Winsol Engineers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 06 May 2024 – 09 May 2024
- Listing date
- 14 May 2024
- Face value
- ₹10 per share
- Issue price
- ₹75 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹23.36 Cr
- Market cap at offer price
- ₹86.51 Cr
- Promoter holding
- 100.00% → 72.99% pre-issue → post-issue
- ISIN
- INE0S3D01016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Shop No.301, Madhav Commercial Complex, Near Crystal Mall, Khodiyar Colony, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,83,200 | — | — |
| Market maker | 1,58,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹75
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,20,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 14,400 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.15 | 7.83 |
| P/E (×) | 12.20 | 9.58 |
| Price to book (×) | 4.13 | — |
| Market cap | — | ₹86.51 Cr |
Key performance indicators
- Return on net worth
- 44.35%
- ROCE
- 11.71%
- Debt / equity
- 0.55
- PAT margin
- 13.04%
- NAV per share
- ₹18.14
- Price to book
- 4.13
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Winsol Engineers
Winsol Engineers Limited, incorporated on December 30, 2015 as 'Winsol Engineers Private Limited' at Jamnagar, Gujarat and converted into a public limited company on December 21, 2023, is an integrated engineering, procurement, construction and commissioning (EPCC) company serving the renewable energy industry. It provides Balance of Plant (BoP) solutions for wind and solar power generators — covering foundation work, substation civil and electrical work, right-of-way services, cabling to substation and grid, and miscellaneous work — executed largely on a turnkey/EPC basis, and also runs an Operation & Maintenance vertical providing SCADA monitoring, turbine downtime minimisation, inspection and reporting, scheduled maintenance and manpower supply. Its clients include Suzlon, Adani Green Energy, Powerica Limited and KP Energy Limited; since 2018 it has completed more than 55 projects worth over ₹ 17,000.00 lakhs, and as of the DRHP date it had more than 75 ongoing projects worth approximately ₹ 11,067.87 lakhs, with invoices of ₹ 2,393.05 lakhs submitted till January 24, 2024 leaving an unexecuted/unbilled order book of ₹ 8,674.83 lakhs. The company had 270 employees on roll as of December 31, 2023 (including 110 engineers and 105 technicians), is ISO-9001-2015, ISO-14001-2015 and ISO-45001-2018 certified, and on February 10, 2024 acquired Repower Infrastructure Private Limited as a wholly owned subsidiary. It earns work contract income across three streams — Engineering & Consulting Work (₹ 5,489.83 lakhs, 83.96% of FY23 revenue), Operation & Maintenance Work (₹ 730.77 lakhs, 11.18%) and Civil Work (₹ 318.06 lakhs, 4.86%) — with FY2022-23 revenue from operations of ₹ 6,538.66 lakhs and PAT of ₹ 518.07 lakhs; for the nine months ended December 31, 2023, revenue from operations was ₹ 5,195.23 lakhs with PAT of ₹ 677.26 lakhs. Revenue is heavily concentrated in Gujarat (66.19% in FY23; 89.90% in the nine months ended December 31, 2023).
Company Analysis
from DRHPWinsol Engineers Limited is a Jamnagar-based integrated engineering, procurement, construction and commissioning company providing Balance of Plant (BoP) solutions and Operation & Maintenance services for wind and solar power generation companies.
Winsol Engineers Limited, incorporated on December 30, 2015 as 'Winsol Engineers Private Limited' at Jamnagar, Gujarat and converted into a public limited company on December 21, 2023, is an integrated engineering, procurement, construction and commissioning (EPCC) company serving the renewable energy industry. It provides Balance of Plant (BoP) solutions for wind and solar power generators — covering foundation work, substation civil and electrical work, right-of-way services, cabling to substation and grid, and miscellaneous work — executed largely on a turnkey/EPC basis, and also runs an Operation & Maintenance vertical providing SCADA monitoring, turbine downtime minimisation, inspection and reporting, scheduled maintenance and manpower supply. Its clients include Suzlon, Adani Green Energy, Powerica Limited and KP Energy Limited; since 2018 it has completed more than 55 projects worth over ₹ 17,000.00 lakhs, and as of the DRHP date it had more than 75 ongoing projects worth approximately ₹ 11,067.87 lakhs, with invoices of ₹ 2,393.05 lakhs submitted till January 24, 2024 leaving an unexecuted/unbilled order book of ₹ 8,674.83 lakhs. The company had 270 employees on roll as of December 31, 2023 (including 110 engineers and 105 technicians), is ISO-9001-2015, ISO-14001-2015 and ISO-45001-2018 certified, and on February 10, 2024 acquired Repower Infrastructure Private Limited as a wholly owned subsidiary. It earns work contract income across three streams — Engineering & Consulting Work (₹ 5,489.83 lakhs, 83.96% of FY23 revenue), Operation & Maintenance Work (₹ 730.77 lakhs, 11.18%) and Civil Work (₹ 318.06 lakhs, 4.86%) — with FY2022-23 revenue from operations of ₹ 6,538.66 lakhs and PAT of ₹ 518.07 lakhs; for the nine months ended December 31, 2023, revenue from operations was ₹ 5,195.23 lakhs with PAT of ₹ 677.26 lakhs. Revenue is heavily concentrated in Gujarat (66.19% in FY23; 89.90% in the nine months ended December 31, 2023).
Objects of the Issue
- Working Capital Requirements ₹ 1,500.00 Lakhs p.78
- General Corporate Purposes ₹ [●] Lakhs p.82
- Public Issue Related Expenses ₹ [●] lakhs p.83
Issue Structure
- Total Issue
- Upto 3115200 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Upto 3115200 Equity Shares aggregating to ₹ [●] Lakhs (entire issue constitutes fresh issue)
- Offer for Sale
- Nil
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
Generates work contract income by executing turnkey/EPC work orders for BoP packages (foundation work, substation civil and electrical work, right-of-way services, cabling to substation and grid) and civil works, and earns service income from O&M contracts (SCADA monitoring, maintenance of turbines/substations/HT lines, testing and manpower supply) for wind and solar power producers.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ramesh Jivabhai Pindariya | Promoter; Chairman cum Managing Director | 75.00% | — |
| Mrs. Amri Ramesh Pindariya | Promoter; Whole-Time Director | 9.90% | — |
| Ms. Pindariya Kashmira | Promoter; Non-Executive Director | 5.00% | — |
| Ms. Kashish Ramesh Pindariya | Promoter | 5.00% | — |
| Mr. Kishor Jivabhai Pindariya | Promoter; Executive Director and Chief Financial Officer | 5.00% | — |
| Mrs. Jyotsna Pindariya | Promoter Group | 0.05% | — |
| Mrs. Bhiniben Bhatu | Promoter Group | 0.05% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.