Swaraj Green Power & Fuel Limited IPO: Company Fundamentals, Financials, and GMP Details
Swaraj Green Power & Fuel Limited, one of Maharashtra’s leading integrated bio-energy and sugar manufacturing companies, is gearing up to launch its much-anticipated Mainboard IPO. The company officially received the green light from the Securities and Exchange Board of India (SEBI) on June 12, 2026, clearing the path for its public listing on the BSE and NSE.
Below is an exclusive IPOIND breakdown of the company’s business model, latest financial performance, and IPO structure.
1. Company Overview: What Does Swaraj Green Power Do?
Incorporated in 2010 and headquartered in Phaltan (Satara, Maharashtra), Swaraj Green Power & Fuel Limited has evolved from a traditional sugar manufacturer into a modern, integrated green energy powerhouse.
The company operates a state-of-the-art zero-liquid-discharge (ZLD) manufacturing complex that includes:
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Sugar Mill: A crushing capacity of 7,500 TCD (Tonnes Crushed per Day).
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Distillery Unit: A massive 500 KLPD (Kilo Litres Per Day) ethanol production facility.
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Power Plant: A 26.5 MW bagasse-based cogeneration power plant.
The IPOIND USP Highlight: Swaraj Green is heavily aligned with India’s Ethanol Blending Program, producing high-grade ethanol directly from sugarcane juice and molasses. Furthermore, the company is recognized for its elite environmental standards, boasting an incredibly low water consumption rate of just 2.5 liters per liter of ethanol produced.
2. Financial Fundamentals (FY24 vs. FY25)
Swaraj Green Power & Fuel recently shifted its strategic focus away from low-margin trading activities to concentrate strictly on high-margin, in-house manufacturing (specifically ethanol). While this caused a slight dip in total top-line revenue, profitability and margins have skyrocketed.
Here is a quick look at their recent financial trajectory (based on provisional FY25 and audited FY24 data):
| Financial Metric | FY 2024 (Audited) | FY 2025 (Provisional) | Growth / Shift |
| Total Revenue | ₹754.14 Crore | ₹675.27 Crore | (Declined ~10.4% due to reduced trading) |
| EBITDA | ₹109.23 Crore | ₹171.20 Crore | Surged by 56.7% |
| EBITDA Margin | 14.48% | 25.35% | Massive 1087 bps expansion |
| Profit After Tax (PAT) | ₹21.63 Crore | ₹39.80 Crore | Jumped by 84% |
| Total Debt | ₹819.64 Crore | ₹802.44 Crore | Slight reduction |
IPOIND Financial Takeaway: Do not let the top-line revenue drop fool you. The company’s decision to expand its ethanol capacity and step back from trading has resulted in a phenomenal jump in its PAT margins (from 2.77% to 5.64%).
3. Swaraj Green Power IPO Details
With SEBI’s regulatory clearance secured in mid-June 2026, the company and its merchant bankers are currently finalizing the Red Herring Prospectus (RHP) to lock in the dates and price band.
| IPO Feature | Latest Details |
| IPO Approval Date | June 12, 2026 (SEBI Nod Received) |
| Issue Type | Book Built Issue |
| Listing Exchanges | BSE & NSE (Mainboard) |
| Total Issue Size | To Be Announced (TBA) |
| Face Value | To Be Announced (TBA) |
| Price Band | To Be Announced (TBA) |
| Book Running Lead Managers | Centrum Capital, InCred Capital, and PNB Investment Services |
4. Current Grey Market Premium (GMP) Status
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Swaraj Green Power IPO GMP: Not Yet Active / ₹0
Why is there no GMP yet?
Grey market trading requires a declared price band and face value to establish a premium. Since the company just received SEBI approval and hasn’t filed the final RHP with the exact share price, unlisted market dealers have not yet opened the book for Swaraj Green Power.
Keep an eye on the IPOIND GMP Tracker. The moment the company announces its price band and opening dates, we will update the live premium and estimated listing gains.
IPOIND.COM Final Verdict
The renewable energy and biofuel sectors are currently enjoying massive institutional demand on Dalal Street. Swaraj Green Power’s aggressive margin expansion and integrated zero-liquid-discharge model make it a highly attractive fundamental play. The primary risk factor investors should watch is the company’s relatively high debt levels (~₹802 Crore), though their surging cash accruals currently provide an adequate buffer.