Absolute Project (India) Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 2,00,00,000 equity shares (Fresh Issue only, no OFS)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Absolute Project (India) Limited

Incorporated in February 1995, Absolute Project (India) Limited is an EPC company with in-house manufacturing of electrical and structural components for power infrastructure. As of December 31, 2025, under its Power EPC portfolio, the company has completed 2,480 CKM of transmission and distribution lines, installed 885 MVA of transformers and 7,53,682 kVA of distribution transformers, laid 43.20 km of underground cables and 8,311 km of LT distribution lines, and built 55 substations from 33 kV to 220 kV. The company operates across 12 states and 3 union territories in India.

Absolute Project (India) Limited IPO Overview

Absolute Project (India) Limited filed its DRHP with SEBI on March 30, 2026, for a book-built IPO comprising a fresh issue of up to 2,00,00,000 equity shares. The issue is entirely a fresh issue with no offer-for-sale (OFS) component. The company may consider a pre-IPO placement. Net proceeds from the fresh issue will be utilized for funding capital expenditure towards modernization of Manufacturing Facility I, procurement of plant and machinery for Manufacturing Facility II, and equipment for Power EPC projects (₹4,065.55 lakh), repayment/prepayment of certain borrowings (₹4,911.08 lakh), funding working capital requirements (₹4,000 lakh), and general corporate purposes. Lead manager: Cumulative Capital Private Limited. Registrar: MUFG Intime India Private Limited. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Absolute Project (India) Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	2,00,00,000 equity shares
Fresh Issue	2,00,00,000 equity shares
Offer for Sale (OFS)	—
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	4,30,13,585 shares
Shareholding post-issue	6,30,13,585 shares

Absolute Project (India) Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Absolute Project (India) Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

 Absolute Project (India) Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹2.23
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	7.51%
Net Asset Value (NAV)	₹28.99
Return on Equity (RoE)	7.51%
Return on Capital Employed (RoCE)	6.03%
EBITDA Margin	10.51%
PAT Margin	6.90%
Debt to Equity Ratio	0.81

 Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Funding capital expenditure towards modernization of Manufacturing Facility I, procurement of plant and machinery for Manufacturing Facility II, and equipment for Power EPC Projects	406.56
Repayment or prepayment of certain borrowings	491.11
Funding of working capital requirements	400.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Absolute Project (India) Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	3,215.95	2,858.50	2,013.09	1,394.77
Revenue from Operations	1,358.02	3,066.69	2,482.45	1,409.95
Profit After Tax	93.68	210.05	146.45	29.01
Reserves and Surplus	1,161.79	949.99	493.96	347.26
Total Borrowings	1,008.72	886.25	309.56	235.22
Total Liabilities	1,968.14	1,825.93	1,445.51	978.89

 Financial Status of Absolute Project (India) Limited

 SWOT Analysis of Absolute Project (India) Limited

Strengths and Opportunities	Weaknesses and Threats
Established track record of over three decades in Power EPC project management and execution	Intense competition in the EPC sector with thin profit margins
Integrated capabilities across manufacturing and lifecycle services supporting Power EPC execution	Execution delays and cost overruns in fixed-price contracts
Healthy Order Book of ₹74,753.03 lakhs providing future revenue visibility	Price volatility in raw materials affecting project profitability
Strong financial performance with 47.48% revenue CAGR from Fiscal 2023 to Fiscal 2025	Supply chain disruptions impacting timely project delivery
Experienced promoters with over 30 years of industry expertise	Right-of-way acquisition challenges for transmission line projects
Government’s ₹9.1 lakh crore investment plan for transmission sector by 2032	Regulatory and approval delays in project execution
Growing power demand projected to reach 366 GW by 2032	Dependence on government utilities for major contracts
Expansion of renewable energy requiring 17,500 ckm of new transmission lines annually	Geographic concentration with significant revenue from select states
Revamped Distribution Sector Scheme and Green Energy Corridors creating project opportunities	Working capital-intensive nature of EPC business
International expansion potential in markets like Nepal and Sierra Leone	Currency and macroeconomic risks in international operations

Absolute Project (India) Limited IPO Strengths

Established Track Record of Power EPC Project Management and Execution Capabilities

Absolute Project (India) Limited has built a strong reputation over three decades in the power transmission and distribution EPC sector. The company has successfully completed 2,480 CKM of transmission and distribution lines, installed 885 MVA of transformer capacity, laid 43.20 km of underground cables, and constructed 55 substations ranging from 33 kV to 220 kV. This extensive execution track record demonstrates the company’s ability to deliver complex infrastructure projects across diverse geographies, establishing credibility with clients including government utilities and enabling participation in large-scale tenders.

