Deon Energy IPO
Deon Energy Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to 72,00,000 shares and an offer for sale of up to 20,00,000 shares by its three promoters. In FY26 the company made a profit of ₹46.06 crore on revenue of ₹456.28 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Valmiki Leela Capital Private Limited
- Last SEBI contact
- 30 Oct 2026
- Price band and dates
- Not announced
Where it stands
Deon Energy IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 5 October 2026, 32 days ago, and its last communication on the draft was on 30 October 2026 (day count is our calculation).
DRHP at a glance
Deon Energy DRHP at a glance
Draft red herring prospectus, 25 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Risk Factors (p. 27 to 33) and Basis for Offer Price, KPIs (p. 139 to 142)Deon Energy is a solar EPC company that builds ground-mounted solar power plants, which gave 96.67% of FY26 revenue. It also plans its own independent power plants with money from the IPO.
Its business is concentrated in Gujarat. Its order book was ₹527.43 crore across 34 projects on 31 August 2026, and the top 10 customers gave 48.36% of FY26 revenue.
The offer
DRHP cover page and The Offer (p. 83)| Fresh issue | Up to 72,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 20,00,000 sharesDharmesh Ashokbhai Makadiya 7,50,000, Kalariya Chiragbhai Dineshbhai 7,50,000 and Bhargav Chaturbhai Kavar 5,00,000; average costs nil to ₹0.01 a share |
| Shares before the IPO | 2,40,10,000The fresh issue equals about 30.0% and the offer for sale about 8.3% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Valmiki Leela Capital Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Dharmesh Ashokbhai Makadiya, Kalariya Chiragbhai Dineshbhai and Bhargav Chaturbhai Kavar |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 122 to 123)| Object | ₹ crore |
|---|---|
| Independent solar power plants at six locations | |
| Working capital | 75.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
The amount for the power plants is in the DRHP, Objects of the Offer (p. 122 to 123), and is not shown here. The fresh issue size in ₹ is set with the price. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 85 to 89) and Basis for Offer Price, KPIs (p. 139 to 142), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 68.43 | 298.54 | 456.28 |
| EBITDA | 4.78 | 35.38 | 63.42 |
| EBITDA margin | 6.99% | 11.85% | 13.90% |
| Profit after tax | 2.79 | 26.41 | 46.06 |
| Diluted EPS (₹) | 1.16 | 11 | 19.19 |
| Total equity | 3.42 | 25.58 | 71.45 |
| Cash from operations | 8.18 | 8.21 | 4.66 |
| Return on net worth | 124.79% | 182.18% | 94.95% |
| Order book | 204.76 | 173.82 | 256.89 |
Restated figures. Equity was very small in FY24 and FY25, so return on net worth is very high. Revenue rose more than sixfold from FY24 to FY26.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 140 to 141).The DRHP's industry P/E for its listed peers ranges from 13.39x to 326.39x, average 169.89x. The P/E for Deon is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Deon Energy (FY26) | 19.19 | Set with the price band | 94.95% |
Risks the draft lists first
DRHP, Risk Factors (p. 27 to 33)- Key customersThe top 10 customers gave 48.36% of FY26 revenue and 89.10% in FY24. (Risk factor 1, p. 27)
- Solar EPCGround-mounted solar EPC gave 96.67% of FY26 revenue. (Risk factor 2, p. 28)
- GujaratThe business is concentrated in Gujarat. (Risk factor 3, p. 29)
- Equipment costsProfits depend on the supply and cost of solar panels, inverters and other equipment. (Risk factor 4, p. 30)
- Land and approvalsProjects depend on land and approvals, which for its own plants it must obtain at its own cost. (Risk factor 5, p. 32)
- WeatherSeasonal sunlight and cyclones in Gujarat can disrupt operations. (Risk factor 6, p. 33)
Documents
Deon Energy DRHP and documents
SEBI filings- Draft red herring prospectus, dated 25 Sep 2026, on SEBI since 8 Oct 2025
- Draft red herring prospectus, dated 25 Sep 2026, on SEBI since 5 Oct 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Deon Energy IPO FAQs
When will the Deon Energy IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 32 days ago (our calculation).
Has SEBI approved the Deon Energy IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Deon Energy IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Deon Energy IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Deon Energy IPO?
Valmiki Leela Capital Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Deon Energy do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹75.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Deon Energy do?
Deon Energy is a solar EPC company that builds ground-mounted solar power plants, which gave 96.67% of FY26 revenue. It also plans its own independent power plants with money from the IPO.
Where can I read the Deon Energy DRHP?
On SEBI's website, where the draft red herring prospectus was published on 8 October 2025. The draft is dated 25 September 2026 and runs to 520 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 25 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.