EPC player Sadbhav Futuretech files draft papers with Sebi for IPO

Synopsis

EPC solar player Sadbhav Futuretech has filed its draft papers with Sebi for an IPO comprising a fresh issue and an OFS. The company plans to use the proceeds for working capital, while financials show strong revenue and profit growth ahead of the proposed listing by Beeline Capital Advisors.

EPC player of solar power projects Sadbhav Futuretech has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The proposed IPO is a combination of a fresh issue of up to 2.55 crore equity shares and an offer for sale (OFS) of shares worth Rs 235 crore by selling shareholders, according to the DRHP filed with Sebi. Promoters Saikat Roy, Bhupender Singh, Bettericon Consultancy, Neelam Jain, and certain other individuals and entities will be selling shares in the OFS.

The proceeds from the fresh issue will be utilised towards funding its working capital requirements and for general corporate purposes.

Sadbhav Futuretech is engaged in engineering, procurement, and construction (EPC) of solar power projects with a focus on segments relating to solar water pumping systems, rooftop solar systems and ground-mounted solar systems. It has an installed capacity of 171.68 mw including 171.53 MW of solar water pumping systems and 0.15 MW of rooftop solar systems. As of the date of the DRHP, it has one EPC contract and has received two Letters of Intent for the installation of a ground-mounted solar system of 120 MW.

Over the years, the company has also diversified its geographical presence across various states, including Maharashtra, Assam, Andhra Pradesh, Madhya Pradesh, Rajasthan, Haryana and Chhattisgarh.

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As of February end, Sadbhav Futuretech's order book amounted to Rs 2016 crore, out of which revenue of Rs 585.88 crore had been booked till September 30, 2025. The order book consisted of 19 projects, with execution timelines ranging from 3 to 18 months.

The total order book comprises projects awarded by government agencies and private customers, with 65.18% pertaining to government-awarded projects and 34.82% pertaining to private customers.

On the financial front, the company’s revenue from operations increased from Rs 73.05 crore in Fiscal 2023 to Rs 302 crore in Fiscal 2025, growing at a CAGR of 103%. Its profit increased from Rs. 0.85 crore in Fiscal 2023 to Rs. 30.80 crore in Fiscal 2025, registering a CAGR of 502.56%.

Beeline Capital Advisors is the sole book-running lead manager (BRLM) to the offer.

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