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Mon, 14 Sept 2026
06:00:21 am
Mon, 14 Sept 2026
06:00:21 am
Rudransh Sangwan
Published at: July 30, 2026, 10:35 PM
Synopsis
Oneindig Technologies IPO opens on July 30 with a price band of ₹91 to ₹96 per share. Read this detailed IPO review covering the company's business model, financial performance, issue details, growth prospects, risks, valuation and whether investors should consider subscribing.
India's renewable energy sector continues to attract significant investment as the country accelerates its transition towards clean energy. Government initiatives promoting rooftop solar installations, utility-scale projects and solar-powered agricultural infrastructure have created long-term opportunities for companies operating in the solar EPC segment. Riding this momentum, Oneindig Technologies Limited has launched its SME Initial Public Offering (IPO) to raise fresh capital for business expansion and working capital requirements.
The company has steadily expanded its presence over the last few years by executing solar projects across residential, commercial, industrial and government sectors. Alongside project execution, it has built additional revenue streams through equipment supply, operations and maintenance services and power generation activities. Investors, however, should look beyond the industry opportunity and carefully assess the company's financial performance, order visibility, profitability and valuation before making an investment decision.
| Particulars | Details |
|---|---|
| IPO Type | SME IPO |
| Issue Type | Book Built Issue |
| Fresh Issue | ₹27.65 Crore |
| Offer for Sale | Nil |
| Price Band | ₹91 to ₹96 per Share |
| Face Value | ₹10 per Share |
| IPO Opens | 30 July 2026 |
| IPO Closes | 3 August 2026 |
| Tentative Listing | 6 August 2026 |
| Exchange | NSE SME |
| Lot Size | 1,200 Shares |
| Minimum Investment | ₹2,30,400 |
Founded in November 2016,** Oneindig Technologies Limited** is a Faridabad-based renewable energy company primarily engaged in providing solar Engineering, Procurement and Construction (EPC) solutions. The company offers complete turnkey services covering project design, engineering, procurement, installation, commissioning and long-term operations and maintenance for solar power projects across residential, commercial, industrial and utility-scale segments. This integrated approach enables customers to work with a single service provider throughout the project lifecycle while allowing the company to generate revenue from multiple stages of execution.
Apart from EPC services, the company also supplies solar modules, inverters, batteries, mounting structures, energy storage systems and solar water pumps. It additionally operates as an Independent Power Producer (IPP), generating electricity under long-term Power Purchase Agreements (PPAs). This diversified business model reduces dependence on a single revenue stream and positions the company to benefit from the growing adoption of renewable energy solutions across India.
The company has established its execution capabilities by completing projects across multiple Indian states. According to its IPO report, it has successfully commissioned 17 ground-mounted solar projects, installed more than 500 solar water pumps under schemes such as PM KUSUM and PM Surya Ghar, and continues to expand its presence in one of India's fastest-growing infrastructure sectors.
| Particulars | Details |
|---|---|
| Established | November 2016 |
| Headquarters | Faridabad, Haryana |
| Core Business | Solar EPC Solutions |
| Business Segments | Residential, Commercial, Industrial, Utility Scale |
| Additional Businesses | Solar Equipment Supply, O&M Services, Independent Power Producer |
| Ground Mounted Projects Completed | 17 |
| Solar Water Pumps Installed | 500+ |
| Operational Capacity | 58.40 MW |
| Capacity Under Construction | 52.08 MW |
| Awarded Capacity | 6.32 MW |
For EPC companies, the size and quality of the order book are among the most important indicators of future revenue. As of 31 January 2026, Oneindig Technologies reported an order book worth ₹148.59 crore, with execution expected to continue until September 2027. This provides reasonable visibility into future business activity and indicates that the company already has a healthy pipeline of confirmed projects. While timely execution and fresh order inflows will remain important, an established order book reduces dependence on winning new contracts every quarter and supports revenue stability over the medium term.
| Particulars | Details |
|---|---|
| Order Book Value | ₹148.59 Crore |
| Order Book Date | 31 January 2026 |
| Expected Execution | Till September 2027 |
| Operational Capacity | 58.40 MW |
| Capacity Under Construction | 52.08 MW |
| Awarded Capacity | 6.32 MW |
Oneindig Technologies has delivered steady growth in both revenue and profitability over the last three financial years. Revenue has grown consistently as the company expanded its project execution, while net profit has increased at a faster pace, reflecting improved operational efficiency. The company's EBITDA margin and Return on Equity have also strengthened during the period, indicating better earnings quality. Although borrowings have increased to support business expansion, the overall financial trend remains positive and demonstrates improving scale of operations. Investors should nevertheless continue monitoring working capital requirements, which remain an important aspect of EPC businesses due to the time gap between project execution and customer payments.
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 51.78 | 68.47 | 92.63 |
| EBITDA (₹ Cr) | 4.41 | 7.09 | 10.88 |
| Profit After Tax (₹ Cr) | 2.42 | 4.38 | 6.93 |
| EBITDA Margin | 8.52% | 10.36% | 11.75% |
| PAT Margin | 4.68% | 6.40% | 7.48% |
| Ratio | FY25 |
|---|---|
| Return on Equity (ROE) | 31.39% |
| Return on Capital Employed (ROCE) | 26.82% |
| Debt to Equity | 0.93x |
| Net Worth | ₹22.09 Crore |
| Net Asset Value Per Share | ₹21.92 |
The proceeds from the IPO will primarily be used to strengthen working capital, with ₹20 crore allocated for this purpose, while the remaining amount will be utilised for general corporate purposes. For an EPC company, adequate working capital is essential because projects require significant upfront expenditure on materials, equipment procurement, labour and logistics before customer payments are received. A stronger balance sheet should improve the company's execution capability, reduce dependence on short-term financing and support participation in larger renewable energy projects going forward.
The Oneindig Technologies IPO opens for subscription on July 30, 2026, and closes on August 3, 2026. The tentative listing date is August 6, 2026.
The IPO has been priced in the range of ₹91 to ₹96 per equity share. Investors can bid within this price band while applying for the public issue.
The minimum application consists of 1,200 equity shares, requiring an investment of ₹2,30,400 at the upper end of the price band.
Oneindig Technologies Limited is a renewable energy company that provides solar Engineering, Procurement and Construction (EPC) solutions. It also supplies solar equipment, offers operations and maintenance services, and generates power as an Independent Power Producer (IPP).
As of January 31, 2026, the company had an order book worth ₹148.59 crore, with execution expected to continue until September 2027, providing visibility into future revenues.
The company has reported steady financial growth over the last three financial years. Revenue increased from ₹51.78 crore in FY23 to ₹92.63 crore in FY25, while profit after tax rose from ₹2.42 crore to ₹6.93 crore during the same period.
The company's key strengths include a diversified solar EPC business model, a healthy order book, improving profitability, multiple revenue streams, experience in government-backed solar projects and a growing presence in India's renewable energy sector.
The IPO may be suitable for investors with a medium to long-term investment horizon who are looking for exposure to India's renewable energy sector. Investors should evaluate the company's valuation, financial performance, execution capability and business risks before making an investment decision.
Financial journalist specializing in market analysis, stock research, and investment trends. Dedicated to providing accurate, timely insights for informed decision-making.
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