IPO Details

Bidding Dates

06 May '24 - 09 May '24

Minimum Investment

₹1,20,000 / 1 Lot ( 1,600 Shares )

Price Range

₹71 - ₹75

Maximum Investment

₹1,20,000 / 1 Lot ( 1,600 Shares )

Retail Discount

Not Applicable

Issue Size

₹23.36 Cr

Investor category and sub category

Qualified Institutional Buyers  |   Retail Individual Investors  |   Non-institutional Investor  |  

Winsol Engineers IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 6, 2024

IPO Closing Date

May 9, 2024

Basis of Allotment

May 10, 2024

Initiation of Refunds

May 13, 2024

Credit of Shares to Demat

May 13, 2024

IPO Listing Date

May 14, 2024

Cut-off time for UPI mandate confirmation

May 9, 2024

About Winsol Engineers Ltd

Established in December 2015, Winsol Engineers Limited specialises in offering comprehensive engineering, procurement, construction, and commissioning services tailored to Balance of Plant (BoP) Solutions for solar and wind power generation companies.

Their core BoP Solutions encompass foundation work, substation civil and electrical work, and right-of-way services, demonstrating a commitment to comprehensive project support.

The company prides itself on its ISO-9001-2015, ISO-14001-2015, and ISO-45001-2018 certifications, underscoring its dedication to quality execution.

With a robust team comprising over 200 engineers and technicians, Winsol Engineers Limited ensures efficient project delivery.

As of April 2024, the company is actively engaged in over 41 major projects valued at approximately ₹11,953.31 lakhs. By March 31, 2024, they have invoiced more than ₹2,115.54 lakhs, leaving an unbilled order book of ₹9,837.75 lakhs.

By December 31, 2023, the workforce comprises over 270 employees, including a skilled team of more than 200 engineers and technicians, highlighting their commitment to project excellence and growth.

Industry Outlook:

  1. India's infrastructure investments, including the US$ 1.3 trillion Gati Shakti plan, aim to enhance efficiency and reduce costs, crucial for achieving a US$26 trillion economy.
  2. With a 15.4% CAGR in renewable energy capacity from FY16 to FY23, India ranks fourth globally in wind and solar power, poised for doubling capacity additions by 2026.

Winsol Engineers IPO Details

Winsol Engineers IPO Date

Winsol Engineers IPO is open from May 6, 2024, to May 9, 2024. The IPO will be listed on NSE Emerge.

Winsol Engineers Ltd Price Band

Winsol Engineers is a book bult issue IPO. The price band is set at ₹71 to ₹75 per share. 

Winsol Engineers IPO Lot Size

The lot size for Winsol Engineers Limited’s IPO is 1,600 shares with a minimum investment of ₹1,20,000.

Winsol Engineers IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Working capital requirements;
  2. General corporate purposes.

Peer Details

Winsol Engineers considers onlyKonstelec Engineers Limited as its listed peers.

How to Check the Allotment Status of the Winsol Engineers Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the Individual order details page of the IPO that you had applied for. 
  • Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of Winsol Engineers Limited 

Registered office: Shop No. 301, Madhav Commercial Complex, Near Crystal Mall, Khodiyar Colony, Jamnagar, Gujarat, India 361006 

Phone: 0288-2710708

E-mail: info@winsol.info

Financial Performance

Particulars 9-Month period Ending on December 31, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Revenue from Operations (in ₹ lakh) 5,195.23 6,538.66 6,070.19 2,216.35
Profit After Tax (PAT) (in ₹ lakh) 677.26 518.07 108.46 49.44
Cash & Cash Equivalents (in ₹ lakh) 354.76 31.42 45.45 13.15
Net Worth (in ₹ lakh) 1,527.15 873.89 238.55 343.93
Debt to Equity Ratio(x) 3.41 2.70 1.21 0.55
Return on Equity (%) 56.41% 85.08% 37.24% 22.33%
Return on Capital Employed (RoCE) (%) 44.18% 46.19% 16.14% 11.71%
Diluted Earning Per Share (EPS)-in absolute ₹ 8.04 6.15 1.29 0.59

Know before investing


  1. With over 40 years of collective experience in the engineering industry, the promoters bring invaluable vision and guidance to the company's operations, fostering steady growth and strategic implementation.

  2. Their robust in-house operations, including design, engineering, procurement, and construction teams, ensure efficient project completion. This capability, coupled with stringent quality assurance measures, contributes to timely delivery within budget constraints.

  3. Constant efforts to upgrade skills, modernise equipment, and streamline processes demonstrate a commitment to resource optimisation. Regular analysis and corrective measures enhance operational efficiency, ensuring optimal resource utilisation and project success.


  1. With outstanding litigation including tax proceedings and regulatory actions, the company faces potential financial liabilities and operational disruptions, which could impact its business and reputation.

  2. Recent negative cash flows and reliance on engineering and consulting work for majority revenue expose the company to financial instability and hindered growth prospects.

  3. Dependence on timely approvals and permits for business operations, coupled with potential environmental legal proceedings, pose regulatory compliance challenges that may disrupt operations and affect financial performance.

  • How to Apply in IPO
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Winsol Engineers IPO FAQs

What is Winsol Engineers Ltd's IPO?

Winsol Engineers Limited IPO is a book-built IPO. The IPO will be open from May 6, 2024, to May 9, 2024.

When will Winsol Engineers Ltd's IPO be allotted?

The Basis of Allotment will happen on Friday, May 10, 2024.

When will Winsol Engineers Ltd's IPO open for subscription?

The IPO subscription window will open on May 7, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1,600 shares.

When will Winsol Engineers Ltd list on exchanges?

The listing date for Winsol Engineers is Tuesday, May 14, 2024.

What would be the listing gains on the Winsol Engineers Ltd IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the Winsol Engineers Ltd IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Winsol Engineers Ltd's IPO?

You must complete the payment process by logging in to your UPI handle and approve the payment mandate.

Can I submit more than one application for the public issue of Winsol Engineers Ltd using one PAN?

You can submit only one application using your PAN card.