Oneindig Technologies IPO
Oneindig Technologies IPO is an SME IPO raising ₹28 Cr at ₹91 – ₹96 a share. It listed on 6 Aug 2026 at ₹120, +25.0% against its issue price of ₹96, and trades at ₹139 today (+44.8% since issue). It was subscribed 1.68× in total.
Just covered — bids slightly exceed the 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.
Oneindig Technologies Limited is a solar EPC company based in Delhi NCR that designs, procures, commissions and maintains solar power projects. It builds residential rooftop, commercial & industrial (C&I) rooftop and ground-mounted solar plants, and supplies solar water pumps, PV modules, inverters, mounting structures, batteries and related equipment. It also acts as an Independent Power Producer through Power Purchase Agreements (PPAs) and has operations in 14+ Indian states plus Nepal and Angola.
How it earns
Earns primarily through turnkey solar EPC contracts (project execution on a CAPEX basis where the customer funds the capex, and a RESCO/PPA basis where the company funds the project and earns tariff income), with additional revenue from supply of solar products and recurring O&M fees on installed plants.
Who buys
Customer names in the top-customer table are anonymized as Customer 1, Customer 2 etc. Named clients visible in the accomplishments list include BIMTECH (400 kW), Vivekanand School (150 kW), Bakson Hospital (143.5 kW), Sterling Pumps (50 kW), L&T Webreda (580 kW), MCD (225 kW), Sargodha Society (50 kW), PGVCL (998 kW, subsidised), Rajeshweri Weavetex LLP (900 kW), Uttarakhand Mountain (2.1 MW), Encore Health Care (1.3 MW), ITI Limited Raibareli (1.5 MW) and ITI Mankapur (1.2 MW). Customer concentration is very high: top customer contributed 19.66% of revenue in the 10-month period ended 31 Jan 2026 and 62.19% in FY25; top 3 = 59.50% (Jan-26) and 93.08% (FY25); top 10 = 97.25% (Jan-26) and 96.76% (FY25). State-wise, Uttar Pradesh accounted for 46.10% of Jan-26 revenue and 64.49% of FY25 revenue.
Scale
34 total employees as of 31 January 2026 (21 in Operations, 5 Finance, 2 Admin, 2 Store, 1 IT, 2 Peon/Driver, 1 Designer); aggregate operational solar project capacity of 58.40 MW, under-construction contracted capacity of 52.08 MW and under-construction awarded capacity of 6.32 MW; 38 MW of solar EPC projects commissioned across 14+ Indian states plus Nepal and Angola. Note: all amounts above in lakhs have been converted at 1 crore = 100 lakhs (e.g., total revenue of 5,746.25 lakhs = 57.46 crore for the 10-month period ended 31 Jan 2026; 4,601.42 lakhs = 46.01 crore for FY25; 4,364.12 lakhs = 43.64 crore for FY24; 1,931.99 lakhs = 19.32 crore for FY23).
What it says sets it apart
- Established end-to-end solar EPC player with selective international presence in Nepal and Angola, beyond the 14+ Indian states it operates in
- Commissioned 38 MW of solar EPC projects across 17 ground-mounted projects (cumulative project value exceeding 19 crore) plus 500+ solar water pumps installed in Haryana and Jammu & Kashmir
- Co-Developer business model where it acquires land, secures approvals and arranges offtake, then transfers the project to the developer and continues with EPC and O&M, giving it control over the value chain and procurement costs
- Disciplined project selection capability, serving as a third-party EPC contractor for public-sector clients while private developers typically retain in-house EPC teams
- Demonstrated execution in difficult terrain, e.g., 200 KWp Solar PV project at Holongi Airport where it pre-empted site challenges and used STAAD-approved structures with pull-out tests for high wind pressures
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs96 / stated EPS Rs7.66 (Diluted EPS for the stub period ended January 31, 2026, as per Restated Financial Statements (face value Rs. 10)). 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 (Mixed: Restated Consolidated for period ended Jan 31, 2026 and FY ended Mar 31, 2025; Restated Standalone for FY ended Mar 31, 2024 and Mar 31, 2023 (Consolidated figures not available for FY24 and FY23 as stated in auditor's report).). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Period ended Jan 31, 2026 | ₹57 Cr | ₹6 Cr | 10.7% | ₹21 Cr | ₹51 Cr |
| FY ended Mar 31, 2025 | ₹46 Cr | ₹4 Cr | 9.1% | ₹15 Cr | ₹7 Cr |
| FY ended Mar 31, 2024 | ₹44 Cr | ₹3 Cr | 6.8% | ₹7 Cr | ₹8 Cr |
| FY ended Mar 31, 2023 | ₹19 Cr | ₹0 Cr | 0.6% | ₹3 Cr | ₹7 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 happens when
Next: the UPI mandate expires on 14 Sept 2026.
Track Oneindig Technologies Limited
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
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.