Sadbhav Futuretech 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: Fresh Issue of up to 2.55 crore equity shares + OFS of up to ₹2,350 million
• Listing Date: TBA

IPO Timeline

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

About Sadbhav Futuretech Limited

Incorporated in 2020, Sadbhav Futuretech Limited is an engineering, procurement, and construction (EPC) company focused on solar power projects, specializing in solar water pumping systems, rooftop solar systems, and ground-mounted solar systems. The company has installed a cumulative capacity of 171.68 MW, including 171.53 MW of solar water pumping and 0.15 MW of rooftop solar. It serves government agencies, state utilities, and private clients across Maharashtra, Assam, Andhra Pradesh, Madhya Pradesh, Rajasthan, Haryana, and Chhattisgarh, supported by 11 warehouses and 6 regional offices.

Sadbhav Futuretech Limited IPO Overview

Sadbhav Futuretech Limited filed its DRHP with SEBI on March 31, 2026, for a book-built IPO comprising a fresh issue of up to 2.55 crore equity shares and an offer for sale (OFS) of up to ₹2,350 million by existing shareholders. Promoters including Saikat Roy, Bhupender Singh, Bettericon Consultancy, Neelam Jain, and others will be selling shareholders in the OFS. Net proceeds from the fresh issue will be utilized for funding working capital requirements (₹2,150 million) and general corporate purposes. The company’s order book stood at ₹20,160 million as of February 28, 2026, with ₹5,858.8 million revenue already booked till September 30, 2025. Lead manager: Beeline Capital Advisors Pvt. Ltd. Registrar: Bigshare Services Pvt. Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Sadbhav Futuretech Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh up to 2.55 crore shares + OFS up to ₹2,350 million
Fresh Issue	2,55,00,000 shares (agg. up to ₹[.] Cr)
Offer for Sale (OFS)	[.] shares of ₹2 (agg. up to ₹235 Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	9,41,49,840 shares
Shareholding post-issue	11,96,49,840 shares

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

Sadbhav Futuretech Limited IPO Reservation

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

Sadbhav Futuretech Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹25.77
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	33.9%
Net Asset Value (NAV)	₹75.95
Return on Equity (RoE)	33.9%
Return on Capital Employed (RoCE)	19.4%
EBITDA Margin	25.0%
PAT Margin	14.7%
Debt to Equity Ratio	2.17x

Objectives of the IPO Proceeds

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

Particulars	Amount (₹ in million)
Funding working capital requirements	2,150.00
General corporate purposes*	[●]

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

Sadbhav Futuretech Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	5,465.13	3,033.15	1,023.98	428.35
Revenue from Operations	2,742.83	3,020.96	1,336.79	730.46
Profit After Tax	404.44	308.04	76.90	8.48
Reserves and Surplus	1,161.83	757.42	102.44	25.59
Total Borrowings	3,120.80	1,082.46	645.18	282.64
Total Liabilities	4,271.91	2,244.35	901.54	382.76

Financial Status of Sadbhav Futuretech Limited

SWOT Analysis of Sadbhav Futuretech Limited

Strengths and Opportunities	Weaknesses and Threats
Revenue CAGR of 103% and PAT CAGR of 502.56% (FY23–FY25)	High dependence on solar water pumping (~97–98% of revenue)
Strong order book of ₹20,160 million across 19 projects	Heavy revenue concentration in Maharashtra (~89%)
100% bid-win ratio in tenders since FY2025	High customer concentration risk in government-led projects
Installed 171.68 MW capacity across 3 states in 4 years	Limited operating history (incorporated in 2020)
Strong policy tailwinds from India’s 500 GW non-fossil target	High working capital intensity impacting cash flow stability
PM Surya Ghar scheme enabling large rooftop solar opportunity	Debt/equity ratio of 1.63 indicating moderate leverage stress
Rapid growth in rooftop solar (58.2% CAGR FY19–FY25)	Dependence on third-party suppliers with no backward integration
Diversified EPC presence across solar pumping, rooftop, and ground-mounted	Intense competition from larger EPC players like Waaree and others
Strong geographic footprint across 7 states with 11 warehouses	Policy and execution risks in government capex and payments
Expansion potential via JV in solar cell manufacturing & BESS integration	Margin pressure due to solar module price volatility and ALMM changes

