Intergen Energy Limited IPO

01At a glance

What the company does: an engineering, procurement and construction (EPC) contractor that designs, builds and then operates and maintains water treatment, water supply and distribution schemes, and some sewage, road and electrical works, mainly for government bodies, on its own, through joint ventures and as a subcontractor to its joint ventures (DRHP p.161, DRHP p.162).

Who pays it: state water and urban development agencies, among them MP Urban Development Company, MP Jal Nigam, Maharashtra Jal Jeevan Pradhikaran, the Bihar Public Health Engineering Department and BUIDCO, and in FY26 private contractors whose end client is the government (DRHP p.160, DRHP p.176, DRHP p.173). Government sector work was 66.82% of FY26 revenue and private sector work 33.18% (DRHP p.170). The abridged prospectus marks revenue concentration from the top ten customers “Not Applicable” (AP p.4).

Why it is raising money: ₹31.0 crore of the fresh issue is for working capital, ₹17.0 crore in FY27 and ₹14.0 crore in FY28; the general corporate purposes amount is blank (DRHP p.110, DRHP p.112). There is no offer for sale (DRHP p.1).

How fast it has grown: revenue from operations from ₹126.9 crore in FY24 to ₹135.4 crore in FY26, about 3.3% a year, and profit after tax from ₹5.7 crore to ₹12.4 crore, about 47.3% a year (our arithmetic, DRHP p.74).

The one thing to understand: profit rose much faster than sales because the company says it did more of the work itself instead of handing it to subcontractors, which it ties to how much working capital it has: about 21% of work was self-executed in FY24, about 50% in FY25 and about 60% in FY26 (DRHP p.174). Over the same three years operating cash flow added up to ₹11.5 crore against ₹26.8 crore of profit after tax, and FY26 operating cash flow was ₹0.97 crore (our arithmetic, DRHP p.74, DRHP p.75).

02The business, in plain words

What Intergen Energy does

Intergen Energy Limited was incorporated as a public company on August 30, 2011 in Delhi (DRHP p.80, DRHP p.203). Its listed milestones run from a first project of 24 water treatment systems in Mizoram in 2012 to Bihar water contracts in 2014, Madhya Pradesh from 2016, Asian Development Bank funded work with MP Urban Development Company from 2022 and a BUIDCO project in 2026 (DRHP p.203). Its main objects in the Memorandum of Association also cover power generation and trading in precious metals and jewellery machines (DRHP p.203, DRHP p.204).

What a project includes, in the company's own list (DRHP p.162):

• Intake and raw water: water extraction and intake systems, anicuts and dams, raw water pumping and transmission.
• Treatment: water treatment plants, including solar-powered and arsenic or fluoride removal plants; sewage treatment in some contracts.
• Storage and supply: clear water reservoirs, pumping stations, rising mains, distribution networks and house connections.
• Other works: electrical and transmission works, roads, prefabricated and civil structures.

A state agency issues a tender → the company bids alone or in a joint venture, designs the plant and network, buys pipes, pumps and cement, builds with its own crews or through subcontractors → it bills monthly against measured work, less 5% to 10% held back as retention → after commissioning it is paid a fixed or variable monthly sum to operate and maintain the scheme for five or ten years (DRHP p.163, DRHP p.164, DRHP p.166, DRHP p.184).

Most EPC contracts are design and build contracts at a single price, adjusted for changes in scope and, where the contract allows, for price escalation; the company also works on item rate contracts (DRHP p.163, DRHP p.164). It must give performance security of 5% to 10% of contract value and is liable for liquidated damages normally capped at 10% of the unexecuted portion (DRHP p.163).

The company works through 13 joint ventures in which its share runs from 29% to 74% (DRHP p.206). The document says that in most of them the joint venture is used for bidding credentials and subcontracts the whole work back to the company, the partner taking a royalty (DRHP p.182). It has one subsidiary, IELM JV Private Limited, 74% owned (DRHP p.205).

It had 71 full-time employees at August 31, 2026, of which 22 project managers and engineers and 27 site supervisors (DRHP p.183), and owns 12 backhoe loaders and excavators among other machines (DRHP p.185). The corporate office in Gurugram is owned; the registered office in Delhi is on leave and licence (DRHP p.193).

Earnings equation: Revenue = value of work executed and certified on each contract in the year + monthly operation and maintenance fees. The document gives contract values and the order book, not volumes, so there is no tonnes or units figure to multiply.

03Where the money comes from

By segment (₹ crore):

Source: DRHP p.169, DRHP p.170, converted from ₹ lakh. EPC was 94.70% of FY26 revenue and operation and maintenance 5.30%, against 89.25% and 10.75% in FY24 (DRHP p.169).

By customer type: Government sector 100.00% of FY24 revenue, 95.06% of FY25 and 66.82% of FY26; private sector nil, 4.94% and 33.18%, that is ₹44.9 crore in FY26 (DRHP p.170). The management discussion records private revenue rising from ₹6.0 crore to ₹44.9 crore (DRHP p.290).

