A Delhi NCR-based solar EPC services company plans to raise Rs 27.65 crore via the BSE SME platform, backed by an order book of Rs 148.59 crore to be executed by September 2027.
Oneindig Technologies Ltd., a provider of Engineering, Procurement and Commissioning services in the solar energy sector, opens for subscription on July 30 with the issue closing on August 3. The company is listing on the BSE SME platform. All proceeds are a fresh issue flowing entirely into the company.
What the Company Does
Incorporated and operating with a primary base in the National Capital Region, Oneindig Technologies provides complete turnkey solar power solutions and associated Operations and Maintenance services. Its project portfolio spans residential rooftop, Commercial and Industrial (C&I) rooftop, ground-mounted solar, and solar water pump installations across fourteen states and union territories including Delhi, Haryana, Uttar Pradesh, Rajasthan, Gujarat, Maharashtra, Telangana, Arunachal Pradesh, Odisha, and Jammu and Kashmir.
Beyond EPC, the company supplies a wide range of solar equipment including PV modules, solar inverters, pump controllers, energy storage systems, ACDB/DCDB panels, HT/LT panels, and wires and cables. It is also active as an Independent Power Producer through Power Purchase Agreements. Additionally, the company designs and manufactures solar module mounting structures in-house.
As of the date of the RHP, MVEL has an aggregate operational project capacity of 58.40 MW, with 52.08 MW under construction in contracted projects and 6.32 MW in awarded projects. The company has successfully executed 17 major ground-mounted projects with a total project value exceeding Rs 19 crore.
Over 500 solar water pumps have been installed in Haryana and Jammu and Kashmir. As of January 31, 2026, the company had just 34 employees on its payroll — an extremely lean team for a project execution business of this scale — and an order book of Rs 148.59 crore, to be completed and billed by September 2027.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | July 30, 2026 |
| Issue Closes | August 3, 2026 |
| Listing | BSE SME |
| Price Band | Rs 91 – Rs 96 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 27.65 crore (100% Fresh Issue) |
| Total Shares | 28,80,000 shares |
| Lot Size | 1,200 shares (min 2 lots = 2,400 shares) |
| Min. Retail Investment | Rs 2,30,400 |
| Post-IPO Market Cap | Rs 104.87 crore |
| IPO Constitutes | 26.36% of post-IPO paid-up equity |
| BRLM | Share India Capital Services Pvt. Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Market Maker | Share India Securities Ltd. |
From net proceeds: Rs 20 crore for working capital, balance for general corporate purposes. Post-IPO, paid-up equity increases from Rs 8.04 crore to Rs 10.92 crore.
Financial Performance
| Particulars (Rs cr) | FY23 (Standalone) | FY24 (Standalone) | FY25 (Consolidated) | 10M FY26 (Consolidated) |
|---|---|---|---|---|
| Total Income | 19.32 | 43.70 | 46.14 | 57.56 |
| PAT | 0.11 | 2.95 | 4.17 | 6.16 |
| RoCE | 12.07% | 32.39% | 30.31% | 14.71% |
Revenue grew strongly from Rs 19.32 crore in FY23 to Rs 43.70 crore in FY24, then moderated to Rs 46.14 crore in FY25, before 10M FY26 at Rs 57.56 crore already exceeding the full FY25 figure. PAT margins data is absent from the offer documents — an unusual gap. RoCE, which was strong at 32.39% in FY24 and 30.31% in FY25, has declined sharply to 14.71% in 10M FY26, suggesting the capital base is expanding faster than operating profit.
Average EPS over three years is Rs 7.66 and average RoNW is 38.89%. At the upper band of Rs 96, the P/E works out to 14.18x on annualised FY26 earnings and 25.20x on FY25 earnings. Listed peers Zodiac Energy, Solarium Green, and Ganesh Green trade at P/E multiples of 17.7x, 20.0x, and 8.7x respectively — though a direct like-for-like comparison is not possible. The note on rising trade receivables flags a cash conversion concern in what is an inherently working-capital-intensive project execution business.
BRLM Track Record: This is the 12th mandate from Share India Capital Services in the last three fiscals. Of the last 11 listings, 4 opened at a discount, 1 at par, and 6 with premiums ranging from 3.03% to 90%.
Risks to Consider
With only 34 employees managing an order book of Rs 148.59 crore and an active installation base of over 58 MW, the company is extraordinarily lean — a strength on fixed costs but a significant operational risk if project execution demands surge alongside the order book. The solar EPC segment is intensely competitive and fragmented, with large EPC players, equipment OEMs, and dozens of regional players all competing for the same tenders. Rising trade receivables — particularly in government-linked projects — are a structural concern that could pressure working capital despite the IPO proceeds. PAT margin data is missing from the offer documents, which limits independent validation of profitability trends. The contingent liability of Rs 6.04 crore as of January 31, 2026 and the small post-IPO paid-up equity base — indicating a long gestation period before mainboard migration — are additional factors to weigh.
Analyst View
Analysts note that while Oneindig Technologies posted growth in its top and bottom lines for the reported periods, the jump in bottom lines from FY25 onwards raises eyebrows and concern over sustainability in a highly competitive and fragmented solar EPC segment. The order book of Rs 148.59 crore provides near-term revenue visibility but execution risk is meaningful for a 34-person team. The issue appears aggressively priced based on recent earnings, say analsyts.