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Aegeus Technologies
SME · BSE listed
+18.57%
Listing gain
Price Band
₹100 – ₹105
Issue Size
₹23.71 Cr
1 lot at upper band
₹1,26,000
Lot Size
1,200
Open
04 Aug 2026
Close
06 Aug 2026
Allotment
—
Listing
11 Aug 2026
Scheduled dates
- Open04 Aug 2026
- Close06 Aug 2026
- Refund10 Aug 2026
- Demat credit10 Aug 2026
- Listing11 Aug 2026
Listing Performance
Listing Price
₹124.5
Listing Gain
+18.57%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹12 14 sessions
Subscription (times)
Latest per-category subscription · as of 06 Aug, 06:56 pm IST.
QIB 23.88x
NII 48.05x
BHNI 55.23x
SHNI 33.69x
RII 25.59x
Total 29.91x
About Aegeus Technologies
Aegeus Technologies Limited is engaged in designing and developing robotic and intelligent automation solutions for the solar energy sector, focusing on solar panel cleaning and operations & maintenance (O&M). The company operates two modern manufacturing facilities in Bengaluru, Karnataka, equipped for design, assembly, and testing of autonomous and semi-autonomous robotic systems. The company combines Robotics and Internet of Things (IoT) to develop waterless robotic cleaning systems that address soiling losses, enabling solar asset owners to enhance energy generation, minimize downtime, and optimize operational efficiency while supporting environmental sustainability.
www.aegeustechnologies.com ↗Strengths
- Patented robotic technology developed in-houseThe company enables efficient and effective solar panel cleaning without the use of water. The technology delivers consistent cleaning quality, reduced maintenance requirements, and operational reliability across varying site conditions.
- Comprehensive automation and O&M ecosystemThe company integrates robotic hardware, digital tools, and analytics-based monitoring through products such as Unicorn and Shreem. This combination supports improved plant performance and operational visibility.
- Strong research and development capabilitiesThe company supports continuous product improvement and technology advancement in robotics, control systems, and data analytics, strengthening the company's technological foundation.
- Scalable and flexible business modelThe company includes both equipment supply and Module Cleaning as a Service (MCaaS), allowing deployment across diverse plant configurations through partner-led execution.
- Experienced management and technical teamThe company has domain expertise in robotics, automation, and solar operations oversee product development, manufacturing, and service execution.
- Established brand presenceThe company is supported by a record of reliable performance and product quality across installations in India and multiple international markets.
Risk Factors
- Customer Concentration RiskThe company derives a significant portion of revenue from a limited number of customers, with the top customer contributing 39.37% of revenue in FY26 and top 10 customers contributing 91.26%. Loss of major customers or reduced demand could severely impact business and financial performance.
- Manufacturing Capacity Under-utilizationThe company's manufacturing facilities are operating below full capacity, with Unicorn Smart at only 26.67% utilization and Shreem at 21.79% in FY26. Under-utilization leads to higher fixed costs per unit and operational inefficiencies that adversely affect margins.
- Working Capital RequirementsThe company requires significant working capital with projected needs of ₹2,300.28 lakhs by FY27. Inability to meet working capital requirements may adversely affect operations, client relationships, and result in higher finance costs impacting profitability.
- Supplier Concentration and Raw Material DependenciesThe company depends on a limited number of suppliers with top 10 suppliers contributing 67.19% of purchases in FY26. The company has no long-term supply agreements, exposing it to supply disruptions, price volatility, and potential delays in production.
- Negative Cash Flow from OperationsThe company experienced negative cash flow from operating activities of ₹151.13 lakhs in FY26, primarily due to increased trade receivables and inventory. Continuation of negative cash flows may adversely impact business operations and financial condition.
- Limited Market Adoption of Robotic Cleaning SolutionsThe market for robotic solar panel cleaning solutions is at a nascent stage with uncertain industry maturity. Delayed adoption, customer resistance, or slower market transition could adversely affect revenue growth and long-term scalability.
- Technological Obsolescence RiskThe company operates in rapidly evolving robotics and automation fields characterized by frequent innovation. Failure to continuously innovate or adapt to technological changes may result in products becoming less competitive or obsolete, affecting market position.
- Leased Property DependenciesThe company's registered offices and manufacturing facilities are leased properties with rental obligations of ₹2.15 lakhs per month. Termination of lease agreements could disrupt operations and force costly relocations with unfavorable commercial terms.
- Outstanding Legal Proceedings and Tax MattersThe company faces outstanding tax proceedings involving ₹49.46 lakhs and has a history of statutory compliance delays. The company paid ₹87,708 in FEMA penalties and faces risks of future penalties affecting financial performance.
- Unsecured Loan Recall RiskThe company has outstanding unsecured loans of ₹531.33 lakhs that may be recalled by lenders at any time. Recall of loans would require alternative financing sources that may not be available on commercially reasonable terms, affecting operations.
Objects of the Issue
- Investment in Product DevelopmentThe company proposes to invest in developing new robotic solutions including Aegeus Optima, Aegeus Mini Shreem, Aegeus GreenSweep and Aegeus Asset Guard for solar plant operations and maintenance. The funds will be utilized for design, modelling, simulation, prototype development, engineering support, and hiring skilled manpower for product and technology development.2.86 crores
- Funding Capital Expenditure towards Setting up of Manufacturing Facility through Purchase of Land and Civil WorksThe company intends to purchase land and undertake civil construction works to establish a new manufacturing facility. The proposed facility will be a three-storeyed structure with built-up area to consolidate existing operations, increase manufacturing capacity, and facilitate introduction of new product lines.5.74 crores
- To meet out the expenses for Working Capital to fund business growthThe company proposes to utilize funds to meet incremental working capital requirements for supporting business growth. The funds will support higher levels of inventory, trade receivables, timely procurement of raw materials, execution of projects, delivery of products to customers, and meeting trade payables and other operating expenses.8.00 crores
- General Corporate PurposesThe company intends to deploy the balance proceeds for general corporate purposes including strategic initiatives, strengthening marketing network and capability, meeting exigencies, and brand building exercises to strengthen operations. The utilization shall not exceed percentage of the amount raised or specified limit, whichever is lower.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 41.22 | +88.2% | 4.02 | +189.2% | 39.36 | 15.40 | -1.51 |
| 31/03/2025 | 21.90 | +43.3% | 1.39 | +49.5% | 22.09 | 11.42 | 1.05 |
| 31/03/2024 | 15.28 | — | 0.93 | — | 13.56 | 5.83 | -0.70 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 15.98
- ROCE
- 24.75%
- Shares / Lot
- 1,200
- Minimum Bid
- 2,400 shares
- Refund
- 10 Aug 2026
- Credit to Demat
- 10 Aug 2026
- ISIN
- INE0WR901013
- CIN
- U74999KA2017PLC102441
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead Managers
- Turnaround Corporate Advisors Pvt.Ltd.
- Registered Office
- No. 105, Harapanahalli Village, Jigani Hobli Anekal Taluk, Bangalore, Bangalore, Karnataka, India, 560105
Management
Suraj Vernekar'DMD
Roopa VernekarDirector
Nishith Rameshchandra ShahDirector
Sandeep SinghDirector
Anil KapoorDirector
Pratap Chandra MishraCFO
Surbhi SharmaDirector
Iranna D JadhavDirector of Operations
R Satish ChandraCOO
J Rajkiran SinghDirector of Operations
Yogesh KumarCTO
Mandar MaindeVP of Sales
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.