Cellcronic Technologies IPO

About Cellcronic Technologies IPO

The public issue of the Cellcronic Technologies IPO, an SME 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 both a fresh issue and an offer for sale component. The fresh issue will include up to 13,50,000 equity shares of face value of ₹ 10/- each aggregating up to ₹ [TBA] crores. The offer for sale portion includes up to 3,20,000 equity shares of face value of ₹ 10/- each aggregating up to ₹ [TBA] crores. The total number of shares is 16,70,000 and the aggregate amount is yet to be finalised.

Cellcronic Technologies 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.

Cellcronic Technologies is engaged in the business of providing solar power solutions in India under the brand name Cellcronic, with a primary focus on hybrid inverter systems and Lithium Iron Phosphate (LFP) batteries suitable for residential, institutional, and small commercial applications.

Objectives of Cellcronic Technologies IPO

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the company.
  
• Funding working capital requirement of the company.
  
• General corporate purposes.
  

Industry Outlook

The solar power equipment industry in India is a key driver of the country’s clean energy transition, supplying the technologies essential for generating, converting, and storing solar electricity. Supported by rising power demand, grid challenges, and India’s target of 500 GW non-fossil capacity by 2030, the sector has grown rapidly from heavy import dependence to stronger domestic manufacturing capabilities. It plays a central role across residential rooftop systems, commercial and industrial (C&I) installations, and large utility scale solar projects. Energy storage solutions are gaining momentum as customers demand higher reliability, backup power, and integration with rooftop and C&I solar systems. Overall, the solar power equipment industry in India is expanding quickly, driven by improvements in module efficiency (TOPCon, HJT), smart inverter technologies, digital monitoring, and solar-plus-storage solutions. With growing rooftop penetration, rising C&I adoption, and increasing investments in large-scale solar and hybrid renewable projects, the industry remains dynamic, competitive, and central to India’s long-term clean energy goals.

About Cellcronic Technologies

Cellcronic Technologies is engaged in the business of providing solar power solutions in India under the brand name Cellcronic, with a primary focus on hybrid inverter systems and Lithium Iron Phosphate (LFP) batteries suitable for residential, institutional, and small commercial applications. Their primary product offering is an integrated hybrid solar inverter system delivered as a composite, installation-ready solution for end users. This system includes hybrid inverter, LFP battery, battery interconnects, DC changeover switch and protection box, bundled together or separately, designed to ensure hassle-free installation and desired performance. Their operations are supported by in-house assembly capabilities for select components, including protection boxes and battery interconnects. These internal capabilities enable them to maintain installation consistency, exercise quality control over critical components, and enhance the overall reliability and safety of systems installed at customer premises.

Strengths of Cellcronic Technologies

• Diversified product portfolio to serve across various customer segments.
• In-house customisation capabilities.
• Strong network of dealer and distribution channels.
• Experienced promoters and management team:

Risks of Cellcronic Technologies

• They derive a significant portion of their revenue from operations from a limited number of customers.
• Their business is significantly dependent on revenues from B2B customers.
• They do not manufacture their goods and source their components and finished goods from third-party overseas suppliers, primarily located in China.
• They are dependent on a few suppliers for supply of components and finished goods.
• They derive a major portion of their revenue from their operations in Uttar Pradesh, Haryana and other Northern states of India.

As certified by M/s G K Sureka & Co., Chartered Accountants, Statutory Auditors of Cellcronic Technologies, pursuant to their certificate dated May 25, 2026.

Notes:

1. Source: All the financial information for listed industry peers mentioned above is sourced from the NSE exchange announcements of the aforesaid companies for the year ended March 31, 2025 and Stock Exchange data dated May 21, 2026 to compute the corresponding financial ratios. For Cellcronic Technologies, they have taken the Current Market Price as the Offer Price of Equity Share. Further, P/E Ratio is based on the current market price of the respective scrips.

2. The EPS, NAV, RoNW and total Income of Cellcronic Technologies are taken as per Restated Financial Statement for the financial year ended March 31, 2025.

3. NAV per share is computed as the closing net worth divided by the number of paid-up equity shares as March 31, 2025.

4. RoNW has been computed as net profit after tax divided by closing net worth.

5. All the financial information for listed industry peers mentioned above is taken as is sourced from the audited consolidated financial statements of the relevant companies for Fiscal 2025, as available on NSE. 6. computed in the manner as specifies in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018. 7. The face value of Equity Shares of Cellcronic Technologies is ₹ 10/- per Equity Share and the Offer price is [-] times the face value of equity share.

Anchor Investor Bidding Date: TBA

Registrar Details
Cameo Corporate Services Limited
Email: ipo@cameoindia.com
Tel.: +91 44 40020700 / 2846 0390

Book Running Lead Manager
Indcap Advisors Private Limited

Cellcronic Technologies Contact Details
Shop No. 1, Opp. Newal Power House
Petrol Pump S.S. Kunjpura Karnal, Haryana, 132023 Email: info@cellcronic.com Phone: +91 925 497 295

Cellcronic Technologies Business Model

The company earns its revenue through providing solar power solutions in India with a primary focus on hybrid inverter systems and Lithium Iron Phosphate batteries suitable for residential, institutional, and small commercial applications.

They operate through a dual business model comprising: (i) an asset light approach wherein they purchase hybrid inverter system, LFP Battery and DC Changeover Switch from OEM (Original Equipment Manufacturer), and (ii) in-house component assembly of protection box and battery interconnects.

Cellcronic Technologies Growth Trajectory

Cellcronic Technologies’s Total Income for FY25 was ₹25.994 crores, whereas in FY24 and FY23 it was ₹17.115 crores and ₹9.240 crores, respectively.

The Profit After Tax for FY25 was ₹3.612 crores, whereas in FY24 and FY23 it was ₹1.417 crores and ₹0.011 crores, respectively.

Their EBITDA for FY25 was ₹5.453 crores, whereas in FY24 and FY23 it was ₹2.328 crores and ₹0.160 crores, respectively.

Cellcronic Technologies Market Position

As on May 29, 2026, Cellcronic Technologies has 22 distributors and 68 dealers pan India.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹25.994 crores, ₹3.612 crores, and ₹5.453 crores, respectively.

How to apply for Cellcronic Technologies IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your 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.