Online Instruments (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: [●] shares (Fresh Issue aggregating up to ₹7,500 million + OFS of 57,10,000 shares)
• Listing Date: TBA

IPO Timeline

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

About Online Instruments (India) Limited

Incorporated in 1987, Online Instruments (India) Limited is engaged in audiovisual systems integration and electronics manufacturing. The company provides AVSI solutions for smart conference rooms, auditoriums, UCC environments, and command centres; manufactures IFPDs, LED displays, and AV accessories; offers EMS services for OEMs through white-labelled IFPD manufacturing; and provides commercial and architectural lighting products. Operating under brands “Online Instruments,” “LOGIC,” “Level 3 Audiovisual,” and “Orange Plus,” the company has a global footprint across India, the U.S., Singapore, Malaysia, Taiwan, the Philippines, and the UAE, with three manufacturing facilities in Bengaluru.

Online Instruments (India) Limited IPO Overview

Online Instruments (India) Limited’s initial public offering is a book-built issue comprising a fresh issue of up to ₹7,500 million and an offer for sale of up to 57,10,000 equity shares by promoters. The DRHP was filed with SEBI on May 8, 2026. The equity shares are proposed to be listed on BSE and NSE. Equirus Capital Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. The net proceeds from the fresh issue will be utilized towards repayment or prepayment of certain outstanding borrowings (₹1,600 million), funding working capital requirements (₹3,300 million), and funding inorganic growth through unidentified acquisitions and general corporate purposes. The company’s shareholding pre-issue stands at 7,42,50,000 equity shares.

Online Instruments (India) Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	[●] shares (Fresh Issue aggregating up to ₹7,500 million + OFS of 57,10,000 shares)
Fresh Issue	[●] shares (aggregating up to ₹7,500 million)
Offer for Sale (OFS)	57,10,000 shares (aggregating up to ₹[●] million)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	7,42,50,000 shares
Shareholding post-issue	To be updated

 Online Instruments (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

Online Instruments (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

Online Instruments (India) Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹1.96
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	9.15%
Net Asset Value (NAV)	₹21.45
Return on Equity (RoE)	9.15%
Return on Capital Employed (RoCE)	6.92%
EBITDA Margin	7.16%
PAT Margin	3.11%
Debt to Equity Ratio	1.18

 

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilized as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the Company	1,600.00
Funding the working capital requirements of the Company	3,300.00
Funding inorganic growth through unidentified acquisitions and general corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC.

Online Instruments (India) Limited Financials (₹ in Millions)

Particulars	December 31, 2025	March 31, 2025	March 31, 2024	March 31, 2023
Total Assets	6,468.37	3,826.57	2,293.99	1,822.73
Revenue from Operations	4,661.67	5,474.30	3,790.62	3,359.37
Profit After Tax	145.77	353.27	230.64	155.18
Reserves and Surplus	1,443.92	1,396.49	1,045.20	815.55
Total Borrowings	2,095.62	412.16	353.44	148.69
Total Liabilities	4,875.95	2,380.58	1,199.29	957.68

Financial Status of Online Instruments (India) Limited

SWOT Analysis of Online Instruments (India) Limited

Strengths and Opportunities	Weaknesses and Threats
Integrated AV and manufacturing capabilities across the value chain	High revenue concentration in northern and western Indian states
Strong customer relationships with high repeat business in AVSI	Intense competition from global AV integrators and local players
Advanced manufacturing infrastructure with India’s first CKD facility for IFPDs	Integration risks associated with recent acquisitions
Global presence across 8 countries with recent US acquisition	Dependence on imported components for manufacturing
Diversified product portfolio across AVSI, AV Products, EMS, and lighting	Technology obsolescence in rapidly evolving AV sector
India’s Pro AV market projected to reach $17.3 billion by 2031 at 12% CAGR	Currency fluctuation risks in international operations
EMS market expected to grow 3x to $150 billion by FY30	Talent retention and competition for skilled AV professionals
IFPD adoption expected to increase by 251.8% by 2025 in education	Project execution delays affecting revenue recognition
Government’s Digital India and smart city initiatives driving demand	Supply chain disruptions affecting component availability
AI integration in AV workflows creating new service opportunities	Regulatory compliance across multiple geographies

 

Online Instruments (India) Limited IPO Strengths

Integrated AV and Manufacturing Capabilities

Online Instruments (India) Limited possesses integrated audiovisual systems integration and electronics manufacturing capabilities spanning the entire value chain. The company provides full-stack AVSI solutions across unified communication, smart conference rooms, large auditoriums, and command centres, while also manufacturing IFPDs, LED displays, and AV accessories. This integration enables the company to offer end-to-end solutions, reducing customer reliance on multiple vendors and enhancing operational efficiency.

