- Ahmedabad-based solar EPC player files DRHP for fresh issue of up to 72 lakh shares
- ₹95.80 crore earmarked for 30 MW DC independent power production plant across six Gujarat sites
- Another ₹75 crore proposed for working capital; total offer includes up to 20 lakh-share OFS
- ₹527.43-crore EPC order book and 321.53 MW DC executed capacity underline its project pipeline
NE BUSINESS BUREAU
AHMEDABAD, SEPT 28
Ahmedabad-based Deon Energy Limited is taking its next big solar bet beyond engineering and project execution, filing its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO that will fund its entry into solar power generation while strengthening its working-capital base.
The proposed IPO comprises a fresh issue of up to 72 lakh equity shares and an offer for sale of up to 20 lakh shares by promoter shareholders. The company proposes to deploy ₹95.80 crore from the fresh issue towards setting up a 30 MW DC independent power production plant across six identified sites in Gujarat’s Junagadh, Surendranagar and Kachchh districts. A further ₹75 crore is proposed for working-capital requirements, with the balance earmarked for general corporate purposes.
EPC engine meets IPP ambition
The proposed expansion marks a strategic shift for Deon Energy, which has built its business primarily around ground-mounted and rooftop solar engineering, procurement and construction (EPC) projects for industrial customers.
The company also undertakes operations and maintenance (O&M) services and has begun building an independent power production portfolio. Its existing solar-generation portfolio covers 5.70 MW DC across four Gujarat locations.
According to the DRHP, one of these projects commenced operations in FY26, while three others were commissioned in FY27.
Since commencing operations as a partnership firm in 2020, Deon Energy has completed 126 solar EPC projects aggregating 321.53 MW DC as of August 31, 2026. Its proposed 30 MW generation expansion could therefore add a new recurring-revenue dimension to an established EPC business.
₹527-cr order book provides visibility
The company had 34 ongoing EPC projects for 28 customers, representing 198.97 MW DC, as of August 31, 2026. Its outstanding EPC order book stood at ₹527.43 crore.
Its O&M portfolio comprised 60 projects, with an outstanding order-book value of ₹4.71 crore and aggregate capacity of 205.95 MW DC.
While Gujarat remains the principal market for its ongoing EPC projects, the company also has a multi-state project portfolio spanning Maharashtra, Uttar Pradesh, Rajasthan and Odisha.
Its industrial customer base covers sectors including ceramics, chemicals, pharmaceuticals, textiles and paper.
Revenue, profit climb sharply
Deon Energy’s financial performance has also expanded alongside its project footprint. Revenue from operations increased from ₹68.43 crore in FY24 to ₹298.54 crore in FY25 and ₹456.28 crore in FY26.
Profit after tax rose from ₹26.41 crore in FY25 to ₹46.06 crore in FY26, while EBITDA increased to ₹63.42 crore in FY26 from ₹35.37 crore in FY25 and ₹4.78 crore in FY24.
The DRHP states that the company delivered consistent financial performance during FY24-FY26, with revenue growth and profitability exceeding the broader solar EPC industry’s reported CAGR of about 9.5% during the period.
Solar market backdrop
The IPO comes against a backdrop of rising industrial demand for rooftop, captive and open-access solar projects. The D&B report cited in the DRHP estimates India’s solar EPC market at about $24 billion in FY26, potentially reaching approximately $41 billion by FY30.
Gujarat, with its solar resources, policy support and large-scale renewable-energy development, is identified as a leading renewable-energy market.
Deon Energy is promoted by Dharmesh Ashokbhai Makadiya, Chairman and Managing Director; Kalariya Chiragbhai Dineshbhai, Whole-time Director; and executive directors Kalariya Archanaben and Bhargav Chaturbhai Kavar.
The company’s equity shares are proposed to be listed on the BSE and NSE. Valmiki Leela Capital Private Limited is the book-running lead manager to the issue.
The DRHP filing does not yet establish an IPO price band or issue dates; those details will be announced through subsequent regulatory and company disclosures.
DRHP: Deon Energy DRHP on BSE
