About Rotomag Enertec IPO
The Rotomag Enertec IPO is a book-built issue comprising a fresh issue worth up to ₹500 crore and an offer for sale (OFS) of up to 24.04 lakh shares. The company filed its DRHP with SEBI on Sep 26, 2025. The price band and official dates of opening/closing 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. The book running lead managers (BRLMs) for this issue are Equirus Capital Private Ltd., CLSA India Private Ltd. and JM Financial Ltd., while the registrar to the issue is MUFG Intime India Private Ltd.
Company Background
Rotomag Enertec Ltd. was established in 1993 as a producer of industrial drive solutions such as motors and gearboxes. In 1999, the company ventured into the solar products category by introducing solar pumps, making it one of the pioneers in the renewable energy sector in India. Its registered office is situated in Anand, Gujarat. The current main business activity of this company is design-oriented manufacturing and supply of industrial drive solutions and solar energy products.
Operations & Product Range
Rotomag Enertec Ltd. operates in 2 primary business verticals, which include:
- • Industrial Drive Solutions: Motors (DC, AC, BLDC, PMDC, PMSM), gearboxes (worm, helical, planetary, and others), gearmotors, drivetrain solutions, and components for the railway industry.
- • Solar Products: Solar pumps (surface and submersible), solar pumping solutions, inverters, and energy storage solutions.
These products are used in a wide range of applications such as plastic processing, textiles, pumps, wind energy, construction, material handling, and the railway sector. Its solar pumping solutions are distributed to state nodal agencies in India through government programs.
Facilities & Capacity
Rotomag Enertec Ltd. operates 6 manufacturing facilities across India. These units are located in Anand (Gujarat), Satara (Maharashtra), Gurugram (Haryana) and Hapur (Uttar Pradesh). The company follows an asset-light model, focusing on design, assembly and testing.
Brands & Market Presence
Rotomag Enertec Ltd. markets its products under well-established brands such as Rotomag, Rotomotive, Rotodrive and Cyclo. The company has a strong domestic market presence, particularly in government solar pump schemes such as the PM-KUSUM Yojana. Globally, the company exports its DC motors to more than 35 countries in Europe, North America, South America and Asia.
Revenue Streams & Business Model
Rotomag Enertec Ltd. generates revenue from the sale of its manufactured industrial and solar products. The company highlights two major streams from their revenue: Industrial Drive Solutions (revenue from motors and gearbox sales) and Solar Products (revenue from solar pumps, inverters and systems). The company also earns from the supplement of government-sponsored schemes. The business involves both direct sales and participation in large tenders, particularly for government solar projects.
Management & Shareholding
The promoters of Rotomag Enertec Ltd. are Umesh Mohan Balani, Neelam Umesh Balani and Priya Mohan Balani, along with the Umesh Balani Family Private Trust and the Neelam Balani Family Private Trust. Before the IPO, the promoter group collectively owned 91.71% of the company, but after the IPO, the promoter group will see a dilution in its ownership.
Board & Key Management
The board and key management of Rotomag Enertec Ltd. are led by Umesh Mohan Balani (Managing Director) and Neelam Umesh Balani (Whole-time Director), who bring over three decades (30+ years) of engineering expertise. The board is strengthened by Independent Directors, including Anil Kumar Raina, Priyanka Gulati and Ranganath Krishna, alongside Nominee Director Rakesh Kumar Bhutoria. Key executives include Kuldeep Singh (CFO) and Priyank Tuiwala (Company Secretary).
Rotomag Enertec IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue and Offer for Sale (OFS) |
| Total Issue Size | - |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 500 Cr (aggregating up to 5,000 million) |
| Offer for Sale | Up to 2,40,40,162 Equity Shares (aggregating up to ₹[●] Cr) |
| Net Offered to Public | - |
| Issue Type | 100 % Book Built Offer |
| Listing At | NSE and BSE |
| Share Holding Pre Issue | 8,32,58,379 shares (based on FY25 restated financial information) |
| Share Holding Post Issue | 10,10,13,260 shares |
Rotomag Enertec IPO Financial Information
Latest Revenue
1,277.92
₹ Crore
Profit After Tax
167.52
₹ Crore
Net Worth
598.18
₹ Crore
Total Borrowing
276.98
₹ Crore
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| Fiscal 2025 | 1,249.21 | 1,277.92 | 167.52 | 598.18 | 599.62 | 276.98 | |||
| Fiscal 2024 | 752.09 | 712.42 | 71.38 | 430.84 | 432.27 | 132.72 | |||
| Fiscal 2023 | 573.49 | 730.03 | 55.45 | 359.66 | 361.1 | 31.61 | |||
| Amount in ₹ Crore | |||||||||
Rotomag Enertec Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 27.98% |
| ROCE | 28.20% |
| Debt/Equity | 0.14 |
| RoNW | 27.98% |
| PAT Margin | 13.11% |
| EBITDA Margin | 19.29% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 20.10 | 16.85 |
| P/E (x) | [.] | [.] |
IPO Objectives
The company intends to use proceeds from the fresh issue of the Rotomag Enertec IPO for the following purposes:
- • Redemption of Non-Convertible Debentures (NCD)
- • Funding the working capital requirement
- • General corporate purposes
Conclusion
The Rotomag Enertec IPO presents an opportunity to invest in a company that has a 3-decade (30-year) long history that straddles the defined industrial equipment industry and the rapidly growing renewable energy industry. The business model seems to be centered on exploiting its design strengths and manufacturing reach to tap into the traditional sectors as well as the green energy revolution in India. The company aims to improve the balance sheet and finance operations indicates a consolidation strategy via proceeds
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Competitive Strengths
A diversified product range and presence in both industrial drives and solar products can de-risk the business from any downturn in a particular market.
Entering the solar pump market in 1999, building a long-standing reputation and experience in this emerging renewable energy segment.
In-house development team for R&D, which allows for customization and innovation, such as the development of drivetrains for electric vehicles.
Operating 6 manufacturing facilities and an extensive network of over 440 service centers for solar pumps.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 30/01/2026 | - |
| 2 | Filed with SEBI/Exchange | 26/09/2025 | View DRHP |
Rotomag Enertec 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 | 0 | 1400015000 |
| Individual investors (Retail) (Max) | 0 | 0 | 200000 |
| S-HNI (Min) | 0 | 0 | 200000 |
| S-HNI (Max) | 0 | 0 | 1000000 |
| B-HNI (Min) | 0 | 0 | 1000000 |