About Oswal Energies IPO
Oswal Energies IPO Details
Oswal Energies IPO is a 100% book-built issue comprising a fresh issue of ₹250 crore and an offer for sale (OFS) of 46 lakh equity shares, with the face value of ₹10 per share. The company filed its DRHP with SEBI on July 18, 2025.
The price band and the 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 Monarch Networth Capital Ltd., while the registrar to the issue is MUFG Intime India Private Ltd.
Oswal Energies IPO Date & Timeline
Oswal Energies Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on July 18, 2025. However, the specific Oswal Energies 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.
Oswal Energies 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 | - |
Oswal Energies IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 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 ₹ 250 Cr) |
| Offer for Sale | 46,00,008 shares of ₹10 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 4,76,65,233 shares |
| Share Holding Post Issue | - |
Oswal Energies 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 Oswal Energies 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
Oswal Energies Ltd. was incorporated on January 28, 2013, as Oswal Infra-Park Ltd. in Ahmedabad, Gujarat. However, the company was renamed Oswal Infrastructure Limited in 2016 following a scheme of arrangement and then, currently, for the public listing procedure, it converted into a public limited company named Oswal Energies Limited in June 2024 to reflect its focused commitment to the broader energy sector.
The company has established itself as an integrated EPC player providing end-to-end solutions from concept to commissioning, developing in-house manufacturing capabilities to move beyond simple construction into complex engineering and process equipment fabrication.
Operations & Product Range
Oswal Energies Ltd.’s operations are structured across two primary verticals: the Project Division and the Heavy Engineering Division. The Project Division is responsible for providing customised EPC services to customers in the upstream petroleum industry by dealing with facilities on the surface, early production units and cross-country pipelines. The Heavy Engineering Division, on the other hand, deals with the fabrication of process equipment such as process skids, modular packages and pressure vessels.
Facilities & Capacity
Oswal Energies Ltd. is a well-equipped manufacturing facility in Gandhinagar, Gujarat, India, which is capable of executing heavy fabrication and assembly operations. The firm currently has a manufacturing capacity of 2,000 MT per annum till March 31, 2025. With this, the company has several certificates from around the globe, including ISO 9001:2015 and ASME U/U2, for making high-pressure vessels in the energy industry.
Brands & Market Presence
Oswal Energies Ltd. has maintained a very cordial relationship with top players from both within and outside the country in the oil and gas industry, as the company has made some significant contract deals with leading companies like Vedanta Limited, ONGC and Shell. Although the company is mainly involved in its primary business in India, it has also managed to build an international market base in Asia, Europe and Africa.
Revenue Streams & Business Model
The primary revenue channel of Oswal Energies Ltd. is generated through the execution of turnkey EPC projects and the sale of manufactured process equipment. In FY25, the Project Division contributed approximately 72.32% of total revenue from operations, while the Heavy Engineering Division accounted for the remaining 27.68%. India-based projects contributed 83.5% of revenue in FY25, while exports accounted for 16.49%, allowing the company to capitalise on India's rising energy infrastructure spending while maintaining global quality standards.
Management & Shareholding
Oswal Energies Ltd. is promoted by Dixit Jitendra Bokadia, Jayant Babulal Bokadia and Ratan Babulal Bokadia. Before the IPO, the promoters and promoter group held a significant percentage of ownership in the company, but after the IPO, the promoters’ stakeholding will dilute as the offer has 46 lakh equity shares for sale by existing shareholders.
Board & Key Management
The leadership of Oswal Energies Ltd. is led by a team of experts with many years of experience. Mr. Ratan Babulal Bokadia serves as the vice Chairman and gives strategic direction to the firm, also handling the daily operations as a Managing Director, along with Whole-Time Directors, Mr. Jayant Babulal Bokadia and Mr. Dixit Jitendra Bokadia. To ensure good governance, the board includes Independent Directors, Ulhas P.Dharmadhikari, Arpana Sandeep Shah and Nagaraj Giridhar for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Oswal Energies IPO Financial Information
Latest Revenue
412.67
₹ Crore
Profit After Tax
65.80
₹ Crore
Net Worth
122.70
₹ Crore
Total Borrowing
19.32
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 321.44 | 412.67 | 65.80 | 122.70 | — | 19.32 | |||
| 31 Mar 2024 | 218.16 | 262.69 | 30.08 | 56.91 | — | 15.73 | |||
| 31 Mar 2023 | 113.39 | 160.43 | 5.34 | 26.87 | — | 10.73 | |||
| Amount in ₹ Crore | |||||||||
Oswal Energies Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 73.27% |
| ROCE | 82.42% |
| Debt/Equity | 0.12x |
| RoNW | 73.27% |
| PAT Margin | 15.94% |
| EBITDA Margin | 22.14% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 13.80 | - |
| P/E (x) | - | - |
Oswal Energies IPO Objectives
The company intended to utilise the Oswal Energies IPO proceeds for strategic purposes:
- • Funding the long-term working capital requirements.
- • General corporate purposes.
Oswal Energies IPO Review
Oswal Energies Ltd. is an integrated engineering, procurement and construction (“EPC”) company and manufacturer of process equipment and packages, providing concept-to-commissioning solutions as a one-stop solution provider, with years of experience, a global presence and the capabilities to deliver integrated engineering, project management, design, procurement, construction and manufacturing solutions to a diverse range of industries in the energy segment, including oil and gas, power and petrochemicals.
Financially, the company is currently on a high-growth trajectory. Revenue from operations was reported at ₹4,108.74 million in FY25, accompanied by significant profitability expansion, with PAT at ₹657.95 million in FY25.
However, the investors must consider risks, including significant customer concentration with a few large clients accounting for a major revenue portion and heavy reliance on the upstream oil and gas industry, which is sensitive to global energy price fluctuations and government policy changes. Overall, the IPO presents a pure-play entry into India's energy-focused EPC space backed by a strong execution history and stellar financial momentum.
Conclusion
The Oswal Energies IPO is an opportunity for investors to invest in a growing company with its integrated business model, strong promoter leadership and a proven track record of executing complex projects for global energy majors. The company is well-positioned to benefit from India's energy infrastructure boom. The issue mainly aims to fund the working capital requirement to operate the day-to-day operations and strengthen the balance sheet.
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Competitive Strengths
Integrated services, where EPC services are offered together with manufacturing services.
Well-diversified customer portfolio with some big names like ONGC, Vedanta, and Shell.
High revenue creation capability, where the revenue growth has been 2x in just 2 years, and the profit has grown by over 12 times from FY23 to FY25.
Presence in sectors like oil and gas, petrochemicals, and the emerging sector of clean energy.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 09/12/2025 | - |
| 2 | Filed with SEBI/Exchange | 19/07/2025 | 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 |