Ultravibrant Integrated Energy has filed its draft papers with SEBI for an IPO of up to 1.45 crore shares. The Jaipur company builds solar and battery storage projects, and it plans to list on both the NSE and the BSE. Revenue from operations reached ₹383.99 crore in the year to March 2026, against ₹34 crore two years earlier.
The DRHP, the draft prospectus a company files with SEBI before an IPO, is dated 24 September 2026. SEBI put it on its site on 29 September 2026. The Ultravibrant Integrated Energy IPO has no price band and no dates yet. Both of those come later, in the red herring prospectus.
What is on offer
The issue has two parts. A fresh issue of up to 1,20,00,000 shares, where the money goes to the company. An offer for sale of up to 25,00,000 shares by Rajeshwer Singh, the promoter and managing director, where the money goes to him. Face value is ₹10 a share. He held 3,49,79,000 shares, or 87.45 per cent of the company, on the date of the DRHP.
Beeline Capital Advisors is the book running lead manager and MUFG Intime India is the registrar. The company has also kept the door open for a pre-IPO placement of up to 20 per cent of the fresh issue. If that happens, the fresh issue shrinks by the same amount.
Where the money is going
The draft sets aside ₹62 crore for long-term working capital and ₹22 crore to repay borrowings, with the rest for general corporate purposes. The debt line matters here. Total borrowings stood at ₹123.10 crore as on 31 March 2026, against ₹23.03 crore a year before.
Working capital is the bigger ask, and the cash flow shows why. The company reported ₹33.39 crore of profit in FY26, but only ₹14.33 crore came in as cash from operations. Engineering and construction work ties money up in projects long before customers pay.
How fast has it grown?
| Fiscal | Revenue from operations | Operating EBITDA | Profit after tax |
|---|---|---|---|
| FY2024 | ₹34.00 crore | ₹2.17 crore | ₹1.60 crore |
| FY2025 | ₹244.09 crore | ₹26.87 crore | ₹19.95 crore |
| FY2026 | ₹383.99 crore | ₹56.75 crore | ₹33.39 crore |
Earnings per share was ₹9.67 in FY26 and net asset value per share was ₹16.09. Return on net worth was 82.12 per cent. Read the FY2024 row first. The base was tiny, so the growth rates look steeper than the business is old.
The order book, and who the customers are
The construction order book was ₹654.51 crore on 31 August 2026. That is about 1.7 times FY26 revenue. As a power producer it has 37 MW of solar and a 50 MW, 200 MWh battery storage project awarded. Between FY24 and FY26 it commissioned 61 ground-mounted solar projects of 189.97 MWp and 37 rooftop projects of 12,130 kWp. It also runs maintenance for 31 projects totalling 116.23 MWp.
The customer list is narrow. The top five customers gave 71.82 per cent of FY26 revenue, the top ten gave 84.26 per cent, and the single largest customer gave more than 39.97 per cent. The DRHP lists that as its first risk factor. Projects are clustered too, mainly in Rajasthan and Telangana.
Why the retail slice may be small
The offer is being made under Regulation 6(2) of SEBI's ICDR rules, because the company does not meet the profit track record test in Regulation 6(1)(a) that most issuers use. On this route at least 75 per cent of the net offer has to go to qualified institutional buyers, which means large funds, banks and insurers. The exact split between institutions, non-institutional bidders and retail bidders will be in the red herring prospectus.
What happens next
SEBI now reviews the draft and sends its comments, which usually takes one to three months. The company then files the RHP carrying the price band, lot size and the open and close dates. One more line from the file worth noting: the company issued bonus shares in the ratio of 3,499 for every one share held, with 4 August 2026 as the record date, so older per share numbers are not comparable.
We will add the band, lot size and grey market premium once the RHP is out. Until then you can follow the queue on our upcoming mainboard IPO page and check Beeline Capital's record on our lead manager track record page. This is the second large renewable energy draft filing in a week, after Inox Clean Energy's ₹10,000 crore DRHP. The filing itself sits on the SEBI draft offer documents page.
