About Allied Engineering Works IPO
Allied Engineering Works IPO Details
Allied Engineering Works IPO is a 100% book-built issue comprising a fresh issue of ₹400 crore and an offer for sale (OFS) of 75 lakh equity shares, with a face value of ₹5 per share. The company filed its DRHP with SEBI on July 4, 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 this issue is Axis Capital Ltd. and IIFL Capital Services Ltd., while the registrar to the issue is KFin Technologies Ltd.
Allied Engineering Works IPO Date & Timeline
Allied Engineering Works Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on July 4, 2026. However, the specific Allied Engineering Works 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.
Allied Engineering Works IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Allied Engineering Works IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 5 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | [.] |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 400 Cr) |
| Offer for Sale | 75,00,000 shares of ₹5 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,00,00,000 shares |
| Share Holding Post Issue | - |
Allied Engineering Works IPO GMP (Grey Market Premium)
“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 Allied Engineering Works 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
Allied Engineering Works Ltd. was incorporated in 2011 in Delhi. Over the years, the company has transformed from a manufacturer of power transformers and electrical equipment into a leading provider of comprehensive smart energy meter solutions. This evolution has aligned the company with the national mandate of digitising India's power distribution network. Currently, it is recognised as one of the top players in the domestic smart metering market, leveraging decades of engineering expertise to develop indigenous technology for critical infrastructure.
Operations & Product Range
The primary business of Allied Engineering Works Ltd is the designing, engineering and manufacturing of intelligent energy meters, which offer products that cover a wide variety of applications ranging from residential to industrial uses. The key products offered by the company include intelligent single-phase and three-phase meters, in addition to intelligent DT meters. Apart from manufacturing, the company also provides services to act as the Advanced Metering Infrastructure Services Provider for smart metering projects.
Facilities & Capacity
Most of the manufacturing facilities of Allied Engineering Works Ltd. are located within its plants situated in the Badli Industrial Estate in Delhi. In terms of manufacturing capacity, the firm has achieved 7.29 million meters annually by March 31, 2025 and stands among the top 5 manufacturers in India. The primary purpose is the establishment of a new manufacturing plant in Nauroji Nagar, New Delhi, for additional production lines and equipment.
Brands & Market Presence
Allied Engineering Works Ltd. has developed an impressive reputation in the Indian market for manufacturing smart meters, gaining around 10% market share of all the smart energy meters installed in India, especially establishing itself in the states of Punjab and Uttar Pradesh. The company is known for its certification standards and adherence to international regulations, winning contracts with major private power companies as well as state-owned power distribution companies. Its brand is associated with high-volume manufacturing and rapid deployment capabilities.
Revenue Streams & Business Model
The primary revenue channel of Allied Engineering Works Ltd. is generated through two primary channels: the sale of smart energy meters and the provision of AMISP services. The sale of hardware, including residential and DT meters, remains the largest top-line contributor, while the service-oriented AMISP model provides recurring revenue. The highly integrated business model allows the company to synthesise its own communication modules and software solutions, maintaining cost efficiencies and ensuring technology tailored to the specific challenges of the Indian electrical grid, such as power theft and load management.
Management & Shareholding
Allied Engineering Works Ltd. is promoted by Ashutosh Goel, Nidhi Goel, AEW Infratech Private Limited and the RP Goel Family Trust. Before the IPO, the promoters held a 93.18% portion of the ownership in the company, but after the IPO, the promoters' stakeholding will be diluted as the existing shareholders are selling 75 lakh equity shares.
Board & Key Management
The leadership of Allied Engineering Works Ltd. is led by a team of experts with many years of experience. Ashutosh Goel serves as the Chairman & Managing Director and gives strategic direction to the firm, including the day-to-day operations. To ensure good governance, the board includes Independent Directors Marur Narasimha, Pradeep Kumar Pujari and Neelam Sanghi for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Allied Engineering Works IPO Financial Information
Latest Revenue
₹ 720.08 Cr
Profit After Tax
₹ 140.26 Cr
Net Worth
₹ 213.52 Cr
Total Borrowing
₹ 66.9 Cr
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2025 | 548.99 | 720.08 | 140.26 | 213.52 | 158.52 | 66.9 |
| 31 Mar 2024 | 269.18 | 349.81 | 47.41 | 73.25 | 67.75 | 28.14 |
| 31 Mar 2023 | 148.23 | 164.86 | 1.02 | 25.79 | 20.29 | 30.40 |
| Amount in ₹ Crore | ||||||
Allied Engineering Works Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 65.69% |
| ROCE | 71.47% |
| Debt/Equity | 0.42x |
| RoNW | 65.69% |
| PAT Margin | 19.56% |
| EBITDA Margin | 28.87% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 12.75 (basic/diluted) | - |
| P/E (x) | - | - |
Allied Engineering Works IPO Objectives
The company intended to utilise the Allied Engineering Works IPO proceeds for strategic purposes:
- • Funding capital expenditure for setting up a new manufacturing facility
- • Repayment or prepayment of debt (in part or in full)
- • Funding long-term working capital requirements
- • General corporate purposes
Allied Engineering Works IPO Review
Allied Engineering Works Ltd.’s positioning within the RDSS scheme is a key differentiator. The Indian government has mandated the replacement of 250 million conventional meters with smart meters, creating a massive, multi-year tailwind. The company’s 10% market share and 25% share of RDSS-installed DT meters place it in a sweet spot to capture this recurring demand.
The company operates on a high-growth path that is highly associated with India’s “Digital India” and “Smart Cities” missions. The income from operations rose from ₹239.8 crores in FY23 to ₹1,048.6 crores in FY25, aided by a PAT of ₹152.9 crores, suggesting sustainability amidst aggressive growth.
Risks highlighted in the DRHP include high customer concentration with significant revenue from a limited number of utilities and AMISPs and the capital-intensive nature of the business, requiring significant working capital for large-scale government contracts. Overall, the company represents a scale-driven play on India's energy transition, backed by strong manufacturing credentials and a leadership position in the high-growth smart meter category.
Conclusion
The Allied Engineering Works IPO is an investment opportunity to invest in a growing business that offers a pure-play entry into the smart metering segment of the Indian power sector. With its impressive growth history, strategic Delhi-based manufacturing hub and a clear expansion roadmap, the company has maintained a clear focus on vertical integration and indigenous technology, which provides a strong foundation for long-term execution in a competitive market.
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Competitive Strengths
Vertical integration of manufacturing and software development
Top-five market position in India with an installed manufacturing capacity of 7.29 million meters per annum.
Strong growth track record, with revenue CAGR of 109.76% over the past three fiscal years.
Proven track record working with leading utilities and AMISPs, with 10% market share in smart meter installations in India.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 30/10/2025 | - |
| 2 | Filed with SEBI/Exchange | 04/07/2025 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹ 15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹ 2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹ 10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |