Absolute Projects India IPO
Absolute Projects India IPO — date, issue size, SEBI status & DRHP details 2026
Absolute Projects India filed its draft red herring prospectus (DRHP) with SEBI on 16 Apr 2026 for an IPO of a fresh issue of up to 2,00,00,000 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Absolute Projects (India) Limited is an EPC company that builds power transmission and distribution projects for government utilities and makes electrical components at two plants in Roorkee. Revenue from operations grew from Rs 140.99 crore in FY2023 to Rs 306.67 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Absolute Projects India IPO stands
From draft to listing. Today is 24 October 2026.
- DRHP filed 16 Apr 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 16 Apr 2026 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Unlisted (pre-IPO) share price
Absolute Projects India shares trade off-market before listing. This is the latest indicative dealer quote, not an exchange price.
Absolute Projects India IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue only |
|---|---|
| Fresh issue | Up to 2,00,00,000 shares |
| Offer for sale | None |
| Total issue size | Depends on the price band |
| Face value | ₹2 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Cumulative Capital Private Limited |
| Registrar | MUFG Intime India Private Limited |
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Revenue from operations grew from Rs 140.99 crore in FY2023 to Rs 306.67 crore in FY2025, and profit after tax rose from Rs 2.90 crore to Rs 21.00 crore.
- 02EBITDA margin improved from 4.32% in FY2023 to 9.45% in FY2025.
- 03The order book stood at Rs 553.75 crore on 30 September 2025, which is 4.08 times the revenue from operations of the six months to that date.
- 04The company makes control panels, switchgears and transmission structures at two plants in Roorkee. Supply of in-house components gave 18.99% of FY2025 revenue from operations.
- 05Return on equity was 20.34% in FY2025 and the current ratio improved from 1.24 in FY2023 to 1.87 in FY2025.
- 06Net worth rose from Rs 41.90 crore at 31 March 2023 to Rs 103.29 crore at 31 March 2025.
Risks · 9
- 01Top 5 customers gave 70.46% of FY2025 revenue and 76.86% in the six months to 30 September 2025. The top customer alone gave 36.17% in that period.
- 02Power EPC projects were 75.39% of FY2025 revenue, and about 85.35% of the Rs 747.53 crore order book on 31 December 2025 is in Power EPC.
- 03Cash flow from operations was negative at Rs 70.40 crore in FY2025 and Rs 25.85 crore in the six months to 30 September 2025, even though profit after tax was positive.
- 04Total borrowings rose from Rs 30.96 crore at 31 March 2024 to Rs 88.63 crore at 31 March 2025 and Rs 100.87 crore at 30 September 2025.
- 05The business is working capital intensive, and part of the net proceeds is meant to fund working capital.
- 06Raw materials and stock in trade were 84.59% of total expenses in FY2025, and the top 10 suppliers gave 80.43% of purchases.
- 07The net proceeds are split across capex, debt repayment, working capital and general corporate purposes, and no amount is fixed for any of them in the draft yet.
- 08The Company faces 17 proceedings in total (2 criminal, 6 tax, 8 statutory or regulatory and 1 material civil) involving Rs 107.14 lakh, and promoters face 10 proceedings involving Rs 18.02 lakh.
- 09The order book fell from Rs 775.50 crore at 31 March 2024 to Rs 663.16 crore at 31 March 2025.
Absolute Projects India financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 135.80 | 306.67 | 248.25 | 140.99 |
| Total Income | 138.29 | 312.12 | 251.07 | 141.68 |
| EBITDA | 14.27 | 28.98 | 20.72 | 6.09 |
| Profit After Tax | 9.37 | 21.00 | 14.65 | 2.90 |
| Net Worth | 124.70 | 103.29 | 56.73 | 41.90 |
| Total Borrowing | 100.87 | 88.63 | 30.96 | 23.52 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
How Absolute Projects India plans to use the fresh issue proceeds.
