Deon Energy IPO

AnnouncedMainboardIndustrialsBSE · NSE

Price band: —
Issue size: —
Lot size: —
Bidding: —
Grey market: —

Market data to 28 Oct 2026. Company figures are as filed, sourced 28 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Deon Energy was a partnership firm until April 2024 and has since taken revenue from operations from ₹68.43 Cr to ₹456.28 Cr while lifting its disclosed EBITDA margin from 6.99% to 13.90%, almost all of it by building ground-mounted solar plants for industrial buyers inside Gujarat. The offer asks whether a contractor's record underwrites becoming an owner: the largest single object, ₹95.80 Cr of the net proceeds, funds an independent power production plant across six sites, and that vertical supplied 0.13% of FY26 revenue.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

86Exceptional

IPOVista score

Broadly well-balanced

60% of the scoring model was backed by disclosed data for Deon Energy, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2020 · Ahmedabad, Gujarat · 195 employees

Deon Energy builds solar power plants for industrial buyers and has begun owning a few of them. The work is organised into three verticals. EPC is the business: end-to-end turnkey execution of ground-mounted and rooftop solar projects, covering conceptualisation, help with the customer's land acquisition, engineering, procurement, construction, commissioning and assistance in obtaining approvals including the evacuation lines that connect a plant to the grid. Operation and maintenance is sold alongside it. The third vertical, independent power production, has the company develop, own and operate solar assets and sell the electricity under long-term power purchase agreements. From its start as a partnership firm in 2020 to 31 August 2026 it executed 126 solar power projects totalling 321.53 MWDC, and at that date held 34 ongoing EPC projects of 198.97 MWDC for 28 customers. Customers are industrial - the DRHP names Makson Pharmaceuticals India, Omax Cotspin, Anjani Spintex, Sega Granito, Leaspin Textile, Lavish Granito, Spencera Ceramica, Parcos Tiles, Color Granito, Nioni Paper and Somnath Spinning - and are drawn from ceramics, spinning, textiles, engineering, paper, pharmaceuticals, polymers, chemicals and steel. The registered and corporate office is leased at Westgate on S. G. Highway in Ahmedabad, and the company employed 195 permanent staff at 31 August 2026. It holds two ISO 9001:2015 certifications and one each under ISO 14001:2015 and ISO 45001:2018.

A contractor's economics, now being pointed at an owner's. Revenue from operations went from ₹68.43 Cr in FY24 to ₹298.54 Cr in FY25 and ₹456.28 Cr in FY26, and 96.67% of the FY26 figure came from the EPC of ground-mounted solar projects alone. Deon buys solar panels and balance-of-system components from third-party suppliers - those it has dealt with for at least three years supplied 82.48% of its top-ten purchases in FY26 - and sells an installed plant on a turnkey basis, so cost of material consumed was ₹341.36 Cr of the ₹394.70 Cr of total FY26 expenses. The disclosed EBITDA margin rose each year, 6.99% in FY24 to 11.85% in FY25 to 13.90% in FY26, and PAT followed, ₹2.79 Cr to ₹26.41 Cr to ₹46.06 Cr. Growth has so far been funded without much debt: total borrowings were ₹11.62 Cr against net worth of ₹71.45 Cr at 31 March 2026, a disclosed debt-equity ratio of 0.16 times, and operating cash flow stayed positive through all three years. Working capital is where the money sits - FY26 added ₹26.52 Cr of trade receivables, ₹10.99 Cr of inventories and ₹32.20 Cr of other assets, so ₹61.96 Cr of restated profit before tax converted to ₹13.26 Cr of cash generated from operations. The IPP vertical is new, a 5.70 MWDC portfolio across four Gujarat sites of which only Ramgadh was running in FY26, and it supplied 0.13% of that year's revenue.