Sadbhav Futuretech Limited IPO Strengths

Integrated Solar EPC Execution Strength

Sadbhav operates an integrated solar EPC platform covering solar water pumping, rooftop solar, and ground-mounted solar projects. Since commencing operations in 2020, they have expanded across segments, with 39.21% of their portfolio in rooftop solar, 43.43% in solar pumping, and 17.36% in ground-mounted projects. They have installed 47,960 pumps and scaled annual capacity from 19.67 MW in FY2023 to 75.01 MW in FY2025, supported by strong execution, procurement alignment, and growing order book visibility.

Large Order Book with Strong Revenue Visibility

Sadbhav Futuretech Limited’s order book amounted to ₹20,160 million as of February 28, 2026, comprising 19 projects with execution timelines ranging from 3 to 18 months. Of this, ₹5,858.8 million in revenue had already been booked till September 30, 2025. The order book is well-diversified across government agencies (65.18%) and private customers (34.82%), providing revenue stability and visibility.

Track Record of Securing Government Tenders with 100% Win Ratio

Sadbhav Futuretech has demonstrated a proven track record of securing projects through competitive bidding processes. Since Fiscal 2025, the company has maintained a 100% bid-win ratio, having won all 7 bids submitted. It has secured approximately 13% of the total allocated capacity under the first tranche of the Utility-Led Aggregation model in Andhra Pradesh under the PM Surya Ghar scheme. Government agency projects constitute 65.18% of its total order book.

Diversified Geographical Footprint Across High-Growth States

Sadbhav Futuretech has executed projects across 7 states, including Maharashtra, Haryana, Andhra Pradesh, Assam, Rajasthan, and Chhattisgarh. The company’s presence is supported by 11 warehouses and 6 regional offices, enabling localized inventory planning and material dispatch. State-wise revenue diversification has grown from Haryana-centric (75.16% in FY2023) to Maharashtra-led (89.35% in H1 FY2026), reflecting strategic geographic expansion.

Scalable Manufacturing Capabilities and ALMM Certification

Sadbhav Futuretech has rapidly scaled its manufacturing capacity from 100 MW in 2021 to 3.00 GW per annum. The company is ALMM-I listed with 1,302 MW of enlisted capacity, enabling participation in government-backed solar projects. Its automated manufacturing facilities in Surat, Gujarat, produce a wide range of Solar PV Modules ranging from 420 WP to 750 WP, including advanced technologies such as N-Type TopCon and Mono PERC modules.

Diversified Customer Base Across OEMs and EPC Entities

Sadbhav Futuretech serves 661 customers across 13 states, including 36 OEMs and 81 EPC entities as of September 30, 2025. The company has witnessed growth in sales volumes to top 10 customers from ₹391.08 million in Fiscal 2023 to ₹1,956.81 million in Fiscal 2025, a CAGR of 123.69%. Customer engagement is reinforced through consistent product performance and timely execution.

Experienced Management Team with Solar Sector Expertise

Sadbhav Futuretech is led by experienced promoters, including Saikat Roy (over 15 years in renewable energy, BITS Pilani alumnus), Bhupender Singh (over 11 years in logistics), and Nilesh Jain (over 28 years in finance). The management structure comprises 4 senior management personnel overseeing engineering, procurement, project execution, and business development functions, bringing a diverse combination of technical expertise and industry knowledge.

Other IPO Pages Linking

More About Sadbhav Futuretech Limited

Sadbhav Futuretech Limited, incorporated in 2020, has rapidly emerged as a significant player in India’s solar EPC sector, specializing in solar water pumping systems, rooftop solar systems, and ground-mounted solar projects.

Business Verticals and Product Portfolio

• Solar Water Pumping Systems: DC and AC submersible and surface pumps ranging from 3 HP to 10 HP; installed 47,960 pumps with aggregate capacity of 171.53 MW.
• Rooftop Solar Systems: Grid-connected rooftop solar installations under the PM Surya Ghar scheme; the residential rooftop solar segment grew from 0.29 GW in FY2019 to 4.60 GW in FY2025, recording 58.2% CAGR.
• Ground-Mounted Solar Systems: Awarded one EPC contract and received two Letters of Intent for 120.00 MW of ground-mounted solar projects.

