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MainboardDRHP filedOffer-document study

Sadbhav Futuretech Limited IPO

Renewable energy · DRHP 31 Mar 2026

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DRHP filed
31 Mar 2026

A solar EPC company that installs solar water pumps for farmers, mostly under government programmes including a Maharashtra state scheme, is issuing up to 25,500,000 new shares for working capital while its promoters and others offer ₹235.0 crore of shares. Revenue rose from ₹73.0 crore in FY23 to ₹302.1 crore in FY25 and ₹274.3 crore in six months, but operating cash flow was negative ₹167.7 crore in those six months and borrowings reached ₹312.1 crore.

Sadbhav Futuretech IPO: key figures

From the offer document; each figure is cited in the study below. Placings are among the 231 mainboard issues newboard has studied

Growth

Revenue CAGR FY23 to FY25
103.4%higher than 93% of studied issues
PAT CAGR FY23 to FY25
502.7%higher than 97% of studied issues
EBITDA margin FY23 → FY25
5.3% → 17.5%higher than 62% of studied issues

Issue

Fresh issue
2,55,00,000 shares
Offer for sale
₹235.0 cr

Concentration

Largest customer
86.5% of H1 FY26 revenuehigher than 96% of studied issues

Balance sheet

ROCE FY25
37.2%higher than 80% of studied issues

Worth reading

Operating cash flow FY25
−₹110.0 cr
Other income, share of profit before tax FY25
1.6%
Contingent liabilities
₹21.0 cr
Cases against promoters
3 tax

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On this page (25 sections)
  1. Key figures
  2. The study
  3. At a glance
  4. The business, in plain words
  5. Where the money comes from
  6. The growth record
  7. What the growth is made of
  8. Earnings quality
  9. The balance sheet
  10. What the money is for
  11. Who is selling
  12. Promoters
  13. Who already owns it
  14. What changed just before the IPO
  15. Capacity and expansion
  16. Market size and industry structure
  17. Competitive position
  18. Peers the company named
  19. Risks, in plain words
  20. Litigation and regulatory matters
  21. Related-party transactions
  22. What the offer document does not say
  23. Five questions for management
  24. Before the IPO
  25. Questions answered

Sadbhav Futuretech Limited: what the offer document says

Published 23 Oct 2026 · 2,753 words · read from the DRHP

01At a glance

What the company does: designs, supplies, installs and maintains solar power systems, overwhelmingly solar water-pumping systems, with smaller rooftop and ground-mounted work (AP p.3). Solar water pumping was 97.73% of revenue in the six months to September 2025 (AP p.11).

Who pays it: government agencies directly, and private contractors that hold government contracts; the largest customer was 86.45% of revenue in the six months and the top five 99.38% (AP p.3, AP p.11). The company holds a turnkey contract from the Maharashtra State Electricity Distribution Company for off-grid solar pumps across Maharashtra under the Magel Tyala Saur Krushi Pump scheme (DRHP p.29).

Why it is raising money: ₹2,150 million for working capital, ₹1,200 million in FY27 and ₹950 million in FY28 to and the rest for general purposes (AP p.7).

How fast it has grown: revenue from ₹730 million in FY23 to ₹3,021 million in FY25, and ₹2,743 million in the six months to September 2025 (AP p.3).

The one thing to understand: very fast growth funded by debt, not cash. Operating cash flow was negative ₹1,100 million in FY25 and negative ₹1,677 million in the six months, and borrowings rose from ₹1,282 million to ₹3,121 million in those six months (AP p.9, AP p.11).

02The business, in plain words

A solar-pump EPC company wins or subcontracts government orders to install solar-powered irrigation pumps on farms. It buys panels, pumps and controllers, installs them, and is paid by the agency, which can be slow, while it has to pay suppliers first (AP p.11).

A farmer in Maharashtra is allotted a solar pump under the state scheme → MSEDCL assigns the installation to Sadbhav → the company procures a panel set and pump, installs and commissions it → MSEDCL pays under the contract terms.

The company relies entirely on third-party suppliers for materials, owns none of its premises, and uses 11 warehouses in Andhra Pradesh, Assam and Maharashtra (AP p.4, AP p.11). It has applied to move its registered office from Raipur, Chhattisgarh to Haryana (AP p.4).

Earnings equation: Profit ≈ pumps installed × (contract price − equipment and installation cost) − interest on working capital. EBITDA margin was 24.50% in the six months (our arithmetic, AP p.9).

03Where the money comes from

Revenue, ₹ millionFY23FY24FY25H1 FY26
Solar, direct government contracts--401.772,371.26
Solar, sub-contracts716.891,307.152,609.75309.41
Other13.5729.649.4462.16
Total730.461,336.793,020.962,742.83

Source: AP p.3, AP p.4. Converted from ₹ lakh; "Other" is our arithmetic.

The company moved from almost entirely sub-contracted work to mostly direct government contracts by the six months to September 2025 (AP p.3). The order book was ₹20,160.50 million at 28 February 2026, of which ₹5,858.78 million had been booked as revenue by September 2025 (DRHP p.58, DRHP p.149).