By state, share of revenue from operations (DRHP p.170):

Intergen Energy customers: how concentrated the revenue is

The document does not give the share of the largest customer, the top five or the top ten; the abridged prospectus marks top ten concentration “Not Applicable” (AP p.4). What it does give is sales to related parties:

Source: DRHP p.77, DRHP p.74; the share is our arithmetic. Read from the filing: the Avian IEL Infrastructure JV sales of ₹67.4 crore in FY24 and ₹42.9 crore in FY25 match the Maharashtra revenue in those years, within a rounding difference (DRHP p.77, DRHP p.170). Anerity Infra Engineers LLP is a promoter group firm and is listed among Karan Singh's other ventures (DRHP p.234, DRHP p.209).

The industry report says FY25 revenue fell because billing to these joint ventures fell, and that FY26 recovery came from the company's own contracts (DRHP p.157). So revenue depended on related parties for about two thirds of FY24 and none of FY26; how many outside customers make up FY26 revenue is not disclosed.

04The growth record

Intergen Energy financials: revenue, profit and margins

Source: DRHP p.72, DRHP p.73, DRHP p.74, DRHP p.75, DRHP p.123, converted from ₹ lakh. Revenue from operations went from ₹126.9 crore in FY24 to ₹135.4 crore in FY26 and profit after tax from ₹5.7 crore to ₹12.4 crore (DRHP p.74). Profit attributable to the parent's shareholders, after the minority share in the subsidiary, was ₹5.6 crore, ₹8.6 crore and ₹12.2 crore (DRHP p.74). The company's EBITDA adds depreciation and finance cost to profit before tax and takes out other income (DRHP p.123).

Our arithmetic over FY24 to FY26: revenue grew about 3.3% a year and profit after tax about 47.3% a year (our arithmetic, DRHP p.74); EBITDA grew about 56.3% a year (our arithmetic, DRHP p.123). EBITDA margin moved from 7.55% to 17.28%, up 973 basis points, so from 7.6% to 17.3% rounded (DRHP p.123). Revenue fell 4.28% in FY25 and rose 11.42% in FY26 (DRHP p.123).

The year ends on March 31 throughout. Restatement raised FY26 profit: profit after tax in the audited books was ₹10.5 crore and restated ₹12.4 crore, mainly because ₹2.0 crore of other expenses in FY26 was reversed and a provision for doubtful advances of ₹2.0 crore was instead taken against the opening reserves of April 1, 2023 (DRHP p.284). FY25 audited profit was ₹8.6 crore and restated ₹8.8 crore (DRHP p.284).

What sits around the record:

• Cash: operating cash flow was ₹0.97 crore in FY26, ₹6.5 crore in FY25 and ₹4.0 crore in FY24 (DRHP p.75). In FY26 trade payables fell by ₹27.0 crore while receivables released ₹13.3 crore (DRHP p.75).
• Other income: ₹0.94 crore in FY26, about 5.5% of profit before tax, against ₹3.4 crore and about 43.0% in FY24, mostly interest (our arithmetic, DRHP p.74).
• Debt: borrowings were ₹30.9 crore at March 31, 2026, debt to equity 0.29 times, so 0.3× (DRHP p.274, DRHP p.125). Net of ₹1.8 crore of cash and cash equivalents that is about 1.2× FY26 EBITDA (our arithmetic, DRHP p.72, DRHP p.73, DRHP p.123). Return on capital employed was 15.66%, so 15.7% rounded (DRHP p.123).
• Promoter loans: unsecured loans from Karan Singh were ₹4.6 crore at March 31, 2026, ₹2.5 crore of them convertible into shares (DRHP p.78).
• Bank guarantees: ₹64.8 crore outstanding at March 31, 2026 (DRHP p.79).
• Contingent liabilities: ₹65.9 crore, the bank guarantees plus a GST demand of ₹1.1 crore (DRHP p.79).
• Concentration: Government sector work was 66.82% of FY26 revenue, so 66.8% rounded, and Madhya Pradesh 65.04%, so 65.0% (DRHP p.170). Sales to related parties were 66.6% of FY24 revenue and nil in FY26 (our arithmetic, DRHP p.77, DRHP p.74).
• Order book: the company's share of unexecuted work was ₹445.4 crore at August 31, 2026 (DRHP p.161).
• Restatement: FY26 profit after tax was ₹12.4 crore restated against ₹10.5 crore audited (DRHP p.284).
• Cases: none against the promoters (DRHP p.307).
• Use of the issue: ₹31.0 crore of the fresh issue is for working capital (DRHP p.110).

05What the growth is made of

Revenue from operations rose ₹8.4 crore from FY24 to FY26 (our arithmetic, DRHP p.74). By segment, EPC rose ₹14.9 crore while operation and maintenance fell ₹6.5 crore (our arithmetic, DRHP p.169). By customer, related-party sales of ₹84.6 crore in FY24 went to nil, and the rest of the business made up the gap (our arithmetic, DRHP p.77).

Cost: construction contract cost, which includes subcontract work, plus the change in work in progress was ₹110.0 crore in FY24, ₹99.5 crore in FY25 and ₹103.7 crore in FY26 (DRHP p.272). As a share of revenue from operations that is about 86.6%, 81.9% and 76.6% (our arithmetic, DRHP p.272, DRHP p.74).

The company's explanation: when it lacks working capital it subcontracts, earning gross margins of 3% to 7%, while self-executed work earns 17% to 30% (DRHP p.292). It puts self-executed work at about 21% in FY24, about 50% in FY25 and about 60% in FY26 (DRHP p.174). It also says some contracts carry better margins than earlier ones (DRHP p.293). The company states an aim to stop subcontracting altogether and bring gross project margins to “circa 20-30%” (DRHP p.174); that is the company's statement, not a figure this study adopts.

