Ace investor enters recently listed SME stock that lost multibagger status after a sharp correction
Agrawal’s Entry: A Timely Bet?
Prominent investor Mukul Mahavir Agrawal, with a portfolio worth nearly â‚ą8,000 crore, has acquired a 2.88% stake (6,00,000 shares) in Solarium Green Energy during Q2FY26. This move came after the stock witnessed a 26% drop from its June peak of â‚ą484.
- Not part of March quarter shareholding, Agrawal’s entry is strategically timed, potentially signalling long-term conviction.
- Since the quarter-end, the stock has rebounded 6%, with a 13.38% surge on Friday, closing at â‚ą374.
From Multibagger to Volatility
Listed on February 13, 2025, on the BSE SME platform, Solarium Green Energy quickly earned the multibagger tag, more than doubling investor wealth with a peak return of over 150% by June.
- IPO Issue Price: â‚ą191
- Current Price: â‚ą374 (Up 96% from listing)
- June Peak: â‚ą484 (Now 23% below peak)
Despite the correction, the stock remains one of the best-performing SME IPOs of 2025.
Business Model: Turnkey Solar Solutions
Solarium Green Energy is a turnkey solar solution provider, involved in:
- Design, engineering, procurement, and construction of solar plants
- Testing, commissioning, transmission systems, and O&M services
- Projects across residential, commercial, industrial, and government sectors
It also sells a range of solar products including:
- Solar PV modules & inverters
- ABT meters and other solar components
Manufacturing Pause and Business Pivot
Originally a manufacturer of polycrystalline solar panels under its own brand, the company halted manufacturing in February 2024 after it was excluded from the Approved List of Models and Manufacturers (ALMM) in September 2023.
- Manufacturing facility is located in Bhamsara – Bavla, Gujarat.
- Since 2021, it pivoted to becoming a solar/hybrid solution provider.
This shift allowed Solarium to maintain revenue streams through project execution rather than relying on manufacturing output alone.
Recent Expansion: Solarium Ventures Acquisition
To strengthen its service portfolio, Solarium recently acquired 99.99% stake in Solarium Ventures, a company engaged in a similar line of business, bolstering its capabilities in the turnkey solar EPC segment.
- The acquisition signals continued focus on scaling its solution-provider model amid regulatory challenges.
Analyst Take: High Risk, High Potential
Agrawal’s entry, particularly during a correction, suggests value buying based on:
- The company’s proven traction post-listing
- Diversified solar EPC operations
- Potential for regulatory inclusion in ALMM in future, reviving manufacturing
However, key risks include:
- Absence from ALMM, limiting large government project eligibility
- Reliance on execution efficiency and private sector demand
- Stock volatility typical of SME listings
After a sharp post-IPO rally and subsequent correction, Solarium Green Energy has attracted seasoned investor Mukul Agrawal, who picked up a 2.88% stake during Q2FY26. Despite halting its manufacturing arm, the company remains active in the solar turnkey project space and continues to expand. The stock remains up 96% since listing, indicating enduring investor interest despite regulatory and market headwinds.
