Q1. What is the business of Allied Engineering Works Limited?

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.

Q2. Why is the company raising funds via IPO?

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.

Q3. What is the size of the issue and where will it list?

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.

Q4. What are the key risks to an investor?

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.

Q5. What are the potential upsides?

Upsides include rapidly growing smart meter market, strong order book, and expanding demand for smart grid infrastructure and IoT-based energy solutions.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Allied Engineering Works Limited

Upcoming

Allied Engineering Works Limited

Market Cap

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IPO Issue Size

₹ 400 Cr + 7,500,000 Equity Shares

Expected Price by IPOCorner

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IPO Score

*Score varies on actual price

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.

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

It provides smart energy meters (single-phase, three-phase, LT-CT/HT-CT meters) and advanced metering infrastructure (AMI) solutions for electricity utilities. It 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.

Subscription date to apply for Allied Engineering Works Limited is yet to be announced. Price band for the IPO is yet to be declared.

₹ 400 Cr + 7,500,000 Equity Shares

Fresh Issue

₹ 400 Cr

Offer for Sale

7,500,000 Equity Shares

Year	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	Rs.05 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Technology & Infrastructure	₹ 216.46 Cr
working capital requirements	₹ 120 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	162.99	348.48	717.11
PAT (₹ Cr)	1.02	47.41	140.26
Asset (₹ Cr)	148.23	269.17	548.98
Net Worth (₹ Cr)	25.78	73.25	213.52

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ –	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

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.

Cons

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.

Promoters – Pre offer equity (Approx)

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

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

Axis Capital Limited, IIFL Capital Services Limited

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of Allied Engineering Works Limited?
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.
Q2. Why is the company raising funds via IPO?
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.
Q3. What is the size of the issue and where will it list?
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.
Q4. What are the key risks to an investor?
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.
Q5. What are the potential upsides?
Upsides include rapidly growing smart meter market, strong order book, and expanding demand for smart grid infrastructure and IoT-based energy solutions.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.