Allied Engineering Works

Allied Engineering Works Ltd (NEW IPO): GMP, Price, Review, Profit

by

Allied Engineering Works Limited is a technology-driven company engaged in manufacturing and supplying smart energy meters and advanced metering infrastructure solutions for power utilities. The company provides integrated solutions including smart electricity, gas, and water meters along with IoT-based automation systems to improve efficiency in energy distribution.

It provides smart energy meters (single-phase, three-phase, LT-CT/HT-CT meters) and advanced metering infrastructure (AMI) solutions for electricity utilities. Allied Engineering also offers automation systems, IoT solutions, and wires & cables for energy distribution networks.

It has supplied about 2.92 million smart energy meters across six Indian states through utilities and AMI service providers.

Allied Engineering Works Limited was incorporated in 2011 & currently Mr. Ashutosh Goel serves as the Managing Director of the company.

Aggcon Equipments International Limited has filed its DRHP with SEBI for a proposed IPO featuring a Fresh Issue of ₹ 400 Crore and an Offer for Sale (OFS) of 7,500,000 Equity Shares.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹ 400 Cr + 7,500,000 Equity Shares
Fresh Issue:₹ 400 Cr
Offer for Sale:7,500,000 Equity Shares
Price Range:TBA
Lot Size:TBA
GMPPending

Allied Engineering Works Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 213.52 Cr
Revenue:₹ 717.11 Cr
EBITDA₹ 207.01 Cr
PAT₹ 140.26 Cr
EBITDA Margin:~28.87%
PAT Margin~19.56%
Face Value:₹ 10

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Technology & Infrastructure₹ 216.46 Cr
Working Capital Requirement₹ 120 Cr
Borrowing prepayment/repayment₹ 00 Cr
General Corporate PurposeBalance

Allied Engineering Works Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 163.0₹ 348.5₹ 717.1
PAT (₹ Cr)₹ 1.0₹ 47.4₹ 140.3
Asset (₹ Cr)₹ 148.2₹ 269.2₹ 549.0
Net Worth (₹ Cr)₹ 25.8₹ 73.3₹ 213.5

Allied Engineering Works IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
20-May₹ –₹ –₹ –
19-May₹ –₹ –₹ –
18-May₹ –₹ –₹ –
17-May₹ –₹ –₹ –
16-May₹ –₹ –₹ –
Allied Engineering Works

Allied Engineering Works Limited Pro’s and Con’s

Strengths:

  • Growing demand for smart meters and energy infrastructure in India supports future business growth.
  • Strong presence in the Advanced Metering Infrastructure (AMI) solutions segment.
  • Benefits from government programs like Revamped Distribution Sector Scheme promoting smart meter installation.
  • Increasing adoption of IoT-based energy management systems boosts long-term demand.
  • Funds from the IPO will help expand manufacturing capacity and working capital.

Risks:

  • Revenue depends heavily on government utility contracts, which may fluctuate.
  • The industry has strong competition from companies like Genus Power Infrastructures and HPL Electric & Power.
  • Business is exposed to policy changes and regulatory risks in the power sector.
  • Large dependence on a limited number of key customers.
  • Smart meter projects often have long payment cycles, which can affect cash flow.

Allied Engineering Works Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
Ashutosh Goel~ 68.76 %
AEW Infratech Private Limited~ 19.75 %
RP Goel Family Trust~ 4.67 %
––
––
––

Allied Engineering Works Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Allied Engineering Works Limited

Lead / Book Running Lead ManagersAxis Capital Limited,
IIFL Capital Services Limited
Registrar (RTA)KFin Technologies Limited

Allied Engineering Works Limited FAQ’s

  • It manufactures smart energy meters and advanced metering infrastructure solutions that help power utilities improve electricity distribution efficiency and enable smart grid systems in India.
  • Allied Engineering Works is raising funds to fund new manufacturing facilities for smart gas, water, and electricity meters, support working capital needs, and strengthen overall business expansion.
  • The issue size of the IPO comprises of ₹ 400 Cr as Fresh Issue + OFS of ~0.75 Cr equity shares. It will be listed on BSE and NSE platform.
  • Key risks include dependence on government utility contracts, project-based revenue volatility, strong competition in smart metering, and delays in large infrastructure projects affecting cash flows.
  • Upsides include rapidly growing smart meter market, strong order book, and expanding demand for smart grid infrastructure and IoT-based energy solutions.
  • Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

For more amazing blogs click here (IPO Corner).

Leave a comment