About Absolute Projects India
The company also makes control panels, switchgears and transmission structures in-house. These support its own projects and are also supplied to third parties. It runs two manufacturing facilities in Roorkee, Uttarakhand. It also offers operation and maintenance services for power assets and does a small amount of civil construction.
Its customers are mainly central and state government utilities, public sector units and electricity boards such as NTPC, Power Grid and state discoms. Private clients are a limited part of the work. Power EPC projects gave Rs 231.21 crore, or 75.39%, of FY2025 revenue from operations. Supply of in-house manufactured components gave 18.99% and operation and maintenance gave 2.10%.
The company works across India, including Rajasthan, Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Odisha and Ladakh. It also has projects in Nepal and a branch office there. The registered office is in New Delhi and the corporate office is in Noida. The order book was Rs 553.75 crore on 30 September 2025, which is 4.08 times revenue from operations. The company served 46 customers in the six months to 30 September 2025. The promoters are the Ola family, led by Ranjeet Singh Ola, who has over 31 years of experience in EPC power projects.
The industry
The company works in power EPC within India's transmission and distribution infrastructure industry. The industry report was prepared by Dun & Bradstreet Information Services India Private Limited. It says India's peak power demand reached about 256 GW in FY2025 and is expected to grow, helped by urbanisation, industrial use, electric mobility and data centres. This needs continued investment in transmission lines, substations and distribution networks.
Customer concentration: Top 5 customers gave 70.46% of FY2025 revenue from operations (74.76% in FY2024), and top 10 customers gave 90.20%.
Promoters & management
The six promoters hold 72.04% before the issue, led by Ranjeet Singh Ola at 34.01% and Deependra Singh Ola at 18.59%. There are no other promoter group shareholders.
| Name | Role |
|---|---|
| Ranjeet Singh Ola | Chairman and Managing Director |
| Deependra Singh Ola | Whole-Time Director and Chief Executive Officer |
| Monika Bhukar Ola | Executive Director |
| Saumya Kanta Dash | Chief Financial Officer |
| Raman Rastogi | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Cumulative Capital Pvt. Ltd.
4 issues handled (2 mainboard, 2 SME)Best listing: Goldline Pharmaceutical (+39.0%). Weakest: Hexagon Nutrition (+7.2%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Absolute Projects India IPO: frequently asked
When will the Absolute Projects India IPO open?
The Absolute Projects India IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Absolute Projects India IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹2 per share.
How big is the Absolute Projects India IPO?
Absolute Projects India filed its draft red herring prospectus (DRHP) with SEBI on 16 Apr 2026 for an IPO of a fresh issue of up to 2,00,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Absolute Projects India IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Absolute Projects India IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Absolute Projects India IPO GMP once the RHP and price band are out.
What will Absolute Projects India do with the IPO money?
As per the DRHP: Capital expenditure on plant and machinery for Manufacturing Facility I, plant and machinery to start Manufacturing Facility II, and equipment for Power EPC projects; Repay or prepay certain borrowings; Fund working capital; General corporate purposes.
Who are the lead managers of the Absolute Projects India IPO?
The book running lead managers are Cumulative Capital Private Limited. MUFG Intime India Private Limited is the registrar.
Is Absolute Projects India profitable?
Yes. Profit after tax was Rs 21.00 crore in FY2025, Rs 14.65 crore in FY2024 and Rs 2.90 crore in FY2023. It was Rs 9.37 crore in the six months to 30 September 2025.
Who are the promoters of Absolute Projects India?
The promoters are Ranjeet Singh Ola, Deependra Singh Ola, Monika Bhukar Ola, Sunita Ola Dhaka, Vaishali Ola and Kamla Devi Ola. Together they hold 72.04% before the issue.
Does Absolute Projects India have an offer for sale?
No. The issue is a fresh issue of up to 2,00,00,000 equity shares of face value Rs 2 each. No existing shareholder is selling.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Absolute Projects India files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
