Absolute Projects India Limited IPO
IPO Details
Bidding Dates
To be announced
Minimum Investment
To be announced
Price Range
To be announced
Maximum Investment
To be announced
Retail Discount
To be announced
Issue Size
To be announced
Investor category and sub category
Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)About Absolute Projects India Limited IPO
Absolute Projects (India) Limited IPO is a book-building issue consisting of a fresh issue of up to 2,00,00,000 equity shares of face value of ₹2, with no offer for sale component. The equity shares are proposed to be listed on the BSE and NSE platforms.
Cumulative Capital Private Limited is the book-running lead manager to the issue, while MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar. Key details, including the IPO dates, price band, and lot size, are yet to be announced.
About Absolute Projects India Limited
Absolute Projects (India) Limited was originally incorporated as 'Absolute Projects Private Limited' as a private limited company under the erstwhile Companies Act, 1956, pursuant to a certificate of incorporation dated February 7, 1995, issued by the Registrar of Companies, Delhi and Haryana. Subsequently, the name of the company was changed to 'Absolute Projects (India) Private Limited' and upon conversion to a public limited company, a fresh certificate of incorporation was issued on February 15, 2005, by the Registrar of Companies, Delhi and Haryana, changing its name to 'Absolute Projects (India) Limited'.
The company is an infrastructure and industrial services provider offering Power Engineering, Procurement and Construction (EPC) Projects, the supply of in-house manufactured electrical and structural components, civil construction, and Operation and Maintenance (O&M) services, primarily focusing on the power transmission and distribution sector. It combines turnkey EPC execution, in-house manufacturing (with an installed capacity of 6,520 MTPA at its Manufacturing Facility I in Roorkee, Uttarakhand), civil construction, and O&M services.
Absolute Projects (India) Limited delivers its operations through its registered office in New Delhi and corporate office in Noida, Uttar Pradesh, with a project footprint across multiple Indian states and regions including Rajasthan, Punjab, Haryana, Uttarakhand, and the Union Territory of Ladakh. It also operates internationally through a branch office located in Lalitpur, Nepal, executing cross-border power transmission and distribution projects. As of December 31, 2025, the company had 61 full-time permanent employees across various operational, technical, and administrative functions, alongside project-specific workforce and contract labour.
Industry Outlook
India's real GDP growth was estimated at 6.5% for FY 2025, positioning the country as a resilient industrial hub amidst global economic deceleration and geopolitical volatilities.
India's peak electricity demand reached approximately 256 GW in FY 2025 and is projected to cross 335 GW by FY 2030, driven by rising urban household consumption, industrialization, data centre proliferation, and electric mobility.
India’s total installed power capacity is projected to surge from 442 GW in FY 2024 to 673 GW by FY 2030, aligning with the national target of achieving 500 GW of non-fossil fuel capacity by 2030.
Total capital expenditure in India's T&D sector is projected to reach INR 9 trillion (~USD 110 billion) between FY 2025 and FY 2032, supported by the National Electricity Plan (NEP) to integrate over 500 GW of renewable energy.
The government has outlined plans to add approximately 114,687 circuit kilometres (ckm) of transmission lines and 776,330 MVA of transformation capacity by FY 2027. As of February 2026, India's transmission network stands at 503,661 ckm and 1,428,921 MVA.
India's power generation and transmission sectors are projected to expand 2.2 times, reaching USD 280 billion between FY 2024 and FY 2030 (compared to the FY 2017–23 period).
While driven by robust demand and policy support, the T&D EPC sector faces intense price competition, thin profit margins resulting from Lowest Cost Bidder (L1) / Tariff-Based Competitive Bidding (TBCB) tenders, execution risks stemming from land acquisition hurdles, and technical skill shortages.
Absolute Projects India Limited IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
To fund incremental working capital requirements to support ongoing business expansion and operations.
Towards repayment or pre-payment, in part or in full of certain outstanding borrowings.
The remaining balance from the net proceeds will be deployed towards general corporate purposes and issue-related expenses.
Financial Performance of Absolute Projects India Limited
Particulars | H1 FY26 (Sep 30, 2025, Consolidated) | FY25 (Consolidated) | FY24 (Consolidated) | FY23 (Standalone) |
Revenue from Operations (₹ in Lakhs) | 25,792.15 | 47,503.19 | 38,985.95 | 31,533.12 |
EBITDA (₹ in Lakhs) | 2,370.34 | 3,926.38 | 3,188.50 | 1,721.20 |
EBITDA Margin (%) | 9.19% | 8.27% | 8.18% | 5.46% |
PAT / Restated Profit (₹ in Lakhs) | 1,236.39 | 1,821.26 | 1,482.63 | 528.56 |
PAT Margin (%) | 4.79% | 3.83% | 3.80% | 1.68% |
Net Worth (₹ in Lakhs) | 10,759.24 | 7,325.81 | 6,010.80 | 5,025.84 |
RoNW (%) | 11.49% | 24.86% | 24.67% | 10.52% |
Absolute Projects India Limited Peer Details Comparison
Company Name | Total Income / Revenue (₹ in Lakhs) | Basic EPS (₹) | RoNW / RoE (%) | NAV per share (₹) |
Absolute Projects (India) Limited* | 30,666.92 | 5.35 | 20.34% | 25.02 |
Salasar Techno Engineering Limited | 1,44,743.44 | 0.11 | 2.44% | 4.55 |
Rajesh Power Services Limited | 1,10,743.63 | 57.74 | 35.44% | 146.31 |
Vikran Engineering Limited | 91,585.00 | 4.35 | 16.63% | 25.49 |
Strengths and Opportunities of Absolute Projects India Limited IPO
The company has over three decades of operational presence and expertise in executing complex power transmission and distribution infrastructure projects.
