Ultravibrant Integrated Energy IPO: DRHP, Financials, Review

# Ultravibrant Integrated Energy IPO: DRHP Filed, Size, Financials & Review Jaipur-based solar EPC and independent power producer Ultravibrant Integrated Energy has filed its Draft Red Herring Prospectus (DRHP), dated September 24, 2026, with SEBI for a mainboard initial public offering. The renewable energy company's IPO combines a fresh issue of up to 1.2 crore equity shares with an offer for sale of 25 lakh shares by its promoter. Here is everything the DRHP tells us so far — issue structure, business background, financials, order book and what to watch next. ## Ultravibrant Integrated Energy IPO Details at a Glance

Particular	Details
DRHP filed	September 24, 2026 (reported Oct 1–7, 2026)
Status	Awaiting SEBI observation; no price band or dates yet
Fresh issue	Up to 1,20,00,000 equity shares (₹10 face value)
Offer for sale (OFS)	Up to 25,00,000 shares by promoter Rajeshwer Singh
Total issue size	Up to 1,45,00,000 equity shares
Issue size (₹ crore)	Not disclosed yet (no price band announced)
Proposed listing	Mainboard: BSE and NSE
Book Running Lead Manager	Beeline Capital Advisors Pvt. Ltd.
Registrar	MUFG Intime India Pvt. Ltd. (formerly Inktime India)

## What the Company Does Incorporated in June 2019 and headquartered in Jaipur, Ultravibrant Integrated Energy operates across the full renewable energy project lifecycle with three business verticals: - **Engineering, Procurement and Construction (EPC):** Ground-mounted and rooftop solar assets, plus utility-scale Battery Energy Storage Systems (BESS). - **Independent Power Producer (IPP):** Owns and operates solar power projects under long-term Power Purchase Agreements (PPAs) with state government power companies. - **Operations and Maintenance (O&M):** Servicing third-party renewable assets. Between FY24 and FY26, the company commissioned 61 ground-mounted solar projects with a combined capacity of 189.97 MWp and 37 rooftop projects totalling 12,130 kWp (about 12.13 MWp). It has executed EPC work in Rajasthan, Telangana, Gujarat, Haryana and Maharashtra, with further projects awarded in Karnataka. As an IPP, it operates 31.25 MW (AC) / 39.90 MWp (DC) of solar projects under long-term PPAs. Its project pipeline, as of August 31, 2026, includes 37 MW (AC) of solar IPP capacity and a 50 MW / 200 MWh BESS order book. On the services side, it manages O&M contracts across 31 renewable energy projects with an aggregate capacity of 116.23 MWp. The company has won solar projects through tenders issued by state government power companies under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme, and through an associate it also offers turnkey BESS solutions for commercial, industrial and open-access customers. As of August 31, 2026, its EPC project order book stood at ₹65,451.41 lakh — approximately ₹654.5 crore — which is roughly 1.7x its FY26 revenue, giving it reasonable revenue visibility. ## Where the Fresh Issue Money Will Go The net proceeds from the fresh issue are proposed to be used for: - Funding the company's long-term working capital requirements - Pre-payment or scheduled repayment of certain outstanding borrowings, in full or in part - General corporate purposes Note that the 25 lakh shares offered by promoter Rajeshwer Singh under the OFS will go entirely to the selling shareholder — the company receives nothing from that portion. ## Financials: FY26 Revenue up 58%, PAT up 67%

Metric (₹ crore)	FY26	FY25 (approx.)	YoY change
Revenue from operations	383.99	~243	+58%
EBITDA	56.75	—	—
EBITDA margin	14.8%	—	—
Profit after tax (PAT)	33.39	~20	+67%
PAT margin	8.7%	—	—

FY26 figures are as reported from the DRHP (₹38,399.24 lakh revenue, ₹5,675.08 lakh EBITDA, ₹3,339.04 lakh PAT). The 58% revenue growth and 67% PAT growth versus FY25 are as reported in DRHP coverage; FY25 values above are calculated approximations and are marked as such. ## Strengths and Risk Factors **What stands out:** - Integrated EPC + IPP + O&M model gives recurring and project-based income streams - BESS exposure — utility-scale storage is one of the fastest-growing segments in Indian renewables - Order book of ~₹654.5 crore against ₹384 crore FY26 revenue offers execution visibility - Long-term PPAs with state power companies provide revenue stability - 67% PAT growth in FY26 and a healthy 14.8% EBITDA margin for an EPC-heavy business **What to watch:** - The promoter is selling 25 lakh shares in the OFS — a partial stake sale before listing - EPC revenues can be lumpy and margin-sensitive; working capital intensity is high (which is also where the fresh money goes) - A portion of growth comes from government tenders (PM-KUSUM), making policy continuity relevant - At ~₹384 crore of FY26 revenue, this is a much smaller offering than renewable IPOs like Inox Clean Energy — execution risk matters more - The DRHP is filed, but SEBI observation is pending — a filed draft is not a confirmed issue ## Renewables IPO Pipeline Is Busy Ultravibrant's filing adds to a crowded renewable energy IPO pipeline. Recent additions include the massive ₹10,000 crore Inox Clean Energy DRHP and Vishakha Renewables' ₹1,250 crore filing — read our breakdowns: [Inox Clean Energy IPO: DRHP, ₹10,000 Cr Size & Financials](https://www.ipolist.in/blog/inox-clean-energy-ipo-drhp-size-financials-review) and [Vishakha Renewables IPO: ₹1,250 Crore DRHP Filed with SEBI](https://www.ipolist.in/blog/vishakha-renewables-ipo-drhp-1250-crore-details-review). ## What Happens Next The DRHP is now with SEBI for observation. Once cleared, the company will file the Red Herring Prospectus (RHP) announcing the price band, lot size, subscription dates and ₹ value of the issue. IPOlist.in will cover the price band announcement and review as soon as it is out — check back for updates. ## FAQs **What is the Ultravibrant Integrated Energy IPO issue size?** The IPO comprises up to 1.45 crore equity shares of ₹10 face value — a fresh issue of up to 1.2 crore shares plus an OFS of up to 25 lakh shares by promoter Rajeshwer Singh. The ₹ value will be known only after the price band is announced. **When will the Ultravibrant Integrated Energy IPO open?** No dates yet. The DRHP was dated September 24, 2026, and the company is awaiting SEBI observation before announcing the price band and subscription schedule. **Where will Ultravibrant Integrated Energy list?** The shares are proposed to be listed on the mainboards of BSE and NSE. **Who are the book running lead manager and registrar?** Beeline Capital Advisors is the BRLM and MUFG Intime India (formerly Inktime India) is the registrar to the offer. **What does Ultravibrant Integrated Energy do?** It is a Jaipur-based renewable energy company (incorporated June 2019) operating as a solar EPC contractor, a solar independent power producer, and an O&M service provider, with additional exposure to utility-scale battery energy storage (BESS). ## Conclusion Ultravibrant Integrated Energy's DRHP brings another integrated solar + BESS play to the mainboard pipeline. The numbers are healthy — ₹384 crore revenue growing at 58%, ₹33.4 crore PAT, and a ₹654.5 crore order book — though the business remains modest in scale versus the sector's mega-listings and the promoter is selling a slice via OFS. The real test will be the price band and SEBI's observation. Until then, this remains one to watch rather than one to act on.