Oswal Energies Files ₹250 Cr IPO; Bokadia Family to Offload 46 Lakh Shares
By Shishta Dutta | Published at: Jul 22, 2025 09:30 AM IST
Ahmedabad, July 19, 2025: Oswal Energies Limited, previously known as Oswal Infrastructure Limited, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering (IPO) aggregating up to ₹250 crore. The IPO will consist of both a fresh issue and an Offer for Sale (OFS) component, indicating the Bokadia family’s intention to partially monetise their holdings.
IPO Details
| Component | Equity Shares Offered | Value (₹ million) |
|---|---|---|
| Fresh Issue | [●] shares | ₹2,500.00 |
| Offer for Sale (OFS) | 4,600,008 shares | ₹[●] (to be determined) |
| Total Offer Size | [●] shares | ₹[●] (to be determined) |
The IPO will have a face value of ₹10 per share and will be a 100% book-built offer. The shares are proposed to be listed on both the National Stock Exchange (NSE) and BSE Limited. Monarch Networth Capital has been appointed as the Book Running Lead Manager, and MUFG Intime India Pvt Ltd will act as the Registrar.
OFS Breakdown by Selling Shareholders
The offer for sale involves 10 shareholders from the promoter and the promoter group selling their stakes. Here’s a breakdown:
| Selling Shareholder | Shares Offered | Weighted Avg. Cost (₹/share) |
|---|---|---|
| Dixit Jitendra Bokadia | 457,777 | 0.27 |
| Jayant Babulal Bokadia | 327,508 | 1.00 |
| Ratan Babulal Bokadia | 192,333 | 0.84 |
| Ratan Babulal Bokadia (HUF) | 190,587 | 1.07 |
| Jayant Babulal Bokadia (HUF) | 155,125 | 0.64 |
| Jitendra Hastimalji Bokadia | 1,573,965 | 1.11 |
| Babulal Hastimal Bokadia | 1,070,583 | 1.11 |
| Sarika Jayantkumar Bokadia | 352,693 | 0.34 |
| Padmavati Babulal Bokadia | 212,770 | 0.46 |
| B H Bokadia (HUF) | 66,667 | 1.36 |
| Total OFS | 4,600,008 | — |
Note: All shares have a face value of ₹10 and were issued at nominal cost due to past bonus issues and family transfers.
Objects of the Issue
Oswal Energies plans to utilise the net proceeds from the fresh issue primarily for its working capital requirements and for general corporate purposes.
| Purpose | Amount (₹ million) |
|---|---|
| Working capital requirements | 1,771.33 |
| General corporate purposes | [●] |
| Total | ₹2,500.00 million |
Promoter Holding Before and After the IPO
| Category | Shares (Pre-Offer) | % of Equity |
|---|---|---|
| Promoters | 20,491,405 | 42.99% |
| Promoter Group | 27,173,828 | 57.01% |
| Total | 47,665,233 | 100% |
Post-issue shareholding will be updated upon finalisation of allotment and offer price.
Financial Snapshot (Restated)
Oswal Energies Limited has demonstrated impressive financial growth over the past three fiscal years. Its revenue from operations has significantly increased, rising from ₹1,600.12 million in FY2023 to ₹2,560.37 million in FY2024, and further surging to ₹4,108.74 million in FY2025. This strong top-line growth has translated into a substantial improvement in profitability, with net profit soaring from ₹53.40 million in FY2023 to ₹300.77 million in FY2024, and then jumping to ₹657.95 million in FY2025.
Concurrently, the company’s net worth has expanded considerably from ₹268.65 million in FY2023 to ₹569.05 million in FY2024, reaching ₹1,227.00 million by FY2025. Total assets have also shown robust growth, increasing from ₹1,133.91 million in FY2023 to ₹2,181.60 million in FY2024 and further to ₹3,214.39 million in FY2025. This positive financial trajectory is reflected in the earnings per share (EPS), which rose from ₹1.12 in FY2023 to ₹6.31 in FY2024, and then to ₹13.80 in FY2025, indicating a consistently improving performance. Further details regarding ROCE, EBITDA Margin, and Net Asset Value (NAV) will be available in the full Red Herring Prospectus.
Strengths
- Integrated EPC and Manufacturing Capabilities: The company functions as an integrated EPC (Engineering, Procurement, and Construction) company with its own manufacturing division for process equipment and skids. This integration can lead to better quality control, reduced reliance on third-party suppliers, and potentially more efficient project execution.
- Diversified Industry Focus: Oswal Energies caters to critical sectors such as oil & gas, power, and petrochemical industries. This diversification across essential industries can provide stability and reduce dependence on a single sector’s performance.
- Established Presence and Experience: Incorporated in 2013, the company has accumulated over a decade of experience in its operating fields, indicating a degree of expertise and a track record in the EPC and heavy engineering segments.
Risk Factors
- Customer Concentration: A significant portion of the company’s revenue comes from a limited number of customers. The loss of, or a reduction in orders from, a top customer could materially affect the business, results of operations, and financial condition. For example, in Fiscal 2025, one EPC project contract was terminated due to delays.
- Dependence on Oil & Gas Industry: The company’s business is heavily reliant on the upstream segment of the Indian oil and gas industry, and it plans to expand into the downstream segment. Any downturn in this sector could negatively impact the company’s results and prospects.
- Project Delays and Cost Overruns: EPC contracts are subject to risks like delays in obtaining approvals, right-of-way issues, or client non-performance, which can lead to significant expenses, liquidated damages, or even contract termination. The actual cost of executing a project may also vary from the initial bid due to unforeseen increases in raw materials, fuel, labour, or other inputs, which may not be recoverable.
IPO Analysis For Potential Investors
Oswal Energies’ proposed ₹250 crore IPO presents a mix of strong growth potential and notable sectoral and operational risks. Here’s a comprehensive 5–6 line investor-focused analysis:
The company has shown stellar financial growth, with revenues more than doubling over two years and net profit jumping over 12x from FY23 to FY25. Its integrated EPC and in-house manufacturing model enhances execution control, while a strong presence in oil & gas and petrochemicals offers a sectoral edge. However, high customer concentration and dependency on a cyclical industry raise concerns about earnings stability. The termination of a key project in FY25 underscores execution risks typical in the EPC space. Investors must analyse the final RHP and invest accordingly. It remains to be seen what the company sets as its price band before the IPO application window opens.
About the Company
Incorporated in 2013 and headquartered in Ahmedabad, Oswal Energies is an integrated EPC company with a manufacturing division for process equipment and skids. It caters to the oil & gas, power, and petrochemical industries. The company operates through two key verticals: Project Division (EPC contracts) and Heavy Engineering Division (process packages). It operates a certified manufacturing facility in Gandhinagar with a 2,000 MT installed capacity.
IPO Timelines, price band, and minimum lot details will be published after the final RHP filing.
REF: https://www.bseindia.com/corporates/download/320634/IPO Prior/OswalEnergiesDRHP_20250719024626.pdf
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