Strong Customer Relationships Leading to High Repeat Business

Online Instruments (India) Limited has cultivated strong, long-standing relationships with prominent clients across diverse sectors including education, corporate, government, and healthcare. Revenue from repeat customers in the AVSI business constituted 84.25% of AVSI revenue for the nine months ended December 31, 2025. The company has received numerous industry recognitions, including the Inavation Awards 2026 and the “Most Valuable Partner” award from LG Information Display.

Advanced Manufacturing Infrastructure

The company operates three manufacturing facilities in Bengaluru, including India’s first CKD (Completely Knocked Down) facility for IFPDs, with an installed annual production capacity of 223,200 IFPDs. This advanced infrastructure enables the company to manufacture white-labelled IFPDs for OEMs through its EMS business, positioning it to capitalise on the growing electronics manufacturing opportunity in India.

Global Presence and Execution Capabilities

Online Instruments (India) Limited has established a significant global footprint across India, the U.S., Singapore, Malaysia, Taiwan, the Philippines, and the UAE. The acquisition of Level 3 Audio Visual, LLC in December 2025 expanded its presence into the US Pro AV market. Revenue from operations attributable to customers outside India increased from 4.58% in Fiscal 2023 to 8.10% in the nine months ended December 31, 2025.

Diversified Product Portfolio

The company offers a comprehensive portfolio under four distinct brands: AVSI solutions under “Online Instruments” and “Level 3 Audiovisual,” AV products under “LOGIC,” commercial lighting under “Orange Plus,” and EMS services. This diversification across business verticals reduces dependency on any single segment and provides resilience against demand fluctuations.

More About Online Instruments (India) Limited

Business Verticals

Online Instruments (India) Limited operates across four primary business verticals:

• AVSI Solutions: The company provides audiovisual systems integration solutions for smart conference rooms, auditoriums, UCC environments, command centres, and customer experience centres under the “Online Instruments” and “Level 3 Audiovisual” brands. The AVSI business generated revenue of ₹3,392.04 million in the nine months ended December 31, 2025, representing 72.76% of total revenue.
• AV Products: The company manufactures Interactive Flat Panel Displays, LED display products, and audiovisual accessories under the “LOGIC” brand. The AV Products business generated revenue of ₹995.97 million in the nine months ended December 31, 2025, representing 21.36% of total revenue.
• EMS Services: The company provides electronics manufacturing services for OEMs through white-labelled IFPD manufacturing at its CKD facility. The company commenced commercial production of white-labelled IFPDs for OEM customers during the nine months ended December 31, 2025.
• Commercial Lighting: The company manufactures commercial and architectural lighting products under the “Orange Plus” brand, generating revenue of ₹124.29 million in the nine months ended December 31, 2025.

Geographical Presence

The company has operations across India, the U.S., Singapore, Malaysia, Taiwan, the Philippines, and the UAE. In India, revenue is primarily concentrated in northern and western states, with top states including Karnataka, Maharashtra, Delhi, and Tamil Nadu. The company significantly expanded its overseas operations with the acquisition of Level 3 Audio Visual, LLC on December 29, 2025, which operates in the United States, Mexico, and France.

Manufacturing Facilities

The company operates three manufacturing facilities in Bengaluru, including India’s first CKD facility for IFPDs. The CKD Facility has an installed annual production capacity of 223,200 IFPDs (based on three shifts per day). The facility is equipped with advanced manufacturing capabilities and supports both in-house brand production and white-labelled manufacturing for OEMs.