04The growth record

₹ million, restated consolidatedFY23FY24FY25H1 FY26
Revenue from operations730.461,336.793,020.962,742.83
EBITDA38.67168.00528.47671.99
Profit after tax8.4876.90308.04404.44
Cash from operations62.90(177.26)(1,100.02)(1,677.27)

Source: AP p.9. Converted from ₹ lakh. H1 FY26 is six months.

EBITDA margin was 5.29% in FY23 and 17.49% in FY25, and return on capital employed was 37.19% in FY25 (AP p.10).

05What the growth is made of

One programme. Revenue in the six months to September 2025 came 86.45% from one customer, through the direct government contracts that began in FY25 (AP p.3, AP p.11). EBITDA margin rose from 5.29% in FY23 to 24.50% in the six months (our arithmetic, AP p.9).

06Earnings quality

Profit is not cash: over FY24, FY25 and the six months the company booked ₹789 million of profit and used ₹2,955 million in operations (our arithmetic, AP p.9). The document lists slow collection of receivables among its main risks (AP p.11). Trade receivables were 128 days of revenue in FY23 and 302 days in FY25 (DRHP p.151). Other income was ₹6.72 million in FY25 against profit before tax of ₹417.43 million, or 1.6% of it (our arithmetic, DRHP p.84, AP p.10). The joint auditors noted that the audit-trail feature of the accounting software was not enabled for certain direct data changes in FY24 and FY25 (AP p.13).

07The balance sheet

₹ millionMar 2023Mar 2024Mar 2025Sep 2025
Net worth45.59122.44788.801,193.22
Total borrowings282.64645.181,282.463,120.80

Source: AP p.9. Converted from ₹ lakh.

Borrowings were 2.6 times net worth at September 2025 (our arithmetic, AP p.9). Contingent liabilities at September 2025 were ₹209.72 million, mostly performance bank guarantees (DRHP p.40).

08What the money is for

Use of net proceeds₹ million
Working capital, FY27 and FY282,150.00
General corporate purposesnot yet stated

Source: AP p.7. Converted from ₹ lakh.

09Who is selling

SellerAmount offered, ₹ mnAverage cost
Bhupender Singh (promoter)up to 642.99₹1.20
Saikat Roy (promoter)up to 634.80₹1.21
Neelam Jain (promoter)up to 375.40₹2.57
Bettericon Consultancy (promoter)up to 365.00₹0.65
Other individuals and entitiesup to 331.81-

Source: AP p.1. Converted from ₹ lakh.

The fresh issue is of up to 2,55,00,000 shares, and the offer for sale of up to ₹2,350.00 million (AP p.1).

The other selling shareholders offer, in ₹ million: Abhay D Shah up to 12.28, Chanakya Opportunities Fund I up to 59.15, Anasavarapu Sri Harsha Kiran up to 8.19, Noble Express Services Private Limited up to 4.10, Shiv Kripa Pipes LLP up to 8.19, Pradeep Kumar Choudhary up to 6.55, Rishabh Bhatia up to 16.38, RPV Holdings Private Limited up to 32.76, Manish Mutha up to 8.19, Prannay Dokkania up to 4.10, Shubhalakshmi Polyesters Limited up to 32.76, Girdhar Chitlangia up to 4.10 and Deepika Arora (on behalf of Ushma Enterprises) up to 8.14 (DRHP p.595).

They also include Mayank Khemka up to 16.38, Yogesh Choudhary up to 16.38, Rajulkumar Devidas Shah up to 16.38, Vivek Lodha up to 24.57, VPK Global Ventures Fund - Scheme 1 up to 8.19, Benani Capital Scheme 1 up to 8.19, Siddharth Agrawal up to 8.19, Nikhil Kapoor up to 8.19, Abhinav Banthia up to 8.19 and Vedant Loyalka up to 12.28 (DRHP p.596).

10Promoters

The promoters are Bhupender Singh, Saikat Roy, Bettericon Consultancy Private Limited, Nilesh Jain, Neelam Jain and Samkit Jain (AP p.1). Four of them are selling in the offer (AP p.1).

11Who already owns it

Holder, before the offerShare
Bhupender Singh26.61%
Saikat Roy26.39%
Bettericon Consultancy14.63%
Nilesh Jain5.23%
Neelam Jain3.95%
Samkit Jain0.64%

Source: AP p.7, AP p.8.

Promoters hold 77.45% (AP p.8). Among other holders, Real Capital Financial Services Private Limited holds 1.39%, Achintya Business Solutions Private Limited 1.28% and Chanakya Opportunities Fund I 1.00% (AP p.8).

12What changed just before the IPO

  • Direct contracts: from sub-contractor to direct government contractor (AP p.3).
  • Borrowings: up ₹1,838 million in six months (AP p.9).
  • Registered office: application to move from Chhattisgarh to Haryana (AP p.4).
  • Last private placement: 2,174 shares at ₹1,150 each on March 29, 2025, before the split and bonus (DRHP p.113).
  • Share split: the face value was split from ₹10 to ₹2 a share in January 2026 (DRHP p.113).
  • Bonus issue: 5 shares for every 1 held, allotted on February 17, 2026 (DRHP p.113).
  • Public company: the company converted to a public limited company, with a certificate dated November 5, 2024 (DRHP p.3).
  • Auditor: there has been no change of statutory auditor in the last three years (DRHP p.103).

