Winsol Engineers Ltd

About the Company:

Winsol Engineers Ltd is an integrated engineering, procurement, construction and commissioning company providing Balance of Plant (BoP) Solutions for both Wind and Solar power generation companies.

Company’s core services for BoP Solutions includes Foundation work, Substation Civil and Electrical work, Right of Way services, Cabling to substation and Grid, and Miscellaneous work.

Company’s clients are in the renewable energy industry who prefer our company for the BoP solutions due to our historic track record of timely completion of project, our expertise and extensive experience in the business and cost efficiency.

In addition to core BoP Solutions, Company also provides Operation and Maintenance services for Plant handling and monitoring.

Company has been executing various projects on a Turnkey basis for various clients including Suzlon, Adani Green Energy, Powerica Limited and KP Energy Limited.

Company has total team strength of more than 200 (Engineers and Technicians) for execution of various projects.




Company’s Business Verticals:

  • Balance of Plant (BoP) Solutions.
  • Operation & Maintenance Services.



Balance of Plant (BoP) Solutions.

Under this vertical Company provides Balance of Plant (BoP) for both wind and solar power projects encompass a range of essential components and services that are critical for the overall functionality and efficiency of the renewable energy facilities.

Company also undertake such EPC work on Trunkey basis for renewable power generating companies. Company’s scope of work in BoP includes Foundation work, Substation Civil and Electrical work, Right of Way services, Cabling to substation and Grid, and Miscellaneous work.



Operation & Maintenance Services.

Under this vertical company undertakes supervision of wind and solar parks, support site operations for minimizing the down time of turbines, Inspection and reporting on abnormalities, SCADA Monitoring, Supervisor Scheduled maintenance and periodical replacements and participate in all audits, preparation for the reports including manpower supply for the mentioned services.

O&M services include preventive maintenance measures to identify and address potential issues before they escalate into major problems, minimizing the risk of unplanned downtime.




Business Vertical wise Revenue Bifurcation:




Company’s Customers:

Suzlon Gujarat Wind Park Ltd Green Infra Solar Farms Ltd Siemens Gamesha Renewable Power Pvt. Ltd ABREL Renewables EPC Ltd
Adani Green Energy Ltd. KP Energy Ltd Nayara Energy Ltd Powerica Ltd
Green Infra wind Energy Ltd. Suzlon Power Infrastructure Ltd Envotain Industries Pvt. Ltd Viviid Renewables Private Ltd




What does Balance of Plant (BoP) Solutions mean?

Balance of Plant solutions for Wind and Solar projects refers to all the components of a power generation facility excluding the main generating equipment. This includes structures, equipment, and systems necessary for the plant’s operation.

This can involve the design, procurement, installation, and commissioning of the balance of plant systems necessary for the overall functioning of the facility.

Company is responsible for delivering the entire project, including balance of plant components but excluding the main generating equipment (such as turbines or generators).


Company’s Subsidiary: (Repower Infrastructure Pvt Ltd)

Company has a Wholly owned subsidiary namely Repower Infrastructure Pvt Ltd.

Repower Infrastructure is also engaged in the same line of business as our company. Consequently, Company acquired entire stake of Repower Infrastructure Pvt Ltd on February 10, 2024 making it our Wholly owned subsidiary as on date.



Value of Completed projects & Company’s Orderbook value:

On materiality basis since 2018, Company has completed more than 55 Projects amounting to more than Rs.170 crores showing our execution capabilities, both in terms of the size of projects and the number of projects that we execute.

Currently Company has more than 41 Major Ongoing projects having total value of approximately Rs.119.5 crores out of which invoices of more than Rs.211.5 crores have been booked as on March 31, 2024 having into unexecuted or unbilled order book of Rs.98.37 crores.



Management Team:

  1. Mr. Ramesh Jivabhai Pindariya (Designation: Chairman cum Managing Director)
  2. Mr. Kishor Jivabhai Pindariya (Designation: Executive Director and Chief Financial Officer)





Objectives of the Issue:

Fresh Issue: (Rs.23.36 cr)

  • Working Capital Requirements.
  • General Corporate Purposes.