Capabilities Across Manufacturing and Lifecycle Services Supporting Power EPC Execution

The company’s integrated operating model combines in-house manufacturing of electrical and structural components with EPC project execution, civil construction, and operation and maintenance services. This vertical integration provides operational flexibility, enhances quality control, reduces dependence on third-party suppliers, and enables better coordination across different stages of project execution. The in-house manufacturing capabilities also contribute to cost efficiency and support timely project delivery.

Healthy Order Book Providing Visibility of Future Revenues

As of December 31, 2025, Absolute Project (India) Limited’s total Order Book stood at ₹74,753.03 lakhs, with Power EPC Projects constituting 85.35% of the total order book value. The company has been identified as the L1 bidder for a Power EPC project by Power Grid Energy Services Limited in Andaman and Nicobar Islands with a work value of ₹27,527.41 lakhs. This sustained order book growth provides long-term revenue visibility and business continuity.

Strong Financial Performance Supported by Growth in Operations and Improving Profitability

The company has demonstrated exceptional financial growth with revenue from operations growing at a CAGR of 47.48% from Fiscal 2023 to Fiscal 2025. Profit after tax increased from ₹290.12 lakhs to ₹2,100.45 lakhs during the same period. EBITDA margin improved from 4.32% to 9.45%, and net profit margin expanded from 2.06% to 6.85%. Return on Equity improved to 20.34% in Fiscal 2025, reflecting strong capital utilization and operational efficiency.

Experienced Promoters and Strong Management Team

The company benefits from the leadership of Promoter Directors Ranjeet Singh Ola with over 30 years of experience and Deependra Singh Ola with 22 years of experience in the EPC power sector. The management team is supported by qualified professionals including a Chief Financial Officer with over 15 years of experience and department heads with extensive industry expertise. This combination of promoter vision and professional management provides a competitive edge in executing projects of increasing scale and complexity.

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More About Absolute Project (India) Limited

Business Verticals

Absolute Project (India) Limited operates across four distinct business verticals that collectively create an integrated service offering in the power infrastructure space:

• Power EPC Projects: The company undertakes turnkey engineering, procurement, and construction of transmission lines, substations, and distribution networks. This vertical constitutes the largest portion of the company’s revenue and order book.
• Supply of In-house Manufactured Electrical and Structural Components: The company manufactures critical components including transformers, conductors, and structural elements at its two manufacturing facilities in Roorkee, Uttarakhand, supporting both internal EPC execution and third-party sales.
• Civil Construction: The company undertakes select civil construction works, complementing its EPC capabilities and diversifying revenue streams.
• Operation and Maintenance Services: The company provides comprehensive O&M services for transmission lines and substations, including periodic inspections, preventive maintenance, and corrective maintenance, establishing an annuity-based revenue model.

Geographical Presence

The company has established a significant footprint across 12 states and 3 union territories in India, with notable project presence in Rajasthan, Punjab, Ladakh, Haryana, and Uttar Pradesh. Additionally, the company has expanded internationally, successfully undertaking two Power EPC Projects in Nepal. The company’s revenue from operations for the period ended September 30, 2025, shows Rajasthan contributing 30.22%, the Nepal branch contributing 28.83%, and Uttarakhand contributing 27.69% of total revenue.

Manufacturing Facilities

The company operates two manufacturing facilities in Roorkee, Uttarakhand. Manufacturing Facility I has been operational since 2008 and is currently undergoing modernization to replace aging machinery and enhance operational efficiency. Manufacturing Facility II has been established with requisite approvals, and commercial operations are yet to commence. The proposed capital expenditure from IPO proceeds will support modernization of Facility I and operationalization of Facility II.

Order Book Composition

As of December 31, 2025, the company’s total Order Book of ₹74,753.03 lakhs comprises Power EPC Projects (85.35%), supply of in-house manufactured components (1.85%), civil construction (8.00%), and operation and maintenance services (4.80%). This diversified order book reflects the company’s integrated capabilities and provides revenue visibility across multiple business segments.

