹10.86
Book Value / Share
₹78.46
Solvency
Debt / Equity
0.11×
Interest Coverage
12.75×
Company Fundamentals
As of FY2026 Annual · updated 05 Nov 2026Gross Profit
₹192.32 Cr
EBITDA
₹149.97 Cr
Revenue Growth
58.84%
Profit Margin
16.67%
Performance Trends
4 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.11×
EBITDA Margin
25.75%
Interest Coverage
12.75×
Financial Statements
| Line item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Total Income | ||||
| Revenue from operationsDisclosed | 28.75₹ Crore | 168.09₹ Crore | 366.67₹ Crore | 582.41₹ Crore |
| Other incomeDisclosed | 10₹ Lakh | 55₹ Lakh | 2.29₹ Crore | 4.37₹ Crore |
| Total IncomeDerived | 28.85₹ Crore | 168.64₹ Crore | 368.96₹ Crore | 586.78₹ Crore |
| Expenses | ||||
| Cost of goods soldDisclosed | 15.38₹ Crore | 109.62₹ Crore | 265.83₹ Crore | 390.09₹ Crore |
| Purchases of stock-in-tradeDisclosed | 0₹ Crore | 0₹ Crore | 24₹ Lakh | 0₹ Crore |
| Changes in inventoriesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Employee benefits expenseDisclosed | 0₹ Crore | 0₹ Crore | 1.76₹ Crore | 1.18₹ Crore |
| Finance costsDisclosed | 2.38₹ Crore | 2.57₹ Crore | 4.63₹ Crore | 11.11₹ Crore |
| Depreciation and amortization expenseDisclosed | 95₹ Lakh | 1.92₹ Crore | 3.96₹ Crore | 8.32₹ Crore |
| Other expensesDisclosed | 2.72₹ Crore | 19.34₹ Crore | 23.38₹ Crore | 45.54₹ Crore |
| Total ExpensesDerived | 21.43₹ Crore | 133.45₹ Crore | 299.8₹ Crore | 456.24₹ Crore |
| Profit | ||||
| Exceptional itemsDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Profit before taxDerived | 7.42₹ Crore | 35.19₹ Crore | 69.16₹ Crore | 130.54₹ Crore |
| Current tax expenseDisclosed | 2.4₹ Crore | 8.01₹ Crore | 11.24₹ Crore | 27.8₹ Crore |
| Deferred tax expenseDisclosed | 0₹ Crore | 0₹ Crore | 1.75₹ Crore | 16₹ Lakh |
| Tax expenseDisclosed | 2.4₹ Crore | 8.01₹ Crore | 12.99₹ Crore | 33.47₹ Crore |
| Profit After TaxDerived | 5.02₹ Crore | 27.18₹ Crore | 56.17₹ Crore | 97.07₹ Crore |
| Other comprehensive incomeDisclosed | 0₹ Crore | 0₹ Crore | 5₹ Lakh | 2₹ Lakh |
| Total Comprehensive IncomeDerived | 5.02₹ Crore | 27.18₹ Crore | 56.22₹ Crore | 97.09₹ Crore |
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About Sun Drops Energia Limited unlisted shares
Indicative · updated dailySun Drops Energia Limited unlisted share price today
Sun Drops Energia Limited unlisted share price today is ₹365 as of 12 November 2026.
Sun Drops Energia Limited — frequently asked questions
- What is the grey market price for Sun Drops Energia Limited?
No IPO is currently announced for Sun Drops Energia Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Sun Drops Energia Limited filed for an IPO, and when might it list?
Sun Drops Energia Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Sun Drops Energia Limited compare to its listed peers?
There is no closely comparable listed company for Sun Drops Energia Limited in India today.
- Is Sun Drops Energia Limited on the SME or Mainboard IPO track?
Sun Drops Energia Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Sun Drops Energia Limited's CIN and registered office?
Sun Drops Energia Limited's Corporate Identity Number is U40107GJ2019PLC108373, registered at Surat, Gujarat, India .
- What is Sun Drops Energia Limited's market capitalisation?
Sun Drops Energia Limited's market capitalisation is approximately ₹3,262 crore, based on its current unlisted share price.
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