Upcoming IPO: Polite Powertech Limited has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).
As stated in the DRHP, the company intends to generate funds via an IPO. The overall offer size amounts to a maximum of 1,25,00,000 equity shares, which includes a fresh issue of up to 1,00,00,000 equity shares and an offer for sale of up to 25,00,000 equity shares. The funds raised will be utilised for working capital needs and general corporate purposes.
Arihant Capital Markets Limited and Valmiki Leela Capital Private Limited are the book-running lead managers (BRLMs) to the offer.
Company details
The company is a comprehensive engineering, procurement, and construction (EPC) firm focused on power infrastructure, involved in the design, provision, installation, testing, and commissioning of projects related to power transmission, distribution, and renewable energy.
Its primary expertise is in the implementation of high-voltage and extra-high-voltage transmission lines, both underground and overhead cabling systems, Solar EPC initiatives, and Air-Insulated and Gas-Insulated Substations for state government utilities, public sector firms, as well as private sector companies.
The company has experienced significant financial growth in recent years. Operational revenue increased from zero in FY2023 to ₹24.65 crore in FY2024 and continued to rise to ₹155.63 crore in FY2025. In the first half of FY2026, the revenue reached ₹97.32 crore.
Profitability has also seen improvements, with EBITDA starting at zero in FY2023, climbing to ₹1.55 crore in FY2024, then reaching ₹21.64 crore in FY2025, and standing at ₹17.16 crore in the first half of FY2026. Net profit showed a similar pattern, initially at zero, followed by ₹0.84 crore, ₹13.02 crore, and ₹10.74 crore, respectively.
The growth is underpinned by a robust order backlog of ₹313.56 crore as of December 31, 2025, providing clear foresight for upcoming revenues. Furthermore, as of March 12, 2026, the company has obtained new orders totaling ₹302.21 crore.
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