Certifications and Industry Recognition

The company holds AV9000 and ISO 9001 certifications, and is a member of AVIXA. As of March 31, 2026, 11 employees held AVIXA certifications and 10 employees held AV9000 certifications. The company has received numerous awards including the Inavation Awards 2026, Systems Integration India Awards 2025, and “Most Valuable Partner” award from LG Information Display.

Industry Outlook

India Professional AV Market

India’s professional AV sector is the fastest-growing AV market globally, with 6.4% growth projected for 2025 and 6.2% through 2026, significantly outpacing China (5%) and more than double the USA’s rate (2.8%). The Indian Pro AV market is projected to reach $17.3 billion by 2031 from $6.5 billion in 2025, growing at a CAGR of 12%. Industry projections suggest India’s Pro AV market is set to grow at around 6% in 2026, reaching an estimated revenue pool of nearly USD 11 billion.

Key Growth Drivers

• GCC Expansion: India has emerged as a strategic hub for multinational Global Capability Centres (GCCs), with global firms scaling operations across major cities. Each new centre requires workplace collaboration infrastructure, unified communications systems, and hybrid meeting environments.
• Technology Refresh Cycles: Many organisations slowed investment during the COVID period and are now refreshing systems to take advantage of newer, AI-driven capabilities.
• Digital India and Smart Cities: Government investments in digital infrastructure and AV-led transformation are driving demand across education, healthcare, transportation, and smart infrastructure.
• LED-First Ecosystem: India is becoming a “LED-first” digital signage ecosystem, skipping the long LCD-dominated phase that characterised many Western markets.

Electronics Manufacturing Services (EMS) Market

India’s EMS market has scaled rapidly from approximately USD 10-12 billion in Fiscal 2020 to USD 40-45 billion in Fiscal 2025 and is expected to surpass USD 150 billion by FY30, supported by exports, policy incentives, and supply chain diversification. The global EMS market is estimated at USD 640-650 billion in 2025 and is projected to exceed USD 1 trillion by the early 2030s.

Interactive Flat Panel Display (IFPD) Market

The overall flat panel display market in India is projected to reach $18.64 billion by 2027, growing at a CAGR of 11.7% (2022–2027). Within the interactive display segment, adoption is expected to increase by 251.8% by 2025, driven largely by educational institutions. India’s digital education sector is projected to grow at a staggering CAGR of 25.2%, reaching USD 34.8 billion by 2033, backed by large-scale smart classroom initiatives.

Commercial Lighting Market

The Indian commercial lighting market, valued at $3,836.3 million in 2025, is forecast to reach $5,126 million by 2031 at a CAGR of 4.9%. Key drivers include government programs such as the Smart Cities Mission and UJALA. The India LED Lighting Market is estimated at USD 4.93 billion in 2025 and is expected to reach USD 6.77 billion by 2030.

How Will Online Instruments (India) Limited Benefit

• The company’s full-stack AVSI capabilities position it to capitalise on India’s Pro AV market projected to grow at 12% CAGR to $17.3 billion by 2031, driven by GCC expansion and technology refresh cycles.
• The acquisition of Level 3 Audio Visual, LLC provides a strategic foothold in the US Pro AV market, enabling the company to capture a share of the global AV industry which reached $321 billion in 2024.
• The company’s CKD facility for IFPDs positions it to benefit from the projected 251.8% increase in interactive display adoption by 2025, particularly in the education sector.
• The EMS business is well-positioned to capture the India EMS market’s projected growth from $40-45 billion in FY25 to $150 billion by FY30, supported by policy incentives and supply chain diversification.
• The company’s diversified product portfolio across AVSI, AV Products, EMS, and commercial lighting provides revenue resilience and cross-selling opportunities across multiple high-growth segments.
• Government initiatives including Digital India, Smart Cities Mission, and investments in digital infrastructure create sustained demand for the company’s AVSI solutions and products.
• The growing trend of AI integration in AV workflows creates opportunities for the company to offer advanced, value-added services to its enterprise and government clients.
• The company’s strong customer relationships, with 84.25% repeat business in AVSI, provide a stable revenue base and reduce customer acquisition costs.