13Capacity and expansion

Capacity is working capital and installation teams, not plant (AP p.11). The proceeds fund working capital (AP p.7).

14Market size and industry structure

The ICRA report cited in the offer document says India's installed solar capacity rose from 28.18 GW in FY19 to 105.65 GW in FY25, and that about 24 lakh households had installed rooftop solar under PM Surya Ghar by December 2025 (AP p.5). It describes solar EPC as intensely competitive (AP p.3).

15Competitive position

What the document claims, and what it rests on:

  • A large order book of ₹20,161 million (DRHP p.58).
  • Experience in solar pumps as a sub-contractor before taking direct contracts (AP p.3).

Against that: one customer, one product, and government payment cycles (AP p.11).

16Peers the company named

Company, FY25Revenue, ₹ mnP/ERoNW
Sadbhav Futuretech3,020.96-39.05%
Shakti Pumps (India)25,162.4015.1735.17%
Oswal Pumps14,303.0711.2060.69%
GK Energy10,948.2714.1763.71%

Source: DRHP p.160. Converted from ₹ lakh. Peer P/E uses prices on 27 February 2026.

No P/E is possible for the company until a price band is set.

17Risks, in plain words

  • One customer. 86% of recent revenue (AP p.11).
  • One product. Solar water pumps are 98% of revenue (AP p.11).
  • Cash. Operating cash flow deeply negative (AP p.11).
  • Receivables. Government payments can be slow (AP p.11).
  • Suppliers. All materials are bought in (AP p.11).
  • Region. Operations in Maharashtra and Haryana; order book in Maharashtra and Andhra Pradesh (AP p.11).

18Litigation and regulatory matters

Proceedings outstandingCount₹ million
Against the company, criminal, tax1, 1024.87
Against promoters, tax30.58
Against subsidiaries, tax10.29

Source: AP p.15. Converted from ₹ lakh.

20What the offer document does not say

In the sections read for this study, the document does not give:

  • How long the main customer takes to pay, in the pages read.
  • What the criminal proceeding against the company concerns.
  • How much of the ₹20,161 million order book comes from the Maharashtra programme.
  • Promoter backgrounds, in the pages read.
  • The price band, lot size or issue dates, which is normal at DRHP stage.

21Five questions for management

  1. How much of receivables is owed by MSEDCL, and how old is it?
  2. What share of the order book depends on the Maharashtra solar-pump scheme?
  3. Why did operating cash flow worsen as revenue grew?
  4. What does the criminal proceeding against the company concern?
  5. Why is the registered office moving from Chhattisgarh to Haryana?

2Sources and cited facts

This study was read from 2 documents the company filed. The 94 figures it cites are listed under the document each came from, with the page and the sentence as printed.

Show all 94 cited facts, with the page and the sentence as printed
Sadbhav Futuretech Limited draft abridged prospectusdrhp · filed 2026-03-3153 facts
  1. 1
    At a glanceWhat the company does, designs, supplies, installs and maintains solar power systems, overwhelmingly solar water-pumping systems, with smaller rooftop and ground-mounted work (AP p.3).p.3

    “What the company does, designs, supplies, installs and maintains solar power systems, overwhelmingly solar water-pumping systems, with smaller rooftop and ground-mounted work (AP p.3).”

  2. 2
    At a glanceSolar water pumping was 97.73% of revenue in the six months to September 2025 (AP p.11).p.11

    “Solar water pumping was 97.73% of revenue in the six months to September 2025 (AP p.11).”

  3. 4
    At a glanceWhy it is raising money, ₹2,150 million for working capital, ₹1,200 million in FY27 and ₹950 million in FY28 to and the rest for general purposes (AP p.7).p.7

    “Why it is raising money, ₹2,150 million for working capital, ₹1,200 million in FY27 and ₹950 million in FY28 to and the rest for general purposes (AP p.7).”

  4. 5
    At a glanceHow fast it has grown, revenue from ₹730 million in FY23 to ₹3,021 million in FY25, and ₹2,743 million in the six months to September 2025 (AP p.3).p.3

    “How fast it has grown, revenue from ₹730 million in FY23 to ₹3,021 million in FY25, and ₹2,743 million in the six months to September 2025 (AP p.3).”

  5. 6
    The business, in plain wordsIt buys panels, pumps and controllers, installs them, and is paid by the agency, which can be slow, while it has to pay suppliers first (AP p.11).p.11

    “It buys panels, pumps and controllers, installs them, and is paid by the agency, which can be slow, while it has to pay suppliers first (AP p.11).”

  6. 7
    The business, in plain wordsIt has applied to move its registered office from Raipur, Chhattisgarh to Haryana (AP p.4).p.4

    “It has applied to move its registered office from Raipur, Chhattisgarh to Haryana (AP p.4).”

