Winsol IPO

Winsol Engineers Ltd

₹1,13,600 /1600 sharesMinimum Investment

Winsol IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
--₹75.00₹365.00₹290.00 (386.67%)

Winsol IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
6 May ‘24 - 9 May ‘24₹1,13,6001,600₹71 - ₹75
Issue SizeIPO Doc
23.36Cr
RHP PDF

About Winsol

Winson Engineers Limited is an integrated engineering, procurement, construction and commissioning company providing Balance of Plant (BoP) Solutions for wind and solar power generation companies. The company’s core services for BoP Solutions include foundation work, substation civil and electrical work, right of way services, cabling to substation and grid, and miscellaneous work. It also provides operations and maintenance services for plant handling and monitoring The company has been executing projects on Turnkey basis for clients, such as Suzlon, Adani Green Energy, Powerica Limited and KP Energy Limited. The company has a wholly-owned subsidiary named Repower Infrastructure Private Limited, which operates in the same field as Winsol Engineers. Winsol acquired 100% stake of Repower Infrastructure on February 10, 2024 making it our wholly-owned subsidiary.;
Parent Organisation
Winsol Engineers Ltd
Founded
2015
Managing Director
Mr. Ramesh Jivabhai Pindariya

Strengths & Risks

  • As per the company, it has completed over 55 projects, with a cumulative value exceeding Rs. 170 cr. As of the date of the RHP, the company is managing over 41 major ongoing projects with a total value of approximately Rs. 119.5 cr.
  • The company possesses ISO-9001-2015, ISO-14001-2015, and ISO-45001-2018 certifications.
  • As per the RHP, the company’s execution capabilities in the areas of design, engineering, procurement, construction and quality assurance, has contributed well to its growth. The company’s management ensures efficient and rapid construction and completion of projects, the RHP added.
  • The company reported revenue from operations of Rs. 22.16 cr, Rs. 60.70 cr and Rs. 65.39 cr in FY 2021, 2022 and 2023 respectively. This positive growth trajectory is also seen in its Profit after tax which was Rs. 0.49 cr, Rs. 1.08 cr and Rs. 5.18 cr in FY 2021, 2022 and 2023 respectively.
  • The company has had negative cash flows over the last years – FY2021 (Rs 1.64) cr; FY2022 (Rs 0.36) cr, and FY2023 (Rs 0.93) cr.
  • The company is heavily dependent on its top 10 customers for business. These customers accounted for 97.96%, 98.30%, 97.75% and 94.11% of total revenue for the periods ending December 31, 2023; March 31, 2023; March 31, 2022, March 31, 2021, respectively.
  • The company, its promoters and directors are involved in ongoing legal proceedings. Any adverse outcomes in these proceedings could lead to liabilities or penalties, which might negatively impact the company's business and operating results.
  • The company’s revenues are primarily derived from Gujarat. Any change in the competitive landscape or economic or demographic changes could materially hurt the company’s business operations.
  • The company depends on a limited number of suppliers for its product purchases, and losing any of them could impact business operations. The top ten suppliers accounted for 56.07%, 57.41%, 65.96%, and 74.60% of the company's total purchases as of December 31, 2023, March 31, 2023, 2022, and 2021, respectively. This reliance on a few key suppliers highlights the need for careful supplier management and diversification to mitigate risks.
  • As of December 31, 2023, the company's total indebtedness, comprising both short-term and long-term borrowings, stood at Rs. 8.45 cr.

Financials

*All values are in Rs. Cr
No Graph Data To Display

Application details

Apply asPrice bandApply upto
Regular71 - 75₹2 Lakh
High Networth Individual71 - 75₹2 - 5 Lakh
For Winsol IPO, eligible investors can apply as Regular.
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