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Mundra Solar Energy Limited
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MUNDRA SOLAR ENERGY LIMITED

All Companies ›

Gujarat ›

Manufacturing of Machinery ›

Active

Updated: 24 Nov 2025

Mundra Solar Energy Limited is a renewable energy company focused on solar power generation in India. It operates one of the largest solar power plants in the world, providing clean energy solutions while contributing to sustainable development goals and reducing carbon emissions on a scale.

Mundra Solar Energy Limited, is an unlisted public company incorporated on 18 October, 2019. It is classified as a State government company and is located in , Gujarat. It's authorized share capital is INR 141.00 cr and the total paid-up capital is INR 141.00 cr.

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Industry and products

Manufacturing (Machinery & Equipments)

Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment

Company size

Auth Capital

₹ 141.0 Cr

Paidup Capital

₹ 141.0 Cr

Revenue

₹ >5000 cr

Key Metrics

** All rupee values in INR crores. Based on March 2024 numbers.

Total Revenue

86.7%

₹ 5,108.9

EBITDA

367.41%

₹ 1,482.0

Net Profit

407.72%

₹ 1,108.2

Networth

291.43%

₹ 1,488.8

Borrowings

-45.7%

₹ 1,019.5

Assets

18.7%

₹ 4,759.9

Gross Margin

18.76

42.3 %

Operating Margin

18.09

29.7 %

Net Profit Margin

13.71

21.7 %

Return on Equity

17.05

74.4 %

ROCE

37.77

51.8 %

Debt to Equity

-4.26

0.7

Sales

Mar 2024

Net worth

Mar 2024

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Locations

India (8)

State	Type	Address

Locations on Map

People

Designation	Name	DIN/PAN	Tenure
Director	Dharmesh Arvindbhai Parekh	08256576	3 years
Director	Gaurav Surinder Vesasi	09848221	3 years

Financial Highlights

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	-	-	-	2,720.8	4,983.2
Operating profit	-	-	-1.1	317.1	1,482.0
Net profit	-	-	0.1	218.3	1,108.2
Gross margin	-	-	-	23.6	42.3
Operating margin	-	-	-	11.7	29.7
Net margin	-	42.5	10.5	8.0	21.7
Networth	-	-	147.6	380.3	1,488.8
Borrowings	0.5	6.2	628.6	1,877.7	1,019.5
Assets	0.5	6.2	1,114.0	4,010.1	4,759.9
Debt to equity	94.1	881.2	4.3	4.9	0.7
Current ratio	0.3	0.0	1.2	1.4	1.6
ROE	-107.1	31.3	0.1	57.4	74.4
Days payable	-	-	-	80.0	19.0
WC days	-	-	-	88.0	90.0

Margins

Gross margin

Operating margin

Net margin

Balance Sheet

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	-	-	141.0	141.0	141.0
Reserves	-	-	6.6	239.3	1,347.8
Borrowings +	0.5	6.2	628.6	1,877.7	1,019.5
Long term borrowings	-	-	501.0	1,443.2	888.9
Short term borrowings	0.5	6.2	127.6	434.5	130.6
Trade payables +	-	-	197.7	456.3	148.3
Days payable	-	-	-	80.0	19.0
Other liabilities +	-	-	337.8	1,752.1	2,251.7
Other non-current liabilities	-	-	30.6	300.0	311.0
Other current liabilities	-	-	109.4	995.8	1,792.3
Total liabilities	0.5	6.2	1,114.0	4,010.1	4,759.9
Fixed Assets +	0.3	-	490.0	1,462.4	1,456.2
Tangible assets	-	-	90.0	1,460.3	1,455.7
CWIP	0.3	-	399.9	1.9	0.3
Intangible assets	-	-	-	0.2	0.2
LT loans and advances	-	-	-	-	-
Other non-current assets	-	6.1	111.1	3.2	4.7
Current assets +	0.1	-	512.9	2,544.6	3,299.1
Inventories	-	-	265.9	1,216.2	1,366.6
Trade receivables	-	-	128.8	646.8	353.3
Cash and cash equivalents	-	-	10.5	145.2	35.8
ST loans and advances	-	-	-	-	0.6
Other current assets	-	-	107.6	536.3	1,542.8
Total assets	0.5	6.2	1,114.0	4,010.1	4,759.9

