Oneindig Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.04×
- Big non-institutionalbNII · above ₹10 lakh
- 2.70×
- Small non-institutionalsNII · ₹2–10 lakh
- 2.21×
- Retail individualRII · up to ₹2 lakh
- 1.60×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 9 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Aug 2026 | ₹7 | +7.29% | ₹6,400 | ₹103 | ₹8,400 |
| 05 Aug 2026 | ₹7 | +7.29% | ₹6,400 | ₹103 | ₹8,400 |
| 04 Aug 2026 | ₹7 | +7.29% | ₹6,400 | ₹103 | ₹8,400 |
| 03 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹96 | ₹0 |
| 02 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹96 | ₹0 |
| 01 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹96 | ₹0 |
| 31 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹96 | ₹0 |
| 30 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹96 | ₹0 |
| 29 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 30 Jul 2026 – 03 Aug 2026
- Listing date
- 06 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹91 – ₹96
- Issue price
- ₹96 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹27.65 Cr
- Fresh issue
- ₹26.27 Cr 27,36,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹105 Cr
- Promoter holding
- 51.33% → 37.80% pre-issue → post-issue
- ISIN
- INE0UR501013
- CIN
- U74999HR2016PLC066271
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- V-503, Atrium, VIVANTA by Taj Hotel Complex, Shooting Range Road, Suraj Kund, Faridabad-121009, Delhi NCR, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 5,46,000 | 28.44% | 26.45% |
| Anchor investor · within QIB | 8,16,000 | — | 39.53% |
| NII (HNI) | 4,14,000 | 21.56% | 20.06% |
| bNII > ₹10L · within NII | 2,76,000 | — | 13.37% |
| sNII < ₹10L · within NII | 1,38,000 | — | 6.69% |
| Retail (RII) | 9,60,000 | 50.00% | 46.51% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,44,000 | — | 6.98% |
| Total issue | 20,64,000 | — | 100.00% |
Net offer to the public of 19,20,000 shares, out of a total issue of 20,64,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹96
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,15,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹96 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.18 | 6.77 |
| P/E (×) | 18.53 | 14.18 |
| Price to book (×) | 5.22 | — |
| Market cap | — | ₹105 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 37.58%
- ROCE
- 30.31%
- EBITDA margin
- 14.92%
- NAV per share
- ₹18.4
- Price to book
- 5.22
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 57.56 | 46.14 | 43.7 |
| Revenue from operations | 57.46 | 46.01 | 43.64 |
| Other income | 0.09 | 0.12 | 0.06 |
| Total expenses | 49.35 | 40.57 | 39.59 |
| Operating profit | 8.21 | 5.57 | 4.11 |
| Operating margin | 14.26% | 12.07% | 9.41% |
| Profit before tax | 8.21 | 5.57 | 4.1 |
| Profit after tax | 6.16 | 4.17 | 2.95 |
| PAT margin | 10.70% | 9.04% | 6.75% |
| Balance sheet | |||
| Total assets | 88.99 | 35.53 | 27.15 |
| Current assets | 57.39 | 30.35 | 23.63 |
| Current liabilities | 42.46 | 19.71 | 18.5 |
| Total liabilities | 68.13 | 20.83 | 19.66 |
| Net worth | 20.86 | 15.69 | 7.49 |
| Current ratio | 1.35× | 1.54× | 1.28× |
| Return on equity | 29.53% | 26.58% | 39.39% |
| Cash flow | |||
| Operating cash flow | -14.7 | -0.3 | 1.01 |
| Investing cash flow | -26.79 | -2.63 | -0.3 |
| Financing cash flow | 41.58 | 0.67 | 1.43 |
| Net cash flow | 0.09 | -2.25 | 2.15 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 To Meet Working Capital Requirements ₹20 Cr
The company proposes to utilize funds to meet incremental working capital requirements driven by revenue growth and expansion of solar EPC projects. The funds will support inventory procurement, trade receivables, margin money deposits for government tenders, and day-to-day operations across multiple states.
2 General Corporate Purpose —
The company intends to deploy the balance proceeds for general corporate purposes including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, and meeting business exigencies as approved by the Board of Directors.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Oneindig Technologies
Oneindig Technologies Limited (formerly Oneindig Technologies Private Limited) was incorporated on November 2, 2016, and converted to a public company in June 2024. The company is engaged in providing Engineering, Procurement and Commissioning (EPC) services for diverse solar projects including residential rooftop, commercial & industrial (C&I) rooftop, ground-mounted projects, and solar water pumps for both private clients and government entities. Beyond turnkey solar solutions, the company supplies a wide range of solar products and equipment including solar PV modules, inverters, pump controllers, energy storage systems, panels, and related components. The company also operates as an Independent Power Producer through Power Purchase Agreements (PPAs). With an aggregate operational project capacity of 58.40 MW, the company has successfully developed and commissioned 17 major ground-mounted projects with a total value exceeding ₹19 crores and installed 500+ solar water pumps across India. The company generates revenue through three business models: B2B (primarily through consortium and JV arrangements), B2G (through government subsidy schemes like PM-KUSUM and PMSGMBY), and B2C (individual consumers and distributed generation). The company operates across multiple geographies and business verticals spanning from rooftop EPC to ground-mounted projects, from CAPEX to OPEX models, and from small to large-scale installations.
