IPO announced
Sadbhav Futuretech is heading for an IPO
An IPO has been announced. Issue details are on the IPO page.
Sadbhav Futuretech Unlisted Shares
Sadbhav Futuretech is a solar EPC company that mainly builds solar water pumping systems, along with rooftop and ground mounted solar projects. Its revenue from operations was ₹30,209.58 lakh in Fiscal 2025.
Read the full company profile
Key facts
Sadbhav Futuretech share details
- Lot size
- 1,000 shares
- Min. investment
- ₹108,000
- Face value
- ₹2
- Implied market cap
- ₹1,017 Cr
- Shares outstanding
- 94,149,840
- Founded
- 2020
- Headquarters
- Raipur, Chhattisgarh
- Website
- sadbhavfuturetech.com
- ISIN
- INE1BC001021
- CIN
- U74990CT2020PLC010124
- Lock-in after IPO
- 6 months
Price history
Sadbhav Futuretech share price chart
1Y change
-15.63%
High
₹128
Low
₹108
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
IPO journey
Sadbhav Futuretech IPO status: SEBI review completed
Sadbhav Futuretech has completed SEBI's review of its draft offer document. The next step is a red herring prospectus with the issue dates.
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7 Apr 2026DRHP filed with SEBI
About
About Sadbhav Futuretech
Sadbhav Futuretech Limited designs, supplies and installs solar power systems on a turnkey basis. Its main business is engineering, procurement and construction (EPC) of solar water pumping systems, used mostly for farm irrigation. It also does rooftop solar and ground mounted solar projects. The company started operations in 2020 with solar pumps and later added the other two lines.
The work is concentrated in a few states. The DRHP says operations are focused in Maharashtra and Haryana, while the order book of ₹2,01,605.00 lakh as on 28 February 2026 is mostly in Andhra Pradesh (39.21%) and Maharashtra (38.76%). The company says it had installed 47,960 pumps with an aggregate capacity of 171.53 MW for customers as of 30 September 2025. Customers are government agencies and private solar companies.
The numbers below are from the restated consolidated financials in the DRHP. Revenue from operations grew from ₹7,304.63 lakh in Fiscal 2023 to ₹13,367.86 lakh in Fiscal 2024 and ₹30,209.58 lakh in Fiscal 2025. Profit after tax rose from ₹84.84 lakh to ₹769.01 lakh and then ₹3,080.35 lakh. For the six months ended 30 September 2025, revenue was ₹27,428.26 lakh and profit after tax was ₹4,044.43 lakh. Total equity at the end of Fiscal 2025 was ₹7,888.01 lakh.
The company was incorporated in June 2020 as Icongreen Energy Private Limited, renamed Sadbhav Futuretech Private Limited the same month, and converted into a public limited company in November 2024. The registered office is in Raipur, Chhattisgarh, and the corporate office is in Gurugram, Haryana. The promoters are Bhupender Singh, Saikat Roy, Bettericon Consultancy Private Limited, Nilesh Jain, Neelam Jain and Samkit Jain, who together hold 77.45% of the paid-up equity share capital on a fully diluted basis.
Sadbhav Futuretech has filed its DRHP with SEBI on 7 April 2026 for an IPO that combines a fresh issue and an offer for sale, and its IPO journey stage is: SEBI review completed. Price band and dates are not announced. Unlisted shares of a company like this are dealt off-market between buyers and sellers through dealers, at indicative prices that can differ from the eventual IPO price. Our indicative price is ₹122 with a lot size of 1000 shares.
Strengths
- Revenue from operations grew from ₹7,304.63 lakh in Fiscal 2023 to ₹30,209.58 lakh in Fiscal 2025, and profit after tax rose from ₹84.84 lakh to ₹3,080.35 lakh over the same period.
- The order book stood at ₹2,01,605.00 lakh as on 28 February 2026, spread across Andhra Pradesh, Maharashtra, Chhattisgarh, Haryana and other states.