Percentage of assets	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	2.15	0.16	12.66	3.52	2.96
Reserves	-1.11	-0.05	0.6	5.97	28.32
Borrowings +	97.75	99.8	56.42	46.82	21.42
Long term borrowings	0.0	0.0	44.97	35.99	18.67
Short term borrowings	97.75	99.8	11.45	10.83	2.74
Trade payables	0.57	0.03	17.75	11.38	3.12
Other liabilities +	1.21	0.08	30.32	43.69	47.3
Other non-current liabilities	0.0	0.0	2.75	7.48	6.53
Other current liabilities	0.65	0.05	9.82	24.83	37.65
Total liabilities
Fixed Assets +	72.27	0.96	43.99	36.47	30.59
Tangible assets	0.0	0.0	8.08	36.41	30.58
CWIP	72.27	0.96	35.9	0.05	0.01
Intangible assets	0.0	0.0	0.01	0.01	0.0
LT loans and advances	0.0	0.0	0.0	0.0	0.0
Other non-current assets	0.54	98.29	9.97	0.08	0.1
Current assets +	27.19	0.75	46.04	63.45	69.31
Inventories	0.0	0.0	23.87	30.33	28.71
Trade receivables	0.0	0.0	11.57	16.13	7.42
Cash and cash equivalents	7.19	0.75	0.94	3.62	0.75
ST loans and advances	0.0	0.0	0.0	0.0	0.01
Other current assets	20.0	0.0	9.66	13.37	32.41
Total assets

Total assets

Profit & Loss

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales +	-	-	-	2,720.8	4,983.2
Sales growth %	None	None	None	None	83.16
Expenses +	-	-	1.1	2,464.7	3,774.7
Cost of goods	-	-	-	2,080.1	2,874.7
Employee cost	-	-	-	14.3	64.7
Other costs	-	-	1.1	309.3	561.8
Operating profit +	-	-	-1.1	317.1	1,482.0
Operating margin %	-	-	-	11.7	29.7
Other income	-	-	1.3	15.7	125.7
Interest	-	-	-	40.7	180.7
Depreciation	-	-	-	20.3	92.8
Exceptional items	-	-	-	-	-
Profit before tax	-	-	0.1	271.8	1,334.2
Tax	-	-	-	53.5	226.0
Profit - disc. ops	-	-	-	-	-
Net profit	-	-	0.1	218.3	1,108.2
Net margin %	-	42.5	10.5	8.0	21.7

Precentage of total income	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	None	0.0	0.0	99.43	97.54
Expenses +	None	57.55	89.5	90.07	73.88
Cost of goods	None	0.0	0.0	76.01	56.27
Employee cost	None	0.0	0.0	0.52	1.27
Other costs	None	48.94	89.5	11.3	11.0
Operating profit	None	-48.94	-89.5	11.59	29.01
Other income	None	100.0	100.0	0.57	2.46
Interest	None	8.61	0.0	1.49	3.54
Depreciation	None	0.0	0.0	0.74	1.82
Exceptional items	None	0.0	0.0	0.0	0.0
Profit before tax	None	42.45	10.5	9.93	26.12
Tax	None	0.0	0.0	1.96	4.42
Profit - disc. ops	None	0.0	0.0	0.0	0.0
Net profit	None	42.45	10.5	7.98	21.69

