Bright Solar Ltd

Bright Solar

About the Company:

Bright Solar is engaged in assembling of DC/AC Solar Pumps and Solar Pump Systems under the registered brand name of “PUMPMAN”, “BRIGHT SOLAR”, and “BRIGHT SOLAR WATER PUMP”.

Company is also engaged in EPC contracts of Solar Photovoltaic Water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years.

In solar pump system company has a wide range of products of DC Solar Pump, Solar Pump Inverter and AC Solar Pump.

In the year 2017-18, Company has also started providing consultancy services for acquiring projects and tender bidding after identifying competent client on tender to tender basis.

In addition, they have also been added water supply, sewerages infra project in their service portfolio. they have also been awarded water supply and sewerages projects.

To sum up, they are into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photovoltaic Water pumps, consulting of Projects and tenders, Water supply and Sewerages Infra Project. We are planning to commence Solar Module manufacturing and water treatment plant assembling unit.

Till date Company has completed majorly 19 projects of Design, Supply, Installation & commissioning of Solar PV Water Pumping System of Rs.109.19 crores approximately.

Company has a order book of solar pumping & water supply & sewage projects of Rs.97.81 crores (8 projects)


business verticals


Company’s Products:

  • Solar Water Pumping System.
  • DC Solar Pumps.
  • AC Solar Pumps.
  • Solar Pumping Controller – Inverter.
  • Solar Panels/Modules.


Revenue Breakup of Products & Services: (in Lakhs)

revenue breakup


Projects Completed by the Company in Solar Water Pumping System integration & EPC Sector: 

completed projects


Management Team:

  1. Mr. Piyushkumar Thumar (Designation: Chairman & Managing Director)
  2. Mr. Dwarkadas Thumar (Designation: Whole Time Director)
  3. Mrs. Jagrutiben Joshi (Designation: Non – Executive Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Mr. Piyushkumar Thumar 1,40,40,000 1.48


Objectives of the Issue:

  • Acquisition of Land, its Registration, Stamping and other charges.
  • Working Capital.
  • General Corporate Purpose.
  • Issue Expenses.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Acquisition of Land, its Registration, Stamping and other charges for setting
up Solar PV Modules/Panels manufacturing unit.
Working Capital requirements 11.67
General Corporate Expenses 3.48
Issuse Expenses 0.90
Net Proceeds 19.92 cr


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 FY 18
Revenue 22.39 28.46 47.84 15.47 18.12 28.27
Net Profit 0.38 0.54 1.96 0.70 1.71 5.34


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW (%) NAV
Bright Solar Limited 10 1.14 31.58 16.80% 6.79
Urja Global Limited 1 0.02 288.78 0.84% 2.41
Shakti Pumps (India) Ltd 10 11.71 55.34 9.62% 120.60


IPO Details:

Details Info
Issue Opens on 26th June 2018
Issue Closes on:. 29th June 2018
Issue Price Rs.36
Face Value Rs.10
Minimum Lot 3000
Minimum Investment Rs.1,08,000
Issue Constitutes 26.47%
Issue Size Rs.19.44 cr
Market Cap Rs.73.44 cr
Listing at NSE SME
Equity Shares Offered (Fresh) 54,00,000
Equity Shares Prior to the Issue 1,50,00,000
Equity Shares after the issue 2,04,00,000


Important Dates:

Finalization of Basis of Allotment on or Before 4th July 2018
Initiation of Refunds on or Before 6th July 2018
Credit of Equity Shares: on or Before 6th July 2018
Listing Date: on or Before 9th July 2018


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
1.14 31.58 16.80% 6.79


Company Contact Info:
Bright Solar Ltd
C-1103, Titanium Square,
Thaltej Circle, S G Highway, Thaltej,
Ahmedabad – 380 059, Gujarat
Tel No.: +91 – 79 – 4892 6868
Web site:


IPO Registrar Info:
Alankit Assignments Limited
Alankit Heights, 1E/13,
Jhandewalan Extension, New Delhi – 110 055
Tel No.: 011–4254 1234; 2354 1234(B),
Fax No.: 011–4154 3474
Email Id:
Investors Grievance Id:


Lead Manager to the Issue:
SEBI Registration Number: INM000012102
Address: 305, Madhuban Building, Cochin Street, S.B.S. Road,
Fort, Mumbai – 400 001.
Tel No.: +91 – 22 – 2265 5565
Fax No: +91 – 22 – 664 4300
Email Id:
Investors Grievance Id: