Integrum Energy Infrastructure Limited IPO

01At a glance

What the company does: develops, builds and then operates wind, solar and hybrid renewable energy projects for commercial and industrial customers, on turnkey contracts and under ownership structures where the customer, the company or a third party owns the asset (DRHP p.237, DRHP p.238).

Who pays it: industrial and commercial energy users; the named customers include Bharat Petroleum Corporation, IGREL Mahidad, Candi Solar, Stovekraft and Kids Clinic India, and the largest was 49.52% of FY26 revenue and the top ten 95.85% (DRHP p.30).

Why it is raising money: ₹1,400.00 million for working capital, ₹528.77 million invested in a subsidiary for wind turbine generators, ₹50.00 million to repay that subsidiary's borrowings and ₹32.00 million to acquire control of Stactiv Energy Services Private Limited, with general corporate purposes left blank (DRHP p.107).

How fast it has grown: revenue went ₹2,332.22 million, ₹1,176.66 million and ₹6,938.39 million over FY24, FY25 and FY26, and profit after tax ₹152.80 million, ₹126.28 million and ₹631.56 million; over the two years that is about 72.5% a year on revenue and 103.3% a year on profit, with a fall in between (our arithmetic, DRHP p.76).

The one thing to understand: this is a project business whose accounts move with the timing of contracts. Revenue halved in FY25 and then rose about six times in FY26; other current assets went from ₹78.63 million to ₹2,014.86 million in one year and trade payables from ₹643.01 million to ₹2,307.41 million, of which one creditor is owed ₹1,727.59 million (DRHP p.75, DRHP p.440).

02The business, in plain words

A factory that wants cheaper and cleaner power does not usually build its own wind or solar plant. It hires someone to work out what configuration suits its load, secure the land, approvals and grid connection, build the plant and then run it. That is what this company does, across wind, solar and hybrid projects that combine the two (DRHP p.237, DRHP p.238).

An industrial customer wants cheaper power → the company assesses the load, designs a wind, solar or hybrid configuration, obtains approvals and grid connectivity → it builds the project on a turnkey contract → it is paid against milestones, and then for operating and managing the asset.

The company was incorporated in February 2021 and became a public limited company in May 2024 (DRHP p.80). It describes its engagement framework as SPARK, five phases from assessment through design, build, operation and optimisation (DRHP p.238). Work is done under three ownership structures: customer-owned capital expenditure, the company as an independent power producer, and energy as a service (DRHP p.237).

Operations are in Karnataka, Gujarat and Maharashtra, with Tamil Nadu recently added (DRHP p.239, DRHP p.35). At August 31, 2026 it had completed 37 projects of 263.19 MW and was executing 13 projects of 241.00 MW (DRHP p.239). It also manages 105.81 MW under operations and maintenance contracts and 162.99 MW under asset-management agreements (DRHP p.227).

Earnings equation: Profit = contract value recognised on percentage of completion − equipment and subcontract cost − employee cost − interest. In FY26 cost of materials consumed was ₹4,997.32 million and direct cost ₹886.86 million against revenue of ₹6,938.39 million, with employee cost ₹98.62 million and finance cost ₹33.30 million (DRHP p.76).

03Where the money comes from

Source: DRHP p.237, DRHP p.238. The prospectus notes that the technology split does not reconcile exactly to the works contract revenue line in the restated accounts, because that line also carries other works contracts (DRHP p.237).

Source: DRHP p.30.

Revenue depends on very few customers: two accounted for 77.36% of FY26 revenue and ten for 95.85%, and the prospectus states that the top ten have not been the same across the three years (DRHP p.30). Some of the names are withheld because consent was not received (DRHP p.30). The order book at August 31, 2026 was ₹9,299.10 million across 13 projects and 241.00 MW, of which Maharashtra was 150.73 MW and ₹6,544.15 million (DRHP p.31, DRHP p.239).

04The growth record

Source: DRHP p.76, DRHP p.77, DRHP p.227.

Net worth was ₹282.96 million, ₹566.04 million and ₹1,501.29 million; borrowings ₹0.00 million, ₹12.65 million and ₹90.23 million, and net debt was negative in all three years, minus ₹96.45 million, minus ₹333.84 million and minus ₹387.36 million; return on net worth was 54.00%, 22.48% and 42.20%; return on capital employed 72.46%, 32.29% and 56.23% (DRHP p.75, DRHP p.227, DRHP p.126).

Our arithmetic over the two years from FY24 to FY26: revenue rose about 72.5% a year and profit after tax about 103.3% a year; EBITDA margin widened 417 basis points and PAT margin 255 basis points (DRHP p.76, DRHP p.227). The company's own year-on-year figures are revenue growth of 284.25% in FY24, minus 49.55% in FY25 and 489.67% in FY26 (DRHP p.227).

Earnings per share, restated for the bonus and the split to ₹2 face value, were ₹2.04, ₹1.64 and ₹8.00 (DRHP p.125).

05What the growth is made of

Contract timing and one very large wind order. Wind revenue was ₹1,243.64 million in FY24, nothing in FY25 and ₹3,745.19 million in FY26; hybrid went ₹858.64 million, ₹861.51 million, ₹2,597.78 million; solar ₹143.77 million, ₹251.53 million, ₹486.97 million (DRHP p.237). Revenue is recognised on a percentage-of-completion basis, so a year with no wind commissioning shows no wind revenue (DRHP p.237).

The order book tells the same story forward: it rose from 88.88 MW at March 31, 2025 to 241.00 MW at August 31, 2026, and ₹6,544.15 million of the ₹9,299.10 million is wind work in Maharashtra, with a single 50 MW contract carrying ₹3,735.27 million of unexecuted value (DRHP p.29, DRHP p.31, DRHP p.239). Capacity under operations and maintenance grew more steadily, from 58.48 MW in FY24 to 77.29 MW in FY25 and 105.81 MW in FY26 (DRHP p.227).

The prospectus does not print revenue per megawatt executed by technology, so the increase cannot be separated into megawatts and price.

06Earnings quality

Two items need explaining. The first is other current assets, which rose from ₹78.63 million at March 2025 to ₹2,014.86 million at March 2026, an increase of ₹1,936.23 million, alongside a ₹1,625.92 million increase in trade payables (our arithmetic, DRHP p.75, DRHP p.77). The prospectus does not break that balance down in the summary financial information. Between them these two movements are most of the reason operating cash flow was minus ₹39.66 million in a year of ₹631.56 million of profit (DRHP p.77).

The second is creditor concentration: of ₹2,307.41 million of trade payables at March 2026, a single material creditor is owed ₹1,727.59 million, 74.9% of the total (our arithmetic, DRHP p.75, DRHP p.440). The prospectus points to the company's website for the name.

07The balance sheet

At March 2026, non-current borrowings were ₹80.44 million and current borrowings ₹9.79 million, a total of ₹90.23 million against net worth of ₹1,501.29 million; net debt was minus ₹387.36 million, that is the company held more cash and deposits than debt (DRHP p.75, DRHP p.227). Cash and cash equivalents were ₹180.47 million and other bank balances ₹297.12 million, with current investments of ₹158.85 million (DRHP p.75).

Trade payables were ₹2,307.41 million, of which ₹37.87 million was owed to micro and small enterprises (DRHP p.75). Lease liabilities were ₹80.38 million against right-of-use assets of ₹82.01 million (DRHP p.75). Inventories were ₹384.01 million and trade receivables ₹1,091.20 million (DRHP p.75). Contingent liabilities are a ₹75.00 million corporate guarantee, and the prospectus records ₹18.84 million of capital commitments for a solar plant, net of capital work in progress (DRHP p.78).

After the issue: the fresh issue is 15,808,000 shares of ₹2, priced later, of which ₹1,400.00 million is earmarked for working capital, more than the ₹1,017.92 million of working capital the company reports for FY26 (DRHP p.107, DRHP p.227).

08What the money is for

Source: DRHP p.107.

General corporate purposes are capped at 25% of gross proceeds (DRHP p.107). The prospectus states that the objects have not been appraised by any bank, financial institution or independent agency (DRHP p.108). The company may undertake a pre-IPO placement of up to 2,008,000 shares, not more than 20% of the fresh issue, before the red herring prospectus is filed; if it does, the fresh issue is reduced by that amount (DRHP p.106).

Into the business the fresh issue of 15,808,000 shares of ₹2 each, priced later (DRHP p.106). To selling shareholders the offer for sale of 8,242,000 shares, 34.3% of the 24,050,000 shares offered (our arithmetic, DRHP p.106).

09Who is selling

Source: DRHP p.106, DRHP p.554, DRHP p.555. Two of the four promoters are selling; Anand Lahoti and Puneet Goel are not. The two promoter sellers hold 24,734,000 and 25,350,160 shares before the offer, so each is offering about a sixth and about a thirteenth of the holding respectively (our arithmetic, DRHP p.95). Most of the other sellers acquired at ₹40.00 a share.

10Promoters

The promoters are Anand Lahoti, Shyamsundar Maheswari, Puneet Goel and Shipra Goel (DRHP p.1). They hold 29.84%, 29.99%, 0.09% and 30.73% of the capital before the offer, 90.66% together, and with three promoter group members, Manisha Lahoti, Sulochana Lahoti and Tanish Goel, 90.93% (DRHP p.95).

Promoter economics: holdings were built from incorporation in February 2021, a bonus issue of 15,000,000 shares in the ratio of 1,500 bonus shares for every one share held, approved at the extraordinary general meeting of June 20, 2024 by capitalising ₹150.00 million of retained earnings, and the sub-division of the ₹10 share into five ₹2 shares in September 2026 (DRHP p.125, DRHP p.95).

The weighted average cost of acquisition for the two promoter sellers is stated as negligible (DRHP p.554). A transfer of shares by a promoter in May 2026 was at ₹441.06 per ₹10 share, which is ₹88.21 per ₹2 share on the same basis (our arithmetic, DRHP p.95). Remuneration in FY26 was ₹9.60 million each to Anand Lahoti and Puneet Goel including provident fund, against ₹4.99 million and ₹4.49 million in FY24 (our arithmetic, DRHP p.79).

Anand Lahoti and Puneet Goel have given personal guarantees of ₹75.00 million each for the company's bank limits in FY26, against ₹995.00 million each in FY25 (DRHP p.79). No promoter shares are pledged (DRHP p.95).

Anand Lahoti and Puneet Goel are also defendants, with the company, in a civil suit described in section 23 (DRHP p.438).

11Who already owns it

The promoters hold 74,775,610 shares, 90.66% of the capital before the offer; with the promoter group, 75,000,760 shares and 90.93% (DRHP p.95). Equity share capital at March 2026 was ₹164.97 million, which at ₹2 a share is 82,485,000 shares (DRHP p.75). The remaining 9.07% is held by the individuals who are largely the other selling shareholders, most of whom acquired at ₹40.00 a share (DRHP p.554, DRHP p.555).

The prospectus carries a risk factor stating that shares were issued in the last 12 months at a price that could be lower than the offer price (DRHP p.63). No fund or institution is named as holding 1% or more before the offer in the pages read.

12What changed just before the IPO

• A bonus issue of 15,000,000 shares, 1,500 for every one held, was approved on June 20, 2024 by capitalising ₹150.00 million of retained earnings (DRHP p.125).
• The company became a public limited company, with a fresh certificate of incorporation dated May 24, 2024 (DRHP p.80).
• The order book rose from 88.88 MW at March 31, 2025 to 241.00 MW at August 31, 2026 (DRHP p.29).
• Revenue fell 49.55% in FY25 and then rose 489.67% in FY26 (DRHP p.227).
• Other current assets rose from ₹78.63 million to ₹2,014.86 million and trade payables from ₹643.01 million to ₹2,307.41 million during FY26 (DRHP p.75).
• Personal guarantees given by two promoters for bank limits fell from ₹995.00 million each in FY25 to ₹75.00 million each in FY26 (DRHP p.79).
• Promoter remuneration roughly doubled, from ₹9.48 million in FY24 to ₹19.20 million in FY26 (our arithmetic, DRHP p.79).
• The ₹10 share was sub-divided into five ₹2 shares by resolutions of August 29 and September 2, 2026 (DRHP p.95).
• A first information report was lodged on March 3, 2025 against a former employee over ₹2.20 million alleged to have been misappropriated (DRHP p.438).

13Capacity and expansion

The company does not manufacture; its capacity is its ability to execute projects and the assets it manages.

Source: DRHP p.227. At August 31, 2026 the order book was 241.00 MW and ₹9,299.10 million, and 37 completed projects totalled 263.19 MW; individual projects have run from 0.08 MW rooftop installations to a 70.00 MW hybridisation (DRHP p.239). Grid availability was 99.40% and plant availability 99.16% in FY26 (DRHP p.228). Of the issue proceeds, ₹528.77 million goes into a subsidiary for the procurement of wind turbine generators, which is the only capacity the offer itself funds (DRHP p.107).

14Market size and industry structure

As claimed: the industry chapter is the report "Industry Assessment of the Indian Commercial & Industrial Renewable Energy Solutions Market" dated September 2026, which the company commissioned from CRISIL for a fee under an engagement letter of July 10, 2026 (DRHP p.236). It states that Maharashtra, Tamil Nadu, Gujarat and Karnataka together carry more than 55% of India's commercial and industrial renewable open-access capacity (DRHP p.239). The prospectus does not print a rupee size for the market in the pages read.

The part that is addressable: turnkey wind, solar and hybrid projects for commercial and industrial customers in Karnataka, Gujarat, Maharashtra and now Tamil Nadu (DRHP p.239).

What the company is today: ₹6,938.39 million of FY26 revenue, 263.19 MW completed and 241.00 MW under execution (DRHP p.76, DRHP p.239). Because the commissioned report gives no rupee market size in the pages read, the company's share cannot be worked out from the document.

Structure, as the commissioned report describes it: regulatory and tariff changes, open-access approval timelines, grid curtailment, weather-driven generation, payment delays from commercial and industrial customers, land acquisition, and geographic concentration (DRHP p.234).

15Competitive position

Source: DRHP p.227, DRHP p.229, DRHP p.231. The comparison carries the prospectus's own caution that ratios across these companies may not be directly comparable because of differences in revenue mix, asset ownership, exposure to engineering, procurement and construction work, independent power producer operations and accounting treatment (DRHP p.232).

What the company offers, on its own account, is a technology-agnostic advisory-led approach across wind, solar and hybrid rather than one technology, and services across the asset's life from development through operations and asset management (DRHP p.237, DRHP p.238). Its scale is the smallest in the table: revenue is about a fifth of Waaree Renewable's and about a tenth of Sterling and Wilson's (our arithmetic, DRHP p.227).

16Peers the company named

Peers named in the offer document: Waaree Renewable Technologies Limited, Sterling & Wilson Renewable Energy Limited, Inox Wind Limited and Suzlon Energy Limited (DRHP p.127).

Source: DRHP p.127; prices are NSE closing prices of September 16, 2026. One point is worth noting about the document itself: the prospectus prints the industry peer group P/E as a highest of 315.42, a lowest of 8.95 and an average of 162.19, and states that these are based on the peer set below (DRHP p.125); the peer table on the following page shows P/E ratios of 17.47, 28.11 and 18.25, with one not available, whose highest, lowest and average are 28.11, 17.47 and 21.28 (our arithmetic, DRHP p.125, DRHP p.127). The two statements do not agree.

All four peers are several times the company's size, and Suzlon and Inox Wind are turbine makers rather than project developers.

17Risks, in plain words

Customers: the largest customer was 49.52% of FY26 revenue, the second 27.84% and the top ten 95.85% (DRHP p.30) → half the revenue turns on one relationship → the prospectus states the top ten have not been the same across the three years (DRHP p.30).

Order book: the ₹9,299.10 million order book at August 31, 2026 may be cancelled, terminated, suspended, reduced in scope or delayed at the customer's discretion (DRHP p.30, DRHP p.31) → booked work is not banked revenue → one 50 MW wind contract alone carries ₹3,735.27 million of it (DRHP p.31).

Cash: operating cash flow was minus ₹10.13 million in FY24, ₹254.63 million in FY25 and minus ₹39.66 million in FY26 (DRHP p.45, DRHP p.77) → profit has not converted into cash in two of three years → ₹1,400.00 million of the issue, the largest object, goes into working capital (DRHP p.107).

Payables and one creditor: trade payables were ₹2,307.41 million at March 2026 and a single material creditor is owed ₹1,727.59 million (DRHP p.75, DRHP p.440) → the balance sheet is financed by one supplier as much as by lenders → borrowings were only ₹90.23 million (DRHP p.75).

Suppliers: the top ten suppliers were 77.19% of FY26 purchases, and there are no long-term supply arrangements (DRHP p.33) → equipment availability and price sit with a small group → the prospectus also flags restrictions on imports of renewable energy equipment (DRHP p.42).

Contract pricing: the prospectus's first risk factor is that costs under turnkey renewable energy project contracts may not be accurately estimated (DRHP p.27) → a fixed-price contract absorbs any cost overrun → EBITDA margin has moved between 8.55% and 14.58% over three years (DRHP p.227).

Geography: operations are limited to Karnataka, Gujarat and Maharashtra, with Tamil Nadu newly added (DRHP p.35) → state tariff, banking and open-access rules move project economics → Maharashtra alone is 150.73 MW of the 241.00 MW order book (DRHP p.239).

Litigation: a civil suit seeks damages and other monetary reliefs aggregating ₹328.23 million against the company, two promoters and a member of senior management (DRHP p.438) → the claim is more than a third of FY26 profit before tax of ₹872.41 million → the company and Anand Lahoti dispute the allegations and have applied for rejection of the plaint (our arithmetic, DRHP p.76, DRHP p.438).

Statutory dues and accounts: the prospectus discloses delays in payment of statutory dues in FY26, FY25 and FY24, possible delays in filings under the Companies Act, and emphasis of matter paragraphs by the statutory auditors in the special purpose consolidated financial statements (DRHP p.41, DRHP p.61, DRHP p.47) → each is a compliance cost or a qualification a reader should look at in full.

Issue-specific: 8,242,000 of the 24,050,000 shares offered, 34.3%, are sold by existing holders rather than issued by the company (our arithmetic, DRHP p.106); a pre-IPO placement of up to 2,008,000 shares may reduce the fresh issue (DRHP p.106); and the objects have not been appraised by any bank or financial institution (DRHP p.108).

18Litigation and regulatory matters

There are no criminal proceedings and no regulatory or statutory actions against the company, its subsidiaries, promoters, directors, key managerial personnel or senior management, and no disciplinary action by SEBI or a stock exchange against the promoters in the last five financial years (DRHP p.438, DRHP p.439, DRHP p.440). The ₹328.23 million in the Atria Power suit is claimed by the plaintiff and disputed, not demanded or paid.

19Related-party transactions

Source: DRHP p.79. Related-party dealings in FY26, excluding the guarantees, come to ₹27.62 million, 0.4% of revenue (our arithmetic, DRHP p.79). The bonus shares issued in FY25 to the promoters and promoter group, ₹149.85 million of face value, are also recorded as related-party transactions (DRHP p.79). The company proposes to invest ₹578.77 million of the issue proceeds in its subsidiary Integrum Green Assets Private Limited, and ₹32.00 million to acquire control of Stactiv Energy Services Private Limited (DRHP p.107).

20What the offer document does not say

Revenue per megawatt executed, by technology, is not disclosed, so the revenue increase cannot be separated into megawatts and price. The composition of the ₹2,014.86 million of other current assets at March 2026, up from ₹78.63 million a year earlier, is not broken out in the summary financial information. The name of the material creditor owed ₹1,727.59 million is not in the prospectus, which points to the company's website.

The names of several of the top ten customers are withheld for want of consent. The rupee size of the commercial and industrial renewable market is not printed in the pages read. The valuation at which control of Stactiv Energy Services Private Limited will be acquired for ₹32.00 million is not set out. The price band, the issue expenses and the amount for general corporate purposes are left blank at this stage.

21Five questions for management

1. What is the composition and ageing of the ₹2,014.86 million of other current assets at March 2026, and how much of it is unbilled revenue on projects?
2. Which creditor is owed ₹1,727.59 million, on what terms, and is that party also a supplier of turbines or modules?
3. Who is the customer that was 49.52% of FY26 revenue, what share of the ₹9,299.10 million order book does it hold, and on what payment terms?
4. What gross margin did the wind, hybrid and solar projects earn separately in FY26, and how does that compare with the margin assumed in the current order book?
5. What is the company's maximum exposure in the Atria Power Brindavan suit, and what would an adverse decree mean for the two promoters named in it?

1Sources and cited facts

This study was read from 1 document the company filed. The 109 figures it cites are listed under the document each came from, with the page and the sentence as printed.