What makes it hard to copy

The DRHP's own framing is execution rather than technology: an established presence in solar EPC with demonstrated project execution, experienced promoters in renewable energy, and a strong financial track record. What is checkable behind it is a 126-project, 321.53 MWDC record from 2020 to 31 August 2026 concentrated in Gujarat, supplier relationships of three years or more that supplied 82.48% of top-ten purchases in FY26, and four management-system certifications - two ISO 9001:2015, one ISO 14001:2015 and one ISO 45001:2018.

Where the revenue comes from

Share of revenue by business line, latest full year

EPC - ground-mounted solar projects96.7%
EPC - rooftop solar projects2.1%
Other (2)1.2%

Hover or focus a segment for its share and what it covers.

Who buys from it

Makson Pharmaceuticals India Private LimitedOmax Cotspin Private LimitedAnjani Spintex Private LimitedSega Granito LLPLeaspin Textile LLPLavish Granito Private LimitedSpencera Ceramica LLPParcos Tiles LLPColor Granito Private LimitedNioni Paper LLP+1 more

Customers named in the prospectus or by the company. A short list is not automatically a risk, but concentration is — check the customer-concentration risk factor before assuming a marquee name means stability.

Where it operates

Registered and corporate office1
Westgate, S. G. Highway, Makarba, Ahmedabad, Gujarat (three leased units on the 6th floor)
IPP solar power plants4
Ramgadh, Surendranagar, Gujarat - 0.85 MWDC, operating from Fiscal 2026 · Ingorala, Amreli, Gujarat - 1.90 MWDC, commissioned in Fiscal 2027 · Bhechada, Gujarat - 1.15 MWDC, commissioned in Fiscal 2027 · Zinzari, Junagadh, Gujarat - 1.80 MWDC, commissioned in Fiscal 2027

0.0% of revenue is earned outside India.

Markets served

GujaratMaharashtra

Who runs it

Dharmesh Ashokbhai MakadiyaChairman and Managing Director · since 2024Promoter and promoter selling shareholder, and the largest holder at 36.50% pre-offer. Director since 11 April 2024, the day the partnership firm became a company. Over 11 years in renewable energy and business development; previously at Topsun Energy and Solarium Green Energy, and a partner in the erstwhile M/s. Deon Energy.
Bhargav Chaturbhai KavarExecutive Director · since 2024Promoter and promoter selling shareholder, 23.00% pre-offer. Director since 11 April 2024. He was also the chief financial officer until he resigned that post on 30 August 2026.
Kalariya Chiragbhai DineshbhaiWhole-time Director · since 2025Promoter and promoter selling shareholder, 28.50% pre-offer. Director since 18 July 2025. An initial partner of the 2020 firm who retired from it in 2023 and returned to the board in 2025; the DRHP records that he holds no formal educational qualifications.
Kalariya ArchanabenExecutive Director · since 2024Promoter, 9.00% pre-offer, and the one promoter not selling into the offer. Director since 11 April 2024.
Maulik S BagdaiIndependent Director · since 2025Chartered accountant. Director since 18 July 2025.
Ashokkumar Jivaraj ChavdaIndependent Director · since 2025Electrical engineer. Director since 18 July 2025.
Arun DashIndependent Director · since 2026Company secretary and fellow of the ICSI, over 20 years in secretarial compliance. Director since 21 July 2026.
Jadeja Devabhai HamirbhaiIndependent Director · since 2026Director since 21 July 2026.
Shershiya Bipinkumar RameshbhaiChief Financial Officer · since 2026Appointed 31 August 2026, the day after Bhargav Chaturbhai Kavar resigned the post. With the company since 20 January 2026.
Dhrupa Jigarkumar ThakkarCompany Secretary and Compliance Officer · since 2026Appointed 4 August 2026, three days after her predecessor resigned.