  7. 8
    Where the money comes fromThe company moved from almost entirely sub-contracted work to mostly direct government contracts by the six months to September 2025 (AP p.3).p.3

    “The company moved from almost entirely sub-contracted work to mostly direct government contracts by the six months to September 2025 (AP p.3).”

  8. 9
    The growth recordEBITDA margin was 5.29% in FY23 and 17.49% in FY25, and return on capital employed was 37.19% in FY25 (AP p.10).p.10

    “EBITDA margin was 5.29% in FY23 and 17.49% in FY25, and return on capital employed was 37.19% in FY25 (AP p.10).”

  9. 10
    Earnings qualityThe document lists slow collection of receivables among its main risks (AP p.11).p.11

    “The document lists slow collection of receivables among its main risks (AP p.11).”

  10. 12
    Earnings qualityThe joint auditors noted that the audit-trail feature of the accounting software was not enabled for certain direct data changes in FY24 and FY25 (AP p.13).p.13

    “The joint auditors noted that the audit-trail feature of the accounting software was not enabled for certain direct data changes in FY24 and FY25 (AP p.13).”

  11. 14
    Who is sellingThe fresh issue is of up to 2,55,00,000 shares, and the offer for sale of up to ₹2,350.00 million (AP p.1).p.1

    “The fresh issue is of up to 2,55,00,000 shares, and the offer for sale of up to ₹2,350.00 million (AP p.1).”

  12. 17
    PromotersThe promoters are Bhupender Singh, Saikat Roy, Bettericon Consultancy Private Limited, Nilesh Jain, Neelam Jain and Samkit Jain (AP p.1).p.1

    “The promoters are Bhupender Singh, Saikat Roy, Bettericon Consultancy Private Limited, Nilesh Jain, Neelam Jain and Samkit Jain (AP p.1).”

  13. 18
    PromotersFour of them are selling in the offer (AP p.1).p.1

    “Four of them are selling in the offer (AP p.1).”

  14. 19
    Who already owns itPromoters hold 77.45% (AP p.8).p.8

    “Promoters hold 77.45% (AP p.8).”

  15. 20
    Who already owns itAmong other holders, Real Capital Financial Services Private Limited holds 1.39%, Achintya Business Solutions Private Limited 1.28% and Chanakya Opportunities Fund I 1.00% (AP p.8).p.8

    “Among other holders, Real Capital Financial Services Private Limited holds 1.39%, Achintya Business Solutions Private Limited 1.28% and Chanakya Opportunities Fund I 1.00% (AP p.8).”

  16. 21
    What changed just before the IPODirect contracts, from sub-contractor to direct government contractor (AP p.3).p.3

    “Direct contracts, from sub-contractor to direct government contractor (AP p.3).”

  17. 22
    What changed just before the IPOBorrowings, up ₹1,838 million in six months (AP p.9).p.9

    “Borrowings, up ₹1,838 million in six months (AP p.9).”

  18. 23
    What changed just before the IPORegistered office, application to move from Chhattisgarh to Haryana (AP p.4).p.4

    “Registered office, application to move from Chhattisgarh to Haryana (AP p.4).”

  19. 29
    Capacity and expansionCapacity is working capital and installation teams, not plant (AP p.11).p.11

    “Capacity is working capital and installation teams, not plant (AP p.11).”

  20. 30
    Capacity and expansionThe proceeds fund working capital (AP p.7).p.7

    “The proceeds fund working capital (AP p.7).”

  21. 31
    Market size and industry structureThe ICRA report cited in the offer document says India's installed solar capacity rose from 28.18 GW in FY19 to 105.65 GW in FY25, and that about 24 lakh households had installed rooftop solar under PM Surya Ghar by December 2025 (AP p.5).p.5

    “The ICRA report cited in the offer document says India's installed solar capacity rose from 28.18 GW in FY19 to 105.65 GW in FY25, and that about 24 lakh households had installed rooftop solar under PM Surya Ghar by December 2025 (AP p.5).”

  22. 32
    Market size and industry structureIt describes solar EPC as intensely competitive (AP p.3).p.3

    “It describes solar EPC as intensely competitive (AP p.3).”

  23. 34
    Competitive positionExperience in solar pumps as a sub-contractor before taking direct contracts (AP p.3).p.3

    “Experience in solar pumps as a sub-contractor before taking direct contracts (AP p.3).”

  24. 35
    Competitive positionAgainst that: one customer, one product, and government payment cycles (AP p.11).p.11

    “Against that: one customer, one product, and government payment cycles (AP p.11).”

  25. 36
    Risks, in plain wordsOne customer. 86% of recent revenue (AP p.11).p.11

    “One customer. 86% of recent revenue (AP p.11).”

  26. 37
    Risks, in plain wordsOne product. Solar water pumps are 98% of revenue (AP p.11).p.11

    “One product. Solar water pumps are 98% of revenue (AP p.11).”

  27. 38
    Risks, in plain wordsCash. Operating cash flow deeply negative (AP p.11).p.11

    “Cash. Operating cash flow deeply negative (AP p.11).”

  28. 39
    Risks, in plain wordsReceivables. Government payments can be slow (AP p.11).p.11

    “Receivables. Government payments can be slow (AP p.11).”