Management
Manoj Agrawal
MD
Seema Agrawal
CEO
Vishal Vasantrao Kokadwar
Director
Pankaj Sharma
Director
Ronak Jhuthawat
Director
Sanjeev Kumar Sapra
Director
Shubham Agrawal
CFO
Sumit Das
COO
Shikhar Agrawal
CTO
Sneha
Director of HR
Strengths
As stated in the offer document
Established EPC player, well positioned to capitalise in a fast-growing solar industry in India
The company is an established solar power EPC company with presence across the solar value chain, providing EPC services primarily for solar power projects with focus on project design and engineering across all aspects from conceptualizing to commissioning.
Strong execution track record spread across geographies
The company has commissioned 38 MW of solar EPC projects with over 8 years experience in executing 17 ground mounted projects across 14+ States in India, developing reputation for project management and execution capabilities.
Efficient co-development business model
The company's Co-Developer approach comprises land acquisition, site preparation, approvals, and offtake arrangements followed by transferring to developer and undertaking EPC and O&M activities, providing comprehensive control over expenses and cost efficiency.
Disciplined project selection & execution capability
The company's ability to select and execute projects in disciplined manner has aided growth while supporting targeted returns from projects, with capabilities in identifying and acquiring appropriate land for achieving targeted returns and operational performance.
Proven technical capabilities even in challenging conditions
The company's on-ground execution experience has increased knowledge of successfully executing solar power plants in challenging geographical, geological and topographical conditions, using past successes to improve efficiency, reduce costs, and mitigate risks.
Diversified business Portfolio
The company's portfolio varies from Roof top EPC to ground Mounted EPC, from solar plants to Solar Pumps, from CAPEX to OPEX, from residential to commercial, from private to Government, from small to large size projects.
Risk factors
As stated in the offer document
Working Capital Intensive Business Operations
The company's business is working capital intensive and requires substantial financing for operations. The company typically relies on internal accruals and credit facilities from banks, with declining turnover ratios indicating potential cash flow challenges that could adversely affect operations and profitability.
High Customer Concentration Risk
The company is heavily dependent on its top 10 customers, which contributed 97.25%, 96.76%, 88.01%, and 69.38% of revenue from operations for the periods ended January 31, 2026, and fiscal years 2025, 2024, and 2023 respectively. Loss of any major customer could severely impact business operations and cash flows.
Supplier Concentration and Supply Chain Vulnerabilities
The company procured 86.01%, 99.49%, 93.46%, and 81.50% of total purchases from its top 10 suppliers during respective periods, without definitive supply agreements. Any supply interruptions could adversely affect business operations and project timelines.
Significant Contingent Liabilities and Tax Exposures
The company has contingent liabilities of Rs 603.55 lakhs as of January 31, 2026, and faces an additional income tax demand of Rs 934.06 lakhs due to errors in tax audit reports. Materialization of these liabilities could adversely affect financial condition and cash flows.
Negative Operating Cash Flows
The company has experienced negative cash flows from operating activities of Rs (1,470.30) lakhs, Rs (45.37) lakhs, and Rs (379.75) lakhs for periods ended January 31, 2026, March 31, 2025, and March 31, 2023 respectively. Continued negative cash flows could adversely affect operations and financial conditions.
Geographic Revenue Concentration
A significant portion (93.51%) of the company's revenue from operations during the period ended January 31, 2026 was derived from Uttar Pradesh, Haryana, and Jammu & Kashmir. Any regional economic slowdown or policy changes in these states could materially impact business performance.
High Financial Indebtedness
As of January 31, 2026, the company's total outstanding indebtedness was Rs 5,077.04 lakhs. This significant debt burden increases vulnerability to economic conditions, limits operational flexibility, and could adversely affect profitability through higher interest expenses.
Brand Name Ownership Risk
The company's brand name is owned by promoter group company M/s MAT Commercials Linkages Private Limited, not by the company itself. Any restriction, dispute, or revocation of usage rights could adversely affect business operations, goodwill, and market recognition.
Dependence on Key Personnel
The company is highly dependent on Key Managerial Personnel and Senior Management for business operations and strategy implementation. Loss of key personnel could restrict growth capabilities, strategic decision-making, and overall operational management.
Regulatory and Compliance Risks
The company requires various statutory licenses and permits to operate, with some requiring periodic renewal. Failure to obtain, renew, or maintain required approvals could result in operational interruptions and material adverse effects on business operations.
Company Analysis
from RHPOneindig Technologies Limited is an Engineering, Procurement, and Commissioning (EPC) services provider specializing in solar energy sector, offering complete turnkey solar power solutions, Operations & Maintenance (O&M) services, and solar products across India.