The company on paper

Legal name: Deon Energy Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 11 Apr 2024trading as Deon Energy since 2020
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U42201GJ2024PLC150542
Sector: Industrials · Solar EPC, operation and maintenance, and independent solar power production
Employees: 195
Registered office: Block D-604-605-606, 6th Floor, Westgate, S. G. Highway, Near YMCA Club, Makarba, Jivraj Park, Ahmedabad 380051, Gujarat, India
Statutory auditorWho signed the restated financial information: Vaghasia & Lakhani LLP, Chartered Accountants
Promoters: Dharmesh Ashokbhai Makadiya, Kalariya Chiragbhai Dineshbhai, Kalariya Archanaben, Bhargav Chaturbhai Kavar
Promoter holding, pre-issue: 97.0%
Website: deonenergy.in

The numbers

Financial performance

Revenue has compounded at 158.2% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

Profit against cash generated

Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.

Profit after tax
Operating cash flow

Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.

The price

Valuation

Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.

P/E at the band, post-issue

Not priced yet

No price band has been fixed yet, so there is no multiple to quote

Median P/E of its named peers

16.6×

3 listed companies the prospectus names itself

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY26): ₹19.19
EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹19.18
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹29.76

What it earns on what it has

Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 95.0%
Return on capital employed: 75.0%
EBITDA margin: 13.9%
Net margin: 10.1%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 0.16×

Valuation against listed peers

P/E against operating margin

The peer table does not carry both a P/E and an operating margin for enough companies to plot.

The terms

How the issue is structured

Fresh issueNew shares — proceeds go to the company: —
Offer for saleExisting shares — proceeds go to the selling shareholders: —
Total issue size: —
Shares offered in the OFS: 20,00,000
Pre-issue shares outstanding: 2,40,10,000
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

Stated objects of the fresh issue, largest first

General corporate purposes, capped at 25% of the gross proceeds — amount not quantified in the prospectus

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

100% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.

Who owns it before the issue

7 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.

Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples

No dates have been set yet, so bidding has not opened.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

The lot size and price band are not fixed yet, so there is nothing to calculate.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

Retail subscription figures are not available yet, so there is nothing to estimate from.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations compounded from ₹68.43 Cr in FY24 to ₹298.54 Cr in FY25 and ₹456.28 Cr in FY26, and profit after tax followed it up, ₹2.79 Cr to ₹26.41 Cr to ₹46.06 Cr.
Margins widened as the company scaled rather than narrowing: the disclosed EBITDA margin went 6.99%, 11.85%, 13.90% and the disclosed PAT margin 4.08%, 8.85%, 10.10%.
Customer concentration has fallen sharply. The top ten customers supplied 89.10% of revenue from operations in FY24, 57.30% in FY25 and 48.36% in FY26, and the single largest customer went 19.18%, 10.96%, 9.52% over the same years.
There is work booked beyond the accounts. At 31 August 2026 the outstanding EPC order value was ₹527.43 Cr across 34 projects and 198.97 MWDC, with a further ₹4.71 Cr of outstanding O&M across 60 contracts covering 205.95 MWDC.
The growth has not been bought with debt. Total borrowings were ₹11.62 Cr at 31 March 2026 against net worth of ₹71.45 Cr, a disclosed debt-equity ratio of 0.16 times, with disclosed interest cover of 192.25 times and a current ratio of 1.71.
Operating cash flow was positive in each of the three reported years: ₹8.18 Cr in FY24, ₹8.21 Cr in FY25 and ₹4.66 Cr in FY26.
The execution record is set out project by project in the filing: 126 solar power projects totalling 321.53 MWDC from the start of operations in 2020 to 31 August 2026, with constructed capacity in the year rising 19.62 MWDC, 99.52 MWDC and 214.79 MWDC across the three fiscals.
Most of the offer is money for the company. The three promoter selling shareholders are releasing 20,00,000 shares of the 92,00,000 offered; the balance is a fresh issue of up to 72,00,000 shares whose proceeds Deon keeps.

