Oneindig Technologies' record shows a company growing revenue while its cash conversion deteriorates sharply: receivables have ballooned to 244 days, operating cash flow has been negative for three straight years, and the auditor has changed three times in under three years, twice citing identical "pre-occupation" language. Promoter shareholding has halved from 100% to 51.33% through a resignation-triggered reclassification and transfers, while purchases from KMP-linked entities jumped from ₹2.81 lakh to 6.86 crore in one year.
Key findings
- Three auditor changes in under three years, two resignations citing identical "pre-occupation" language
Major- Suresh Advani & Co. resigned on 14 Feb 2023 citing "Pre-Occupation in other assignments," and GAMS & CO. resigned on 4 Apr 2025 with the same wording. Raj Gupta & Co. was appointed the same day GAMS & CO. resigned, and gave written consent on 23.07.2025 to be named as expert in the DRHP. - Promoter shareholding halved from 100% to 51.33% through reclassification and transfers
Major- Promoters held 41,29,360 shares (51.33%) as of the DRHP dated 6 Aug 2026, down from 100% two years prior. Jitendra Dharampal Tiwari resigned from the board on September 20, 2023, triggering his reclassification to public category, and transferred 2,00,000 shares to Masatya Technologies Private Limited on March 28, 2024. Purchases from entities where KMPs have interest jumped from ₹2.81 lakh (FY24) to 6.86 crore (FY25). - Related-party purchases ramped sharply while the company operates under a brand it does not own
Major- Purchases from KMP-linked entities rose to 6.86 crore in FY25 from ₹2.81 lakh in FY24. The brand under which the company operates is owned by promoter group company MAT Commercials Linkages Private Limited, with a long-term brand usage agreement "in process of being formalized." Loans from KMP-controlled entities stood at 2.59 crore in FY25. - Subsidiary layer is thin and recently assembled, with one loss-making SPV
Minor- Two solar SPVs were acquired on November 05, 2024; Ziya Solar Energies Four reported a share of net loss of ₹12.64 lakh for FY2025-26. Associate Green Wattage Oneindig Energy was incorporated June 17, 2025, with Oneindig holding exactly 50%.
What to watch
- IPO allotment and listing. Promoter shareholding post-issue to be determined, per the DRHP dated 6 Aug 2026.
- Brand usage agreement. Formalization with MAT Commercials Linkages Private Limited was in process as of the DRHP dated 6 Aug 2026.
- GST scrutiny notice. Pending action on the Apr-Sep 2021 mismatch of ₹0.53 crore, as of the DRHP dated 6 Aug 2026.
- GST confiscation proceedings. Show Cause Notice dated 07/05/2025 under Section 130(1)(iv) with confiscation initiated, as of the DRHP dated 6 Aug 2026.
- Further promoter transfers. Any moves involving Jitendra Dharampal Tiwari's remaining public-category holdings, anchored to the DRHP period 6 Aug 2026.
Bottom line: This is a disclosed record with real revenue growth, but the cash story is the opposite of the profit story, three years of negative operating cash flow against positive profits, with receivables now covering 244 days of sales. The risk character is one of governance and earnings quality: rapid auditor turnover, a halved promoter stake, and a 244-fold jump in KMP-linked purchases. Watch the IPO outcome, the brand agreement, and whether the GST matters resolve cleanly.