Deon Energy IPO (DRHP filed)
Deon Energy Limited filed its draft red herring prospectus with SEBI on 5 Oct 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- DRHP Filed
- DRHP filed
- 5 Oct 2026
- Days since
- 13
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
Deon Energy IPO status
Deon Energy Limited filed its draft red herring prospectus (DRHP) with SEBI on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 5 Oct 2026 |
|---|---|
| Days since filing | 13 |
| SEBI observation | Awaited |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
Deon Energy Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹299.08 Cr to ₹456.66 Cr, and profit after tax rose from ₹26.41 Cr to ₹46.06 Cr. The PAT margin for 31 Mar 2026 was 10.09%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 144.04 | 60.11 | 33.97 |
| Total Income | 456.66 | 299.08 | 68.43 |
| Profit After Tax | 46.06 | 26.41 | 2.79 |
| EBITDA | 63.42 | 35.38 | 4.78 |
| Net Worth | 71.45 | 25.58 | 3.41 |
| Reserve & Surplus | 47.44 | 25.57 | 3.42 |
| Total Borrowings | 11.62 | 3.55 | 0.24 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| ROE % | 94.95 | 182.18 | 124.79 |
| ROCE % | 74.98 | 121.38 | 125.64 |
| Debt / Equity | 0.16 | 0.14 | 0.07 |
| RoNW % | 94.95 | 182.18 | 124.79 |
| Pat Margin % | 10.10 | 8.85 | 4.08 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Deon Energy Limited | 10 | — | 19.19 | 19.19 | 94.95% | 29.76 |
| KPI Green Energy Limited | 5 | 13.33 | 24.13 | 24.04 | 17.25% | 165.87 |
| Zodiac Energy Limited | 10 | 16.59 | 13.88 | 13.81 | 19.50% | 78.48 |
| Juniper Green Energy Limited | 10 | 326.39 | 0.83 | 0.83 | 1.19% | 70.02 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Proposed IPP Plant | 95.80 |
| 2 | Funding the long-term working capital requirements of the Company | 75.00 |
| 3 | General Corporate Purposes | 0.00 |
| Total | 170.8 |
About Deon Energy Limited
Incorporated in April 2024, Deon Energy Limited is a renewable energy company engaged in providing solar energy solutions, primarily through engineering, procurement and construction (EPC) services, operation and maintenance (O&M) services and independent power producer (IPP) activities. The Company operates through three service verticals, namely EPC, O&M and IPP. Its EPC business includes ground-mounted and rooftop solar projects and provides turnkey services covering project conceptualisation, engineering, procurement, construction, commissioning, regulatory approvals and grid connectivity. Its O&M services cover the operation and maintenance of solar power projects, while its IPP business involves the development, ownership, operation and maintenance of solar power generation assets.
Since its inception in 2020, the Company has executed 126 solar power projects with an aggregate installed capacity of 321.53 MWDC across Gujarat and Maharashtra, as of August 31, 2026. Its initial IPP portfolio comprises 5.70 MWDC across four locations in Gujarat, with the Ramgadh project commencing operations in Fiscal 2026 and the remaining projects commissioned in Fiscal 2027. The Company primarily serves industrial customers seeking renewable energy infrastructure solutions and generates business through direct customer relationships, referrals and business development initiatives.
Revenue from operations increased from ₹684.25 million in Fiscal 2024 to ₹4,562.78 million in Fiscal 2026, driven primarily by its EPC business. The Company also recorded revenue from O&M services of ₹48.52 million and IPP revenue of ₹5.81 million in Fiscal 2026.
As of August 31, 2026, the Company had 195 full-time employees, including 85 employees in O&M and 60 in project functions. Its operations are supported by experienced Promoters and senior management with expertise in the renewable energy sector.
Promoters
Dharmesh Ashokbhai Makadiya
Chiragbhai Dineshbhai Kalariya
Archanaben Kalariya
Bhargav Chaturbhai Kavar
Contact details
Deon Energy Ltd.
Block D-604-605-606 6th Floor
Westgate, S. G. Highway, Near YMCA
Club, Makarba, Jivraj Park
Ahmedabad, Gujarat, 380051
Phone: +91 9558915483
Email: investors@deonenergy.in
Website: https://deonenergy.in/
Deon Energy IPO FAQs
- Has Deon Energy IPO filed for an IPO?
- Deon Energy Limited filed its draft red herring prospectus (DRHP) with SEBI on 5 Oct 2026.
- When will the Deon Energy IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Deon Energy IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.