- EBITDA rose from ₹386.66 lakh in Fiscal 2023 to ₹5,284.69 lakh in Fiscal 2025, and reached ₹6,719.85 lakh in the six months ended 30 September 2025.
- Materials cost fell from 81.35% of revenue from operations in Fiscal 2023 to 61.16% in Fiscal 2025, which helped margins expand.
- The company says it had installed 47,960 pumps with an aggregate capacity of 171.53 MW as of 30 September 2025, giving it an execution track record in solar pumping.
- Basic EPS improved from ₹0.13 in Fiscal 2023 to ₹4.36 in Fiscal 2025 after the bonus issue adjustment, and total equity grew to ₹7,888.01 lakh at the end of Fiscal 2025.
Risks
- Customer concentration is very high. The largest customer gave 86.45% and the top five customers gave 99.38% of revenue from operations in the six months ended 30 September 2025.
- Solar water pumping EPC projects made up 97.73% of revenue from operations in the six months ended 30 September 2025, so the business depends on one product line.
- Operating cash flow is negative: net cash used in operating activities was ₹16,772.69 lakh in the six months ended 30 September 2025 and ₹11,000.19 lakh in Fiscal 2025.
- Trade receivables were ₹44,440.71 lakh at 30 September 2025, equal to 162.03% of revenue from operations for the half year, and the company has at times been paid after 12 months.
- Borrowings were heavy: total outstanding borrowings were ₹35,999.79 lakh fund based on 28 February 2026, against total equity of ₹11,932.17 lakh at 30 September 2025.
- Government contracts gave 86.45% of revenue in the six months ended 30 September 2025, so results depend on winning and executing tenders and on collecting from government agencies.
- Operations are concentrated in Maharashtra and Haryana, and a large part of the order book sits in Maharashtra and Andhra Pradesh.
- The company relies on third party suppliers for solar modules, inverters and other materials without long term contracts, and materials cost was 65.81% of revenue in the six months ended 30 September 2025.
- Promoters have given personal guarantees for loan facilities, for example ₹61,220.00 lakh each by Saikat Roy and Bhupender Singh as of 28 February 2026.
- The company does not own its offices. The registered office is occupied on leave and license from promoter Nilesh Jain, and the order book can change or be cancelled.
Financials
Sadbhav Futuretech financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY25Latest | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ Cr) | 302 | 134 | 73 |
| EBITDA (₹ Cr) | 52.85 | 16.80 | 3.87 |
| PAT (₹ Cr) | 30.80 | 7.69 | 0.85 |
| EBITDA Margin (%) | 17.49 | 12.57 | 5.30 |
| PAT Margin (%) | 10.20 | 5.75 | 1.16 |
| RoNW (%) | 39.05 | 62.83 | 18.64 |
| EPS (₹) | 4.36 | 1.21 | 0.13 |
| Total Assets (₹ Cr) | 303 | 102 | 43 |
| Net Worth (₹ Cr) | 78.88 | 12.24 | 4.56 |
Swipe the table sideways for earlier years →
Leadership
Management team
Saikat Roy
Chairman and Managing Director
Promoter and Chairman and Managing Director of the company.
Bhupender Singh
Executive Director
Promoter and executive director on the board.
Nilesh Jain
Executive Director
Promoter and executive director on the board.
Sunil Kumar Jha
Chief Financial Officer
Chief financial officer of the company.
Akarshit Kapoor
Company Secretary and Compliance Officer
Company secretary and compliance officer.
Rekha Malu
Independent Director
Independent director on the board.
Manoj Vaish
Independent Director
Independent director on the board.
Sanjeev Jain
Independent Director
Independent director on the board.
Corporate events
Events & announcements
Event
Date
File
DRHP filed with SEBI
IPO filing
7 Apr 2026
Sadbhav Futuretech filed its draft red herring prospectus with SEBI, the first public step towards an IPO.
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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.
