About Absolute Projects (India) IPO
Absolute Projects (India) IPO Details
Absolute Projects (India) IPO is a 100% book-built issue of 2 crore equity shares, entirely a fresh issue of shares, with a face value of ₹2 per share. The company filed its DRHP with SEBI on March 30, 2026.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead manager of the issue is Cumulative Capital Private Ltd., while the registrar to the issue is MUFG Intime India Private Ltd.
Absolute Projects (India) IPO Date & Timeline
Absolute Projects (India) Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on March 30, 2026. However, the specific Absolute Projects (India) IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Absolute Projects (India) IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Basis of Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Absolute Projects (India) IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh capital only |
| Total Issue Size | 2,00,00,000 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | 2,00,00,000 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 4,30,13,585 shares |
| Share Holding Post Issue | 6,30,13,585 shares |
Absolute Projects (India) IPO GMP
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Absolute Projects (India) IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Absolute Projects (India) Ltd. was incorporated on February 7, 1995, as a private limited company; then, in February 2005, the company converted into a public limited company to proceed with its public listing procedures.
Over time, the company has established its formal presence with a registered office situated at Daryaganj, New Delhi. To support its current operations, the company’s corporate office is located in Uttar Pradesh. The company is an engineering, procurement and construction (EPC) company with years of experience in executing power distribution and transmission infrastructure projects.
Operations & Product Range
The core operating model of Absolute Projects (India) Ltd. is managed from its corporate hub in Noida. The company operates its EPC projects with its in-house manufacturing of specific electrical and structural components and a strict quality and manufacturing process to maintain the standard of the products. Overall, Absolute Projects is an end-to-end solution provider in the power transmission and distribution sector.
Facilities & Capacity
Absolute Projects (India) Ltd. maintains its primary operational footprint through its corporate office in Noida, Uttar Pradesh and its registered office in New Delhi. The company operates in diverse points, including power EPC projects, Supply of in-house manufactured electrical and structural components, civil construction and operation and maintenance services. The growth of the capacity can be seen by the company’s expansion in the manufacturing units and the product standard quality, as one of their product was awarded in 1999 by the National Industrial Development Corporation Ltd.
Brands & Market Presence
Absolute Projects (India) Ltd. operates under the corporate identity "APIL". Its strategic geographic presence in the National Capital Region (NCR) provides a base for its market activities. The company has created a strong position in the market, as the quality standards and material quality they have set are quite difficult for newcomers in the market. Absolute Projects successfully executed projects across multiple geographies, which shows their ability to handle diverse projects and situations.
Revenue Streams & Business Model
The primary revenue sources of Absolute Projects (India) Ltd. are power EPC projects, component manufacturing, civil construction and operation and maintenance services. From which the core source of revenue is EPC projects, contributing 69.40% of revenue in the past 6 months (till September 2025).
The business model of the company will be driven by its core project and corporate activities. Currently, specific segment-wise revenue contributions, geography-wise revenue breakdowns and any potential export contributions are not provided in the drafted document snippets available.
Management & Shareholding
The promoters of Absolute Projects (India) Ltd. are Ranjeet Singh Ola, Deependra Singh Ola, Monika Bhukar Ola, Sunita Ola Dhaka, Vaishali Ola and Kamla Devi Ola. Before the IPO, the promoters held a 72% stake in the company, but after the IPO, the promoters' ownership will be slightly diluted as the offering includes a fresh issue of shares only, which invites the public.
Board & Key Management
The leadership of Absolute Projects (India) Ltd. is led by a team of experts with many years of experience. Ranjeet Singh Ola serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as the daily operations, along with Whole-Time Director & CEO Deependra Singh Ola. To ensure good governance, the board includes Independent Directors for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Absolute Projects (India) IPO Financial Information
Profit After Tax
9.37
₹ Crore
Net Worth
124.7
₹ Crore
Total Borrowing
100.87
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 321.6 | — | 9.37 | 124.7 | 116.18 | 100.87 | |||
| 31 Mar 2025 | 285.85 | — | 21 | 103.29 | 95 | 88.63 | |||
| 31 Mar 2024 | 201.31 | — | 14.65 | 56.73 | 49.4 | 30.96 | |||
| 31 Mar 2023 | 139.48 | — | 2.9 | 41.9 | 34.73 | 23.52 | |||
| Amount in ₹ Crore | |||||||||
Absolute Projects (India) Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 20.34 % |
| ROCE | 14.74 % |
| Debt/Equity | 0.86 |
| RoNW | 20.34 % |
| PAT Margin | 6.85 % |
| EBITDA Margin | 9.45 % |
| Price to Book Value | - |
Absolute Projects (India) IPO Objectives
The company intended to utilise the Absolute Projects (India) IPO proceeds for strategic purposes:
- • Funding capital expenditure requirements
- • Repayment or prepayment of debt (in part or in full)
- • General corporate purposes
Absolute Projects (India) IPO Review
Absolute Projects (India) Ltd. is an engineering, procurement and construction (“EPC”) company, with over 30 years of operational experience and led by experienced promoters and leaders. Till CY25, the company has executed a total of 2,480 circuit kilometres of transmission and distribution lines.
Financially, the company has shown growing and profitable financial statements. For Q2 FY26, the total income was reported at ₹1,382.88 crore and the PAT was at ₹93.67 crore, with an EBITDA of ₹1.67 crore. Notably, the top 10 customers of the company contributed around ₹1,289.84 crore, which is nearly 94.98% of the total revenue from operations.
However, investors must be aware of both sides of the company, from strengths to potential risks. Key strengths of the company lie in the backing of its promoter group and its operational base in Noida, whereas the potential risk of the company includes the high dependency on repeat customers for revenue, as nearly 95% of the company’s revenue is received from the top 10 customers. Overall, the IPO presents an early-stage opportunity for investors who are willing to take a risk and want to grow in the EPC segment of the market.
Conclusion
Absolute Projects (India) IPO is an opportunity for investors to invest in a growing company that provides O&M services for power infrastructure assets, with a strategic corporate base in Noida and a clear promoter structure. The result of their rigorous operational process and work is that, till CY25, the order book of the company is at ₹358.63 crore. With this listing, the company aims to invest in the procurement, debt reduction and to smooth the operational activities.
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Competitive Strengths
A completely fresh issue indicating capital infusion directly into the company.
A diverse and established promoter group.
Strategic corporate positioning in the National Capital Region (NCR).
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 0 |
| S-HNI (Min) | 0 | 0 | 0 |
| S-HNI (Max) | 0 | 0 | 0 |
| B-HNI (Min) | 0 | 0 | 0 |