Orders: new orders were ₹166.0 crore in FY24, ₹47.2 crore in FY25 and ₹165.0 crore in FY26; the order book stood at ₹506.7 crore, ₹429.2 crore and ₹457.8 crore at those year ends (DRHP p.114). The management discussion says the company did not bid for fresh orders in FY25 because it had enough work, and that heavy rains in November 2024 delayed work (DRHP p.293).

The document does not give revenue or margin by project, or the self-executed share in rupees, so the profit rise cannot be split between subcontracting, contract pricing and mix. That is the finding.

06Earnings quality

The item that needs explaining is cash. Inventory is entirely work in progress, ₹75.9 crore at March 31, 2026, that is work done but not yet billed at a milestone (DRHP p.266, DRHP p.114). On top of that, unbilled trade receivables were ₹27.7 crore at March 31, 2026 against ₹10.7 crore a year earlier and nil in FY24 (DRHP p.267). Retention money held by customers was ₹29.7 crore (DRHP p.266). Read from the filing: work in progress, unbilled revenue and retention together were about ₹133.3 crore at March 31, 2026, close to a year's revenue (our arithmetic, DRHP p.266, DRHP p.267, DRHP p.74).

Other points: receivables over three years old were ₹2.44 crore at March 31, 2026 (DRHP p.267); balances written off were ₹0.69 crore in FY26 (DRHP p.269); interest and penalties expense was ₹0.59 crore in FY26 (DRHP p.269). Revenue is described in the notes as “Sale from Trading Activities” although the business is contracting (DRHP p.268). The restated FY26 profit of ₹12.4 crore is ₹1.9 crore above the audited ₹10.5 crore, because a ₹2.0 crore provision for doubtful advances was moved back to before April 2023 (DRHP p.284).

07The balance sheet

At March 31, 2026 total assets were ₹224.9 crore: work in progress ₹75.9 crore, other current assets ₹39.4 crore (of which unbilled receivables ₹27.7 crore and fixed deposits ₹6.4 crore), retention money ₹29.7 crore, trade receivables ₹29.0 crore, property, plant and equipment ₹23.1 crore, security deposits ₹10.8 crore, short-term loans and advances ₹9.5 crore, investments in joint ventures ₹5.4 crore and cash ₹1.8 crore (DRHP p.72, DRHP p.73, DRHP p.266, DRHP p.267). Against them: trade payables ₹48.9 crore, borrowings ₹30.9 crore, retention and security deposits held from subcontractors ₹19.2 crore, other liabilities and provisions ₹18.5 crore, minority interest ₹2.6 crore and net worth ₹105.0 crore (DRHP p.72, DRHP p.263).

Borrowings at March 31, 2026 (DRHP p.299, DRHP p.300, DRHP p.301):

Source: DRHP p.257, DRHP p.263, DRHP p.301. The cash credit and overdraft carry personal guarantees of directors and key managers and are secured on the Gurugram office, land in Uttarakhand and a residence in Goa (DRHP p.263). The company records delays in repaying NSIC of up to 94 days and Shriram Finance of up to 86 days between November 2025 and August 2026 (DRHP p.207); neither lender appears in the borrowing list at March 31, 2026 (DRHP p.299 to DRHP p.301).

Source: DRHP p.274, DRHP p.110, DRHP p.95; the placement amount is our arithmetic. The capitalisation statement leaves the post-issue column blank (DRHP p.274). Bank guarantees given were ₹64.8 crore, about 62% of net worth (our arithmetic, DRHP p.53, DRHP p.72); the company says none has ever been invoked (DRHP p.53). It needs fixed deposits of 10% of its non-fund limit to issue guarantees (DRHP p.113). There are no capital commitments (DRHP p.277).

08What the money is for

Intergen Energy IPO objects: what the money is for

Source: DRHP p.110, DRHP p.117. The rupee size of the fresh issue depends on a price not yet set, so the share of each object cannot be worked out (DRHP p.110).

Working capital, ₹31.0 crore: ₹17.0 crore in FY27 and ₹14.0 crore in FY28 (DRHP p.112). The company's estimate, certified by its auditor, puts the working capital gap at ₹131.1 crore at March 2027 and ₹181.3 crore at March 2028, against ₹102.3 crore at March 2026, funded mainly from internal accruals of ₹89.1 crore and ₹142.3 crore, borrowings of ₹25.0 crore each year and the issue money (DRHP p.113).

It assumes work in progress of 152 and 145 days, receivables of 125 and 120 days and payables of 145 and 140 days (DRHP p.114). The objects have not been appraised, and no monitoring agency will be appointed because the issue is below ₹50 crore (DRHP p.110, DRHP p.118). ₹0.03 crore had been spent on issue expenses by September 15, 2026 (DRHP p.118).

Into the business the fresh issue of up to 48,73,600 shares, at a price not yet set (DRHP p.91). To selling shareholders nothing: there is no offer for sale (DRHP p.1).

