Absolute Project (India) IPO

About Absolute Project (India) IPO

The Absolute Project (India) IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of a fresh issue component. The fresh issue will include 2,00,00,000 shares aggregating up to ₹[TBA] crores. The total number of shares is 2,00,00,000 and the aggregate amount is yet to be finalised.

Absolute Project (India) IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Incorporated in 1995, Absolute Project (India) commenced operations by undertaking and executing small EPC projects for private sector clients and subsequently expanded into government projects. In the initial years, their focus was on building execution experience, adapting to evolving market conditions and strengthening their technical, financial, and operational capabilities.

Objectives of Absolute Project (India) IPO

• Funding capital expenditure towards procurement of: (i) Plant and machinery for modernization of manufacturing facility I. (ii) Procurement of plant and machinery for commencement of operations at manufacturing facility II. (iii) Certain equipment and machineries required for execution of Power EPC Projects (proposed capital expenditure).
• Repayment or pre-payment, in part or full of certain borrowings availed by the company.
• Funding of working capital requirement of the company.
• General corporate purposes.

Industry Outlook

India's power generation landscape has witnessed robust growth over the past five years, driven by rising electricity demand from residential, industrial, and infrastructure sectors. The power transmission and distribution (T&D) framework in India forms the critical backbone of the country's electricity supply chain, bridging the gap between power generation sources and end consumers across diverse geographies. As of 28th February 2026, India’s transmission network comprises approximately 503,661 circuit kilometres (ckm) of transmission lines and 14,28,921 MVA of transformation capacity. Notably, the inter-regional transmission capacity has expanded by 169.3% since 2014, reaching 1,428,921 MW, which has been crucial in improving overall grid reliability and efficiency.

Infrastructure growth continues to be robust: during April-Feb FY 2026, 9,287 ckm of lines and 91408 MVA new substation capacity were added, both exceeding revised targets. Intra-state grids account for a growing share, although interstate projects under tariff-based bidding still drive much of the capacity expansion. The expansion roadmap is bold: the latest National Electricity Plan envisions adding nearly 191,000 ckt km of new lines and 1,270 GVA of substation capacity between 2022 and 2032, pushing transmission network length to around 648,000 ckt km and inter-regional capacity to approximately 168 GW by 2032.

About Absolute Project (India)

Absolute Project (India) is an engineering, procurement and construction (EPC) company with over three decades of experience in executing power distribution and transmission infrastructure projects (Power EPC Projects), supported by in-house manufacturing capabilities for electrical and structural components used in power infrastructure projects. Their core EPC operations encompass survey, design and engineering, procurement and supply, installation, testing and commissioning of power transmission lines, substations and distribution networks comprising both overhead and underground electrical lines.

They commenced their operations with their first EPC project in Rajasthan in 1995 and have since expanded their project footprint across twelve (12) states and three (3) union territories in India. In North India, they have executed projects in the states of Rajasthan, Punjab, Haryana, Uttarakhand and Uttar Pradesh, as well as in the Union Territories of Delhi and Jammu & Kashmir and are currently executing projects in the states of Rajasthan and Punjab and the Union Territory of Ladakh. In East and North-East India, they have undertaken projects in Bihar, Odisha, Jharkhand, West Bengal and Arunachal Pradesh. In Western India, they have executed projects in Maharashtra and Gujarat.

Strengths of Absolute Project (India)

• Established track record of Power EPC Project management and execution capabilities.
• Capabilities across manufacturing and lifecycle services supporting Power EPC execution.
• Healthy order book providing visibility of future revenues.
• Strong financial performance supported by growth in operations and improving profitability.
• Experienced promoters and strong management team.

Risks of Absolute Project (India)

• Any reduction in projects awarded by government and government-controlled entities, delays or cost overruns in execution of such projects, or adverse changes in government policies or funding priorities.
• Any adverse developments in their manufacturing operations or inability to effectively integrate manufacturing with their Power EPC business could adversely affect their business, results of operations and financial condition.
• Loss of any of their top 10 customers or a significant reduction in their business.
• Any increase in cost of raw materials and components used in their manufacturing operations as well as stock, price volatility or disruption in the supply of these inputs.
• Any disruption in supply or increase in prices of their key raw materials or dependence on a limited number of suppliers.
• Their manufacturing operations are critical to their integrated business model, and any disruption, under-utilization, inefficiency or delay in expansion could adversely affect their business.
• Any inability to efficiently manage their working capital cycle, delays in realization of receivables or inability to obtain adequate financing.
• There are outstanding legal proceedings involving the company, their directors and their promoters.

*Financial information of the company has been derived from the Restated Financial Information. **All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports, financial statements, financial results of the respective companies for the year ended March 31, 2025. ^To be updated upon finalization of the Price Band. & The comparability of Rajesh Power Services Limited is limited, as its financial statements have been prepared under the non-Ind AS framework, whereas the other peer companies have reported under the Ind AS framework. Accordingly, the comparison may not be strictly like-for-like and should be interpreted with due caution.

Notes: 1. P/E Ratio has been computed based on the closing market price of equity shares on the BSE on March 24, 2026 divided by the Diluted EPS of March 31, 2025.

2. Net Asset Value per equity share represents net worth as at the end of the financial year as divided by the number of Equity Shares outstanding at the end of the year.

3. Return on Net Worth (%) = Restated Profit/(loss) attributable to owners of the company/ net worth at the end of the year. 4. Net worth means aggregate of equity share capital and other equity as at the end of the year.

Anchor Investor Bidding Date: TBA

Registrar: MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited) Book Running Lead Managers: Cumulative Capital Private Limited

Absolute Project (India) Business Model

The company earns its revenue as an engineering, procurement and construction company executing power distribution and transmission infrastructure projects, supported by in-house manufacturing capabilities for electrical and structural components used in power infrastructure projects.

Absolute Project (India) Growth Trajectory

Absolute Project (India)’s Total Income for FY25 was ₹312.119 crores, whereas in FY24 and FY23 it was ₹251.073 crores and ₹141.682 crores, respectively.

The Profit After Tax for FY25 was ₹21.004 crores, whereas in FY24 and FY23 it was ₹14.645 crores and ₹2.901 crores, respectively.

Their EBITDA for FY25 was ₹28.981 crores, whereas in FY24 and FY23 it was ₹20.716 crores and ₹6.089 crores, respectively.

Absolute Project (India) Market Position

As of December 31, 2025 under their Power EPC portfolio, they have executed a cumulative total of 2,480 circuit kilometres (CKM) of transmission and distribution lines. Their executed portfolio includes installation of power transformer with an aggregate capacity of 885 megavolt-amperes (MVA) and distribution transformer with aggregate capacity of 7,53,682 kilovolt-amperes (kVA). They have also laid 43.20 kilometres of 66 kV and 33 kV underground cables and executed 8,311 kilometres of low tension (LT) distribution lines. In addition, they have executed 55 substations across voltage levels ranging from 33 kilovolt (kV) up to 220 kV, including air-insulated and gas-insulated substations.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹312.119 crores, ₹21.004 crores, and ₹28.981 crores, respectively.

How to apply for Absolute Project (India) IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.