The company combines turnkey EPC execution with in-house manufacturing capabilities (located at Roorkee, Uttarakhand, with an installed capacity of 6,520 MTPA) to produce electrical and structural components, ensuring better quality control and reduced dependency on external suppliers.
As of December 31, 2025, the company's total Order Book stood at ₹74,753.03 lakhs, providing multi-year revenue visibility (representing an Order Book to revenue from operations ratio of over 4x based on annualized/recent operational scale).
Revenue from operations expanded significantly from ₹14,099.49 lakhs in Fiscal 2023 to ₹30,666.92 lakhs in Fiscal 2025.
The company has accumulated a strong execution track record, including a cumulative total of 2,480 circuit kilometers (CKM) of transmission and distribution lines, 55 substations ranging from 33 kV up to 220 kV (AIS and GIS), and installation of power transformers with a cumulative capacity of 885 MVA as of December 31, 2025.
Total capital expenditure in India's transmission and distribution (T&D) sector is projected to reach ₹9 trillion (~USD 110 billion) between FY 2025 and FY 2032 under the National Electricity Plan (NEP).
Expanding private developer participation and competitive bidding models present opportunities for specialised, pre-qualified EPC players to secure large-scale transmission and modernisation contracts.
Risks and Threats of Absolute Projects India Limited IPO
Power EPC Projects contributed 69.40%, 75.39%, 85.64%, and 75.85% of the company's revenue from operations for the six months ended September 30, 2025, and Fiscals 2025, 2024, and 2023, respectively. Furthermore, out of a total Order Book of ₹74,753.03 lakhs as of December 31, 2025, approximately 85.35% is concentrated in Power EPC Projects, with the top 5 projects alone accounting for 67.94% of the total Order Book.
The company relies heavily on a limited number of clients. Its top 10 customers contributed 94.98%, 90.20%, 92.88%, and 87.90% of total revenue from operations for the six months ended September 30, 2025, and Fiscals 2025, 2024, and 2023, respectively.
The cost of raw materials, components, and stock-in-trade constituted 90.49%, 84.59%, 98.63%, and 90.83% of total expenses for the six-month period ended September 30, 2025, and Fiscals 2025, 2024, and 2023, respectively. Additionally, the top 10 suppliers accounted for 60.03%, 80.43%, 89.09%, and 72.46% of total purchases across the respective periods.
As of September 30, 2025, the company had total contingent liabilities amounting to ₹4,708.61 lakhs, which primarily comprise bank guarantees issued by banks on behalf of the company totaling ₹4,648.87 lakhs for project execution and contractual commitments.
The company, its promoters, and directors are involved in various outstanding legal proceedings, including criminal cases, tax disputes, and statutory notices (such as a CBI case naming the company and a promoter).
The power EPC sector is highly competitive and tender-based, characterised by thin profit margins. Because contracts are often awarded on a fixed-price or competitively bid basis, unanticipated cost escalations in raw materials, labour, or sub-contracting cannot always be passed on to clients, risking project cost overruns.
Absolute Projects India Limited IPO Reservation
Investor Category | Shares Offered |
QIB Shares Offered | Not more than 50% of the Net Issue |
NII Shares Offered | Not less than 15% of the Net Issue |
Retail Shares Offered | Not less than 35% of the Net Issue |
Absolute Projects India Limited IPO Promoter Holding
The promoters of the company are Ranjeet Singh Ola, Deependra Singh Ola, Monika Bhukar Ola, Sunita Ola Dhaka, Vaishali Ola and Kamla Devi Ola.
Share Holding Pre-Issue | 72% |
Share Holding Post Issue | - |
Absolute Projects India Limited IPO Prospectus
Absolute Projects India Limited IPO Registrar and Lead Managers
Absolute Projects India Limited IPO Lead Managers
Cumulative Capital Private Limited
Registrar for Absolute Projects India Limited IPO
MUFG Intime India Private Limited
Contact Number: 022-49186000
Email Address: absoluteprojects.ipo@in.mpms.mufg.com
How To Apply for Absolute Projects India Limited IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Absolute Projects India Limited IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Absolute Projects India Limited IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
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Contact Details of Absolute Projects India Limited IPO
Registered Office: 4222/1 Laxmi Kunj, 1st floor, Ansari Road, D Ganj, New Delhi-110002
Phone: + 91 93559 82822
E-mail: cs@apil-online.com
- How to Apply in IPO
- How to Check IPO Allotment Status
Login to Angel One App / Website & click on IPO
Select desired IPO & tap on "Apply"
Enter UPI ID, set quantity/price & submit
Accept mandate on the UPI app to complete the process
Absolute Projects India Limited IPO FAQs
What minimum lot size can retail investors subscribe to?
The minimum lot size for the Absolute Projects India Limited IPO has not yet been announced.
When will the Absolute Projects India Limited IPO be allotted?
The basis of allotment date for the Absolute Projects India Limited IPO has not yet been announced.
How to increase your chances of getting an Absolute Projects India Limited IPO allotment?
Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.
Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.
Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.
Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.
How do I approve the UPI mandate request for the Absolute Projects India Limited IPO?
After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.
Can I submit more than one application for the public issue of Absolute Projects India Limited using one PAN?
No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.
What is 'pre-apply' for Absolute Projects India Limited IPO?
Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.
If I pre-apply for the Absolute Projects India Limited IPO, when will my order get placed?
The IPO opening date for Absolute Projects India Limited has not yet been announced. Thus, the order placement date cannot be specified.
When will I know if my Absolute Projects India Limited IPO order is placed?
You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.
Where is the Absolute Projects India Limited IPO getting listed?
The Absolute Projects India Limited IPO is proposed to be listed on the NSE and BSE platforms. The listing date has not yet been announced.
