Techno Electric & Engineering Company Ltd. Share Price

Oneindig Technologies 

• Oneindig Technologies is coming out with an initial public offering (IPO) of 28,80,000 shares in a price band of Rs 91-96 per equity share.
• The issue will open on July 30, 2026 and will close on August 03, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.10 times of its face value on the lower side and 9.60 times on the higher side.
• Book running lead manager to the issue is Share India Capital Services.
• Compliance officer for the issue is Sumit Das.

Profile of the company

Oneindig Technologies 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. It 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. In addition to turnkey solar power solutions, it supplies wide range of solar products and equipment, including Solar PV (Photovoltaic) Modules, Solar inverters, Solar pump controllers, ESS (Li-ion/Lead Acid), ACDB/DCDB.LT/ HT Panels and all kinds of wires and cables. Further, it is also engaged in Independent Power Producer activities through Power Purchase Agreements (PPAs).

With a primary focus on renewable energy, the company began its operations in the National Capital Region of Delhi and has installed Solar Power Plants in various states of India including Delhi, Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Maharashtra, Gujarat, Punjab, Uttarakhand, Telangana, Arunachal Pradesh, Odisha, UT of Jammu and Kashmir and West Bengal. It is engaged in the design, supply, research, and development of Solar Module Mounting Structures. Additionally, it is involved in the EPC of solar water pumps as well. It has successfully developed, executed and commissioned 17 major projects under the Ground-Mounted segment, with a total project value exceeding Rs 19 crore. Under the C&I rooftop segment, it has completed various projects for private as well as Government clients. Further, under the Solar Water Pump vertical, it has installed 500 plus pumps at Haryana and different location in union territory of Jammu & Kashmir.

It has an aggregate Operational project capacity of 58.40 MW solar projects; under construction Contracted Projects capacity of 52.08 MW and under construction awarded projects capacity of 6.32 MW. It offers a comprehensive range of AC and DC solar water pumps, available in both surface and submersible models. Designed to reduce farmers’ reliance on diesel and electricity, its pumps offer a low-maintenance, cost-effective alternative to traditional irrigation systems. Its product line-up includes 2 HP, 3 HP, 5 HP, 7.5 HP, 10 HP, and 15 HP solar water pumps - delivering dependable, sustainable irrigation solutions tailored to diverse agricultural needs. It has successfully installed solar water pumps in regions such as Haryana and Jammu & Kashmir. The range includes solar agricultural pumps, deep submersible pumps, and compact mini solar pumps - making its solutions suitable for a wide variety of irrigation requirements and ensuring consistent performance across varying terrains and crop types.

Proceed is being used for:

• Meeting working capital requirements
• General corporate purpose

Industry overview

India's energy demand is expected to increase more than that of any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, most of this new energy demand must be met by low carbon, renewable sources. India's announcement that it intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a historic point in the global effort to combat climate change. India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023. As of March 2025, renewable energy sources, including biomass, waste to power and waste to energy, have a combined installed capacity of 220.09 GW. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. 

Installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 19.02% between FY16 and FY25. India has 220.1 GW of renewable energy capacity in FY25. Solar energy contributed the most to the year’s capacity expansion, with 23.83 GW added in FY25, a significant increase over the 15.03 GW added in the previous year. India's wind energy sector is making significant strides towards achieving the ambitious target of 100 GW of production by 2030. The country currently has an installed wind energy capacity of over 50 GW and an annual domestic manufacturing capacity of over 18 GW for wind turbines and components. Power generation from renewable energy sources (excluding hydro) stood at 172.37 billion units (BU) in FY25. Installed capacity from large hydro projects in India increased from 35.9 GW in March 2008 to 46.72 GW as of March 2025, while capacity from small hydro plants increased four-fold to 5.10 GW in the same period.

The Pradhan Mantri Jaiv Indhan - Vatavaran Anukool Fasal Awashesh Nivaran (PM JI-VAN) Yojana, amended in 2024, aims to provide financial support for advanced bioethanol projects using renewable feedstocks. Over Rs 908 crore ($106.7 million) has been approved for 2G bioethanol projects, including commercial-scale initiatives in Panipat, Haryana. The Rajasthan government signed an MoU with NTPC Green Energy for 28,500 MW of renewable energy-based projects, as part of the total 31,825 MW of power generation projects worth Rs 1.6 lakh crore ($19.18 billion). This massive renewable energy investment is aimed at making Rajasthan self-reliant in the energy sector and significantly expanding the state's renewable power capacity. Government plans to invest Rs 9,12,000 crore ($107.89 billion) in power transmission infrastructure by 2032 to boost capacity and support growing electricity demand.

Pros and strengths

Established EPC player, well positioned to capitalise in a fast-growing solar industry in India: It is an established solar power EPC company with presence across the solar value chain. Its focus is primarily on the Indian solar EPC market; however, it has also selectively evaluated opportunities outside India and has forayed in the international markets like Nepal and Angola. It provides EPC services primarily for solar power projects with a focus on project design and engineering and manage all aspects of project execution from conceptualizing to commissioning. Ministry of New and Renewable Energy has announced plans to invite bids for 50 GW of renewable energy capacity annually from FY24 to FY28 with an objective to achieve the targeted 500 GW installed capacity by 2030. In light of the above, it believes there will be rapid increase in the solar EPC bid pipeline both by public as well as private sector players. Its execution track record and strong stakeholder relationships make it well positioned to benefit from this positive industry outlook.

Strong execution track record spread across geographies: It has a strong track record in executing solar EPC projects (under its Solar EPC Business), with a team of experienced professionals, since inception. It has commissioned 38 MW of solar EPC projects (under its Turnkey Solar Services and Solar EPC Business). With its experience of over 8 years in execution of 17 ground mounted projects, solar EPC projects across 14 plus States in India, it has developed a reputation for project management and execution on account of its engineering team, labour and equipment deployment. These capabilities have enabled it to complete projects in a successful manner. Its procurement department ensures that key commissioning materials are delivered on a timely basis to the facilities and commissioning sites, thereby enabling it to manage its processes effectively and maintain its inventory efficiently. Its portfolio of solar projects, including those under development, is well diversified across geographies and customers. This diversification mitigates against operational volatility due to seasonal weather conditions and reduces concentration risk.

Efficient co-development business model: Based on its experiences of working with customers in India, it understands that many customers prefer not to engage in solar plant site acquisition and other processes associated with the development of a solar plant. Its co-developer approach comprises of acquisition of land, site preparation and approvals, offtake arrangements followed by transferring these to the developer and further undertake EPC and O&M activities basis the contractual arrangement. Its co-development model allows it to provide turnkey solutions for solar power projects which cover the entire technical value chain, from the identification of suitable sites and the planning of solar farms to their implementation and operation. With its experience, it has the ability to source land at strategic locations with minimal initial investment, which helps it continue to focus on and execute projects with landowners.

Risks and concerns

Regulatory risks in land conversion: In future, some of its renewable power projects may be situated on agricultural land, land owned by state governments, or land held by private parties. The process for transferring land title varies depending on the type of land involved and the policies of the relevant state governments. In cases where agricultural land is acquired from private parties, its transfer to non-agricultural entities such as its, and the conversion of such land for non-agricultural use, may require approvals or orders from the relevant state land or revenue authorities. As of date, none of the company’s renewable power projects have been developed or are operating on agricultural land. All project sites are situated on land that has been duly converted to non-agricultural use in accordance with applicable laws. In the event that the company’s future renewable power projects are proposed to be developed on agricultural land owned by government authorities or private parties, certain statutory approvals and permits will be required to enable the conversion and use of such land for non-agricultural purposes. The process of obtaining these approvals may be prolonged, subject to administrative delays, or may, in some cases, not be successful.

Revenue reliance on key customers: It generates a significant portion of its revenues from, and is therefore dependent on, certain customers for a substantial portion of its business. Its business is dependent on top 10 off-takers for the year, which have contributed 97.25%, 96.76%, 88.01%, 69.38% of its revenue from operations during the Period ended January 31, 2026 and Financial Year ended 2025, 2024 and 2023, respectively. The loss of any of these off-takers could have an adverse effect on its business, financial condition, results of operations and cash flows. If the financial condition of these off-takers deteriorates or they are compelled to change the source of their renewable energy supplies, it may impact the demand for electricity produced by its renewable power projects, which in turn could have an adverse impact on its business, results of operations and cash flows.

Government regulations and policy changes: Government regulations and policies of India can affect the demand for and availability of its products. It may incur and expect to continue incurring costs for compliance with such laws and regulations. Any changes in government regulations and policies, such as the withdrawal of or changes in tax benefits, incentives and subsidies, could adversely affect its business, cash flows and results of operations. An adverse change in the regulations governing the development of its products and use of products by its customers may have an adverse impact on its operations. It cannot assure that it will be able to comply with such regulatory requirements. If it fails to comply with new statutory or regulatory requirements, there could be a delay in the submission or grant of approval for business. Moreover, if it fails to comply with the various conditions attached to such approvals, licenses, registrations and permissions once received, the relevant regulatory body may suspend, curtail or revoke its ability to market such products.

Outlook

Oneindig Technologies is engaged in the business of providing engineering services for solar power projects, trading of solar panels and inverters and installation of solar pumps. The Portfolio of the company 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. On the concern side, it procured 86.01%, 99.49%, 93.46%, 81.50% of its total purchases during the period ended January 31, 2026 and Financial Year ended 2025, 2024 and 2023, respectively from top 10 of its suppliers. Further, it does not have definitive supply agreements with its vendors for the supply of components and any interruptions in supply could adversely affect its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 28,80,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 91-96 per equity share. The aggregate size of the offer is around Rs 26.21 crore to Rs 27.65 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY24-25 was Rs 4,601.42 lakh as against Rs 4,364.12 lakh for FY23-24, an increase of 5.44%. Profit for the FY24-25 was at Rs 416.61 lakh against profit of Rs 295.04 lakh in FY23-24, a surge of 41.20%.

Meanwhile, it has gained experiences in solar EPC which is led to various B2B tie ups in solar projects by way of consortium and/or JV for its implementation. This has enhanced the order book size and penetration of market. A lot of new business houses who want to enter into solar field are looking at it to partner for providing solar expertise. Moreover, it offers a comprehensive range of customized solar power solutions, catering to diverse customer needs. Through its Turnkey Solar Services and Solar Park Business, it has followed ‘Co-Developer’ approach which provides investment returns to customers. This approach includes land acquisition, site preparation, obtaining necessary approvals, and arranging power off-take (if required), followed by transferring the project to the developer. It then continues with EPC and O&M services as per the contractual agreement. Going forward, it has the opportunity to expand into Emerging Markets to scale in Tier 2/3 cities and other developing regions with poor grid connectivity.

The sales declined to Rs. 2.50 millions for the June 2026 quarter as compared to Rs. 3.00 millions during the corresponding quarter last year.The Net Loss for the quarter ended June 2026 is Rs. -0.64 millions as compared to Net Loss of Rs. -0.82 millions of corresponding quarter ended June 2025 Operating profit Margin for the quarter ended June 2026 improved to -0.70% as compared to -0.87% of corresponding quarter ended June 2025

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	2.50	3.00	-16.67	2.50	3.00	-16.67	12.00	12.00	0.00
Other Income	0.03	0.06	-50.00	0.03	0.06	-50.00	45.04	19.94	125.88
PBIDT	-0.70	-0.87	-19.54	-0.70	-0.87	-19.54	-2.17	-20.04	-89.17
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.41	0.00
PBDT	-0.70	-0.87	-19.54	-0.70	-0.87	-19.54	-2.17	-26.45	-91.80
Depreciation	0.01	0.01	0.00	0.01	0.01	0.00	0.04	0.06	-33.33
PBT	-0.71	-0.88	-19.32	-0.71	-0.88	-19.32	-2.21	-26.51	-91.66
TAX	-0.07	-0.06	16.67	-0.07	-0.06	16.67	3.61	68.18	-94.71
Deferred Tax	-0.07	-0.06	16.67	-0.07	-0.06	16.67	-0.10	61.39	-100.16
PAT	-0.64	-0.82	-21.95	-0.64	-0.82	-21.95	-5.82	-94.69	-93.85
Equity	9.34	9.34	0.00	9.34	9.34	0.00	9.34	9.34	0.00
PBIDTM(%)	-28.00	-29.00	-3.45	-28.00	-29.00	-3.45	-18.08	-167.00	-89.17

A fair growth of 7.63% in the revenue at Rs. 360240.70 millions was reported in the June 2026 quarter as compared to Rs. 334707.30 millions during year-ago period.An average growth of 27.83% was recorded for the quarter ended June 2026 to Rs. 44552.60  millions from Rs. 34853.00 millions.The company reported a good operating profit of 60090.10 millions compared to 49970.50 millions of corresponding previous quarter.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	360240.70	334707.30	7.63	360240.70	334707.30	7.63	1536801.70	1425090.10	7.84
Other Income	40944.10	26060.00	57.11	40944.10	26060.00	57.11	73584.50	56692.10	29.80
PBIDT	60090.10	49970.50	20.25	60090.10	49970.50	20.25	199237.70	172574.60	15.45
Interest	3523.70	4741.20	-25.68	3523.70	4741.20	-25.68	16754.20	21954.60	-23.69
PBDT	56566.40	45229.30	25.07	56566.40	45229.30	25.07	111266.20	155367.80	-28.39
Depreciation	4765.90	4828.40	-1.29	4765.90	4828.40	-1.29	19854.00	19630.20	1.14
PBT	51800.50	40400.90	28.22	51800.50	40400.90	28.22	91412.20	135737.60	-32.66
TAX	7247.90	5547.90	30.64	7247.90	5547.90	30.64	28540.90	27030.40	5.59
Deferred Tax	400.10	-66.80	-698.95	400.10	-66.80	-698.95	-123.00	-1469.30	-91.63
PAT	44552.60	34853.00	27.83	44552.60	34853.00	27.83	62871.30	108707.20	-42.16
Equity	2751.50	2750.70	0.03	2751.50	2750.70	0.03	2751.30	2750.40	0.03
PBIDTM(%)	16.68	14.93	11.73	16.68	14.93	11.73	12.96	12.11	7.06