Severeconcentrationpage 26
Top 10 customers drive 91% of revenue
% of Top Ten (10) Customers to Revenue from Operations* 91.26% ... 87.34% ... 83.55%
ListedSMEAEGEUS
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.
₹105
Issue price
₹145
Price now
+38.2%
Since issue price
11 Aug 2026
Listed on
24×Subscribed (final) · all exchanges
24.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 454-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 80 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severepromoterpage 51
Promoter average cost of acquisition far below Issue Price
Our Promoters' average cost of acquisition of Equity Shares in our Company is lower than the Issue Price... Mr. Suraj Vernekar'D 26,40,290 3.54 ... Mrs. Roopa Vernekar 5,616 0.03
Severepromoterpage 51
First-generation promoters with no listed-company or board experience
Our present Promoters are first-generation entrepreneurs and have been instrumental in the growth of our Company to date. However, they have limited experience in managing a listed company and in complying with the regulatory, governance and reporting requirements
Highconcentrationpage 35
Top 10 suppliers = 67% of purchases, no long-term contracts
Top 10 Suppliers 1,198.56 ... % of Purchases 67.19% ... We do not have long-term supply agreements with our raw material or component suppliers
Highregulatorypage 38
Repeated FEMA/Companies Act non-compliances with RBI compounding
The Company did not file Form FC-GPR within the prescribed period of 30 days ... RBI ... compounded the said contravention and imposed a penalty of ₹87,708
Highoperationalpage 30
Unicorn Smart capacity utilisation only 26.67%
Installed Capacity Pro Rata Basis 4,290.00 Production 1,144.00 Utilization (%) 26.67
Highfinancialpage 34
Sustained negative operating and investing cash flows
Cash flow from Operating activities (151.13) ... Cash flow from Investing activities (619.15)
Highconcentrationpage 32
Single-product (Unicorn Smart) revenue concentration
Our reliance on a single product for a majority of our revenue exposes us to risks including, but not limited to, changes in customer preferences, technological obsolescence, increased competition, pricing pressures
Highlitigationpage 29
Outstanding tax proceedings of ₹49.46 lakhs against company
Company Against - 2 [Tax Proceeding] - - 49.46
Highfinancialpage 42
Material related-party balances owed by promoter group
Our Company has entered into several related party transactions with our Promoters, individuals and entities forming part of our promoter group... Suraj Vernekar'D Closing Balance 186.23 ... Nishith Rameshchandra Shah Closing Balance 73.78
Highfinancialpage 42
₹531.33 lakhs unsecured loans recallable at any time
We have outstanding unsecured loans on the basis of restated consolidated financial statements amounting to Rs. 531.33 Lakhs as at March 31, 2026, which may be recalled by the lenders at any time.
Highmarketpage 60
FX exposure across 4 foreign-currency jurisdictions
Our Company's financial statements are presented in Indian Rupees (INR); however, some portion of our revenue and expenditure is in foreign currencies, especially through our foreign subsidiaries. These subsidiaries, based in jurisdictions such as United Kingdom, United States, Singapore and South Africa conduct operations in foreign currencies
Highregulatorypage 52
Independent Directors lack relevant sector qualifications
Our Independent Directors do not possess specific educational qualifications or direct industry experience relating to robotics, automation, solar technology, or allied domains in which the Company operates.
Highmarketpage 49
No directly comparable listed peers in India
As of the date of this Red Herring Prospectus, there are no listed companies in India that are directly comparable to our business in terms of product offerings, scale of operations, or technology focus. Accordingly, there are no directly comparable listed peers for our Company.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 2 | 0 | — |
| Promoters | 0 | 1 | 0 | — |
| Directors | 0 | 1 | 0 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹0.5 Crpage 316
Against Company: Order dated 15 Feb 2024 under Section 119(2)(b) of the Income Tax Act rejecting Company's application for condonation of delay in filing return for AY 2020-21 to claim carry forward of business loss of INR 49,46,260; Company yet to file appeal.
case₹0.0 Crpage 318
Against Director/Promoter Mr. Nishith Rameshchandra Shah: Direct Tax matter for AY 2012-13 involving additional tax of INR 3,55,120; ITAT ruled in assessee's favour on 4 Nov 2022, but Department filed appeal before Bombay High Court; settled under Direct Tax Vivad se Vishwas Scheme 2024 with payment of INR 1,25,109 on 5 Dec 2024, though Department yet to withdraw the appeal.
casepage 317
Against Company: Notice dated 12 Aug 2025 under Section 285BA(4) of the Income Tax Act regarding defects in the Statement of Financial Transactions filed for FY 2023-24; Company filed correction statement.
No SEBI-mandated consolidated summary table is presented; counts are derived from explicit category-by-category 'NIL' statements. All criminal, civil, regulatory/statutory, and disciplinary proceedings are stated as NIL across Company, Promoters/Directors, Subsidiaries, Promoter Group, and KMP/SMP. No aggregate/grand total amount is stated in the text. Materiality threshold adopted is Rs 10.56 lakh (Rs 0.1056 crore). Conversions: 1 crore = 100 lakh = 10 million (INR 49,46,260 = 49.4626 lakh = 0.4946 crore; INR 3,55,120 = 3.5512 lakh = 0.0355 crore; INR 1,25,109 = 1.2509 lakh = 0.0125 crore).. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.