• IPO and Financials: The company is raising approximately ₹160 crore, including a ₹30 crore offer for sale, primarily to fund working capital after growing turnover from ₹50 crore in 2021 to ₹500 crore in 2024 with consistent EBITDA margins of 12% to 14%.
• Order Book Mix: The unexecuted order book stands at ₹925 crore, with core operations centered on power distribution across eight states while expanding selectively into transmission and renewables, which will make up 10% to 15% of the mix.
• Contracting and Risk: To mitigate liquidity risks, the company strictly bids on funded EPC projects from agencies like the World Bank, REC, PFC, and ADB, achieving a 75% completion rate across 50 lifetime projects and a single-bid eligibility of ₹650 crore.
• Working Capital Debt: Long-term borrowing increased to ₹2.5 crore in FY24 from ₹22 lakh in FY23 to support rapid revenue growth and manage higher retention needs after government supply payment disbursements decreased from 80%–90% to 70%.