Oneindig Technologies Limited, a Faridabad-based Engineering, Procurement and Commissioning (EPC) firm specializing in solar energy solutions, has filed its Draft Red Herring Prospectus (DRHP) with SEBI. The company is raising ₹20.00 Crore through a fresh issue to meet working capital requirements and support project expansion. Founded in 2016, Oneindig offers end-to-end turnkey solar power solutions, including residential and commercial rooftop projects, ground-mounted installations, and solar water pumps.

Company Overview

Oneindig Technologies operates across the full solar value chain, providing EPC services, Operations & Maintenance (O&M), and Independent Power Producer (IPP) activities via Power Purchase Agreements (PPAs). The company has commissioned 38 MW of solar EPC projects across 14+ states in India, including Uttar Pradesh, Haryana, and Jammu & Kashmir. Its portfolio spans residential rooftop, Commercial & Industrial (C&I) rooftop, ground-mounted projects, and solar pumps for both private clients and government entities.

Key management includes Manoj Agrawal (Managing Director), Seema Agrawal (CEO), and Shubham Agrawal (CFO). Notably, the company’s brand name is owned by promoter group entity M/s MAT Commercials Linkages Private Limited, not by Oneindig Technologies itself.

Offer Details

The IPO is structured as a fresh issue with no Offer for Sale (OFS) component. The proceeds are primarily earmarked for working capital needs such as inventory procurement, trade receivables management, and margin money deposits for government tenders.

Financial Highlights

Oneindig Technologies has demonstrated significant top-line momentum. Revenue from operations grew from ₹19.32 Crore in FY2023 to ₹57.46 Crore in the 10-month period ending Jan 2026. Profit After Tax (PAT) improved sharply from ₹0.11 Crore in FY2023 to ₹6.16 Crore in 10M FY2026. However, investors should note that FY2023 and FY2024 figures are on a standalone basis, while FY2025 and 10M FY2026 are consolidated.

Risk Factors

The DRHP highlights several material risks that investors must consider:

1. High Customer Concentration: The top 10 customers contributed 97.25% of revenue in 10M FY2026. Loss of any major client could severely impact operations.
2. Negative Operating Cash Flows: The company reported negative operating cash flows in three out of four periods, including ₹(14.70) Crore in 10M FY2026, relying heavily on financing activities.
3. Contingent Liabilities & Tax Demands: As of Jan 2026, contingent liabilities stood at ₹603.55 Lakhs, with an additional income tax demand of ₹934.06 Lakhs, totaling a potential exposure of ₹1,537.61 Lakhs.
4. High Indebtedness: Total outstanding indebtedness was ₹5,077.04 Lakhs (₹50.77 Crore) as of Jan 2026, resulting in a debt-to-equity ratio of approximately 2.99x.
5. Brand Ownership Risk: The brand name is owned by a promoter group company, posing potential operational risks if usage rights are restricted.

Valuation & Peer Comparison

Specific peer comparison data and P/E ratios are not available in the DRHP as the price band has not been disclosed. The post-issue net worth is estimated at approximately ₹40.86 Crore (pre-issue equity of ₹20.86 Crore plus ₹20.00 Crore fresh issue proceeds). Investors should evaluate the IPO against the annualized PAT of ~₹7.39 Crore once the price band is announced.

Bottom Line

Oneindig Technologies presents a high-growth profile in the renewable energy sector with strong revenue expansion and improving margins. However, the investment case is tempered by significant risks, including extreme customer concentration, persistent negative operating cash flows, and high debt levels. With the IPO opening on 30-Jul-2026, investors should wait for the final Red Herring Prospectus to assess the price band and valuation before making a decision.