Photonics Watertech IPO

About Photonics Watertech IPO

The public issue of the Photonics Watertech 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 equity shares offered through the IPO are proposed to be listed on the NSE SME platform.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 65,00,000 shares aggregating up to ₹[TBA] crores. The offer for sale portion includes [TBA] shares of ₹10 aggregating up to ₹10 crores. The total number of shares and the aggregate amount is yet to be finalised.

Photonics Watertech 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 prices. The minimum lot size investment for HNI is TBA.

Photonics Watertech is engaged in providing end-to-end services in LED based lighting solutions, Solar EPC, Water Infrastructure and, Automation, for government sector (including institutional & public sector undertakings) and private sector customers.

Objectives of Photonics Watertech IPO

• Funding of capital expenditure for purchase of plant & machinery equipment.
  
• To meet working capital requirements.
  
• General corporate purpose.
  

Industry Outlook

The Indian LED Lighting Industry is projected to reach USD 1326 crores by 2030, reflecting a CAGR of 17.71% over the forecast period. India has continued to strengthen its position as one of the world's leading solar power markets. As of 31 March 2026, the country's cumulative installed solar power capacity reached 150.26 GW, reflecting significant capacity additions across utility-scale, rooftop and off-grid solar segments. The continued expansion of the solar sector has been supported by favourable government policies, improving domestic manufacturing capabilities and increasing investments across the renewable energy value chain.

The water infrastructure and dam engineering segment encompasses the planning, development, rehabilitation, automation and monitoring of dams, reservoirs, irrigation networks, canal systems and groundwater management structures. The segment integrates civil engineering, hydrology, instrumentation, automation and digital monitoring technologies to ensure structural safety, optimise water allocation and enhance operational efficiency. Given the long lifecycle of dams and associated hydraulic structures, periodic inspection, rehabilitation and technological upgradation are essential to maintain structural integrity and regulatory compliance.

About Photonics Watertech

Photonics Watertech is engaged in providing end-to-end services in
(i) LED based lighting solutions
(ii) Solar EPC
(iii) Water Infrastructure and
(iv) Automation for government sector (including institutional & public sector undertakings) and private sector customers.

In LED based Lighting Solutions, they design, manufacture, supply, install, test, commission and maintain a full range of LED based lighting products and systems tailored to government sector (including institutional & public sector undertakings) and private sector customers. For Solar EPC, they provide comprehensive, end-to-end services spanning site specification, feasibility verification, designing, supply, installation, testing and commissioning, and ongoing operation & maintenance.

Strengths of Photonics Watertech

• Diversified portfolio of the products and consistent focus on quality and innovation.
  
• Track record of consistent operational and financial performance.
  
• Empanelled partner of various government schemes, projects and tenders.
  
• Experienced promoters and management team.
  
• Market presence across key regions.
  

Risks of Photonics Watertech

• A substantial portion of their revenues has been dependent upon their top 10 customers.
  
• They are primarily dependent upon top 10 suppliers for procurement of material.
  
• Their revenues are highly dependent on their operations in the geographical region of the state of Gujarat.
  
• A majority of their revenue is dependent on LED based lighting solutions and Solar EPC.
  
• Their business is substantially dependent on LED based lighting solutions and Solar EPC projects awarded by the government sector (including institutional & public sector undertakings) and private sector customers.
  

Anchor Investor Bidding Date: TBA

Registrar Details
Kfin Technologies Ltd.
Email: ipo@kfintech.com
Tel: 040-79615565

Book Running Lead Managers

• Goldmine Stocks Pvt.Ltd.
  
• Valmiki Leela Capital Pvt.Ltd.
  

Photonics Watertech Contact Details
B5/1, Electronics Estate, Sector-25, GIDC, Gandhinagar, Gujarat, 382025
Email: cs@photonicswatertech.com
Phone: +91 8128662452

Photonics Watertech Business Model

Their capabilities extend to engineering, procurement, assembly, consultation, operation and maintenance of water infrastructure, including ground water recharging, water management and conservation systems. Their Automation segment focuses on infrastructure solutions, comprising Smart techno projects like Smart Transport Nagar, it also comprises EV Charging Infra. They combine technical expertise with turnkey project delivery to ensure reliable, efficient and compliant outcomes for government sector (including institutional & public sector undertakings) and private sector customers.

Photonics Watertech Growth Trajectory

Photonics Watertech’s Total Income for FY25 was ₹96.38 crores, whereas in FY24 and FY23 it was ₹64.89 crores and ₹52.10 crores, respectively.

The Profit After Tax for FY25 was ₹9.66 crores, whereas in FY24 and FY23 it was ₹3.79 crores and ₹2.88 crores, respectively.

Their EBITDA for FY25 was ₹14.60 crores, whereas in FY24 and FY23 it was ₹6.38 crores and ₹4.66 crores, respectively.

Photonics Watertech Market Position

Photonics Watertech is empanelled as partners with various Government of India schemes such as Smart City Scheme, Atal Bhujal Yojna to improve ground water level and monitoring. As a part of national solar mission, they are one of the earlier agencies working with GEDA and BREDA (Mukhya Mantri Gram Solar Street Light Yojna ‘MGSSLY’) the state government for Gujarat and Bihar, to develop solar installation for the residential consumers & government building and solar street lights for panchayat respectively.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹96.38 crores, ₹9.66 crores, and ₹14.60 crores, respectively.

How to apply for Photonics Watertech 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.