Polite Powertech IPO

Polite Powertech IPO

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Polite Powertech IPO Details

RHP/DRHP

Issue Date

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Price Range

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Lot Size

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IPO Size

₹TBA Cr

About Polite Powertech IPO

The Polite Powertech 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 1,00,00,000 equity shares of face value of ₹10 each, aggregating up to ₹ [-] crores. The offer for sale portion includes up to 25,00,000 equity shares of face value of ₹10 each aggregating up to ₹ [-] crores. The total number of shares is 1,25,00,000 and the aggregate amount is yet to be finalised.

Polite Powertech 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.

Polite Powertech Limited is an integrated power infrastructure engineering, procurement, and construction (“EPC”) company, engaged in the design, supply, installation, testing, and commissioning of power transmission, distribution, and renewable energy projects across various states in India.

Objectives of Polite Powertech IPO

  • Funding working capital requirements of the company.
  • General corporate purposes.

Polite Powertech IPO Valuation

Powertech IPO Share Offer and Subscription Details

Industry Outlook

India is the world's third largest producer and consumer of energy, with an installed power generation capacity of ~513 GW as of December 2025. It has grown at a rate of 11.2% Y-o-Y driven largely by rapid capacity additions in renewable energy. Total installed power capacity is projected to grow at a CAGR of ~10% between FY25 and FY32, driven primarily by rapid expansion in renewable energy. Renewable capacity is expected to grow at a faster CAGR of ~17%, with solar emerging as the fastest-growing segment across all energy sources and projected to expand at a CAGR of ~19% during FY25-FY32.

About Polite Powertech

The roots of Polite Powertech business trace back to M/s. Patel Electricals, a proprietary firm established in 2006 by one of their Promoters, Yogeshkumar Narottambhai Patel, which was engaged in EPC works across the power sector, including execution of electrical infrastructure projects involving transmission and distribution networks, substations, cabling systems and allied works. Their core expertise lies in the execution of high-voltage (“HV”) and extra-high-voltage (“EHV”) transmission lines, underground and overhead cabling networks, Solar EPC projects, Air-Insulated Substations (“AIS”) and Gas-Insulated Substations (“GIS”).

The company has structured its business model in line with its operational requirements, wherein its activities are broadly divided into two functions, namely (i) the supply function which primarily comprises procurement and supply of electrical equipment, cables, conductors and other materials required for project execution; and (ii) the service function which includes engineering, installation, erection, testing and commissioning of electrical infrastructure projects. The company undertakes projects for state government utilities, and public sector undertakings (PSUs) as well as private sector entities.

Strengths of Polite Powertech

  • Strong order book.
  • Experienced leadership and skilled workforce.
  • Robust supply chain network.
  • Client-centric execution.

Risks of Polite Powertech

  • Revenues depend on their ability to qualify for, participate in and secure contracts through competitive bidding processes.
  • Operations are concentrated predominantly in the state of Gujarat.
  • A significant portion of their projects is derived from tenders issued by Public Sector Undertakings (“PSUs”) on a direct as well as back-to-back basis through other private sector entities.
  • A majority of their order book and revenue from operations are derived from the underground cabling and distribution transmission line project verticals.
  • Their project execution depends on timely and adequate access to transmission lines and grid infrastructure.
  • Their quarterly operating results are subject to seasonality.
  • Premature termination of their projects may result in non-recovery of amounts.
  • Their inability to adequately protect, maintain or enforce their intellectual property rights may limit their competitive advantages.
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Comparison with Peers

Source: All the financial information for listed industry peers mentioned above is on audited financial statements for the year ended March 31, 2025 submitted to stock exchanges. The financial information of Polite Powertech is based on the restated financial information for the year ended March 31, 2025. Notes: 1. Basic Earnings per Equity Share (₹) = Net profit after tax of the company, as restated / Weighted average no. of Equity Shares outstanding during the year 2. Diluted Earnings per Equity Share (₹) = Net Profit after tax of the company, as restated / Weighted average no. of potential Equity Shares outstanding during the year 3. Net Asset Value per Equity Share = Net worth divided by the outstanding number of equities shares outstanding at the end of the year, after considering impact of bonus issuance on October 17, 2025. 4. P/E Ratio has been computed based on the closing market price of the equity shares (Source: NSE/BSE) on February 16, 2026, divided by the EPS of March 31, 2025. 5. Return on Net worth (%) = Restated Profit for the year as a percentage of the Net worth as at the end of the year.

Anchor Investor Bidding Date: TBA

Registrar: Kfin Technologies Limited

Book Running Lead Managers:

Arihant Capital Markets Limited
Valmiki Leela Capital Private Limited

Polite Powertech Business Model

The company earns its revenue as an integrated power infrastructure engineering, procurement, and construction (“EPC”) company, engaged in the design, supply, installation, testing, and commissioning of power transmission, distribution, and renewable energy projects across various states in India.

Polite Powertech Growth Trajectory

Polite Powertech’s Total Income for FY25 was ₹155.877 crores, whereas in FY24, it was ₹24.688 crores.

The Profit After Tax for FY25 was ₹13.025 crores, whereas in FY24, it was ₹0.842 crores.

Their EBITDA for FY25 was ₹21.644 crores, whereas in FY24, it was ₹1.553 crores.

Polite Powertech Market Position

As of December 31, 2025, they had an operational presence across five (5) states and one (1) union territory, viz., Gujarat, Maharashtra, West Bengal, Haryana, Bihar and Dadra and Nagar Haveli and Daman & Diu, with a growing portfolio of EPC and service contracts in both power transmission and renewable energy sectors.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹155.877 crores, ₹13.025 crores, and ₹21.644 crores, respectively.

Polite Powertech Profit and Loss Statement (in ₹ crores)

Polite Powertech Balance Sheet (in ₹ crores)

 Note: () denotes negative 

How to apply for Polite Powertech 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

Polite Powertech IPO FAQs

The Polite Powertech IPO opens for subscription from [-] to [-], with a total issue size of ₹TBA Cr. The IPO price band is ₹[-] per share with a lot size of [-]. The company aims to list the shares on BSE & NSE on [-].

The Polite Powertech IPO will open for subscription on [-] and will close on [-] for investors.

The minimum lot size for the Polite Powertech IPO is [-] equity shares, requiring a minimum investment of ₹[-] for retail investors applying in the IPO.

The price band of the Polite Powertech IPO has been fixed at ₹[-] per equity share.

You can apply for the Polite Powertech IPO online through the Kotak Neo Website or the Kotak Neo App using UPI or ASBA during the IPO subscription period.

Polite Powertech IPO allotment will take place on [-].

You can check the Polite Powertech IPO allotment status online on the registrar’s website or on the NSE and BSE IPO allotment pages using your application number, PAN, or demat account details.

Polite Powertech shares will list on the stock exchanges on [-].

You can find detailed information about the Polite Powertech IPO, including its business operations, financial performance, risk factors, and IPO objectives, in the Draft or Red Herring Prospectus (RHP).

Yogeshkumar Narottambhai Patel is the Chairman and Managing Director of Polite Powertech.

This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.

Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.

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