Aegeus Technologies IPO
Aegeus Technologies IPO is an SME IPO raising ₹24 Cr at ₹100 – ₹105 a share. It listed on 11 Aug 2026 at ₹125, +18.6% against its issue price of ₹105, and trades at ₹145 today (+38.2% since issue). It was subscribed 24× in total.
24.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Aegeus Technologies Limited designs, manufactures and services waterless robotic cleaning systems used to automate panel cleaning and operations & maintenance (O&M) at solar power plants. Its products cover utility-scale and ground-mounted installations (Unicorn Smart — fully autonomous; Unicorn R2R — semi-autonomous for discontinuous tables) and rooftop/small-scale installations (Shreem). Headquartered in Bengaluru, Karnataka, it sells across India and to export markets.
How it earns
Two streams: (1) Sale of robotic cleaning products (Unicorn Smart, Unicorn R2R, Unicorn Spares, Shreem) and (2) Sale of services — Complete Solar O&M, Annual Maintenance Contracts (AMC), and Module Cleaning as a Service (MCaaS), under which Aegeus retains ownership of the robots and cleans panels on a pay-per-use basis.
Who buys
No individual customer names are disclosed. End-user categories named: solar developers, EPC contractors, O&M companies, and individual/commercial rooftop owners. Customer concentration is high — Top 1 customer = 39.37% of FY26 revenue (Rs 16.12 crore / Rs 1,611.74 lakhs); Top 5 customers = 83.40% (Rs 34.14 crore / Rs 3,413.94 lakhs); Top 10 customers = 91.26% (Rs 37.36 crore / Rs 3,735.84 lakhs). Government clients contributed only 0.04% of FY26 revenue (Rs 1.51 lakh); the rest was Non-Government.
Scale
2 leased manufacturing facilities in Bangalore (10,000 sq ft at Harapanahalli Anekal + 5,000 sq ft at Jigani Hobli = 15,000 sq ft total); 55 employees on payroll plus 33 on contractual basis (88 total, as on June 30, 2026). Installed annual capacity: Unicorn Smart 4,290 units, Unicorn R2R 780 units, Shreem 78 units. Revenue from operations: Rs 15.27 crore (FY24), Rs 21.89 crore (FY25), Rs 40.94 crore (FY26). (Amounts converted from stated lakhs at 1 crore = 100 lakh.)
What it says sets it apart
- Patented in-house waterless robotic cleaning technology, with registered patents in India, Australia, China, Saudi Arabia and the USA covering robotic design, motion control, sensor integration and waterless cleaning mechanisms.
- Comprehensive product range covering ground-mounted utility-scale (Unicorn Smart, Unicorn R2R), rooftop (Shreem) and a recurring-revenue service layer (Complete Solar O&M, AMC, MCaaS).
- Module Cleaning as a Service (MCaaS) — a pay-per-use model that lets clients use Aegeus robots without upfront capex, supporting a service-style recurring revenue stream.
- Installed base in excess of 10 GW of solar capacity served.
- Rapidly growing global footprint — exports rose from 0.94% of revenue in FY24 (Rs 14.4 lakh) to 40.58% in FY26 (Rs 16.61 crore), with regional service hubs in Bangalore and Badi Sid (Rajasthan) and spoke warehouses in Hubli, Rewa, Bellary and Surat.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs105 / stated EPS Rs6.57 (FY2025-26 (year ended March 31, 2026), Basic & Diluted EPS, as per restated consolidated financial statements). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹41 Cr+87% | ₹4 Cr+189% | 9.8% | ₹15 Cr | ₹12 Cr |
| FY2025 | ₹22 Cr+43% | ₹1 Cr+49% | 6.3% | ₹11 Cr | ₹4 Cr |
| FY2024 | ₹15 Cr | ₹1 Cr | 6.1% | ₹6 Cr | ₹4 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 17 Sept 2026.
What to watch
- The asking multiple is 16× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Top 10 customers drive 91% of revenue (prospectus page 26).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track AEGEUS TECHNOLOGIES LIMITED
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.