Oneindig Technologies Limited (formerly Oneindig Technologies Private Limited) was incorporated on November 2, 2016, and converted to a public company in June 2024. The company is engaged in providing Engineering, Procurement and Commissioning (EPC) services for diverse solar projects including residential rooftop, commercial & industrial (C&I) rooftop, ground-mounted projects, and solar water pumps for both private clients and government entities. Beyond turnkey solar solutions, the company supplies a wide range of solar products and equipment including solar PV modules, inverters, pump controllers, energy storage systems, panels, and related components. The company also operates as an Independent Power Producer through Power Purchase Agreements (PPAs). With an aggregate operational project capacity of 58.40 MW, the company has successfully developed and commissioned 17 major ground-mounted projects with a total value exceeding ₹19 crores and installed 500+ solar water pumps across India. The company generates revenue through three business models: B2B (primarily through consortium and JV arrangements), B2G (through government subsidy schemes like PM-KUSUM and PMSGMBY), and B2C (individual consumers and distributed generation). The company operates across multiple geographies and business verticals spanning from rooftop EPC to ground-mounted projects, from CAPEX to OPEX models, and from small to large-scale installations.
Objects of the Issue
- To Meet Working Capital Requirements ₹2,000.00 lakhs p.81
- General Corporate Purpose p.81
Issue Structure
- Total Issue
- 28,80,000 Equity Shares aggregating to ₹[●] Lakhs (subject to finalization of Basis of Allotment)
- Fresh Issue
- 28,80,000 Equity Shares of face value of ₹10.00 each fully paid-up for cash at price of ₹[●] per Equity Share
- Offer for Sale
- Not Applicable - The entire issue constitutes fresh issue of equity shares
- Price Band
- ₹91 (Floor Price) to ₹96 (Cap Price)
- Lot Size
- Bid Lot: 2400 Equity Shares and in multiples of 1200 Equity Shares thereafter
- Face Value
- ₹10.00 each
Business Model
The company earns revenue through multiple channels: (1) Engineering, Procurement, and Commissioning (EPC) services for solar power projects under the CAPEX model where customers bear capital expenditure and the company executes EPC work; (2) Renewable Energy Service Company (RESCO) model where the company arranges capital investment, owns the solar assets, and receives annuity income through pre-determined tariffs; (3) Operations & Maintenance (O&M) services providing long-term operational management with either fixed annual fees or performance-based models tied to plant capacity; (4) Product sales including solar PV modules, inverters, controllers, batteries, and mounting structures; and (5) Solar water pump installations and maintenance.
Business Segments
SWOT Analysis
- • Established EPC player with technical expertise in solar energy sector(p.112)
- • Strong execution track record across multiple states with diverse project portfolio(p.119)
- • End-to-end service offerings from project development to O&M(p.112)
- • Efficient co-development business model reducing upfront investment(p.120)
- • Diversified revenue streams across CAPEX and RESCO models(p.121)
- • Access to government subsidy schemes and long-term power purchase agreements(p.137)
- • Strong order book with ₹14,859.19 lakhs pending revenue(p.133)
- • Technical expertise in challenging geographical conditions(p.120)
- • Heavy dependence on top 10 customers for 97.25% of revenue(p.27)
- • Concentrated supplier base with top 10 suppliers accounting for 86.01% of purchases(p.29)
- • Negative operating cash flows in multiple periods(p.31)
- • Significant contingent liabilities including performance guarantees(p.29)
- • Outstanding tax demands from income tax authorities(p.29)
- • Multiple ongoing litigations with aggregate involvement of ₹303.53 lakhs(p.29)
- • Rented premises without ownership security(p.33)
- • Brand name owned by promoter group company, not the Company itself(p.36)
- • Large addressable market with India targeting 500 GW renewable capacity by 2030(p.119)
- • Growth in government subsidy schemes like PM-KUSUM and PM Surya Ghar(p.137)
- • Rising corporate and industrial adoption for ESG compliance and cost reduction(p.137)
- • Increasing green financing options including green bonds and concessional loans(p.137)
- • Expansion opportunities in Tier 2/3 cities and emerging rural markets(p.137)
- • Technological integration opportunities using AI, IoT and data analytics(p.137)
- • Growing renewable energy investments with ₹1,40,413 crore FDI inflow(p.110)
- • Changes in government policies and subsidies affecting project economics(p.137)
- • Intense competition from large established players with greater resources(p.137)
- • Delays in payments from state utilities affecting cash flow(p.137)
- • Volatility in solar equipment prices due to global supply chain disruptions(p.137)
- • Weather-dependent power generation affecting revenue predictability(p.137)
- • Rapid technological obsolescence in solar technology(p.137)
- • Geopolitical tensions disrupting global supply chains(p.24)
- • Agricultural land conversion regulatory challenges for future projects(p.26)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Manoj Agrawal | Promoter | 31.81% | 23.43% |
| Ms. Seema Agrawal | Promoter | 9.95% | 7.32% |
| MAT Commercials Linkages Private Limited | Promoter Group | 9.57% | 7.05% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2025
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Oneindig Technologies Ltd. THIS ISSUE | 5.22 | — | 14.18, computed at the offer price | 5.22, computed at the offer price | 37.58% |
| 13.28 | — | — | — | 27.71% | |
| 11.65 | — | — | — | 22.95% | |
| 13.14 | — | — | — | 23.04% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.