  29. 40
    Risks, in plain wordsSuppliers. All materials are bought in (AP p.11).p.11

    “Suppliers. All materials are bought in (AP p.11).”

  30. 41
    Risks, in plain wordsRegion. Operations in Maharashtra and Haryana; order book in Maharashtra and Andhra Pradesh (AP p.11).p.11

    “Region. Operations in Maharashtra and Haryana; order book in Maharashtra and Andhra Pradesh (AP p.11).”

  31. 42
    Key figuresGrowth | EBITDA margin FY23 → FY25 | 5.3% → 17.5% | (AP p.10)p.10

    “Growth | EBITDA margin FY23 → FY25 | 5.3% → 17.5% | (AP p.10)”

  32. 43
    Key figuresIssue | Fresh issue | 2,55,00,000 shares | (AP p.1)p.1

    “Issue | Fresh issue | 2,55,00,000 shares | (AP p.1)”

  33. 44
    Key figuresIssue | Offer for sale | ₹235.0 cr | (AP p.1)p.1

    “Issue | Offer for sale | ₹235.0 cr | (AP p.1)”

  34. 45
    Key figuresConcentration | Largest customer | 86.5% of H1 FY26 revenue | (AP p.11)p.11

    “Concentration | Largest customer | 86.5% of H1 FY26 revenue | (AP p.11)”

  35. 46
    Key figuresBalance sheet | ROCE FY25 | 37.2% | (AP p.10)p.10

    “Balance sheet | ROCE FY25 | 37.2% | (AP p.10)”

  36. 47
    Key figuresWorth reading | Operating cash flow FY25 | −₹110.0 cr | (AP p.9)p.9

    “Worth reading | Operating cash flow FY25 | −₹110.0 cr | (AP p.9)”

  37. 49
    Key figuresWorth reading | Cases against promoters | 3 tax | (AP p.15)p.15

    “Worth reading | Cases against promoters | 3 tax | (AP p.15)”

  38. 50
    Key figuresBefore the IPO | Revenue FY23 → FY25 | ₹73.0 cr → ₹302.1 cr | (AP p.9)p.9

    “Before the IPO | Revenue FY23 → FY25 | ₹73.0 cr → ₹302.1 cr | (AP p.9)”

  39. 51
    Key figuresBefore the IPO | PAT FY23 → FY25 | ₹0.8 cr → ₹30.8 cr | (AP p.9)p.9

    “Before the IPO | PAT FY23 → FY25 | ₹0.8 cr → ₹30.8 cr | (AP p.9)”

  40. 58
    Key figuresWho is involved | Industry | Renewable energy | (AP p.3)p.3

    “Who is involved | Industry | Renewable energy | (AP p.3)”

  41. 59
    Key figuresWho is involved | Promoter | Bhupender Singh | (AP p.1)p.1

    “Who is involved | Promoter | Bhupender Singh | (AP p.1)”

  42. 60
    Key figuresWho is involved | Promoter | Saikat Roy | (AP p.1)p.1

    “Who is involved | Promoter | Saikat Roy | (AP p.1)”

  43. 61
    Key figuresWho is involved | Promoter | Bettericon Consultancy Private Limited | (AP p.1)p.1

    “Who is involved | Promoter | Bettericon Consultancy Private Limited | (AP p.1)”

  44. 62
    Key figuresWho is involved | Promoter | Nilesh Jain | (AP p.1)p.1

    “Who is involved | Promoter | Nilesh Jain | (AP p.1)”

  45. 63
    Key figuresWho is involved | Promoter | Neelam Jain | (AP p.1)p.1

    “Who is involved | Promoter | Neelam Jain | (AP p.1)”

  46. 64
    Key figuresWho is involved | Promoter | Samkit Jain | (AP p.1)p.1

    “Who is involved | Promoter | Samkit Jain | (AP p.1)”

  47. 65
    Key figuresWho is involved | Selling shareholder | Bhupender Singh (promoter), ₹64.3 cr | (AP p.1)p.1

    “Who is involved | Selling shareholder | Bhupender Singh (promoter), ₹64.3 cr | (AP p.1)”

  48. 66
    Key figuresWho is involved | Selling shareholder | Saikat Roy (promoter), ₹63.5 cr | (AP p.1)p.1

    “Who is involved | Selling shareholder | Saikat Roy (promoter), ₹63.5 cr | (AP p.1)”

  49. 67
    Key figuresWho is involved | Selling shareholder | Bettericon Consultancy Private Limited (promoter), ₹36.5 cr | (AP p.1)p.1

    “Who is involved | Selling shareholder | Bettericon Consultancy Private Limited (promoter), ₹36.5 cr | (AP p.1)”

  50. 68
    Key figuresWho is involved | Selling shareholder | Neelam Jain (promoter), ₹37.5 cr | (AP p.1)p.1

    “Who is involved | Selling shareholder | Neelam Jain (promoter), ₹37.5 cr | (AP p.1)”

  51. 92
    Key figuresWho is involved | Pre-IPO investor | Real Capital Financial Services Private Limited, 1.4% before the issue | (AP p.8)p.8

