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Oneindig Technologies

SME · BSE listed
+25.00%
Listing gain
Price Band
₹91 – ₹96
Issue Size
₹27.65 Cr
1 lot at upper band
₹1,15,200
Lot Size
1,200
Open
30 Jul 2026
Close
03 Aug 2026
Allotment
—
Listing
06 Aug 2026

Scheduled dates

  1. Open
    30 Jul 2026
  2. Close
    03 Aug 2026
  3. Refund
    05 Aug 2026
  4. Demat credit
    05 Aug 2026
  5. Listing
    06 Aug 2026

Listing Performance

Listing Price
₹120
Listing Gain
+25.00%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹7 9 sessions

Subscription (times)

Latest per-category subscription · as of 03 Aug, 06:56 pm IST.

QIB 1.05x
NII 2.40x
BHNI 2.39x
SHNI 2.43x
RII 1.84x
Total 1.73x

About Oneindig Technologies

Oneindig Technologies Limited is engaged in providing Engineering, Procurement and Commissioning (EPC) services in the solar energy sector, including complete turnkey solar power solutions and associated Operations and Maintenance (O&M) services. The company undertakes diverse solar projects including residential rooftop, commercial & industrial (C&I) rooftop, ground-mounted projects and solar water pumps for Private clients and Government entities. The company supplies a wide range of solar products and equipment including Solar PV Modules, Solar inverters, Solar pump controllers, ESS, ACDB/DCDB.LT/ HT Panels and all kinds of wires and cables, and is also engaged in Independent Power Producer activities through Power Purchase Agreements (PPAs).

www.oneindig.tech ↗

Strengths

  • 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

  • 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.

Objects of the Issue

  • To Meet Working Capital Requirements
    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.
    20.00 crores
  • 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.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/202546.14-19.8%4.17-32.3%35.5315.69-0.30
31/03/202443.70—2.95—27.157.491.01
31/01/202657.56—6.16—88.9920.86-14.70
Units: crores

Issue Details

Face Value
₹10
P/E
17.60
ROCE
30.31%
Shares / Lot
1,200
Minimum Bid
2,400 shares
Refund
05 Aug 2026
Credit to Demat
05 Aug 2026
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
RHP ↗DRHP ↗

Management

Manoj AgrawalMD
Seema AgrawalCEO
Vishal Vasantrao KokadwarDirector
Pankaj SharmaDirector
Ronak JhuthawatDirector
Sanjeev Kumar SapraDirector
Shubham AgrawalCFO
Sumit DasCOO
Shikhar AgrawalCTO
SnehaDirector of HR

* 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.