Ultravibrant Integrated Energy IPO

Strengths · 8

• 01Revenue from operations grew 57.32% in FY2026 to Rs 383.99 crore, after a jump from Rs 34.00 crore in FY2024 to Rs 244.09 crore in FY2025.
• 02Profit after tax rose from Rs 1.60 crore in FY2024 to Rs 19.95 crore in FY2025 and Rs 33.39 crore in FY2026.
• 03Operating EBITDA margin improved from 6.38% in FY2024 to 11.01% in FY2025 and 14.78% in FY2026.
• 04The EPC order book was Rs 360.61 crore at the end of FY2026, against Rs 190.54 crore a year earlier.
• 05The company has moved into owning plants: 12 IPP projects with 27.25 MW were operational at the end of FY2026, and 41.00 MWAC of IPP projects are in the order book.
• 06Commissioning rose to 57 projects and 149.27 MWp in FY2026 from 24 projects and 42.21 MWp in FY2025.
• 07Return on average equity was 82.12% in FY2026 and return on average capital employed was 48.24%.
• 08The company has no criminal, tax, regulatory or SEBI proceedings against it, its promoter or its directors.

Risks · 10

• 01The top five customers gave 71.82% of FY2026 revenue from operations, the top ten gave 84.26%, and the largest customer alone gave more than 39.97%.
• 02EPC contracts made 94.35% of FY2026 revenue from operations, so the business depends on winning new EPC orders.
• 03Total borrowings rose from Rs 23.03 crore in FY2025 to Rs 123.10 crore in FY2026, and net debt was Rs 117.90 crore, 2.08 times operating EBITDA.
• 04Cash flow from operations was Rs 14.33 crore in FY2026 against profit after tax of Rs 33.39 crore, and fell from Rs 41.71 crore in FY2025.
• 05Net working capital days moved from negative 30 in FY2025 to 30 in FY2026, and the company lists late collection of receivables as a risk.
• 06EPC projects are concentrated in Rajasthan and Telangana, and IPP projects in Rajasthan, so a problem in these states would hit the business.
• 07The company does not meet the profitability condition under Regulation 6(1)(a) of the SEBI ICDR rules, so it is using the Regulation 6(2) route.
• 08Of the Rs 62.00 crore of net proceeds for working capital and the Rs 22.00 crore for debt repayment, the general corporate purposes amount is not yet fixed, and the Offer includes 25,00,000 shares sold by the promoter at a cost of Rs 0.00 per share.
• 09The promoter held 87.45% before the Offer and the shares were bonus-issued in the ratio of 3,499 for every 1 in August 2026, so earlier per-share figures are adjusted.
• 10The auditors drew attention to the delay in adopting Ind AS: the FY2024 accounts were prepared under previous Indian GAAP.

Ultravibrant Integrated Energy Limited, formerly Ultravibrant Solar Energy Limited, is a Jaipur-based renewable energy company. It describes itself as an end-to-end provider of solar and battery energy storage solutions (BESS). It was incorporated in 2019 and sells under the Vibrant Solar name.

The company earns in three ways. The first is EPC work, where it designs and builds ground-mounted and rooftop solar projects for developers and industrial customers. This gave Rs 362.29 crore, or 94.35% of revenue from operations, in FY2026. The second is selling power from its own solar plants under power purchase agreements, which gave Rs 9.11 crore, or 2.37%. The third is operation and maintenance, installation and commissioning, and consultancy, which gave Rs 12.59 crore, or 3.28%.

It has executed EPC projects in Rajasthan, Telangana, Gujarat, Haryana and Maharashtra, and has further projects awarded in Karnataka. In FY2026 it commissioned 57 projects with a capacity of 149.27 MWp, against 24 projects and 42.21 MWp in FY2025. Its EPC order book stood at Rs 360.61 crore at the end of FY2026.

Under the Build, Own, Operate and Transfer model, the company's special purpose vehicles hold solar plants and sell power to state distribution companies and other buyers. It had 12 IPP projects operational with 27.25 MW of installed capacity at the end of FY2026, against one project and 1.70 MW a year earlier. The IPP order book was 41.00 MWAC, and the company has also won a 50 MW / 200 MWh battery storage IPP project. Further IPP projects are awarded in Leh-Ladakh and Uttar Pradesh.

The company does not own or run any manufacturing facility. It plans to add backward-integrated BESS manufacturing and a transmission and distribution services business. Rajeshwer Singh, the Chairman and Managing Director and sole promoter, has over 18 years of experience in solar EPC, BESS and power transmission.

The industry

The industry report by D&B says India's installed solar power capacity reached 105.65 GW in FY2025, driven by faster project commissioning and higher investment in renewable energy infrastructure.

Customer concentration: Top 5 customers gave 71.82% of FY2026 revenue from operations (92.08% in FY2025 and 53.07% in FY2024).