    “Who is involved | Pre-IPO investor | Real Capital Financial Services Private Limited, 1.4% before the issue | (AP p.8)”

  52. 93
    Key figuresWho is involved | Pre-IPO investor | Achintya Business Solutions Private Limited, 1.3% before the issue | (AP p.8)p.8

    “Who is involved | Pre-IPO investor | Achintya Business Solutions Private Limited, 1.3% before the issue | (AP p.8)”

  53. 94
    Key figuresWho is involved | Pre-IPO investor | Chanakya Opportunities Fund I, 1.0% before the issue | (AP p.8)p.8

    “Who is involved | Pre-IPO investor | Chanakya Opportunities Fund I, 1.0% before the issue | (AP p.8)”

Sadbhav Futuretech Limited DRHPdrhp · filed 2026-03-3141 facts
  1. 3
    At a glanceThe company holds a turnkey contract from the Maharashtra State Electricity Distribution Company for off-grid solar pumps across Maharashtra under the Magel Tyala Saur Krushi Pump scheme (DRHP p.29).p.29

    “The company holds a turnkey contract from the Maharashtra State Electricity Distribution Company for off-grid solar pumps across Maharashtra under the Magel Tyala Saur Krushi Pump scheme (DRHP p.29).”

  2. 11
    Earnings qualityTrade receivables were 128 days of revenue in FY23 and 302 days in FY25 (DRHP p.151).p.151

    “Trade receivables were 128 days of revenue in FY23 and 302 days in FY25 (DRHP p.151).”

  3. 13
    The balance sheetContingent liabilities at September 2025 were ₹209.72 million, mostly performance bank guarantees (DRHP p.40).p.40

    “Contingent liabilities at September 2025 were ₹209.72 million, mostly performance bank guarantees (DRHP p.40).”

  4. 15
    Who is sellingThe other selling shareholders offer, in ₹ million: Abhay D Shah up to 12.28, Chanakya Opportunities Fund I up to 59.15, Anasavarapu Sri Harsha Kiran up to 8.19, Noble Express Services Private Limited up to 4.10, Shiv Kripa Pipes LLP up to 8.19, Pradeep Kumar Choudhary up to 6.55, Rishabh Bhatia up p.595

    “The other selling shareholders offer, in ₹ million: Abhay D Shah up to 12.28, Chanakya Opportunities Fund I up to 59.15, Anasavarapu Sri Harsha Kiran up to 8.19, Noble Express Services Private Limited up to 4.10, Shiv Kripa Pipes LLP up to 8.19, Pradeep Kumar Choudhary up to 6.55, Rishabh Bhatia up to 16.38, RPV Holdings Private Limited up to 32.76, Manish Mutha up to 8.19, Prannay Dokkania up to 4.10, Shubhalakshmi Polyesters Limited up to 32.76, Girdhar Chitlangia up to 4.10 and Deepika Arora (on behalf of Ushma Enterprises) up to 8.14 (DRHP p.595).”

  5. 16
    Who is sellingThey also include Mayank Khemka up to 16.38, Yogesh Choudhary up to 16.38, Rajulkumar Devidas Shah up to 16.38, Vivek Lodha up to 24.57, VPK Global Ventures Fund - Scheme 1 up to 8.19, Benani Capital Scheme 1 up to 8.19, Siddharth Agrawal up to 8.19, Nikhil Kapoor up to 8.19, Abhinav Banthia up to 8p.596

    “They also include Mayank Khemka up to 16.38, Yogesh Choudhary up to 16.38, Rajulkumar Devidas Shah up to 16.38, Vivek Lodha up to 24.57, VPK Global Ventures Fund - Scheme 1 up to 8.19, Benani Capital Scheme 1 up to 8.19, Siddharth Agrawal up to 8.19, Nikhil Kapoor up to 8.19, Abhinav Banthia up to 8.19 and Vedant Loyalka up to 12.28 (DRHP p.596).”

  6. 24
    What changed just before the IPOLast private placement: 2,174 shares at ₹1,150 each on March 29, 2025, before the split and bonus (DRHP p.113).p.113

    “Last private placement: 2,174 shares at ₹1,150 each on March 29, 2025, before the split and bonus (DRHP p.113).”

  7. 25
    What changed just before the IPOShare split: the face value was split from ₹10 to ₹2 a share in January 2026 (DRHP p.113).p.113

    “Share split: the face value was split from ₹10 to ₹2 a share in January 2026 (DRHP p.113).”

  8. 26
    What changed just before the IPOBonus issue: 5 shares for every 1 held, allotted on February 17, 2026 (DRHP p.113).p.113

    “Bonus issue: 5 shares for every 1 held, allotted on February 17, 2026 (DRHP p.113).”

  9. 27
    What changed just before the IPOPublic company: the company converted to a public limited company, with a certificate dated November 5, 2024 (DRHP p.3).p.3

    “Public company: the company converted to a public limited company, with a certificate dated November 5, 2024 (DRHP p.3).”

  10. 28
    What changed just before the IPOAuditor: there has been no change of statutory auditor in the last three years (DRHP p.103).p.103

    “Auditor: there has been no change of statutory auditor in the last three years (DRHP p.103).”

  11. 33
    Competitive positionA large order book of ₹20,161 million (DRHP p.58).p.58

    “A large order book of ₹20,161 million (DRHP p.58).”

  12. 48
    Key figuresWorth reading | Contingent liabilities | ₹21.0 cr | (DRHP p.40)p.40

    “Worth reading | Contingent liabilities | ₹21.0 cr | (DRHP p.40)”

  13. 52
    Key figuresBefore the IPO | Receivable days FY23 → FY25 | 128 → 302 | (DRHP p.151)p.151

    “Before the IPO | Receivable days FY23 → FY25 | 128 → 302 | (DRHP p.151)”

  14. 53
    Key figuresBefore the IPO | Share split | ₹10 to ₹2, January 2026 | (DRHP p.113)p.113

    “Before the IPO | Share split | ₹10 to ₹2, January 2026 | (DRHP p.113)”

  15. 54
    Key figuresBefore the IPO | Bonus issue | 5:1, February 2026 | (DRHP p.113)p.113

    “Before the IPO | Bonus issue | 5:1, February 2026 | (DRHP p.113)”

  16. 55
    Key figuresBefore the IPO | Pre-IPO placement | ₹1,150 a share, March 2025 | (DRHP p.113)p.113

    “Before the IPO | Pre-IPO placement | ₹1,150 a share, March 2025 | (DRHP p.113)”

  17. 56
    Key figuresBefore the IPO | Auditor change | none in the last three years | (DRHP p.103)p.103

    “Before the IPO | Auditor change | none in the last three years | (DRHP p.103)”

  18. 57
    Key figuresBefore the IPO | Converted to a public company | November 2024 | (DRHP p.3)p.3

    “Before the IPO | Converted to a public company | November 2024 | (DRHP p.3)”

  19. 69
    Key figuresWho is involved | Selling shareholder | Abhay D Shah (individual), ₹1.2 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Abhay D Shah (individual), ₹1.2 cr | (DRHP p.595)”

  20. 70
    Key figuresWho is involved | Selling shareholder | Chanakya Opportunities Fund I (investor), ₹5.9 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Chanakya Opportunities Fund I (investor), ₹5.9 cr | (DRHP p.595)”

  21. 71
    Key figuresWho is involved | Selling shareholder | Anasavarapu Sri Harsha Kiran (individual), ₹0.8 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Anasavarapu Sri Harsha Kiran (individual), ₹0.8 cr | (DRHP p.595)”

  22. 72
    Key figuresWho is involved | Selling shareholder | Noble Express Services Private Limited (investor), ₹0.4 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Noble Express Services Private Limited (investor), ₹0.4 cr | (DRHP p.595)”

  23. 73
    Key figuresWho is involved | Selling shareholder | Shiv Kripa Pipes LLP (investor), ₹0.8 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Shiv Kripa Pipes LLP (investor), ₹0.8 cr | (DRHP p.595)”

  24. 74
    Key figuresWho is involved | Selling shareholder | Pradeep Kumar Choudhary (individual), ₹0.7 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Pradeep Kumar Choudhary (individual), ₹0.7 cr | (DRHP p.595)”

  25. 75
    Key figuresWho is involved | Selling shareholder | Rishabh Bhatia (individual), ₹1.6 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Rishabh Bhatia (individual), ₹1.6 cr | (DRHP p.595)”

  26. 76
    Key figuresWho is involved | Selling shareholder | RPV Holdings Private Limited (investor), ₹3.3 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | RPV Holdings Private Limited (investor), ₹3.3 cr | (DRHP p.595)”

  27. 77
    Key figuresWho is involved | Selling shareholder | Manish Mutha (individual), ₹0.8 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Manish Mutha (individual), ₹0.8 cr | (DRHP p.595)”

  28. 78
    Key figuresWho is involved | Selling shareholder | Prannay Dokkania (individual), ₹0.4 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Prannay Dokkania (individual), ₹0.4 cr | (DRHP p.595)”

  29. 79
    Key figuresWho is involved | Selling shareholder | Shubhalakshmi Polyesters Limited (investor), ₹3.3 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Shubhalakshmi Polyesters Limited (investor), ₹3.3 cr | (DRHP p.595)”

  30. 80
    Key figuresWho is involved | Selling shareholder | Girdhar Chitlangia (individual), ₹0.4 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Girdhar Chitlangia (individual), ₹0.4 cr | (DRHP p.595)”

  31. 81
    Key figuresWho is involved | Selling shareholder | Deepika Arora (on behalf of Ushma Enterprises) (individual), ₹0.8 cr | (DRHP p.595)p.595

    “Who is involved | Selling shareholder | Deepika Arora (on behalf of Ushma Enterprises) (individual), ₹0.8 cr | (DRHP p.595)”

  32. 82
    Key figuresWho is involved | Selling shareholder | Mayank Khemka (individual), ₹1.6 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Mayank Khemka (individual), ₹1.6 cr | (DRHP p.596)”

  33. 83
    Key figuresWho is involved | Selling shareholder | Yogesh Choudhary (individual), ₹1.6 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Yogesh Choudhary (individual), ₹1.6 cr | (DRHP p.596)”

