Rotomag Enertec IPO
Rotomag Enertec Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 30 January 2026, so the company can open the IPO any time up to 30 January 2027. The draft proposes a fresh issue of up to ₹500 crore and an offer for sale of up to 2,40,40,162 shares by three promoters, one promoter group member, investor BanyanTree Growth Capital II and two other shareholders. In FY25 the company made a profit of ₹167.52 crore on revenue of ₹1,265.00 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued30 Jan 2026
- SEBI received draft
- 29 Sep 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Equirus Capital Private Limited
- Must open by
- 30 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Rotomag Enertec IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI29 Sep 2025
- SEBI reviewDone
- SEBI observations30 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Rotomag Enertec DRHP at a glance
Draft red herring prospectus, 26 Sep 2025What 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, Our Business (p. 252 to 253) and Risk Factors (p. 32 to 37)Rotomag Enertec designs and makes industrial drive products (DC and AC motors, gearboxes, drivetrains and railway products) and solar products (solar pumps, solar pumping systems, inverters and energy storage systems). Solar products gave 82.40% of FY25 revenue, and solar pumping systems sold under government contracts 75.18%.
Most of its plants are in Gujarat, and it relies on outside partners to install its solar products. It has over 30 years of history; it was incorporated in 1993 and is based in Anand, Gujarat.
The offer
DRHP cover page and The Offer (p. 82)| Fresh issue | Up to ₹500 croreMoney goes to the company |
| Offer for sale | Up to 2,40,40,162 sharesUmesh Mohan Balani 80,00,000; Neelam Umesh Balani 18,72,754; Priya Mohan Balani 17,82,189; Anjali Umesh Balani 8,01,650; BanyanTree Growth Capital II 1,01,01,325 (average cost ₹18.02); Pooja Tushar Patel 6,89,409; Siddharth Tushar Patel 7,92,835. Other sellers' average costs ₹0 to ₹0.09 a share |
| Shares before the IPO | 10,10,13,260Face value ₹1. After CCDs convert (8,32,58,379 before). The offer for sale is about 23.8% of them (ours) |
| Pre-IPO placement | Up to ₹100 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Equirus Capital Private Limited, CLSA India Private Limited and JM Financial Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Umesh Mohan Balani, Neelam Umesh Balani, Priya Mohan Balani, Umesh Balani Family Private Trust and Neelam Balani Family Private Trust |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 114 to 115)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Redeeming non-convertible debentures and accrued interest | 100.00 | 20.0% |
| Working capital | 275.00 | 55.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹500 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 84 to 86), Restated Financial Information (cash flow) and Basis for the Offer Price, KPIs (p. 129 to 132), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 704.22 | 694.18 | 1,265 |
| EBITDA | 56.26 | 93.59 | 244.02 |
| EBITDA margin | 7.99% | 13.48% | 19.29% |
| Profit after tax | 55.45 | 71.38 | 167.52 |
| Diluted EPS (₹) | 5.46 | 7.30 | 16.85 |
| Net worth | 369.09 | 440.45 | 607.95 |
| Cash from operations | 59.59 | -11.10 | -24.02 |
| Return on equity | 15.35% | 16.52% | 27.98% |
| Net debt | -46.35 | 41.98 | 83.23 |
Restated consolidated figures. Net worth is total equity. Negative net debt means cash exceeded borrowings. Revenue grew about 34.0% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 129 to 130). Peer prices as of 12 Sep 2025 on BSE.The P/E for Rotomag is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Rotomag Enertec (FY25) | 16.85 | Set with the price band | 27.98% |
| Kirloskar Brothers | 52.29 | 37.81x | 19.84% |
| KSB | 14.22 | 58.37x | 16.66% |
| Oswal Pumps | 28.18 | 28.76x | 60.69% |
| Shakti Pumps (India) | 33.97 | 25.27x | 35.17% |
| WPIL | 13.52 | 31.82x | 9.62% |
| CG Power & Industrial Solutions | 6.37 | 123.24x | 25.35% |
| Sona BLW Precision Forgings | 9.92 | 43.20x | 10.94% |
| Elecon Engineering | 18.50 | 32.46x | 20.77% |
| Shanthi Gears | 12.52 | 44.64x | 23.83% |
| Igarashi Motors India | 7.68 | 64.43x | 5.19% |
Risks the draft lists first
DRHP, Risk Factors (p. 32 to 37)- Solar productsSolar products gave 82.40% of FY25 revenue. (Risk factor 1, p. 32)
- Government contractsSolar pumping systems under government contracts gave 75.18% of FY25 revenue. (Risk factor 2, p. 33)
- GujaratMost of its plants are in Gujarat. (Risk factor 3, p. 35)
- Raw materialsThe top 10 suppliers were 63.41% of FY25 raw material purchases, and prices can swing. (Risk factor 4, p. 35)
- Installation partnersIt depends on outside partners to install its solar products. (Risk factor 5, p. 37)
- Key customersThe top 10 customers gave 58.62% of FY25 revenue. (Risk factor 6, p. 37)
Documents
Rotomag Enertec DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Rotomag Enertec IPO FAQs
When will the Rotomag Enertec IPO open?
The date is not announced. SEBI issued observations on 30 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 30 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Rotomag Enertec IPO?
Yes. SEBI issued its final observations on 30 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Rotomag Enertec 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 Rotomag Enertec 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 Rotomag Enertec IPO?
Equirus 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 Rotomag Enertec do with the IPO money?
According to the DRHP, the fresh issue money goes to redeeming non-convertible debentures and accrued interest (₹100.00 crore), working capital (₹275.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Rotomag Enertec do?
Rotomag Enertec designs and makes industrial drive products (DC and AC motors, gearboxes, drivetrains and railway products) and solar products (solar pumps, solar pumping systems, inverters and energy storage systems). Solar products gave 82.40% of FY25 revenue, and solar pumping systems sold under government contracts 75.18%.
Where can I read the Rotomag Enertec DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 October 2025. The draft is dated 26 September 2025 and runs to 537 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 26 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.