Oneindig Technologies Limited

1. Overview

Oneindig Technologies Limited being headquartered in Faridabad, Haryana, operates in the solar energy EPC (Engineering, Procurement and Commissioning) sector, delivering turnkey solar power solutions across residential rooftop, commercial & industrial (C&I) rooftop, and ground-mounted segments, alongside solar water pump installations and Independent Power Producer (IPP) activities through Power Purchase Agreements (PPAs).

The Company has built a pan-India footprint, having installed solar power plants across 14+ states including Delhi, Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Maharashtra, Gujarat, Punjab, Uttarakhand, Telangana, Arunachal Pradesh, Odisha, Jammu & Kashmir and West Bengal. As of the RHP date, Oneindig has an aggregate operational project capacity of 58.40 MW, with a further 52.08 MW of contracted projects under construction and 6.32 MW of awarded projects in the pipeline.

The Company has also selectively pursued international opportunities in Nepal and Angola, and holds standing under the PM-KUSUM and PM Surya Ghar Muft Bijli Yojana government subsidy schemes, positioning it to benefit from India's stated ambition to reach 500 GW of non-fossil fuel capacity by 2030.

2. Business Model and Revenue Streams

Pricing Strategy and Contract Models

The Company operates under two principal business models:

CAPEX Model — the customer funds capital expenditure while Oneindig executes EPC and, optionally, O&M services on a contracted-fee basis.

RESCO/OPEX Model (Renewable Energy Service Company / Build-Own-Operate-Transfer) — Oneindig funds the capital investment and recovers costs through a recurring monthly tariff paid by the rooftop owner, generating annuity-style income over the contract term.

Client Concentration

Client concentration is a material feature of the business and has been volatile year-on-year:

Supplier concentration runs in parallel — the top 10 suppliers accounted for 86.01% (stub), 99.49% (FY25), 93.46% (FY24) and 81.50% (FY23) of total purchases, without long-term definitive supply agreements in place.

Key Operating Metrics

3. Products and Service Portfolio

Primary Revenue-Driving Segment: Turnkey Solar EPC

The Turnkey Project segment is overwhelmingly the largest contributor to revenue — 100% in the stub period and FY25, and 81.22% in FY24 — with the remainder historically drawn from non-turnkey solar product and equipment sales.

Product Portfolio

Oneindig's product range spans the full solar value chain under its own brands:

• WattSun / WattEdge Photovoltaic Modules (325 Wp to 570 Wp series, half-cut mono PERC cells, 25-year power-output warranty)
• On-grid and Hybrid Inverters (1.5 kW to 110 kW range; Hawk and Dove Series MPPT/PWM controllers)
• Vajra Series Solar Batteries and Lithium Solar Energy Storage Systems
• In-house designed Solar Mounting Structures, aluminium rails and clamps
• AC/DC Solar Water Pumps (2 HP to 15 HP range, surface and submersible)

Capacity vs. Utilisation and Order Book

As of the RHP date, the Company reports:

• Operational capacity: 58.40 MW
• Under-construction contracted capacity: 52.08 MW
• Under-construction awarded capacity: 6.32 MW

The order book stood at a gross work-order value of ₹205.75 Cr, of which ₹56.63 Cr had been billed in FY26 (year to date) and ₹148.59 Cr remained pending — indicating substantial revenue visibility, albeit concentrated among a small number of large individual contracts (e.g., a single ₹57.55 Cr ground-mounted EPC order and a ₹46.48 Cr Rajasthan EPC order).

4. Key Business Strengths

• Established EPC track record: Over 8 years of execution experience with 17 ground-mounted projects commissioned and 38 MW of solar EPC capacity delivered across 14+ Indian states, supported by selective forays into Nepal and Angola.
• Efficient co-development model: A distinctive "Co-Developer" approach — land acquisition, site preparation, and approvals followed by transfer to the developer — that gives the Company cost-leakage control across the project value chain.
• Disciplined project selection: A demonstrated ability to secure and execute contracts on competitive pricing and proven delivery, differentiating it from private developers that rely on in-house EPC teams.
• Diversified portfolio breadth: Exposure spans rooftop to ground-mounted, CAPEX to RESCO, and residential to government projects, reducing dependence on any single project type.
• Recurring revenue optionality: The RESCO/O&M model provides annuity-style cash flows, complementing the lumpier project-based EPC revenue.
• Favourable policy tailwinds: Positioned to benefit from India's MNRE target of 50 GW of annual renewable bids (FY24–FY28) en route to 500 GW by 2030.

5. Future Growth Strategy

• Capturing the national renewable buildout: Scaling participation in MNRE's planned 50 GW/year bid pipeline as India targets 500 GW of non-fossil capacity by 2030.
• Deepening government-scheme penetration: Expanding footprint under PM-KUSUM (agricultural solar pumps) and PM Surya Ghar Muft Bijli Yojana (residential rooftop), which already drive a rising share of B2G revenue.
• Geographic diversification: Reducing reliance on the currently concentrated Uttar Pradesh–Haryana–Jammu & Kashmir revenue base (93.51% of stub-period revenue) by extending into new states and selectively into international markets such as Nepal and Angola.
• Recurring-revenue mix shift: Growing the RESCO/O&M annuity book to smooth the volatility inherent in large, lumpy EPC contract wins.
• Working capital strengthening: Deploying IPO proceeds (₹20 Cr earmarked) to ease the working-capital intensity that has historically produced negative operating cash flows in several periods.
• Product-line expansion: Continuing in-house development of solar mounting structures, storage systems (Li-ion/Lead-Acid ESS) and inverter ranges to increase product-attach rates alongside EPC contracts.