Goldi Solar Limited
- Unlisted share
- Energy & Power
- ISIN INE19IG01019
At a glance
Sales
FY25
₹3,430 Cr
+95.3%on FY24What the company earned from its customers in the year.
Profit
FY25
₹146 Cr
+146%on FY24What was left after every cost and tax was paid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Goldi Solar Limited
- ISIN
- INE19IG01019
- Sector
- Energy & Power
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹324.72
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Goldi Solar Limited
Goldi Solar makes solar photovoltaic modules in Gujarat and also takes on solar EPC work. With its wholly owned subsidiary Goldi Sun it had 14.7 GW of module capacity in early 2026 and was building a 1.2 GW solar cell line. It was founded in 2011 by Ishverbhai Dholakiya, whose family controls it; Havells India bought a minority stake in 2025 as part of a Rs 1,422.79 crore equity raise.
Written from: icra.in, nsearchives.nseindia.com
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Energy & Power
- ISIN
- INE19IG01019
- Year of incorporation
- 2011
- Headquarters
- Surat, Gujarat
- Havells India Limited Regulation 30 intimation filed with NSE, 14 April 2025
- Promoter
- Family of Ishverbhai Dholakiya (founder)
- Havells India Limited press release filed with NSE, 14 April 2025
- Website
- goldisolar.com
Read from: ICRA rating rationale, 16 March 2026, unless another source is shown on a card.
Figures in ₹ crore
Financials
Goldi Solar Limited (formerly Goldi Solar Private Limited). As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY22 to FY25: ₹546 Cr to ₹3,430 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY24 to FY25: ₹59.4 Cr to ₹146 Cr.
| Particulars | FY22 | FY23 | FY24 | FY25Latest |
|---|---|---|---|---|
| Revenue from operations (as disclosed by Havells India in its acquisition filing) | 546 | 1,487 | 1,756.6 | 3,430.1▲95% |
| Profit after tax (ICRA key financial indicators, audited) | n/a | n/a | 59.4 | 145.9▲146% |
Rupees crore unless marked, consolidated, not stated. The change shown is the latest year against the year before. Read from: ICRA rating rationale, 16 March 2026, Havells India Limited Regulation 30 intimation filed with NSE, 14 April 2025.
Credit rating. [ICRA]A- (Stable) long term and [ICRA]A2+ short term, on Rs 465 crore of bank limits (16 March 2026) ICRA rating rationale, 16 March 2026
Ownership
Shareholding pattern
Who owns the company
As of After the March-August 2025 equity raise
8.7%Havells India Limited
- Largest holder
- 8.7%
- Top 1 together
- 8.7%
- Holders named
- 1
- Havells India Limited8.74%
- Total8.74%
Read from: ICRA rating rationale, 16 March 2026
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 2025-08About Rs 1,422.79 crore of equity raised from investors between March and August 2025; Havells India put in Rs 600 crore of it for an 8.74% stake. The money is going into new TOPCon module lines and a 1.2 GW cell plant. | Private placement | Equity | Not stated | ₹1,423 Cr |
Read from: ICRA rating rationale, 16 March 2026
Corporate calendar
Events
- 16 Mar 2026Rating actionICRA reaffirmed A- (Stable)/A2+ and extended it to Rs 465 crore of limitsOpen
- 16 Feb 2026Rating actionICRA upgraded the rating to A- (Stable)/A2+ from BBB+ (Positive)/A2Open
- 13 Oct 2025Rating actionICRA upgraded the rating to BBB+ (Positive)/A2 and removed it from watch after the equity raiseOpen
- 14 Apr 2025Ownership changeHavells India signed a binding term sheet to invest Rs 600 crore for a minority stakeOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
- FY2025-26Havells India Regulation 30 intimation on its investment in Goldi Solar (three-year revenue history), 14 April 2025
- FY2025-26Havells India press release on its investment in Goldi Solar, 14 April 2025
- FY2025-26ICRA rationale dated 13 October 2025 - ratings upgraded to BBB+ (Positive)/A2
- FY2025-26ICRA rationale dated 16 February 2026 - rating upgraded to A- (Stable)/A2+
- FY2025-26ICRA rationale dated 16 March 2026 - ratings reaffirmed and assigned for enhanced amount
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Goldi Solar Limited on WhatsAppIs the price shown for Goldi Solar Limited final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Goldi Solar Limited shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Goldi Solar Limited shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Goldi Solar Limited. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.