- Price band
- ₹91 – ₹96
- Issue size
- ₹27.65 Cr
- Lot size
- 1200 sh
- Bidding
- 30 Jul – 3 Aug
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 6 Aug 2026
No quote recorded
Market data to 27 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Oneindig Technologies is a Faridabad-based solar EPC, O&M and solar water pump contractor that raised Rs 27.65 crore on BSE SME, all of it fresh issue with no offer for sale, in a book priced at Rs 91-96 and open from 30 July to 3 August 2026. Revenue was Rs 19.32 crore in FY23, Rs 43.64 crore in FY24 and Rs 46.01 crore in FY25, and the ten months to 31 January 2026 recorded Rs 57.46 crore on their own, 24.89% above the whole of FY25. Over that stub, total borrowings went from Rs 6.93 crore at 31 March 2025 to Rs 50.77 crore at 31 January 2026, against net worth of Rs 20.65 crore. The issue was subscribed 1.73 times overall on day three; the shares listed at Rs 120 against a band top of Rs 96 and last traded at Rs 119.40 on 23 October 2026.
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
63% of the scoring model was backed by disclosed data for Oneindig Technologies, giving medium 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.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
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 2016 · Faridabad, Haryana, India · 34 employees
Oneindig Technologies builds and maintains solar power installations. Its main line is engineering, procurement and commissioning work: turnkey rooftop systems for homes and for commercial and industrial sites, ground-mounted plants, and solar water pumps installed largely for state agencies, including cumulative orders for more than 550 pumping systems from Haryana's HAREDA and over 350 from JAKEDA in Jammu & Kashmir. It also resells solar hardware, including PV modules, inverters, pump controllers, lithium-ion and lead-acid storage, and LT/HT panels, wires and cables. A smaller arm owns generating assets and sells the output under power purchase agreements. As of the July 2026 prospectus it had 58.40 MW of operational project capacity, 52.08 MW contracted and under construction, and 34 employees. The registered office is in Faridabad, Haryana.
Revenue is project and equipment sales, not recurring fees, so cash follows tender wins. Bought-in goods dominate the cost base: purchase of stock-in-trade was 88.72% of total revenue in FY25 and 66.16% in the ten months to 31 January 2026, which is why the EBITDA margin sat at 14.92% in FY25. Two constraints follow. Customer concentration: the single largest customer was 62.19% of FY25 revenue and the top ten were 96.76%. And working capital: operating cash flow was negative Rs 14.70 crore over the stub period, and total borrowings rose from Rs 6.93 crore at March 2025 to Rs 50.77 crore at January 2026. Rs 20.00 crore of the issue funds working capital.
The company on paper
- Legal name
- Oneindig Technologies Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 2 Nov 2016
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999HR2016PLC066271
- Sector
- Industrials · Solar EPC, O&M and solar water pumps for government and C&I customers
- Employees
- 34
- Registered office
- Faridabad, Haryana, India
- Promoters
- Manoj Agrawal, Seema Agrawal
- Promoter holding, pre-issue
- 51.3%
- Promoter holding, post-issue
- 37.8%
- Website
- oneindig.tech
The numbers
Financial performance
Revenue has compounded at 54.3% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. 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
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% 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
- ₹27.65 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹27.65 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,44,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 13.5% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
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 at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹96.00
- Listed at
- ₹120.00
- Listing gain
- up 25.0%
- Since listing
- up 2.3%
- Against the issue price
- up 27.8%
Trading at ₹122.70 on 27 Oct 2026
What an allotment is worth now, before costs
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.
- Shares applied for
- 2,400
- At cut-off price
- ₹96.00
- Amount blocked
- ₹2,30,400
One lot is 1200 shares at ₹1,15,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,30,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
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.
~54%
chance of one lot, per application
- Retail subscription
- 1.84×
- Applicants per share available
- 1.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹120.00
listed at, 25.0% against the issue price
- Issue price
- ₹96.00
- Premium said
- —
- If allotted 1200 shares
- ₹28,800
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose 125.88% from Rs 19.32 crore in FY23 to Rs 43.64 crore in FY24, then 5.43% to Rs 46.01 crore in FY25. The ten months to 31 January 2026 brought Rs 57.46 crore, 24.89% above the full FY25 figure and above the Rs 38.34 crore that ten-twelfths of FY25 revenue would represent.
- The EBITDA margin was higher in every successive period the record carries: Rs 1.38 crore on Rs 19.32 crore in FY23 (7.14%), Rs 5.22 crore on Rs 43.64 crore in FY24 (11.96%), Rs 6.87 crore on Rs 46.01 crore in FY25 (14.93%) and Rs 10.52 crore on Rs 57.46 crore in the ten-month stub (18.31%).
- Profit after tax was Rs 0.11 crore in FY23, Rs 2.95 crore in FY24 and Rs 4.17 crore in FY25, with Rs 6.16 crore in the ten months to 31 January 2026 — the stub figure alone 47.72% above the full FY25 year.
- Net worth was higher at each period end on record: Rs 2.74 crore at March 2023, Rs 7.49 crore at March 2024, Rs 14.68 crore at March 2025 and Rs 20.65 crore at January 2026. The entire Rs 27.65 crore issue was fresh capital, with the offer-for-sale component at zero.
What to weigh against it
- Total borrowings were Rs 50.77 crore at 31 January 2026 against Rs 6.93 crore at 31 March 2025, a rise of 632.61%. Measured against net worth, borrowings were 2.46 times the Rs 20.65 crore at January 2026, 0.47 times the Rs 14.68 crore at March 2025, 1.08 times the Rs 7.49 crore at March 2024 and 2.72 times the Rs 2.74 crore at March 2023.
- The record's business-model note states that the single largest customer was 62.19% of FY25 revenue and that the top ten customers were 96.76%.
- The same note states that operating cash flow was negative Rs 14.70 crore over the stub period, and that Rs 20.00 crore of the Rs 27.65 crore issue funds working capital.
- The note also states that purchase of stock-in-trade was 88.72% of total revenue in FY25 and 66.16% in the ten months to 31 January 2026.
Easy to miss in the prospectus
- The shares listed at Rs 120 on 6 August 2026 against a band top of Rs 96, a listing gain of 25%, and closed day one at Rs 126. The last price on record is Rs 119.40 on 23 October 2026, 24.38% above the Rs 96 issue price and 5.24% below that day-one close.
- The only subscription figures on record are day three, 3 August 2026: QIB 1.05 times, NII 2.40 times, retail 1.84 times, 1.73 times overall.
- Promoter holding is recorded at 51.33% before the issue and 37.80% after it, with Manoj Agrawal and Seema Agrawal named as promoters.
Straight from the filing
Read it yourself
The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.
The paperwork
Who is running the issue
- Lead managers
- Share India Capital Services Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Built from 5 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
- BSE equity bhavcopy 06-Aug-2026 (listing day; scrip 544852 ONEINDIG, series MT, ISIN, open/high/low/close, NewBrdLotQty) · read 16 Oct 2026
- BSE equity bhavcopy 07-Aug-2026 (confirms ISIN, lot qty and prior close Rs 126.00) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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