About Deon Energy IPO
The Deon Energy IPO is a 100% book-built issue offering a fresh issue of ₹150 crore, with a face value of ₹10 per equity share. The company filed its DRHP with SEBI on Sep 25, 2025.
The price band and official dates of subscription and listing will be announced by the company later, but the equity shares are proposed to be listed on the BSE and the NSE platforms. The book-running lead manager of Smart Horizon Capital Advisors Private Ltd., while the registrar to the issue is Bigshare Services Private Ltd.
Company Background
Deon Energy Ltd. was established on June 23, 2020, as a partnership firm under the name "M/s. Deon Energy." It later transformed into a private limited company on April 11, 2024 and finally to a public limited company under the name "Deon Energy Ltd." on May 13, 2025. It is headquartered in Ahmedabad in the state of Gujarat. Its registered office is situated at Westgate, S.G. Highway. It has evolved from a partnership firm to a corporate entity offering end-to-end renewable solutions to its consumers, especially its home state of Gujarat.
Operations & Product Range
Deon Energy Ltd. is a solar-based company with the capability to offer Engineering, Procurement and Construction (EPC) services. The key services offered by the company include renewable energy solutions on a turnkey basis, with specific focus on the commercial and industrial (C&I) segment. The main services provided by them are as follows:
- • Solar EPC Projects: Execution of ground-mounted solar power projects and rooftop solar power projects.
- • Operations & Maintenance (O&M): Providing maintenance services for solar power plants to ensure optimal performance.
- • Trading: Trading of solar equipment such as solar panels and inverters.
The company helps in the entire project lifecycle, from conceptualization to land assistance, commissioning and grid evacuation approvals.
Facilities & Capacity
Deon Energy Ltd. mainly focuses its business in Gujarat and has branch offices in Morbi and Rajkot for site work. Until FY25, the company has successfully executed 78 solar power projects with a total installed capacity of 140.29 MWDC (megawatt direct current). The company is planning to grow its business with its expertise and enter the Independent Power Producer (IPP) segment. It has taken steps to establish its business in the IPP segment and signed a Power Purchase Agreement (PPA) with its client for a period of 5 years.
Brands & Market Presence
Deon Energy Ltd. trades under the brand name "Deon Energy," with a slogan of "Energize the world with solar power." The market presence of the company is entirely domestic in nature, i.e., Gujarat, which contributed 100% of its revenue from operations for FY25 & '24. The company holds critical certifications for quality management systems, environmental management systems and occupational health & safety management systems.
Revenue Streams & Business Model
Deon Energy Ltd.'s main source of income is from its EPC contracts. In Fiscal 2025, 98.84% of the total income from operations came from EPC contracts. Out of this, ground-mounted solar accounted for a maximum percentage of 95.50%, followed by 3.34% from rooftop solar.
Other sources of income include trading in solar components and O&M contracts. Geographically, the business model is currently concentrated in Gujarat, which accounted for 100% of the revenue in the latest FY26.
Management & Shareholding
The promoters of Deon Energy Ltd. are Dharmesh Ashokbhai Makadiya, Chiragbhai Dineshbhai Kalariya, Archanaben Kalariya and Bhargav Chaturbhai Kavar. Before the Deon Energy IPO, the promoters collectively held approximately 97% of the paid-up equity share capital. Since the issue is a 100% fresh issue, the promoter shareholding percentage will be diluted post-listing, but they will continue to hold a controlling stake.
Board & Key Management
The Board of Directors of Deon Energy Ltd. oversees the company's strategic direction. Key members include Dharmesh Ashokbhai Makadiya as Chairman and Managing Director, Chiragbhai Dineshbhai Kalariya as Whole-Time Director, Archanaben Kalariya as Executive Director and Bhargav Chaturbhai Kavar as Executive Director and CFO. The board also features independent directors like Rajnikant C. Patel and others.
Deon Energy IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100 % Book Built Issue |
| Total Issue Size | Aggregating up to ₹ 150.00 Crore |
| Fresh Issue(Ex Market Maker) | Aggregating up to ₹ 150.00 Crore |
| Offer for Sale | [.] |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 2,40,10,000 shares |
Deon Energy IPO Financial Information
Latest Revenue
298.80
₹ Crore
Profit After Tax
26.16
₹ Crore
Net Worth
25.54
₹ Crore
Total Borrowing
3.95
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 62.31 | 298.80 | 26.16 | 25.54 | 25.53 | 3.95 | |||
| 31 Mar 2024 | 34.50 | 68.43 | 2.99 | 3.21 | 2.89 | 0.72 | |||
| 31 Mar 2023 | 9.45 | 41.84 | 0.22 | 1.00 | 0.17 | 0.35 | |||
| Amount in ₹ Crore | |||||||||
Deon Energy Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 181.96% |
| ROCE | 118.72% |
| Debt/Equity | 0.15x |
| RoNW | 102.41% |
| PAT Margin | 8.75% |
| EBITDA Margin | 11.85% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 10.89 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company proposes to utilize the net proceeds of the Deon Energy IPO for the following specific purposes:
- • Funding the working capital requirement to support its growing order book and operations
- • General corporate purposes
Conclusion
The Deon Energy IPO is an investment opportunity for investors to invest in a growing company that has maintained a strong regional presence in Gujarat, a solid order book of over ₹500 crore and a focus on the lucrative C&I segment. This issue will help in supporting the growing order book and operations and day-to-day operational activities of the company.
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Competitive Strengths
With its focus on the commercial and industrial segment, solar power is being leveraged for cost reduction and decarbonization.
Healthy order book, which provides good visibility on future cash flows.
Good relationships with reputable clients in the state of Gujarat, such as Omax Cotspin Private Ltd. and Fiotex Cotspin Private Ltd.
Offering operations and maintenance services to almost all its solar EPC clients.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 25/09/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
Deon Energy 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 | - |
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 |