09Who is selling

Intergen Energy IPO offer for sale: who is selling

Nobody. The whole issue is a fresh issue of up to 48,73,600 shares of ₹10, amount not set, of which 2,44,800 are reserved for the market maker and 46,28,800 offered to the public (DRHP p.68, DRHP p.91). The cover page shows the offer for sale as “NIL” (DRHP p.1, AP p.1). If all shares are issued, the new shares are about 27.0% of the post-issue capital (our arithmetic, DRHP p.91).

10Promoters

The promoters are Karan Singh, Yusof Surtee, KMGA Holdings Pte. Ltd., Pacific Coast Import Export FZE and Emerging Investments Ltd. (DRHP p.227). Together they hold 1,16,13,581 shares, 88.13% of the pre-issue capital (DRHP p.227).

• Karan Singh, 46, Chairman and Managing Director, a United States national, with the company since 2012 as Chief General Manager cum Director, Managing Director from July 21, 2025 and Chairman from August 13, 2025; a bachelor's degree in economics from the University of Manchester (DRHP p.209, DRHP p.211). Holds 7,39,067 shares, 5.61% (DRHP p.102).
• Yusof Surtee, 78, with over 17 years in the import and export of telecommunication equipment and mobile phones; holds no shares directly (DRHP p.228).
• KMGA Holdings Pte. Ltd., Singapore, incorporated December 15, 2011, a holding company owned 100% by Karan Singh, who is one of its two directors; control passed from Mohinder Singh to Karan Singh in the last three years (DRHP p.228, DRHP p.229). Holds 41,46,079 shares, 31.47% (DRHP p.102).
• Pacific Coast Import Export FZE, Ras Al Khaimah, incorporated August 20, 2008, trades mobile phones and telecom equipment, owned 100% by Yusof Surtee (DRHP p.229). Holds 54,31,167 shares, 41.21% (DRHP p.102).
• Emerging Investments Ltd., Ras Al Khaimah registered with an office in Dubai, an investment company owned 100% by Karan Singh (DRHP p.230). Holds 12,97,268 shares, 9.84% (DRHP p.102).

Read from the filing: the shares Karan Singh holds directly and through KMGA Holdings and Emerging Investments add up to about 46.92% before the issue, and Yusof Surtee's through Pacific Coast 41.21% (our arithmetic, DRHP p.102, DRHP p.229, DRHP p.230).

Pay: Karan Singh's remuneration was ₹0.96 crore in each of FY24, FY25 and FY26, and is ₹0.96 crore a year for FY27 (DRHP p.77, DRHP p.213). Expense reimbursements to Karan Singh were ₹1.2 crore in FY24 and ₹1.0 crore in FY26 (DRHP p.77).

Loans: Karan Singh lent the company ₹8.4 crore in FY26 and was repaid ₹3.8 crore, leaving ₹4.6 crore at March 31, 2026, of which ₹2.5 crore was convertible and ₹2.2 crore repayable on demand, both at nil interest (DRHP p.77, DRHP p.78, DRHP p.301). The convertible part became 63,915 shares at ₹384.89 on September 10, 2026 (DRHP p.95).

Other businesses: Anerity Infra Engineers LLP is the only promoter group firm; Karan Singh is listed there and the firm bought ₹16.6 crore and ₹12.6 crore of work from the company in FY24 and FY25 (DRHP p.234, DRHP p.209, DRHP p.77). The promoter group firms may carry on the same line of business, which the company says is no conflict (DRHP p.234). The company has no active group entities (DRHP p.237).

Promoter group: the promoter group table lists Niriti Nickunj Shah as Karan Singh's spouse and Mohinder Singh as Karan Singh's mother (DRHP p.233). Three relatives of the spouse have refused to be named as promoter group by notarised affidavit, and the company applied to SEBI for an exemption on September 24, 2026, which was pending at filing (DRHP p.30, DRHP p.233).

Guarantees and pledges: the cash credit and overdraft carry personal guarantees of directors and key managers (DRHP p.263). No promoter shares are pledged (DRHP p.98).

Cases: none against the promoters, criminal, civil, regulatory or tax (DRHP p.307).

Promoter economics (DRHP p.92 to DRHP p.98, DRHP p.102):

• Pacific Coast Import Export FZE: placements from March 2012 to June 2018 at ₹216.55 to ₹790.15, debenture conversions at ₹2,500.01 in 2016 and ₹1,500.02 in 2020, and rights shares at ₹1,050 in January 2023, then the bonus; average cost ₹89.13 a share after the bonus (DRHP p.97, DRHP p.102).
• KMGA Holdings Pte. Ltd.: shares bought by transfer in 2012 at ₹10 to ₹20 from Arch International Holdings, Indogrec and Kingston GB Holdings, then the bonus; average cost ₹0.51 (DRHP p.98, DRHP p.102).
• Emerging Investments Ltd.: 1,85,324 shares on conversion of debentures at ₹580 on June 11, 2024, then the bonus; average cost ₹82.86 (DRHP p.98, DRHP p.102).
• Karan Singh: 22,499 shares bought by transfer on December 6, 2013 at ₹1, 19,167 shares by transfer from Niriti Nickunj Shah on May 7, 2026 with no price shown, 63,915 on loan conversion at ₹384.89, then the bonus; average cost ₹33.28 (DRHP p.97, DRHP p.102). The abridged prospectus gives ₹34.30 (AP p.9).