Revenue from operations

Ratios

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Solvency +
Total Debt/Equity	94.1	881.2	4.3	4.9	0.7
Net Debt/Equity	87.2	874.6	4.2	4.6	0.7
Total Debt/Assets	1.0	1.0	0.6	0.5	0.2
Total Assets/Equity	96.3	882.9	7.5	10.5	3.2
Liquidity +
Current Ratio	0.3	0.0	1.2	1.4	1.6
Quick Ratio	0.3	0.0	0.6	0.7	0.9
Interest Coverage	-13.6	-5.7	-	7.8	8.2
Performance
Gross Margin	-	-	-	23.6	42.3
Operating Margin	-	-	-	11.7	29.7
Net Margin	-	42.5	10.5	8.0	21.7
Return +
Return on Equity	-107.1	31.3	0.1	57.4	74.4
Pre-tax ROCE	-206.8	0.0	-0.2	14.0	51.8
Return on Assets	-1.1	0.0	0.0	5.4	23.3
Pre-tax ROIC	-1.1	-0.0	-0.1	14.1	56.2
Efficiency +
Days Payable	-	-	-	80.0	19.0
Days Inventory	-	-	-	213.0	174.0
Days Receivable	0.0	0.0	-	87.0	26.0
Fixed Asset Turnover	0.0	0.0	0.0	1.9	3.4
Total Asset Turnover	0.0	0.0	0.0	0.7	1.1
Working Capital
Cash Conversion Cycle	0.0	0.0	-	220.0	181.0
Working Capital Days	-	-	-	88.0	90.0

Ratios

Current ratio

Debt/equity ratio

Charges on assets

Bank wise

Charges

Catalyst Trusteeship Limited

No. of Loans: 1

Total Amount : 1,450.0 cr

Charge Holder	Amount	Date of creation/modification
Catalyst Trusteeship Limited	1,450.0 cr	27 May, 2025

Charges

Catalyst Trusteeship Limited

Company Network

Companies connected through Directors

Name	Status	Paid up Capital	Common Directors	Address
ADANI TRADECOM LLP	Converted to CMP and Dissolved	5.0 L	1	Gujarat
MUNDRA SOLAR LIMITED	Active	5.0 L	1	Gujarat
ADANI TRADECOM LIMITED	Active	5.0 L	1	Gujarat
ADANI INFRASTRUCTURE PRIVATE LIMITED	Amalgamated	5.0 L	1	Gujarat
MUNDRA SOLAR TECHNOLOGY LIMITED	Amalgamated	1.0 L	1	Gujarat
MUNDRA SOLAR TECHNOPARK PRIVATE LIMITED	Active	5.0 Cr	1	Gujarat
VISHAKHA SOLAR FILMS PRIVATE LIMITED	Amalgamated	10.8 Cr	1	Gujarat
VISHAKHA RENEWABLES PRIVATE LIMITED	Active	12.3 Cr	1	Gujarat
MUNDRA LPG TERMINAL PRIVATE LIMITED	Active	10.2 L	1	Gujarat
GOPALPUR PORTS LIMITED	Active	227.3 Cr	1
MUNDRA SOLAR PV LIMITED	Active	918.4 Cr	1	Gujarat

Tofler Score

Very Good

Poor

Fair

Good

Very Good

Excellent

Risk

Severe Risk

No risks identified

Moderate Risk

No risks identified

Low Risk

No risks identified

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

U29308GJ2019SGC110395

PAN

AANCM0140K

Incorporation

2019, 6.1 years

Company Email

PRAGNESH[dot]DARJI[at]adani[dot]com

Paid up Capital

₹ 141.0 Cr

Authorised Capital

₹ 141.0 Cr

AGM

Jun 2025

Type

Public

State Government Company

FAQ - MUNDRA SOLAR ENERGY LIMITED

What is the incorporation date of MUNDRA SOLAR ENERGY LIMITED?

The incorporation date of MUNDRA SOLAR ENERGY LIMITED is 18 October, 2019

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

The authorized share capital of MUNDRA SOLAR ENERGY LIMITED is INR ₹ 141.0 Cr.

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

The paid-up capital of MUNDRA SOLAR ENERGY LIMITED is INR ₹ 141.0 Cr.

What is the registered address of MUNDRA SOLAR ENERGY LIMITED?

The registered address of MUNDRA SOLAR ENERGY 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 ENERGY LIMITED?

The CIN number of MUNDRA SOLAR ENERGY LIMITED is U29308GJ2019SGC110395.

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