Ekkaa Electronics IPO
Ekkaa Electronics (India) Limitedekkaa.com
- Price band
- —
- Issue size
- ₹725 Cr
- Lot size
- —
- Bidding
- —
- Grey market
- —
72% fresh capital
Listing date to be set
No quote recorded
Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.
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.
IPOVista score
Broadly well-balanced
56% of the scoring model was backed by disclosed data for Ekkaa Electronics, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow 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 2021 · Noida, Uttar Pradesh (registered office in New Delhi) · 214 employees
Ekkaa Electronics (India) builds consumer electronics and appliances that other companies sell under their own brands. It works as an ODM and OEM: a customer picks from Ekkaa's catalogue or commissions a design, and Ekkaa handles electrical and mechanical design, component sourcing, assembly and packaging. LED televisions are the bulk of it — Rs 876.98 crore, or 71.78% of revenue in FY2026 — alongside semi-automatic washing machines and washers, personal and commercial air coolers, multimedia speakers, induction and infrared cooktops, smart displays for advertising, and metal back covers and casings for TVs. Buyers are Indian retail-facing brands, online platforms and regional businesses: over 450 customers across 20 states and union territories as of 31 March 2026. Plants are at Noida (Uttar Pradesh) and Ganaur (Haryana).
Ekkaa is paid per unit built, so margins turn on component cost and plant loading. Materials dominate: cost of materials consumed was 84.80% of total income in FY2026, leaving a 16.98% gross margin and a 9.37% EBITDA margin. Much of that input is bought abroad — Rs 802.57 crore of imported raw material in FY2026, chiefly LED open cells and PCB components — and a single supplier accounted for 46.94% of raw material purchases. Demand is concentrated too: the top 10 customers gave 65.77% of FY2026 revenue. Installed capacity of 5,199,300 units ran at 37.80% utilisation in FY2026, so the constraint is filling lines, not building them. Borrowings stood at Rs 396.14 crore on 31 July 2026; Rs 225 crore of the fresh issue is earmarked to repay debt.
The company on paper
- Legal name
- Ekkaa Electronics (India) Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 24 Mar 2021
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U32304DL2021PLC379143
- Sector
- Information Technology · ODM/OEM contract manufacturer of LED TVs and appliances
- Employees
- 214
- Registered office
- Noida, Uttar Pradesh (registered office in New Delhi)
- Promoters
- Sagar Gupta, Chandra Prakash Gupta, Madhuri Gupta
- Promoter holding, pre-issue
- 61.8%
- Website
- ekkaa.com
The numbers
Financial performance
Revenue has compounded at 13111.3% 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
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.
No price band has been fixed yet, so there is no multiple to quote
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)
- ₹9.04
- EPS, post-issueNot disclosed, so computed from FY2026 profit after tax and the disclosed share count — this is the figure the multiple above is built on
- ₹9.54
- Price / sales
- —
- Net asset value per shareBook value behind one share — a floor, not a target
- ₹34.79
What it earns on what it has
Returns and margins on FY2026. 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.
- 26.0%
- Return on capital employed
- 18.0%
- EBITDA margin
- 9.4%
- Net margin
- 5.4%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityComputed as total borrowings over net worth attributable to owners, from this record’s own balance sheet.
- 1.23×
Valuation against listed peers
Asking P/E against operating margin. All marks are the same size — market capitalisation is not disclosed for every company here, and sizing only some of them would read as a measurement.
- Ekkaa Electronics
- Listed peers
Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. Market capitalisation, where disclosed, is in the tooltip and the table. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 22 Sep 2026 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.
The terms
How the issue is structured
72% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹525 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹200 Cr
- Total issue size
- ₹725 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- 6,85,41,800
- 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
- Repairs the balance sheet
- Invested in growth
- General corporate purposes - amount left as a placeholder in the draft; 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.
40% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
Who owns it before the issue
24 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
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- FY2024 and FY2025 restated figures are standalone for the issuer alone; only FY2026 is consolidated. Ekkaa Electronics Industries Private Limited, which carries most of the operating history and started making LED TVs at Sonipat in 2019, was acquired only on 29 August 2025. So FY2024 revenue of Rs 0.07 crore is a company that had not yet started manufacturing, not a collapse — the DRHP's unaudited pro-forma consolidated revenue for FY2024 is Rs 433.68 crore and for FY2025 Rs 709.34 crore.
- The Rs 525 crore fresh issue may shrink. The DRHP permits a pre-IPO placement of up to 20% of the fresh issue (about Rs 105 crore), and any amount raised there is deducted from the fresh issue.
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
- Motilal Oswal Investment Advisors Limited, Shannon Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Ekkaa Electronics's own prospectus and to exchange disclosures, then cross-checked against 3 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Ekkaa Electronics (India) Limited - Draft Red Herring Prospectus dated 24 September 2026 (NSE corporate archives) · read 17 Oct 2026
- SEBI — Processing Status of Draft Offer Documents (Ekkaa Electronics India Limited, IPO Fresh + OFS, date of receipt 30 September 2026, under process as on 16 October 2026) · read 17 Oct 2026
- SEBI - Filings > Processing Status > Issues (index page carrying the 16 October 2026 list) · read 17 Oct 2026
- Ekkaa Electronics company website · read 17 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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