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Absolute Projects (India) ₹86.00 ▲ 10.3% 1M
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IPO announced

Absolute Projects (India) is heading for an IPO

An IPO has been announced. Issue details are on the IPO page.

Status
Awaiting dates
Live price starts on listing day
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Absolute Projects (India) Unlisted Shares

Power Infrastructure Power transmission and distribution EPC IPO: SEBI review completed

Absolute Projects (India) is a power EPC company that builds substations, transmission lines and distribution networks for utilities such as NTPC and Power Grid. It also makes electrical and structural components at two plants in Roorkee, Uttarakhand.

Read the full company profile
Indicative price
As of 23 Oct 2026
₹86.00 ▲ 10.26% in 1 month
Dealer quotes: ₹80.00 – ₹86.00 across 2 dealers
Key facts

Absolute Projects (India) share details

Lot size
1,000 shares
Min. investment
₹86,000
Face value
₹2
Implied market cap
₹370 Cr
Shares outstanding
43,013,585
Headquarters
Delhi
Website
apil-online.com
ISIN
INE0L7001038
CIN
U74999DL1995PLC065160
Lock-in after IPO
6 months
Price history

Absolute Projects (India) share price chart

1Y change
-4.44%
High
₹90.00
Low
₹75.00

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

IPO journey

Absolute Projects (India) IPO status: SEBI review completed

Absolute Projects (India) has completed SEBI's review of its draft offer document. The next step is a red herring prospectus with the issue dates.

  1. 16 Apr 2026
    DRHP filed with SEBI
DRHP details & financials
About

About Absolute Projects (India)

Absolute Projects (India) Limited is an engineering, procurement and construction (EPC) company in the power sector. It designs, procures, installs, tests and commissions substations, transmission lines and distribution networks. It also provides operation and maintenance services and does a limited amount of civil construction. The company makes its own control panels, switchgear and transmission structures. It has two manufacturing facilities in Roorkee, Uttarakhand. Its registered office is in Delhi and its corporate office is in Noida. Projects have been executed across states such as Rajasthan, Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar and Odisha, plus Ladakh, and it has also worked in Nepal. Customers are mainly central and state utilities, public sector companies and electricity boards, including NTPC, Power Grid and state discoms. As per the restated financials in its DRHP, revenue from operations was ₹30,666.92 lakhs in FY25 against ₹24,824.50 lakhs in FY24 and ₹14,099.49 lakhs in FY23. Profit after tax was ₹2,100.45 lakhs in FY25. For the six months to 30 September 2025 revenue was ₹13,580.18 lakhs and profit after tax was ₹936.77 lakhs. Power EPC projects made up 75.39% of FY25 revenue. The promoters are Ranjeet Singh Ola, Deependra Singh Ola, Monika Bhukar Ola, Sunita Ola Dhaka, Vaishali Ola and Kamla Devi. Ranjeet Singh Ola is the largest holder at 34.01% and the six promoters together hold well over half the company before the issue. The company has filed its DRHP with SEBI, which shows a fresh issue of up to 2,00,00,000 equity shares. The price band and issue size are not yet disclosed, and IPO Guru does not guess dates or prices. Cumulative Capital Private Limited is the book running lead manager. Unlisted shares of a company like this trade off-market through dealers, so the indicative price here (₹86 per share, lot of 1000 shares) is not an exchange price and can differ between sellers. At that price the implied market cap is about ₹369.92 crore. This is information, not a recommendation.

Strengths

  • Revenue from operations grew from ₹14,099.49 lakhs in FY23 to ₹24,824.50 lakhs in FY24 and ₹30,666.92 lakhs in FY25, as per the restated financials.
  • Profit after tax rose from ₹290.12 lakhs in FY23 to ₹2,100.45 lakhs in FY25, and EBITDA margin improved from 4.32% to 9.45% over the same period.
  • The order book stood at ₹55,375.04 lakhs as of 30 September 2025, which is 4.08 times revenue from operations as defined by the company.
  • Return on net worth was 20.34% in FY25 and the current ratio improved from 1.24 in FY23 to 1.87 in FY25.
  • The company makes its own electrical and structural components, which supported 27.69% of revenue in the six months to September 2025 and lets it supply third parties as well.
  • Customers are mostly government utilities and public sector companies, and the company works in many states plus Nepal.
  • The auditors did not report any qualification or adverse remark on the financial statements covered in the DRHP.

Risks

  • Power EPC projects made up 75.39% of FY25 revenue, and about 85.35% of the ₹74,753.03 lakhs order book as of 31 December 2025, so the business depends on government-funded projects.
  • The top 10 customers contributed 90.20% of FY25 revenue and the top customer alone 27.38%, so losing one could hurt results.
  • Net cash used in operating activities was ₹7,039.69 lakhs in FY25 even though profit after tax was ₹2,100.45 lakhs, showing a gap between profit and cash.
  • Total borrowings rose from ₹3,095.64 lakhs in FY24 to ₹8,862.52 lakhs in FY25 and ₹10,087.24 lakhs by September 2025.
  • The order book fell from ₹77,550.36 lakhs at March 2024 to ₹66,316.28 lakhs at March 2025 and ₹55,375.04 lakhs at September 2025.
  • Raw materials and stock in trade were 84.59% of total expenses in FY25, so price swings or supply disruption can squeeze margins.
  • The top 10 suppliers accounted for 80.43% of FY25 purchases, which is a dependence on a few vendors.
  • The business is working capital heavy, and part of the IPO money is meant for working capital and repaying borrowings.
  • The DRHP lists outstanding legal proceedings against the company, including 2 criminal and 6 tax cases, with an aggregate amount of ₹107.14 lakhs.
  • The company has filed a DRHP but has no confirmed IPO date or price, and unlisted share prices are indicative and can move without notice.
Financials

Absolute Projects (India) financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY25Latest FY24 FY23
Revenue (₹ Cr) 307 248 141
EBITDA (₹ Cr) 28.98 20.72 6.09
PAT (₹ Cr) 21.00 14.65 2.90
EBITDA Margin (%) 9.45 8.35 4.32
PAT Margin (%) 6.85 5.90 2.06
RoNW (%) 20.33 25.82 6.92
EPS (₹) 5.35 4.26 0.85
Book Value (₹) 25.02 15.41 12.21
Debt / Equity 0.86 0.55 0.56
Net Worth (₹ Cr) 103 57 42

Swipe the table sideways for earlier years →

Leadership

Management team

Ranjeet Singh Ola
Chairman and Managing Director
Promoter with over 31 years of experience in EPC power projects.
Deependra Singh Ola
Whole-Time Director and Chief Executive Officer
Promoter and engineering graduate with 22 years of experience in EPC power projects.
Monika Bhukar Ola
Executive Director
Promoter with experience in human resources and EPC power projects.
Saumya Kanta Dash
Chief Financial Officer
Key managerial personnel heading finance.
Raman Rastogi
Company Secretary and Compliance Officer
Key managerial personnel for secretarial matters.
Corporate events

Events & announcements

Event Date File
DRHP filed with SEBI IPO filing
16 Apr 2026

Absolute Projects (India) filed its draft red herring prospectus with SEBI, the first public step towards an IPO.

16 Apr 2026
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Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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