Integrum Energy Infrastructure IPO

Strengths · 7

• 01Closing order book was 275.47 MW at the end of FY2026, up from 88.88 MW a year earlier, as orders added rose to 277.10 MW.
• 02Revenue from operations grew from Rs 233.22 crore in FY2024 to Rs 693.84 crore in FY2026, and EBITDA rose from Rs 19.93 crore to Rs 88.23 crore.
• 03ROE was 42.11% and ROCE was 56.23% in FY2026, as stated in the document.
• 04Borrowings are small at Rs 9.02 crore on 31 March 2026 against a net worth of Rs 149.98 crore, and net debt is negative at Rs 38.74 crore.
• 05Repeat orders were 37.21% of capacity contracted in FY2026, or 103.10 MW.
• 06O&M capacity under management was 105.81 MW and asset management capacity was 162.99 MW in FY2026, which gives the company a service line beyond project execution.
• 07Debt service coverage ratio was 22.03 times and interest coverage was 135.49 times in FY2026.

Risks · 10

• 01The top 5 customers gave 87.78% of FY2026 revenue from operations and the top 10 customers gave 95.85%.
• 02Revenue fell from Rs 233.22 crore in FY2024 to Rs 117.67 crore in FY2025 before rising to Rs 693.84 crore in FY2026, so results swing sharply with project timing.
• 03Net cash from operating activities was negative Rs 3.97 crore in FY2026 even though profit after tax was Rs 63.16 crore.
• 04In FY2025 receivable days were 142.62 and inventory days were 134.01, which shows how much working capital projects can absorb. Rs 140.00 crore of the fresh issue is for working capital.
• 05The top 10 suppliers made up 77.19% of purchases in FY2026 and the company has no long-term supply arrangements with them.
• 0698.43% of FY2026 revenue came from project-based engagements, so revenue depends on winning new projects.
• 07The order book of Rs 929.91 crore as of 31 August 2026 can be delayed, modified, cancelled or suspended by customers.
• 08Promoters Shyamsundar Maheswari and Shipra Goel are selling shares in the offer, with a weighted average cost of acquisition described as negligible.
• 09General corporate purposes are capped at 25% of gross proceeds and the amount is not yet fixed.
• 10Litigation against the company includes 2 tax proceedings and 1 material civil case, with an aggregate amount of Rs 32.82 crore.

Integrum Energy Infrastructure Limited is a Bengaluru-based renewable energy company. It serves commercial and industrial (C&I) customers across the renewable energy value chain, with a focus on hybrid, wind and solar projects. Its stated aim is a lower delivered cost of energy for the customer.

The company handles energy assessment, project development, regulatory and grid-connectivity support, engineering, procurement and construction (EPC), commissioning, operations and maintenance (O&M), and asset management. It also works on energy sourcing and technology-enabled energy management. It says it is exploring battery energy storage systems as a future offering.

As of 31 August 2026, the company had completed 37 projects with 263.19 MW of installed capacity. Of this, 74.25% is hybrid, 11.20% is wind and 14.54% is solar. It was executing 13 more projects with 241.00 MW of capacity, and the combined order value is about Rs 929.91 crore. Projects range from 0.08 MWp rooftop systems to 70.00 MWp utility-scale hybridisation projects.

Customers include private commercial and industrial buyers as well as central public sector undertakings. The company works mainly in Karnataka, Gujarat and Maharashtra, and has recently started a wind solar hybrid project in Tamil Nadu. The group reports two segments: design and installation of renewable energy systems, and operation, maintenance, asset management, energy sourcing and power trading.

The promoters are Anand Lahoti, Shyamsundar Maheswari, Puneet Goel and Shipra Goel. Anand Lahoti is Chairman, Managing Director and CEO, and Puneet Goel is Whole-time Director and COO. The company was incorporated in 2021 and is making its first public issue.

The industry

As per the CRISIL report quoted in the document, India's installed solar and wind capacity grew from 64.7 GW in fiscal 2019 to 219.6 GW as on June 2026, a CAGR of 18.4%. Rooftop solar grew fastest, from 1.8 GW to 30.1 GW at a CAGR of 47.5%. Utility-scale ground-mounted solar reached 125.6 GW at a CAGR of 24.0%, and wind reached 57.4 GW at a CAGR of 6.8%. Maharashtra, Tamil Nadu, Gujarat and Karnataka together hold over 55% of C&I renewable open access capacity.

Customer concentration: Top 5 customers gave 87.78% of FY2026 revenue from operations (90.66% in FY2025 and 80.65% in FY2024). Top 10 customers gave 95.85% in FY2026.