What to weigh against it

The business concentrated as it grew rather than diversifying. EPC of ground-mounted solar projects was 62.76% of revenue from operations in FY24, 95.78% in FY25 and 96.67% in FY26, and rooftop work shrank from 33.28% of FY24 revenue to ₹9.77 Cr in FY26.
Gujarat supplied 100% of revenue from operations in FY24 and FY25 and 90.03% in FY26, Maharashtra being the only other state at 9.97%. Operations depend on GUVNL, GETCO and the local distribution licensees for grid connectivity and evacuation, and on the Gujarat Renewable Energy Policy 2023.
End-market concentration sits on top of the geographic kind: ceramic industries were 44.76% of FY26 revenue from operations, spinning mills 15.76% and textiles 13.92%.
The company itself is barely two years old. The partnership deed is dated 23 June 2020, Deon Energy Private Limited was incorporated on 11 April 2024 and the public company dates from 13 May 2025, so FY24 precedes the company's own incorporation. The DRHP carries its own risk factor on that limited operating history.
Working capital is absorbing the growth. FY26 added ₹26.52 Cr of trade receivables, ₹10.99 Cr of inventories and ₹32.20 Cr of other assets, so ₹61.96 Cr of restated profit before tax produced ₹13.26 Cr of cash generated from operations and ₹4.66 Cr of net operating cash flow, down from ₹8.21 Cr on revenue 52.84% higher.
Both disclosed return measures fell in FY26 even as profit rose, because the equity base grew faster: return on equity 124.79%, 182.18% then 94.95%, and return on capital employed 125.64%, 121.38% then 74.98%. The percentages are large because net worth was ₹3.42 Cr in FY24 and ₹25.58 Cr in FY25.
The auditor's report for Fiscal 2025-26 carries an adverse observation under CARO 2020: certain immovable properties and fixed assets remain registered in the name of the erstwhile partnership firm rather than the company, reported under paragraph 3(i)(c). The company states that one property has been transferred since 31 March 2026.
The auditor who signed the restated accounts is new to the company. Shivam Soni & Co resigned on 5 June 2026, Vaghasia & Lakhani LLP was appointed on 2 July 2026 to fill the casual vacancy, and the appointment was confirmed at the annual general meeting on 12 September 2026, thirteen days before the DRHP was dated.
SEBI refused the company a concession it had asked for. Deon applied on 17 July 2025 under Regulation 300(1)(c) to be relieved of identifying and disclosing a promoter-group member, Hetal Kalariya, the sister of promoter Kalariya Chiragbhai Dineshbhai, whom the promoters say they have been disconnected from since 2001 and cannot trace. SEBI rejected the application on 3 November 2025, so the disclosures about her and her connected entities rest only on public-domain information the company says it has not verified.
The finance function turned over in the weeks before filing. Bhargav Chaturbhai Kavar, a promoter and executive director, resigned as chief financial officer on 30 August 2026 with a successor appointed on 31 August, and the company secretary changed on 1 and 4 August 2026.
The vertical that the largest object funds has almost no operating record. The existing IPP portfolio is 5.70 MWDC across four Gujarat sites; only the 0.85 MWDC Ramgadh plant was operating in FY26, the other three were commissioned in Fiscal 2027, and IPP revenue in FY26 was ₹0.58 Cr.
The registered office and the IPP sites are leased, one of them from the promoters: the Ingorala plant site is taken for 28 years from April 2025 from Dharmesh Ashokbhai Makadiya and Bhargav Chaturbhai Kavar at ₹2,813 a month. The DRHP adds that the company has not conducted independent legal due diligence on the title of all leased properties.
The selling shareholders are releasing shares that cost them almost nothing. Milind Nyati & Co. LLP certifies the weighted average cost of acquisition at ₹0.00 for Dharmesh Ashokbhai Makadiya, with an average of ₹0.004, Nil for Kalariya Chiragbhai Dineshbhai, and ₹0.01 for Bhargav Chaturbhai Kavar, with an average of ₹0.005.
A pre-IPO placement of up to 14,40,000 shares, capped at 20% of the fresh issue, may be taken before the RHP is filed with the RoC, and whatever it raises is deducted from the fresh issue.
Contingent liabilities at 31 March 2026 were ₹2.85 Cr, all of it bank guarantees given to customers for erection, installation and commissioning work.