 

Peer Group Comparison

Name of Company	Face Value (₹ )	Revenue (₹ in million)	P/E Ratio	Basic EPS (₹)	Diluted EPS (₹)	RoNW (%)	NAV (₹)
Online Instruments (India) Limited (Restated)	2	5,474.30	N.A.	4.76	4.76	24.43	19.47
Online Instruments (India) Limited (Proforma)	2	8,625.88	N.A.	5.75	5.75	30.17	19.04
Listed Peers
Black Box Limited	2	59,669.10	52.88	12.16	12.11	26.99	44.80
Orient Technologies Limited	10	8,395.31	21.28	12.85	12.85	15.30	83.97
Dixon Technologies (India) Limited	2	88,601.00	55.17	205.70	202.58	36.39	570.20
LG Electronics India Limited	10	2,43,666.38	48.98	32.46	32.46	36.91	87.96

 

Key Strategies for Online Instruments (India) Limited

Grow the International Footprint of AVSI and AV Products Businesses

Online Instruments (India) Limited plans to grow its AVSI and AV Products businesses internationally, with a focus on the United States following the acquisition of Level 3 Audio Visual, LLC. The company intends to pursue overseas acquisitions, set up subsidiaries and branch offices, and leverage the acquisition’s customer base and reputation to increase market share and strengthen global credibility. The company also plans to acquire overseas targets focused on display product manufacturing and introduce “LOGIC” branded IFPDs and LED display products in international markets.

Introduce New Solutions and Subscription-Based Models in AVSI and AV Products

The company intends to introduce new solutions including remote monitoring platforms for centralised management of audiovisual systems, managed services offerings including helpdesk support and preventive maintenance, and AVaaS models allowing customers to pay on a subscription or usage basis. The company is also developing a cloud-enabled education software called “Neoclass” intended to improve classroom communication and collaboration, to be offered on a subscription basis.

Strengthen Brands Through Strategic Marketing Initiatives

Online Instruments (India) Limited plans to strengthen its “Online Instruments,” “Level 3 Audiovisual,” “LOGIC,” and “Orange Plus” brands through enhanced brand visibility at exhibitions and events, thought leadership initiatives including webinars and white papers, and continued engagement at customer experience centres. The company also plans to organise networking events with distributors and authorised partners to strengthen alliances and encourage co-marketing.

Grow the EMS Business

The company is focused on strengthening its core EMS capabilities through continuous investments in advanced manufacturing technologies and process automation. It aims to deepen relationships with existing customers while expanding its client base across high-growth sectors such as automotive electronics, industrial automation, and consumer products. The company intends to expand its EMS business by increasing engagement with OEMs and increasing capacity utilisation at its CKD Facility.

Continue to Build Strategic Collaborations in AVSI and AV Products

Online Instruments (India) Limited intends to increase strategic collaborations with IT or IoT integrators, network vendors, and unified communications brands, as well as architectural consultants and workplace design consultancies. These collaborations are intended to deliver bundled solutions integrating audiovisual systems, IT tools, and workspace design considerations. In AV Products, the company plans to collaborate with software providers to host third-party applications natively on its IFPDs and LED display products.

FAQs

How can I apply for Online Instruments (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 Online Instruments (India) Limited IPO?

The IPO comprises a fresh issue of up to ₹7,500 million and an OFS of 57,10,000 equity shares by promoters.

When was the DRHP filed with SEBI for Online Instruments (India) Limited IPO?

The Draft Red Herring Prospectus was filed with SEBI on May 8, 2026.

On which exchanges will Online Instruments (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 Online Instruments (India) Limited equity shares?

The face value of each equity share is ₹2 per share.

Infographic Content

Online Instruments (India) Limited IPO Highlights

Online Instruments (India) Limited is a leading audiovisual systems integration and electronics manufacturing company with full-stack AVSI capabilities, IFPD and LED display manufacturing, and a global presence across 8 countries.

• Offer Size:₹7,500 million (Fresh Issue) + OFS of 57,10,000 equity shares
• Purpose:The net proceeds will be utilized for repayment of borrowings (₹1,600 million), funding working capital requirements (₹3,300 million), and funding inorganic growth through unidentified acquisitions and general corporate purposes.
• Financials (Fiscal Year ended March 31, 2025):Revenue from Operations ₹5,474.30 million; Profit After Tax ₹353.27 million; EPS ₹4.76
• Listing:Mainboard IPO on BSE & NSE