Industry Outlook

India Power Transmission and Distribution EPC Market

The India power transmission and distribution EPC market is undergoing rapid expansion, driven by the country’s ambitious energy goals and large-scale infrastructure development programs. Valued at approximately USD 14.68 billion in 2025, the market is projected to more than double over the next decade, reaching an estimated USD 35.20 billion by 2035, reflecting a robust CAGR of 9.34% during the forecast period 2026–2035.

Growth Drivers

The surge in market growth is primarily driven by the urgent need to evacuate nearly 500 gigawatts of renewable energy by 2030, which necessitates a massive scale-up in transmission infrastructure. India’s peak power demand is projected to rise from 256.53 GW in FY 2025 to 335 GW by FY 2030 and further to 366 GW by FY 2032. The government has planned investments exceeding ₹9.1 lakh crore in the transmission and distribution sector by 2032.

Key Infrastructure Additions

The National Electricity Plan envisions nearly 191,000 circuit kilometers of new transmission lines and 1,270 GVA of substation capacity between 2022 and 2032, pushing transmission network length to around 648,000 circuit kilometers. The Indian government plans to add approximately 17,500 circuit kilometers of transmission lines and 80,000 MVA of transformation capacity annually.

Government Initiatives

Key policy drivers include the Revamped Distribution Sector Scheme (RDSS), Green Energy Corridors, and the “One Nation, One Grid” initiative. Smart grid technologies, HVDC systems, and advanced monitoring solutions are being increasingly adopted to strengthen grid reliability and integrate renewable energy sources.

Competitive Landscape

The market is characterized by intense competition, with Power Grid Corporation of India Limited (PGCIL) maintaining a dominant position with a project portfolio valued at approximately ₹1,54,680 crore. Private sector players like Adani Energy Solutions and Kalpataru Projects are also expanding aggressively. The Tariff-Based Competitive Bidding (TBCB) mechanism has introduced transparency and enabled broader participation in the sector.

How Will Absolute Project (India) Limited Benefit

• The company’s focus on power transmission and distribution EPC projects directly aligns with India’s projected peak power demand growth from 256.53 GW to 366 GW by 2032, creating sustained demand for infrastructure development.
• The planned investment of over ₹9.1 lakh crore in the transmission sector by 2032 presents significant project opportunities for established EPC players like Absolute Project (India) Limited.
• The annual target of adding 17,500 circuit kilometers of transmission lines and 80,000 MVA of transformation capacity creates consistent demand for the company’s EPC services and manufactured components.
• Government initiatives including RDSS, Green Energy Corridors, and the National Electricity Plan provide a robust policy framework supporting the company’s project pipeline.
• The company’s in-house manufacturing capabilities position it to benefit from the trend of backward integration in the EPC sector, improving cost and quality control.
• The expansion of renewable energy capacity to 500 GW by 2030 necessitates extensive transmission infrastructure, directly benefiting the company’s core business.
• The company’s international presence in Nepal and strategic focus on geographical expansion position it to benefit from cross-border power connectivity opportunities.
• The proposed modernization and expansion of manufacturing facilities will enhance operational efficiency and capacity to serve growing demand.

 

 

 

Peer Group Comparison

Name of the Company	Face Value (₹)	Revenue (₹ in Lakhs)	Basic EPS (₹)	Diluted EPS (₹)	P/E	RoNW (%)	NAV (₹)
Absolute Project (India) Limited	2.00	30,666.92	5.35	5.35	[●]	20.34	25.02
Peer Group
Salasar Techno Engineering Limited	1.00	1,44,743.44	0.11	0.11	58.09	2.44	4.55
Rajesh Power Services Limited	10.00	1,10,743.63	57.74	57.74	14.44	35.44	146.31
Vikran Engineering Limited	1.00	91,585.00	4.35	4.35	13.39	16.63	25.49

Key Strategies for Absolute Project (India) Limited

Leveraging Market Opportunities and Core Competencies for Growth as a Key Player in Power Distribution EPC Segment

Absolute Project (India) Limited is strategically focused on executing EPC projects in the power transmission and distribution sector, capitalizing on India’s rising electricity demand and government-led infrastructure initiatives. With peak power demand projected to reach 366 GW by 2032, the company aims to expand participation in key government schemes including RDSS, DDUGJY, and Green Energy Corridors. By focusing on efficient execution, scalable operations, and integration of advanced technologies, the company seeks to increase market share while delivering sustainable, reliable, and high-quality projects.