Operational Infrastructure

• 11 warehouses across Andhra Pradesh, Assam, and Maharashtra
• 6 regional offices
• 104 employees, including 56 in operations, as of February 28, 2026

Order Book and Execution Track Record

• Order book: ₹20,160 million as of February 28, 2026 (19 projects)
• Revenue booked till September 30, 2025: ₹5,858.8 million
• Average execution timeline: 3 to 18 months
• Installed capacity: 171.68 MW cumulative (171.53 MW solar water pumping, 0.15 MW rooftop solar)

Geographic Presence

• States: Maharashtra, Assam, Andhra Pradesh, Madhya Pradesh, Rajasthan, Haryana, Chhattisgarh
• Revenue mix (H1 FY2026): Maharashtra 89.35%, Haryana 9.96%, Rajasthan 0.69%

Promoters and Management

• Saikat Roy (Chairman and Managing Director): BITS Pilani alumnus, over 15 years in renewable energy
• Bhupender Singh (Director): Over 11 years in logistics, IIM Kashipur executive certificate
• Nilesh Jain (Executive Director): Over 28 years in finance and accountancy

Industry Outlook

India’s solar EPC sector is poised for unprecedented growth as the country pursues its ambitious target of 500 GW of non-fossil fuel capacity by 2030. With approximately half the target already achieved, the remaining capacity must be added in the next four to five years, creating a “huge opportunity” for EPC players.

Key Growth Drivers:

• PM Surya Ghar: Muft Bijli Yojana: The world’s largest domestic rooftop solar program has seen over 1 crore households registered and more than 33 lakh rooftop systems installed as of May 2026, adding over 12 GW capacity. The scheme targets 75 lakh households by December 2026.
• Solar Water Pumping Market: The Indian solar pump market was valued at approximately USD 154 million in 2025 and is projected to grow to nearly USD 248 million by 2032, with a CAGR of 7.03-10.8%. The PM-KUSUM program has facilitated the installation of nearly 9.2 lakh standalone solar pumps.
• Rooftop Solar Growth: Rooftop solar capacity witnessed healthy growth, increasing to 11.1 GW as of December 2023 from 1.8 GW as of March 2019, with a CAGR of 58.2% during FY2019-FY2025.
• Budget 2026 Support: The ₹28,000 crore allocation to the solar sector, with a strong focus on rooftop and agricultural schemes, is expected to create a robust project pipeline for EPC contractors.

Market Projections:

• India Ground Mounted Solar EPC market estimated at USD 8–12 billion in 2026, with annual installed capacity additions of 15–20 GW and projected CAGR of 12–16% through 2035.
• RE capacity addition expected to exceed 35 GW in FY2026, supported by a large project pipeline of 142.8 GW.

How Will Sadbhav Futuretech Limited Benefit

• Sadbhav Futuretech is strategically positioned to benefit from India’s solar EPC market, with the ground-mounted segment estimated at USD 8-12 billion in 2026 and projected 12-16% CAGR through 2035.
• The company’s dominant position in solar water pumping (97-98% of business) aligns with the PM-KUSUM programme, which has facilitated nearly 9.2 lakh standalone solar pumps, with the solar pump market expected to grow at 7-10.8% CAGR to USD 248 million by 2032.
• With the PM Surya Ghar scheme targeting 75 lakh households by December 2026 and over 33 lakh systems already installed, the company’s rooftop solar capabilities position it to capture significant market share.
• Sadbhav Futuretech’s order book of ₹20,160 million provides strong revenue visibility for the next 3-18 months, with ₹5,858.8 million already booked.
• The company’s 100% bid-win ratio since Fiscal 2025 and empanelment with multiple state agencies create a strong competitive moat for securing future government contracts.
• With India’s RE capacity addition expected to exceed 35 GW in FY2026, Sadbhav Futuretech’s diversified portfolio across solar water pumping, rooftop, and ground-mounted segments allows it to participate in multiple high-growth segments.
• The company’s proposed backward integration into solar cell manufacturing through a joint venture would enhance margins and ensure compliance with ALMM List-II mandates from June 2026.