  34. 84
    Key figuresWho is involved | Selling shareholder | Rajulkumar Devidas Shah (individual), ₹1.6 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Rajulkumar Devidas Shah (individual), ₹1.6 cr | (DRHP p.596)”

  35. 85
    Key figuresWho is involved | Selling shareholder | Vivek Lodha (individual), ₹2.5 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Vivek Lodha (individual), ₹2.5 cr | (DRHP p.596)”

  36. 86
    Key figuresWho is involved | Selling shareholder | VPK Global Ventures Fund - Scheme 1 (investor), ₹0.8 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | VPK Global Ventures Fund - Scheme 1 (investor), ₹0.8 cr | (DRHP p.596)”

  37. 87
    Key figuresWho is involved | Selling shareholder | Benani Capital Scheme 1 (investor), ₹0.8 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Benani Capital Scheme 1 (investor), ₹0.8 cr | (DRHP p.596)”

  38. 88
    Key figuresWho is involved | Selling shareholder | Siddharth Agrawal (individual), ₹0.8 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Siddharth Agrawal (individual), ₹0.8 cr | (DRHP p.596)”

  39. 89
    Key figuresWho is involved | Selling shareholder | Nikhil Kapoor (individual), ₹0.8 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Nikhil Kapoor (individual), ₹0.8 cr | (DRHP p.596)”

  40. 90
    Key figuresWho is involved | Selling shareholder | Abhinav Banthia (individual), ₹0.8 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Abhinav Banthia (individual), ₹0.8 cr | (DRHP p.596)”

  41. 91
    Key figuresWho is involved | Selling shareholder | Vedant Loyalka (individual), ₹1.2 cr | (DRHP p.596)p.596

    “Who is involved | Selling shareholder | Vedant Loyalka (individual), ₹1.2 cr | (DRHP p.596)”

Sadbhav Futuretech IPO: before the IPO

The record up to the issue and what changed in the company's capital and auditors, from the offer document.

Revenue FY23 → FY25
₹73.0 cr → ₹302.1 cr
PAT FY23 → FY25
₹0.8 cr → ₹30.8 cr
Receivable days FY23 → FY25
128 → 302
Share split
₹10 to ₹2, January 2026
Bonus issue
5:1, February 2026
Pre-IPO placement
₹1,150 a share, March 2025
Auditor change
none in the last three years
Converted to a public company
November 2024

What changed just before the IPO, in the study

Sadbhav Futuretech IPO: checks

Factual conditions, each with a fixed threshold, read from the key figures. A condition met is a fact to read up on in the study, not a verdict on the issue; meeting none is not a verdict either.

  • Offer for sale is most of the issue

    The offer for sale is 100% of the issue: ₹235 cr of ₹235 cr.

  • Profit grew much faster than revenue

    Profit grew 503% a year against revenue's 103%.

  • Operating cash flow negative

    Operating cash flow was −₹110 cr in the latest year.

  • Revenue depends on few customers

    The largest customer is 86.5% of revenue.

  • Cases against promoters

    Cases against promoters: 3 tax.

  • Receivable days rose

    Receivable days rose from 128 to 302.

Sadbhav Futuretech IPO: questions answered

When will the Sadbhav Futuretech IPO open?

No dates or price band yet. The company filed its draft offer document on 31 Mar 2026. The dates and the band come with the red herring prospectus, after SEBI has reviewed the draft.

What are Sadbhav Futuretech's financials?

Revenue went ₹73.0 cr to ₹302.1 cr (FY23 to FY25), 103.4% a year. Profit after tax went ₹0.8 cr to ₹30.8 cr (FY23 to FY25), 502.7% a year. All figures are from the offer document's restated statements.

The growth record, in the study

How much of Sadbhav Futuretech's revenue comes from its largest customer?

The largest customer brought 86.5% of H1 FY26 revenue, as the offer document gives it. The study shows the years before and whether the customers are named.

Where the money comes from, in the study

Is the Sadbhav Futuretech IPO a fresh issue or an offer for sale?

It includes an offer for sale of ₹235 crore: that money goes to the shareholders selling, not to the company.

Who is selling, in the study

What is the Sadbhav Futuretech IPO GMP?

newboard does not publish a grey-market premium. Grey-market deals happen outside the stock exchanges, are not regulated, and leave no public record of who traded at what price. What is on record is the offer document, read on this page, and the exchanges' bid book.

Sadbhav Futuretech IPO: the next step, on Telegram

A message when there is news on its price band, bidding, allotment status, listing day and use-of-proceeds reports. Free, no account, leave in one tap. Send /stop to end it.

Follow Sadbhav Futuretech IPO on TelegramOr every IPO: join the channel t.me/newboardin

Not on this page yet: the peer table the issuer printed. Each is added when the pipeline extracts it from the offer document.

The figures on this page are the company's own, taken from its filings with the exchanges and SEBI, and every number links to the document and page it came from. They are reproduced as stated, not verified independently, and they are not forecasts by newboard.in. Nothing here is investment advice, a research report or a recommendation. newboard.in is not a SEBI-registered research analyst or investment adviser.