The company plans to expand solar power generation in Gujarat
FinTech BizNews Service
Mumbai, 27 September, 2026: Ahmedabad-based solar EPC company Deon Energy Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India for a proposed initial public offering.
The proposed offer comprises a fresh issue of up to 72 lakh equity shares and an offer for sale of up to 20 lakh equity shares by promoter shareholders. The net proceeds of Rs95.80 crore from the Fresh Issue are proposed to be utilised towards funding the capital expenditure requirements for setting up an independent power production plant at six identified sites across Junagadh, Surendranagar and Kachchh in Gujarat. Further, Rs75 crore of the net proceeds is proposed to be utilised towards funding the Company’s working capital requirements, with the balance amount being utilised for general corporate purposes.
DRHP Link: https://www.bseindia.com/corporates/download/344911/IPO%20Prior/DRHP_20260926052119.zip
The company primarily executes ground-mounted and rooftop solar engineering, procurement and construction (EPC) projects for industrial customers. It also provides operations and maintenance (O&M) services and generates electricity through its emerging IPP business.
Deon Energy has undertaken the development of a 5.70 MW DC solar power generation portfolio across four locations in Gujarat. According to the DRHP, one project began operations in FY26, while the other three were commissioned in FY27. Since starting operations as a partnership firm in 2020, Deon Energy has completed 126 solar EPC projects with an aggregate installed capacity of 321.53 MW DC as of August 31, 2026.
As of August 31, 2026 it had 34 ongoing EPC projects for 28 customers, representing 198.97 MW DC of capacity and an outstanding EPC order book of Rs527.43 crore. Its O&M order book comprised 60 projects with an outstanding value of Rs4.71 crore and capacity of 205.95 MW DC.
Most of the company’s ongoing EPC projects are in Gujarat. Its project portfolio also includes a multi-state project covering locations in Maharashtra, Uttar Pradesh, Rajasthan and Odisha. Deon Energy serves industrial customers across sectors including ceramics, chemicals, pharmaceuticals, textiles and paper.
The company is led by promoters Dharmesh Ashokbhai Makadiya, Chairman and Managing Director; Kalariya Chiragbhai Dineshbhai, Whole-time Director; and executive directors Kalariya Archanaben and Bhargav Chaturbhai Kavar.
Revenue from operations grew from Rs68.43 crore in FY24 to Rs298.54 crore in FY25 and Rs456.28 crore in FY26. DRHP states that Deon Energy Limited has demonstrated a consistent and resilient financial performance over the past three fiscal years (Fiscal 2024-Fiscal 2026), outperforming the broader Solar EPC industry CAGR of approximately 9.5% during the same period in terms of revenue growth and profitability
Profit after tax rose to Rs46.06 crore in FY26 from Rs26.41 crore in FY25. EBITDA stood at Rs63.42 crore in FY26, compared with Rs35.37 crore in FY25 and Rs4.78 crore in FY24.
The D&B report estimates India’s solar EPC market at USD 24 billion in FY26 and projects it to reach approximately USD 41 billion by FY30. It identifies growing industrial demand for rooftop, captive and open-access solar projects as one of the drivers of that expansion. The report also describes Gujarat as a leading renewable energy state, supported by favourable solar irradiation, policy initiatives and large-scale project development.
Deon Energy’s equity shares are proposed to be listed on Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India. Valmiki Leela Capital Private Limited is the book running lead manager to the offer.
