Suryoday Solartech Ltd.: Financing the TOPCon Leap

Author(s)	Dr. Karishma Anklesaria-Dalal
Country	India
Abstract	Suryoday Solartech Ltd., a mid-sized NSE-listed solar module manufacturer, has won a Production Linked Incentive award for high-efficiency TOPCon capacity — contingent on committing ₹180 crore in capex within 18 months. Kabir Malhotra, the company's newly appointed finance manager, must reconcile three competing financing proposals: an equity-heavy QIP favoured by a covenant-conscious CFO, a debt-heavy term loan favoured by a dilution-averse treasury head, and green NCDs championed by an ESG-focused independent director. Students estimate the cost of equity and debt, compute WACC under book and market value weights, assess leverage and covenant implications, and weigh the trade-offs of sustainable finance instruments in recommending a financing mix.
Keywords	Capital structure; Cost of capital; WACC; Green debt securities; Indian capital markets
Field	Business Administration
Published In	Volume 8, Issue 4, July-August 2026
Published On	2026-08-18

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