11Who already owns it

Intergen Energy promoter holding before and after the IPO

Source: DRHP p.102; the after-issue column is our arithmetic. There are 1,31,78,347 shares of ₹10 before the issue and 11 shareholders (DRHP p.91, DRHP p.105). If all 48,73,600 new shares are issued the total becomes 1,80,51,947 shares (our arithmetic, DRHP p.91), and the promoters' 88.13% becomes about 64.3%, so 88.1% → 64.3% (our arithmetic, DRHP p.91, DRHP p.102). The document leaves the after-issue percentages blank (DRHP p.102).

The public shareholders before the issue (DRHP p.102, DRHP p.95):

• Aarth AIF Growth Fund: 4,54,678 shares, 3.45%, from a placement of 64,954 shares at ₹384.89 on September 7, 2026, then the bonus.
• Venturex Fund I: 3,63,741 shares, 2.76%, from 51,963 shares at ₹384.89 on September 7, 2026.
• KIFS Finstock Limited: 2,72,804 shares, 2.07%, from 38,972 shares at ₹384.89 on September 7, 2026.
• Goldman consulting Pvt Ltd: 1,81,874 shares, 1.38%, from 25,982 shares at ₹384.89 on September 7, 2026.
• Gaurav Assomull: 2,91,655 shares, 2.21%, held 41,665 shares a year and two years before the filing; how and when they were acquired is not stated (DRHP p.103).
• Amit Rawat and Kishor Sharma: 7 shares each (DRHP p.102).

The capital structure gives the placement price after the bonus as ₹54.98 a share (DRHP p.128). Promoter shares of up to 20% of the post-issue capital are to be locked in for three years, and the rest in steps over one and two years (DRHP p.106, DRHP p.107, DRHP p.108).

12What changed just before the IPO

• Revenue and profit: revenue from operations went from ₹126.9 crore in FY24 to ₹135.4 crore in FY26 and profit after tax from ₹5.7 crore to ₹12.4 crore (DRHP p.74).
• Receivables: 87 days in FY24 and 125 days in FY26 as computed by the company (DRHP p.114).
• Promoter pay: ₹0.96 crore in FY24 and ₹0.96 crore in FY26 for Karan Singh (DRHP p.77).
• Revenue mix: related-party sales went from 66.6% of FY24 revenue to nil in FY26, and private sector work from nil to 33.18% (our arithmetic, DRHP p.77, DRHP p.74, DRHP p.170).
• Debentures converted: 10,74,881 compulsorily convertible debentures held by Emerging Investments became 1,85,324 shares at ₹580 on June 11, 2024, after their maturity was extended four times (DRHP p.95, DRHP p.262).
• Pre-IPO placement: 1,81,871 shares at ₹384.89 a share on September 7, 2026 to four investors, about ₹7.0 crore (DRHP p.95, our arithmetic).
• Last allotment before the IPO: 63,915 shares to Karan Singh at ₹384.89 a share on conversion of a loan, September 10, 2026, followed by the bonus (DRHP p.95).
• Bonus issue: 6:1, 1,12,95,726 shares, approved September 15, 2026, taking the count to 1,31,78,347 (DRHP p.270, DRHP p.93). The capital structure dates the allotment September 16, 2026 and the accounts September 15, 2026 (DRHP p.93, DRHP p.270).
• Authorised capital: raised from ₹1.70 crore to ₹2.20 crore on August 29, 2026 and to ₹20.0 crore on September 10, 2026 (DRHP p.92).
• Converted to a public company: not needed; the company was incorporated as a public company in August 2011 (DRHP p.80).
• Board and officers: independent directors Mohan Kumar and Smriti Singh from March 29, 2025; Karan Singh Managing Director from July 21, 2025 and Chairman from August 13, 2025; Kishor Sharma ceased as whole-time director on July 18, 2025 and became CFO on August 4, 2025; non-executive director Ajay Kumar Jain from August 25, 2025; three company secretaries in a year, the latest Aslam Gopalpuria from April 13, 2026 (DRHP p.215, DRHP p.222, DRHP p.223, DRHP p.226).
• Auditor: Vijay Gosain and Associates resigned on August 18, 2023, citing pre-occupation; M S G & Company was appointed in the casual vacancy on August 21, 2023 and re-appointed on September 30, 2023 (DRHP p.83).
• Debt: new unsecured business loans of ₹5.7 crore from five finance companies at 16% to 21.15% appear in FY26 (DRHP p.301, DRHP p.263).
• Dividend: none since incorporation (DRHP p.238).

13Capacity and expansion

The document gives no installed capacity or utilisation, because the business is contracting (DRHP p.161). The nearest measures it gives:

Source: DRHP p.161, DRHP p.182. The company's share splits into ₹358.4 crore of design and build and ₹87.0 crore of operation and maintenance (DRHP p.161). Of the total unexecuted ₹568.8 crore, ₹382.3 crore is in the names of joint ventures, of which ₹140.4 crore is subcontracted 100% to the company and ₹241.9 crore sits in two Maharashtra joint ventures where the company's stake is 49% (DRHP p.175). Read from the filing: the company's share of the order book is about 3.3 times FY26 revenue (our arithmetic, DRHP p.161, DRHP p.74).

The company says it has teams and resources to execute “up to atleast 5 times” its current sales without subcontracting and that working capital is its only shortcoming, and that it can lay more than 100 km of pipe a month through its vendors (DRHP p.174, DRHP p.175). In 43 of the 55 operation and maintenance contracts the period ends within 18 months of August 31, 2026 (DRHP p.33). The issue-funded objects add no equipment (DRHP p.110). The step from order book to revenue depends on execution timing, which the document does not schedule by project.

14Market size and industry structure

Intergen Energy industry: market size and growth

As claimed: the chapter is taken from a report titled “Water & Wastewater Management Industry” dated September 25, 2026 by Infomerics Analytics and Research Private Limited, which the document says was exclusively commissioned by the company under an engagement letter in connection with the offer (DRHP p.23, DRHP p.55). The commissioned report does not state a total market size in rupees for water and wastewater EPC in India.

The largest figures it gives are programme figures: under AMRUT 2.0, State Water Action Plans with 3,528 water supply projects worth ₹1,19,636.49 crore had been approved across 2,484 urban local bodies by February 2026 (DRHP p.152). The Jal Jeevan Mission has been extended to December 2028 with an outlay of ₹8.69 lakh crore, including ₹3.59 lakh crore of central assistance (DRHP p.152).

The National Infrastructure Pipeline lists 1,021 water and waste management opportunities worth USD 76.37 billion, 867 of them to be done as EPC contracts (DRHP p.144).

The part that is addressable: the company builds and runs water treatment and supply schemes, mostly in Madhya Pradesh and Bihar (DRHP p.170, DRHP p.310). The commissioned report counts 910 water treatment plant projects sanctioned under AMRUT 2.0 by March 2026, with 11,395.1 MLD of capacity at a total cost of ₹56,727.69 crore; Madhya Pradesh has 131 of those projects at ₹5,077.07 crore and Bihar 28 at ₹4,407 crore (DRHP p.139, DRHP p.140). It does not size operation and maintenance contracts or the market for subcontracted work.

What the company is today: FY26 revenue of ₹135.4 crore is about 0.24% of the AMRUT 2.0 water treatment plant sanctions (our arithmetic, DRHP p.74, DRHP p.140); the two figures are not for the same period, since one is a year's revenue and the other a multi-year sanction.

Size over time: the report gives programme activity rather than market size. Household tap connections added each year went from 82.62 lakh in FY2019-20 to 322.62 lakh in FY2020-21, then 201.34 lakh, 232.75 lakh and 299.26 lakh, down to 94.41 lakh in FY2024-25 and 27.07 lakh in FY2025-26 up to June 23, 2026 (DRHP p.139). Coverage reached 15.82 crore rural households, 81.71%, by March 2026, against 3.23 crore, 17%, in August 2019 (DRHP p.152).

Growth in the water supply, sewerage and waste management part of industrial production slowed from 17.8% in FY24 to 11.9% in FY25 and 6.4% in FY26 (DRHP p.136). Construction gross value added rose from ₹21,09,100 crore in FY2022-23 to ₹26,70,543 crore in FY2025-26, which the report calls a CAGR of about 8.2% (DRHP p.140, DRHP p.141).

The report states that the slowdown in new tap connections reflects a shift from new connections to upgrading existing systems (DRHP p.139).

Segments: the report divides the market by contract type (construction, operation and maintenance, public private partnership), by scope (engineering and design, procurement, construction and installation, operation and maintenance) and by infrastructure (water management, irrigation, stormwater, wastewater) (DRHP p.141, DRHP p.142). The company works in water management construction and its operation and maintenance, with some sewage work (DRHP p.169).

What drives demand: the commissioned report rates government spending on water and sanitation and investment in treatment plants as high in all three horizons, one to two, three to four and five to seven years, and rural drinking water as high in the near term and moderate later (DRHP p.149). It names AMRUT 2.0, Namami Gange, Swachh Bharat Mission (Urban) 2.0, the National Water Mission and Jal Jeevan Mission 2.0 as the programmes behind demand (DRHP p.152). Under Namami Gange, 524 projects had been sanctioned and 355 completed by February 2026, and 71 sewerage projects worth ₹12,641 crore were sanctioned for 2,210 MLD (DRHP p.152).

Structure: the chapter describes competition among diversified infrastructure companies and specialist water contractors, decided by technical expertise, execution capability, financial strength and the ability to offer construction and maintenance together (DRHP p.154). The barriers to entry it names are prequalification criteria in tenders, capital and working capital needs, skilled staff, a track record of completed projects, compliance and long payment cycles (DRHP p.155). It names EMS Limited and Enviro Infra Engineers Limited as key players (DRHP p.157, DRHP p.158).

Inputs and trade: the main inputs are steel, cement, pipes, pumps, valves, electrical equipment and treatment systems, whose prices the report calls volatile, a high restraint in the near term (DRHP p.151). The report does not discuss imports or exports.

Rules: the business works under the Water (Prevention and Control of Pollution) Act, the Environment (Protection) Act and pollution board discharge standards, labour codes and public procurement terms (DRHP p.153, DRHP p.196). The company holds contractor registration with the Madhya Pradesh Public Works Department and contract labour licences, and ISO 9001 and ISO 14001 certificates (DRHP p.311).

