Oneindig IPO Overview
Incorporated in 2016 and headquartered in Faridabad, Haryana, Oneindig Technologies Limited is a fast-growing company in the renewable energy space. Since its inception, the company has grown its operations across multiple states and has successfully commissioned hundreds of solar power plant projects across Delhi, Rajasthan, Gujarat, Haryana, Uttar Pradesh, and Punjab. The company provides end-to-end Engineering, Procurement and Construction (EPC) services for solar power projects while also generating recurring revenue through Operations & Maintenance (O&M), solar product sales, and Independent Power Producer (IPP) activities. It has built a diversified presence across residential, commercial, industrial, and utility-scale solar projects.
The company is now launching its SME IPO on the BSE SME platform. The IPO is priced at ₹91 to ₹96 per share, with a lot size of 1,200 shares, and aims to raise ₹27.65 crore. The IPO opens on 30 July 2026 and closes on 3 August 2026, with listing expected on 6 August 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 30 July 2026 |
| IPO Close Date | 3 August 2026 |
| Allotment Date | 4 August 2026 (Expected) |
| Refund Initiation | 5 August 2026 |
| Credit to Demat | 5 August 2026 |
| Listing Date | 6 August 2026 (Tentative) |
| Price Band | ₹91 – ₹96 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,30,400 (2 lots = 2,400 shares) |
| Minimum Investment (HNI) | ₹3,45,600 (3 lots = 3,600 shares) |
| Issue Size | ₹27.65 crore |
| Fresh Issue | 28,80,000 equity shares |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% (net of anchor) |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 1,44,000 shares (reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue comprises a fresh issue of shares, and all IPO proceeds will be received directly by the company.
Objects of the Issue (Fund Utilization)
The company will primarily utilise the IPO proceeds to fund working capital requirements, with the balance allocated towards general corporate purposes.
- Working capital requirements — primary use
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: Share India Capital Services Pvt. Ltd. and Hem Securities Ltd.
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Maker: Share India Securities Ltd. / Hem Finlease Pvt. Ltd.
Promoters & Management
The promoters of Oneindig Technologies are Mr. Manoj Agrawal and Ms. Seema Agrawal. Led by an experienced promoter and a skilled management team, the company focuses on delivering integrated renewable energy solutions through its EPC expertise, co-development model, technical capabilities, and diversified business portfolio.
Company Details
Incorporated in 2016, Oneindig Technologies operates in the renewable energy sector, specialising in Engineering, Procurement, and Commissioning (EPC) services for solar power projects, turnkey solar solutions, and associated Operations & Maintenance (O&M) services. Its portfolio spans residential rooftops, commercial and industrial (C&I) rooftops, ground-mounted projects, and solar water pumps.
Sectors Served:
- Residential Solar Rooftop
- Commercial & Industrial (C&I) Solar
- Utility-Scale Ground-Mounted Solar
- Government Solar Schemes (Solar Water Pumps)
- Independent Power Producer (IPP) Activities
Key Services & Capabilities:
- End-to-end EPC for solar power projects
- Operations & Maintenance (O&M) services
- Solar product sales and distribution
- Has successfully completed several ground-mounted solar projects and installed over 500 solar water pumps under government schemes, reflecting strong execution capabilities.
- Co-development business model for project execution
Geographic Presence:
Operations spanning Delhi, Rajasthan, Gujarat, Haryana, Uttar Pradesh, and Punjab — with ambitions for global expansion in clean energy.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | PAT Margin |
| FY23 | ₹184.81 | ₹32.10 | 17.56% |
| FY24 | ₹206.45 | ₹34.44 | 16.92% |
| FY25 | ₹322.58 | ₹28.13 | 8.97% |
| 9M FY26 (Dec 2025) | ₹236.50 | ₹38.69 | 16.65% |
Key Financial Metrics
- Revenue grew from ₹184.81 crore in FY23 to ₹322.58 crore in FY25 — a strong top-line CAGR. However, the bottom line showed inconsistency, with PAT dipping to ₹28.13 crore in FY25 due to an extraordinary item of ₹16.97 crore, before recovering strongly in 9M FY26 to ₹38.69 crore.
- EBITDA margin improved to over 18% in FY26, reflecting better operational efficiency.
- Average EPS for the last two fiscals: ₹25.00; Average RoNW: 23.17%. P/BV stands at 2.44x based on NAV of ₹140.81 per share as of December 31, 2025. P/E at 15.51x based on annualised 9M FY26 earnings, and 28.44x based on FY25 earnings — indicating the issue appears fully priced.
- Overall borrowings stood at ₹242.57 crore as of December 31, 2025 — a key concern for investors.
Company Strengths
- Established solar EPC player with expertise in turnkey renewable energy solutions and a strong execution track record across residential, commercial, industrial, and utility-scale solar projects.
- Diversified business portfolio covering EPC, O&M, solar products, solar water pumps, and IPP activities — providing multiple revenue streams.
- Strong top-line growth with revenue nearly doubling from FY23 to FY25
- Experienced management team with proven technical capabilities and an efficient co-development business model.
- Pan-India presence across 6 states with ambitions for global expansion
- Beneficiary of India’s aggressive solar energy targets and government-backed solar schemes
Key Risks & Challenges
- Higher borrowings — overall debt of ₹242.57 crore as of December 2025 — create financial leverage risk and cash flow pressure.
- Working capital-intensive operations and execution risks associated with large EPC projects, which involve procurement dependencies and site-level challenges.
- PAT margin dropped sharply to 8.97% in FY25 due to an extraordinary item of ₹16.97 crore — raising concerns over the sustainability of 9M FY26 bumper profits.
- Heavy dependence on renewable energy policies — any change in government subsidies, tariffs, or solar schemes can directly impact revenues.
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Issue appears fully priced at P/E of 28.44x on FY25 earnings — leaving limited margin of safety for investors.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