Adopting a Disciplined and Selective Bidding Approach for Power EPC Contracts

The company has refined its bidding process to adopt a more selective and disciplined approach in response to increasing project complexity and market competition. This refined strategy is supported by detailed pre-bid evaluations assessing project scope, technical requirements, client profile, contractual terms, execution risks, and margin viability. The company is concurrently focused on strengthening technical and financial pre-qualification credentials by enhancing execution track record and improving financial capacity to expand eligibility for larger and more complex tenders.

Expansion and Modernization of Manufacturing Capabilities

Absolute Project (India) Limited intends to expand and modernize its manufacturing capabilities to support the scale of EPC operations and improve operational efficiencies. The proposed upgrade of Manufacturing Facility I involves replacing existing machineries with technologically upgraded equipment, along with renovation of existing infrastructure. Manufacturing Facility II will be fully operationalized through installation of new machineries to support fabrication and assembling activities. Availability of in-house machinery is expected to provide greater control over deployment schedules and support efficient execution of EPC contracts.

Expanding Operation and Maintenance Segment

The company intends to continue its focus on expanding the O&M vertical to diversify revenue streams and strengthen long-term project sustainability. The strategy centres on establishing a strong annuity-based revenue model by offering comprehensive post-commissioning services for power transmission and distribution assets. The company plans to build dedicated O&M teams with capabilities in preventive maintenance, rapid fault resolution, asset life-cycle optimization, and digital monitoring, targeting long-term O&M contracts for substations, overhead lines, and renewable integration systems.

Expanding Geographical Footprint – Domestic and International

Absolute Project (India) Limited seeks to actively pursue expansion of its geographical footprint across both domestic and international markets. International expansion focuses on countries such as Nepal and Sierra Leone, leveraging proven Power EPC expertise and in-house manufactured products. Domestically, the strategy centres on increasing project volume in current operational regions while expanding into new states with high electricity demand. This dual focus allows the company to maximize operational efficiencies and capitalize on government-led initiatives across different states.

Improving Financial Flexibility Through Reduction of Borrowings

The company intends to utilize a portion of the Net Proceeds towards prepayment and/or repayment of certain outstanding borrowings, which amounted to ₹10,446.96 lakhs as of February 28, 2026. The proposed repayment is expected to reduce overall indebtedness and interest cost obligations, improve the debt-equity ratio, and strengthen the company’s financial position. A healthy balance sheet may also support the company’s ability to meet financial eligibility criteria prescribed in tenders issued by government utilities and other project authorities.

FAQs

How can I apply for Absolute Project (India) Limited IPO?
You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount) through your bank account.

What is the total issue size of Absolute Project (India) Limited IPO?
The IPO consists of a fresh issue of up to 2,00,00,000 equity shares with no offer for sale component.

When was the DRHP filed with SEBI for Absolute Project (India) Limited IPO?
The Draft Red Herring Prospectus was filed with SEBI on March 30, 2026.

On which exchanges will Absolute Project (India) Limited shares be listed?
The equity shares are proposed to be listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).

What is the face value of Absolute Project (India) Limited equity shares?
The face value of each equity share is ₹2 per share, following the sub-division of shares from ₹10 to ₹2.

Infographic Content

Absolute Project (India) Limited IPO Highlights

Absolute Project (India) Limited is an established EPC company with in-house manufacturing capabilities, specializing in power transmission and distribution infrastructure across 12 states and 3 union territories in India.

• Offer Size:₹[.] Cr (Fresh Issue of up to 2,00,00,000 equity shares; No OFS component)
• Purpose:The net proceeds will be utilized for capital expenditure towards modernization of Manufacturing Facility I and operationalization of Manufacturing Facility II, repayment of borrowings, funding working capital requirements , and general corporate purposes.
• Financials (Fiscal Year ended March 31, 2025):Revenue from Operations ₹30,666.92 lakhs; Profit After Tax ₹2,100.45 lakhs; EPS 0.85
• Listing:Mainboard IPO on BSE & NSE