• IPO proceeds allocation: The ₹414 crore issue (price band ₹77–₹81) consists of a ₹353 crore fresh issue and a ₹61 crore offer for sale, with ₹180 crore earmarked for debt repayment and ₹114 crore for three boiler projects in Dahej, Ankleshwar, and Panoli.
• Debt-to-equity reduction: Total borrowings rose to ₹281 crore to fund four under-construction facilities, but using ₹180 crore of IPO proceeds for debt repayment is expected to lower the debt-to-equity ratio from 1.57 times to around 0.4 times.
• Margin recovery drivers: Reported margins dropped to around 17% due to a high-volume, low-margin coal trading business that was discontinued on April 1, 2026. Management expects margins to recover to or exceed FY 2024 levels of 23.5% as three more profitable, waste-fueled steam facilities come online.
• Return ratios outlook: ROCE and PAT margins were weighed down by ₹157 crore locked in capital work-in-progress as of March 31, 2026. These metrics are projected to improve once three facilities commission in calendar year 2026 and one in 2027.