What the chapter says can go wrong: the report rates as high, in the near term, delays in approvals and land, raw material price swings, delayed payments and stretched working capital, and intense competition and pricing pressure in bidding (DRHP p.150, DRHP p.151). The chapter does not size the share of contracts won by joint ventures, tender win rates, or how payments by state agencies have moved, and its company section gives figures that differ from the restated accounts, for example an EBITDA margin of 17.38% and total debt of ₹52.3 crore for FY26 (DRHP p.156).

15Competitive position

Intergen Energy competitors

Source: DRHP p.126, DRHP p.125, DRHP p.159, converted from ₹ lakh; the peer debt to equity is the commissioned report's (DRHP p.159). EMS is about 5.4 times the company's revenue and Enviro Infra about 8.5 times (our arithmetic, DRHP p.126). The commissioned report gives slightly different peer ratios, for example RoCE of 11.00% for EMS and 16.63% for Enviro Infra (DRHP p.159). A joint venture named Enviro Infra Engineers Pvt Ltd (JV) is among the company's joint ventures, and the Ranchi sewerage project is listed under an Enviro Infra Engineers JV (DRHP p.179, DRHP p.206); the document does not say whether this is the listed peer.

What the company puts forward: an in-house design and engineering team, its own machines, equipment fabricated in house, a large book of labour and contract staff, long supplier relationships, and fifteen years in the same states and departments (DRHP p.174, DRHP p.175). It also lists high overheads relative to current work, limited room to stand apart in prescribed tenders and heavy working capital needs as weaknesses (DRHP p.172).

16Peers the company named

Peers named in the offer document: EMS Limited and Enviro Infra Engineers Limited (DRHP p.122).

Both are much larger listed water contractors with higher margins (DRHP p.126). The document gives their P/E as 21.81 for EMS and 19.06 for Enviro Infra at September 25, 2026 prices (DRHP p.122), but prints the industry P/E as highest 16.30, lowest 10.42 and average 13.36, which are the two peers' earnings per share, not their P/E (DRHP p.121, DRHP p.122). It notes that the peers are “not strictly comparable” (DRHP p.122). The company's FY26 EPS is ₹10.78 on bonus-adjusted shares (DRHP p.122). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Intergen Energy IPO risks

Financial: cash: operating cash flow was ₹0.97 crore in FY26 against profit of ₹12.4 crore (DRHP p.75, DRHP p.74) → work in progress, unbilled revenue and retention take cash before customers pay → unbilled receivables rose to ₹27.7 crore from ₹10.7 crore (DRHP p.267).

Customers: government programmes: the business depends on state agencies funded by AMRUT, the Jal Jeevan Mission, Namami Gange and development banks (DRHP p.28) → a cut or delay in budgets reduces tenders and slows payment → Government sector work was 66.82% of FY26 revenue and Madhya Pradesh 65.04% (DRHP p.170).

Customers: joint ventures and related parties: related-party sales were 66.6% of FY24 revenue and nil in FY26 (our arithmetic, DRHP p.77, DRHP p.74) → the source of revenue changed in two years → ₹382.3 crore of the unexecuted order book is in the names of joint ventures (DRHP p.175).

Business: subcontracting: profit depends on doing work in house, which the company ties to working capital (DRHP p.174) → if the money is short it subcontracts at margins of 3% to 7% → self-executed work earns 17% to 30% in the company's own figures (DRHP p.292).

Business: operation and maintenance: contracts can be penalised or terminated for service failures (DRHP p.33) → revenue from running schemes is falling → operation and maintenance revenue fell from ₹13.6 crore in FY24 to ₹7.2 crore in FY26 (DRHP p.169).

Financial: bank guarantees: guarantees are needed to win and keep contracts (DRHP p.53) → an invocation would be a cash call → ₹64.8 crore outstanding at March 31, 2026 (DRHP p.79).

Financial: debt: five business loans at 16% to 21.15% and delays of up to 94 days in repaying NSIC (DRHP p.301, DRHP p.207) → the cost and terms of credit matter for a business that waits for payment → finance cost rose 39.84% to ₹5.2 crore in FY26 (DRHP p.291).

Regulation: filings: nine company law non-compliances under adjudication or compounding, some charges never filed, and GST and TDS returns filed up to 333 days late (DRHP p.37, DRHP p.38, DRHP p.51) → penalties may follow → interest and penalties expense was ₹0.59 crore in FY26 (DRHP p.269).

Regulation: lenders and SEBI: no-objection letters from some lenders were not yet received, and a SEBI exemption on promoter group disclosure was pending (DRHP p.52, DRHP p.30) → either could delay the issue → the document does not say which lenders.

Promoters: after the issue the promoters would hold about 64.3% (our arithmetic, DRHP p.91, DRHP p.102) → they control shareholder decisions → none of the directors has been a director of a listed company (DRHP p.58).

Issue-specific: no monitoring agency, no appraisal, and no alternative source named if the issue falls short (DRHP p.118, DRHP p.110, DRHP p.56) → the board and audit committee decide deployment → ₹31.0 crore is the only object with an amount (DRHP p.110).