Fund Utilization:

Particulars Amount (Rs. in Crores)
Working Capital Requirements 15 cr




Positives for the Company:

End-to-end execution capabilities.

  • Company has execution capabilities comprising strong in-house operations consisting of design, engineering, procurement, construction and quality assurance teams, is a critical factor that has contributed to growth story of the company.
  • As a result of company’s end-to-end execution capabilities and in-house resources, we are able to complete projects at competitive cost as well as create value for future projects through efficient supply chain, which enables company to benefit from economies of scale.



Company Plans to Expand the Geographical footprint.

  • Company intends to expand the geographical footprint and grow the business by increasing orders from outside of Gujarat. Though, company has executed projects in Rajasthan, Haryana, Maharashtra and other states, substantial part of our revenue derived from State of Gujarat.
  • Company believes that geographical diversification of projects will reduce our reliance on our home state of Gujarat and allow company to capitalise on different growth trends in different states across the country.




Financials of the Company:

(in Crores) FY 21 FY 22 FY 23 Upto 31st Dec 23
Revenue 22.24 60.80 65.44 52.02
Net Profit 0.49 1.08 5.18 6.77




Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Winsol Engineers Ltd 10 6.15 12.19 59.28% 10.38
Konstelec Engineers Ltd 10 6.53 38.67 11.58% 56.40



IPO Details:

Details Info
Issue Opens on 6th May 2024
Issue Closes on 9th May 2024
Issue Price Rs.71 – 75
Face Value Rs.10
Minimum Lot  1600 Shares
Minimum Investment Rs. 1,20,000
Issue Constitutes 27%
Issue Size Rs.23.36 cr 
Market Cap Rs.86.51 cr 
Listing at NSE SME
Equity Shares Offered (Fresh) 31,15,200 (Rs.23.36 cr)
Equity Shares Prior to the Issue 84,20,000
Equity Shares after the Issue 1,15,35,200




Important Dates:

Finalization of Basis of Allotment on or Before 10th May 2024
Initiation of Refunds on or Before 13th May 2024
Credit of Equity Shares: on or Before 13th May 2024
Listing Date: on or Before 14th May 2024



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
6.15 12.19 59.28% 10.38

Also Read:  Complete List of NSE/BSE Holidays List>>


Should You Subscribe or Not ? (Markets Guruji’s View)
Winsol Engineers Ltd stands as a premier provider of integrated engineering, procurement, construction, and commissioning services, specializing in Balance of Plant (BoP) Solutions for both wind and solar power generation ventures. With a comprehensive range of core services including foundation work, substation civil and electrical construction, right of way services, cabling to substations and grid, as well as miscellaneous tasks, Winsol caters to clients in the renewable energy sector. The company’s stellar reputation rests on its historical track record of timely project completion, unparalleled expertise, extensive industry experience, and cost efficiency.

Moreover, Winsol extends its services beyond BoP solutions to encompass operation and maintenance, ensuring seamless plant handling and monitoring. Renowned clients such as Suzlon, Adani Green Energy, Powerica Limited, and KP Energy Limited have entrusted Winsol with turnkey projects, attesting to its end-to-end execution capabilities.

Markets Guruji strongly recommends investors to aggressively apply in this IPO, citing promising prospects and potential for robust returns.



Company Contact Info:
Winsol Engineers Ltd
Shop No. 301, Madhav Commercial Complex,
Near Crystal Mall, Khodiyar Colony,
Jamnagar, Gujarat, India 361006
Telephone No: 0288-2710708
E-mail ID:



Registrar to the Issue:
KFin Technologies Limited
Address: Selenium Tower-B, Plot 31 & 32,
Gachibowli, Financial District,
Nanakramguda, Serilingampally,
Hyderabad – 500 032, Telangana.
Tel. Number: +91 40 6716 2222
Email Id:


Lead Manager to the Issue:
B 1311-1314, Thirteenth Floor,
Shilp Corporate Park, Rajpath Rangoli Road,
Thaltej, Ahmedabad- 380054, Gujarat, India.
Telephone Number: 079 4918 5784
Email Id:


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