Integrum Energy IPO

Easy to miss in the prospectus

• The document is a draft red herring prospectus dated 24 September 2026; SEBI published it on 7 October 2026. The two dates are different events and both appear on the regulator's page.
• Profit for the year of ₹63.16 Cr is the consolidated figure used throughout the draft's own key performance indicators. Profit attributable to owners of the company is ₹63.29 Cr, with a ₹0.13 Cr loss attributable to non-controlling interests, and it is that owners' figure the disclosed return on net worth of 42.20% is struck on.
• Net worth here is equity attributable to owners — ₹149.98 Cr at 31 March 2026 — which is the SEBI definition the issuer uses and which reconciles to its stated net asset value of ₹18.18 a share on 8,24,82,670 shares. Total equity including non-controlling interests is ₹150.13 Cr.
• The disclosed leverage measure is NET of cash. Net debt was −₹38.74 Cr and net debt to equity −0.26 times at 31 March 2026, because cash, bank deposits and mutual-fund investments exceed total borrowings of ₹9.02 Cr. Gross borrowings over net worth on the same date is 0.06.
• The return on net worth of 42.20% is computed by the issuer on CLOSING net worth, as its own note states; the separately disclosed return on equity of 42.11% uses profit for the year over closing equity.
• Earnings per share of ₹8.00 is pre-issue basic earnings per share for FY26 on the ₹2 face value, restated for a 1,500-for-1 bonus issue in June 2024 and a five-for-one sub-division of the ₹10 shares in September 2026. The draft states the post-issue equivalent, the post-issue net asset value and the price-to-earnings ratio as placeholders to be filled once the offer price is determined.
• The peer table is struck on NSE closing prices of 16 September 2026 against FY26 diluted earnings and runs from 8.95 times at SolarWorld Energy Solutions to 315.42 times at Juniper Green Energy, with Sterling & Wilson loss-making and therefore excluded. The arithmetic average the draft reports, 162.19 times, is driven by those two outliers; the median of the seven peers with a positive multiple is about 18.25 times.
• The offer for sale of up to 82,42,000 shares includes two promoter selling shareholders — Shyamsundar Maheswari offering up to 39,91,000 shares and Shipra Goel up to 19,95,500 — whose weighted average cost of acquisition the draft records as 'Negligible'. Every other named selling shareholder acquired at ₹40.00 a share.
• A pre-IPO placement of up to 20,08,000 shares may be undertaken before the red herring prospectus is filed with the Registrar of Companies, and anything raised that way is deducted from the fresh issue of up to 1,58,08,000 shares.
• The draft states the pre-offer paid-up capital as 8,24,82,670 shares and leaves the post-offer share count as a placeholder, so post-issue promoter holding is not stated. Pre-offer, the four promoters hold 90.66% and the promoter group a further 0.27%.
• Two of the five objects put money into Integrum Green Assets Private Limited, the subsidiary that owns the independent-power-producer assets, and the company holds only 74.00% of it — 25.99% is held by Mprime Premises Private Limited. Money raised from public shareholders therefore funds assets a quarter of whose economics sits outside the listed entity.
• The technology split of project revenue in the business section (FY26 hybrid ₹259.78 Cr, wind ₹374.52 Cr, solar ₹48.70 Cr) does not tie to income from works contract in the financial statements, and the draft says so in its own note: that line also carries works contracts outside the three technologies.
• The draft contradicts itself on hybrid share. The overview states that of the 241.00 MW executable order book 86.56% is hybrid and wind and 13.44% solar, while the strengths section says hybrid projects account for 24.02% of the executable order book by capacity and the basis-for-offer-price section states the same 24.02% as a share of revenue from the ongoing portfolio.
• The industry framing — the 188.9% CAGR in orders added, the 72.48% revenue and 110.38% EBITDA CAGRs quoted over FY24–26, the market-structure argument and the state-level comparisons — comes from a CRISIL report the company commissioned and paid for exclusively for this offer under an engagement letter dated 10 July 2026.
• Two firms sign different parts of the draft: Singhi & Co. examined the restated consolidated financial information, while A N Y & Co. LLP certified the key performance indicators, the working capital computation and the weighted average cost of acquisition figures.
• The auditors carried an emphasis of matter for FY2023-24 on obtaining gratuity insurance under the Karnataka Compulsory Gratuity Insurance Rules, 2024 — since obtained, with effect from 12 June 2024 — and a Companies Act observation that the backup of books of account in electronic mode had not been maintained as required.
• Contingent liabilities at 31 March 2026 were a ₹7.50 Cr corporate guarantee given in respect of subsidiary borrowings, against net worth of ₹149.98 Cr.
• Order book figures — 241.00 MW, ₹929.91 Cr unexecuted value, 37 completed projects, 263.19 MWp/MW commissioned — are stated as at 31 August 2026, five months after the latest audited balance sheet, and are management operating metrics rather than examined financial information.
• The company was converted from a private limited company only on 24 May 2024 and its first full year as a public limited company is the year the revenue multiplied; the restated accounts cover FY24, FY25 and FY26 and there is no stub period in the draft.