18Litigation and regulatory matters

Cases against Intergen Energy and its promoters

Criminal: the Aksum Trademart complaint concerns two stopped cheques of ₹0.30 crore and ₹0.35 crore against invoices of ₹0.98 crore; the company paid ₹0.40 crore after the complaint and ₹0.25 crore remains in dispute (DRHP p.303). The company's own complaint concerns a loan of ₹1.0 crore made in December 2017, of which ₹0.47 crore was repaid (DRHP p.304);

the notes describe a ₹0.79 crore advance to the same person with a bailable warrant issued (DRHP p.267). Civil: Bihar appeals an interim order that the company's operation and maintenance bills be processed at contract electricity rates (DRHP p.303, DRHP p.304). Tax: company GST matters of ₹1.2 crore across Madhya Pradesh, Bihar, Uttar Pradesh and Rajasthan and direct tax of ₹0.18 crore; subsidiary 7 matters of ₹0.28 crore;

director Smriti Singh an income tax demand of ₹5,000 (DRHP p.304, DRHP p.305, DRHP p.306). Promoters: no criminal, civil, regulatory or tax matters (DRHP p.307). Creditors: eight material creditors were owed ₹43.1 crore of the ₹48.9 crore of trade payables at March 31, 2026 (DRHP p.308).

19Related-party transactions

Source: DRHP p.77, DRHP p.276, DRHP p.277, converted from ₹ lakh. Other items: remuneration to Amit Rawat and Kishor Sharma of about ₹0.2 crore each a year, salary to Anita Rawat, listed as a relative of a key manager, of ₹0.10 crore in FY26, sales to EIEPL IEL JV of ₹0.60 crore in FY24, purchases from Anerity Infra Engineers of ₹0.86 crore in FY24, and conversion of Emerging Investments' debentures of ₹10.7 crore into shares in FY25 (DRHP p.77). Receivables from Avian IEL Infrastructure were ₹29.4 crore at March 2025, against a credit balance of ₹0.04 crore at March 2026 (DRHP p.78).

What appeared or changed in the two years before filing: sales to the related joint ventures and Anerity Infra Engineers stopped after FY25; rent to Niriti Nickunj Shah stopped after FY25; loans from Karan Singh appeared in FY26 and were partly turned into shares in September 2026 (DRHP p.77, DRHP p.95). The company owns apartments at Poorvi Marg, Vasant Vihar, New Delhi, used as a directors' residence, and the managing director's address is at the same street number (DRHP p.194, DRHP p.209); the document does not record rent or a related-party arrangement for it.

20What the offer document does not say

The names and revenue shares of the largest customers are not given; the abridged prospectus marks top ten concentration as not applicable (AP p.4). Revenue and margin by project are not given, so the profit rise cannot be split between in-house work, contract pricing and mix. The self-executed share of work is given only as approximate percentages, not in rupees (DRHP p.174). The lenders whose no-objection letters were still pending are not named (DRHP p.52).

How and when Gaurav Assomull acquired shares is not stated (DRHP p.103). The issue size, price band, general corporate purposes and issue expenses are blank (DRHP p.110). The after-issue shareholding is blank (DRHP p.102). The commissioned industry report gives no rupee size for the water contracting market.

Some inconsistencies are recorded as document matters, not business ones: the abridged prospectus's industry summary describes the sports budget and the Khelo India programme and cites a D&B report, not the water industry or the Infomerics report (AP p.4, AP p.5); the industry P/E printed as 16.30, 10.42 and 13.36 are the peers' EPS figures (DRHP p.121, DRHP p.122);

the KPI comparison gives Enviro Infra's FY26 EBITDA as ₹27.7 crore while the commissioned report gives ₹276.8 crore (DRHP p.126, DRHP p.158); the restated FY25 equity is ₹92.8 crore in the balance sheet and ₹95.5 crore in the restatement reconciliation (DRHP p.72, DRHP p.284); the risk factor on cash flows prints FY26 operating cash flow slightly differently from the cash flow statement (DRHP p.55, DRHP p.75);

the debenture conversion is described as one share for every 15 debentures while 10,74,881 debentures became 1,85,324 shares (DRHP p.93, DRHP p.256); the bonus is dated September 16 in the capital structure and September 15 in the accounts (DRHP p.93, DRHP p.270); the commissioned report gives the incorporation date as August 13, 2011 against August 30, 2011 elsewhere (DRHP p.156, DRHP p.80);

Amit Rawat's appointment as whole-time director is dated September 30, 2024 in one place and July 30, 2024 in another (DRHP p.222, DRHP p.213); the company says there has been no change in control in five years while also recording a change of control of promoter KMGA Holdings (DRHP p.231, DRHP p.229); the order book tables count “orders executed” at total income rather than revenue (DRHP p.114, DRHP p.74);

the approvals chapter says the company is applying to record a change of name, though no change of name is described (DRHP p.309); revenue is labelled as sale from trading activities (DRHP p.268).

21Five questions for management

1. What were revenue and gross margin in FY26 from self-executed work and from subcontracted work, in rupees?
2. Which customers made up the ₹44.9 crore of FY26 private sector revenue, and who is the end client on each contract?
3. How much of the ₹27.7 crore of unbilled receivables at March 31, 2026 had been billed and collected by the filing date?
4. What were the NSIC and Shriram Finance facilities that were repaid late in FY26, and why do they not appear in the borrowing list at March 31, 2026?
5. How much of the ₹445.4 crore order book share is expected to be executed in FY27, project by project, and which of the 12 design and build projects have land and approvals in place?

2Sources and cited facts

This study was read from 2 documents the company filed. The 189 figures it cites are listed under the document each came from, with the page and the sentence as printed.