- Price band
- —
- Issue size
- —
- Lot size
- —
- Bidding
- —
- Grey market
- —
Split not disclosed
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 Sunkind India, 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.
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 2019 · Gurugram, Haryana · 137 employees
Sunkind India designs, procures, builds and then maintains solar power plants for other businesses. Work takes three physical forms: utility-scale ground arrays above 1 MW that feed the grid, ground-mounted plants on land beside a client's own facility, and rooftop systems on commercial and industrial buildings generating for on-site consumption. Buyers are industrial rather than residential — power transmission and distribution companies, steel producers, auto-component makers and hospitality groups. As of 31 March 2026 the company had served clients across 15 states and union territories. A subsidiary, Sunkind Strucmax, manufactures the module mounting structures and walkways the projects sit on; a second, Sunkind Photovoltaics, is being set up to produce modules. Head office is in Gurugram.
Revenue is contract-based. EPC contracts were ₹216.38 Cr of FY26 revenue from operations (71.4%) and mounting-structure manufacturing ₹84.09 Cr (27.8%); O&M, consulting, power and scrap sales together under 1%. Most clients buy on a CAPEX basis and own the asset outright; under the OPEX model a subsidiary retains the plant and sells power under 15-25 year PPAs. Cost is dominated by bought-in material — ₹207.79 Cr against FY26 revenue from operations of ₹302.96 Cr, roughly 69% — with the top ten suppliers accounting for ₹177.74 Cr. The structural constraint is working capital: receivables ran 64 to 112 days across FY24-FY26, and ₹80 Cr of the issue is earmarked to fund them. Order book was ₹432.37 Cr at 30 July 2026.
The company on paper
- Legal name
- Sunkind India Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 20 Sep 2019
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U35105HR2019PLC082656
- Sector
- Industrials · Solar EPC and O&M, plus module mounting structure manufacturing
- Employees
- 137
- Registered office
- Gurugram, Haryana
- Promoters
- Hanish Gupta, Nidhi Gupta
- Promoter holding, pre-issue
- 90.0%
- Website
- sunkind.in
The numbers
Financial performance
Revenue has compounded at 92.3% 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 (financial year ended March 31, 2026), Restated Consolidated Financial Statements)
- ₹20.64
- 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
- ₹20.03
- Price / sales
- —
- Net asset value per shareBook value behind one share — a floor, not a target
- ₹47.41
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.
- 43.5%
- Return on capital employed
- 53.3%
- EBITDA margin
- 16.6%
- Net margin
- 11.8%
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
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.
- Sunkind India
- 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 10 Aug 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
- Fresh issueNew shares — proceeds go to the company
- —
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- —
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- 1,78,88,000
- 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 Purpose — 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
4 holders named, covering 96.4% of pre-issue equity. The prospectus does not name the rest.
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
- The 29 September 2025 DRHP is superseded. Several trackers still display that draft's objects (₹7.43 Cr Strucmax capex, ₹41.35 Cr Jaipur module plant, ₹40 Cr working capital) and FY25 financials. The current 11 August 2026 DRHP has materially different objects: ₹80 Cr working capital for the company and ₹10 Cr into Sunkind Strucmax, plus general corporate purposes.
- revenueCr is revenue from operations per the DRHP's own KPI table. Total income including other income is higher — ₹303.52 Cr for FY26, ₹120.53 Cr for FY25 — which is the figure some trackers show.
- patCr is profit for the year (₹35.83 Cr FY26) as stated in the DRHP KPI table, before the ₹0.58 Cr attributable to minority interest. Profit attributable to owners is ₹35.25 Cr.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- DRHP dated 11 August 2026 (current draft, company investor page)11 Aug 2026The first draft, filed for review. No price band and no dates.Opens on pub-f5ad013b8f8642a392c7ded39f4b2212.r2.dev
- DRHP dated 11 August 2026 — NSE Emerge archive copy (zip, DRHP + draft abridged prospectus)11 Aug 2026The first draft, filed for review. No price band and no dates.Opens on nsearchives.nseindia.com
- DRHP dated 29 September 2025 (superseded by the August 2026 draft)29 Sep 2025The first draft, filed for review. No price band and no dates.Opens on nsearchives.nseindia.com
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
- Hem Securities Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Sunkind India's own prospectus and to exchange disclosures, then cross-checked against 6 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.
- NSE Emerge archive — Sunkind India Limited DRHP (zip: DRHP + draft abridged prospectus), 11 August 2026 · read 17 Oct 2026
- NSE Emerge archive — Sunkind India Limited DRHP dated 29 September 2025 (superseded) · read 17 Oct 2026
- Sunkind India — Investors page (hosts the current offer document) · read 17 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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