Peer Group Comparison

Name of Company	Face Value (₹)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio (Basic)	RoNW (%)	NAV (₹)	Revenue from (₹ in lakhs)
Sadbhav Futuretech Limited	2.00	4.36	4.36	[●]	39.05%	8.38	30,209.58
Peer Group
GK Energy Limited	2.00	7.86	7.86	14.17	63.71%	12.29	1,09,482.70
Shakti Pumps (India) Limited	10.00	33.97	33.97	15.17	35.17%	96.59	2,51,624.00
Oswal Pumps Limited	1.00	28.21	28.18	11.19	60.69%	46.48	1,43,030.70

 

Key Strategies for Sadbhav Futuretech Limited

Transition into an Integrated Solar Service Provider through Backward Integration

Sadbhav Futuretech intends to enter backward integration opportunities in the solar value chain through a proposed joint venture arrangement for the manufacturing of solar cells. Domestic solar cell consumption grew from 4.0 GW in FY2019 to 69.6 GW in FY2025. The proposed JV, if implemented, would strengthen supply chain integration, procurement visibility, and enhance brand positioning within the solar EPC value chain.

Leveraging Proven Execution Capabilities for Entering into Large-Scale Solar Projects

Sadbhav Futuretech plans to selectively participate in larger-capacity projects, including commercial and industrial installations and utility-scale solar parks. India’s grid-connected solar capacity additions increased from 6.53 GW in FY2019 to 23.84 GW in FY2025, projected to reach about 48.99 GW by FY2030. The company aims to adopt a phased approach, focusing on states where it has established execution teams and vendor networks.

Focus on Scaling Regional Presence through Cluster-Based Execution Model

Sadbhav Futuretech aims to expand its geographical footprint through a cluster-based approach, establishing operational presence in selected regions through localized supply chains and vendor networks. With nearly 75% of all rooftop installations concentrated in only 10-11 states, the company sees significant untapped opportunity across underpenetrated markets. The approach supports scaling of operations while maintaining efficiency in execution.

Expansion of Operations and Maintenance Services

Sadbhav Futuretech intends to expand O&M service offerings to enhance profitability and increase recurring revenue contribution. Well-maintained solar power plants can achieve a 10-30% increase in ROI, while solar arrays in dusty environments can deliver up to 30% higher performance with regular cleaning. The company plans to leverage its existing project portfolio to secure long-term maintenance contracts for projects executed by it.

Diversification into Hybrid Power Projects

Sadbhav Futuretech aims to diversify into hybrid power projects, integrating solar power with complementary energy sources and storage solutions. Hybrid projects and energy storage systems are being adopted to enhance grid stability, improve power quality, and enable efficient utilization of renewable energy. The company’s established operational capabilities in Maharashtra, Andhra Pradesh, and Rajasthan provide familiarity with local market conditions to evaluate opportunities.

 

 

FAQs

How can I apply for Sadbhav Futuretech Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Sadbhav Futuretech Limited IPO?

The IPO comprises a fresh issue of up to 2.55 crore equity shares and an OFS of up to ₹2,350 million.

When is the Sadbhav Futuretech Limited IPO opening?

IPO dates, including open, close, and listing, are yet to be announced by the company.

On which exchanges will Sadbhav Futuretech Limited shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Sadbhav Futuretech Limited use the IPO proceeds?

Proceeds will be used for funding working capital requirements (₹2,150 million) and general corporate purposes.

Infographic Content

Sadbhav Futuretech Limited IPO Highlights

Sadbhav Futuretech Limited is a solar EPC company specializing in solar water pumping, rooftop solar, and ground-mounted systems, with 171.68 MW installed capacity and a ₹20,160 million order book as of February 2026.

• Offer Size:Fresh Issue of up to 2.55 crore equity shares; OFS of up to ₹2,350 million
• Purpose:Net proceeds from the fresh issue will be used for funding working capital requirements (₹2,150 million) and general corporate purposes.
• Financials (FY March 2025):Revenue ₹3,020.96 million; Profit After Tax ₹308.04 million; EPS ₹4.36;
• Listing:Mainboard IPO on BSE & NSE