Easy to miss in the prospectus

The industry P/E block does not do what its own note says. It states the highest at 326.39 times, the lowest at 13.39 and the average at 169.89, and note (a) says the average is the arithmetic average of the three disclosed peers. But 169.89 is exactly the mean of the stated highest and lowest alone, and the three P/Es printed in the peer table - 13.33, 16.59 and 326.39 - average 118.77. The EV/operating-EBITDA block is built the same way: its average of 24.90 is the mean of 39.58 and 10.21.
The stated lowest P/E of 13.39 is not the 13.33 the peer table prints for KPI Green Energy. On KPI Green's ₹321.65 close and basic EPS of ₹24.13 the figure is 13.33, which is the basis note (b) declares; its diluted EPS of ₹24.04 gives 13.38.
PAT margin's definition and its arithmetic disagree. Note 5 defines it as restated profit divided by total income, but the printed 10.10% for FY26 and 8.85% for FY25 reproduce profit over revenue from operations; on total income they would be 10.09% and 8.83%. This record carries the issuer's 10.10%.
Debt-equity has the same problem in the other direction. Note 8 defines it on average total equity, but the printed 0.16, 0.14 and 0.07 reproduce total borrowings over closing total equity; on average equity, FY26 and FY25 would both be about 0.24. This record carries the issuer's 0.16.
Return on net worth is genuinely on average net worth, as its note states: ₹46.06 Cr over the average of ₹71.45 Cr and ₹25.58 Cr gives the disclosed 94.95% exactly. On closing net worth the same profit gives 64.47%.
The three years are not on one basis. FY26 is consolidated, following the incorporation of the wholly owned subsidiary Deon Renewables Private Limited on 6 August 2025 and five step-down subsidiaries, Deon Energy One to Five. FY26 is also the only year carrying the owners / non-controlling split, where non-controlling interests are nil, so profit for the year and profit attributable to owners are the same ₹46.06 Cr. FY25 and FY24 print NA for that split.
Earnings per share appear on two bases. The comparable post-bonus series is ₹1.16, ₹11.00 and ₹19.19; the pre-bonus FY25 figure of ₹26,414.00 is the same profit divided by the 10,000 shares the company then had. FY24 carries no EPS at all, because the company was formed by conversion of the partnership firm on 11 April 2024.
Order book is reported on two different definitions and two different dates. The year-end KPI - the total value of projects secured less revenue already recognised - was ₹204.76 Cr for FY24, ₹173.82 Cr for FY25 and ₹256.89 Cr for FY26, while the ₹527.43 Cr figure is outstanding EPC order value at 31 August 2026, five months after the latest balance sheet.
None of the net proceeds is scheduled to be spent in Fiscal 2027. The whole ₹95.80 Cr for the IPP plant falls in Fiscal 2028, and working capital is ₹50.00 Cr in Fiscal 2028 and ₹25.00 Cr in Fiscal 2029. The DRHP also states that the funding requirements and the proposed deployment have not been appraised by any bank or financial institution.
The peer figures here are the DRHP's own comparison table struck on the 21 September 2026 BSE closes, and its revenue column is Total Income rather than revenue from operations. That table gives no EBITDA margin for any peer, so those cells are blank by the filing's own hand.
Capacity utilisation of 90.80% describes the IPP fleet only - 1.58 million units of actual production against 1.74 million units of effective installed capacity - and the DRHP reports it for FY26 alone.
Industry and market data, including the company's positioning, is drawn from a Dun & Bradstreet report dated 24 September 2026 that Deon commissioned and paid for exclusively for this offer.
The related-party risk factor is narrower than it looks. Its table is headed Revenue from Operations and shows ₹0.46 Cr in FY25, 0.15% of revenue, ₹0.18 Cr in FY24, 0.26%, and nil for FY26 - yet the Ingorala IPP site has been leased from two promoters since April 2025, so that table is not a census of every related-party dealing.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Valmiki Leela Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Deon Energy's own prospectus and to exchange disclosures. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: —
Closes: —
Allotment: —
Lists: —
Revenue (FY26): ₹456 Cr
Profit (FY26): ₹46.06 Cr

Timeline

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.