Last updated on January 22nd, 2026 at 11:44 pm
Deon Energy Limited is a Gujarat‑based renewable energy company providing engineering, procurement, and construction (EPC) of solar power projects primarily for commercial and industrial clients, along with operations and maintenance (O&M) services for solar installations.
It has executed 78 solar power projects with a total installed capacity of about 140.29 MWDC / 118.80 MWAC in Gujarat and other regions.
Deon Energy has filed DRHP to raise funds via IPO comprising Fresh issue of ₹ 150 Crore and no Offer for Sale (OFS).
Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.
| Issue Size: | ₹ 150 Crore |
| Fresh Issue: | ₹ 0 crore |
| Offer for Sale: | ₹ 150 Crore |
| Price Range: | TBA |
| Lot Size: | TBA |
Deon Energy Limited important data points
Revenue, PAT, EBITDA
| Year | Fiscal 2025 |
| Networth | ₹ 25.5 Cr |
| Revenue: | ₹ 298.8 Cr |
| EBITDA | ₹ 35.4 Cr |
| PAT | ₹ 26.2 Cr |
| EBITDA Margin: | ~11.85% |
| PAT Margin | ~8.75% |
| Face Value: | Rs. 10 per Equity Share |
IPO important dates
| 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 |
| Borrowing payment | – |
| Working Capital Requirement | ~ ₹ 100 Cr |
| General Corporate Purpose | Balance |
| Technology & Infrastructure | – |
| – |
Deon Energy Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 41.8 | ₹ 68.4 | ₹ 298.8 |
| Profit (₹ Cr) | ₹ 0.2 | ₹ 3.0 | ₹ 26.2 |
| Asset (₹ Cr) | ₹ 9.5 | ₹ 34.5 | ₹ 62.3 |
| Net Worth (₹ Cr) | ₹ 1.0 | ₹ 3.2 | ₹ 25.5 |
Deon Energy IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 25-Jan | ₹ – | ₹ – | ₹ – |
| 24-Jan | ₹ – | ₹ – | ₹ – |
| 23-Jan | ₹ – | ₹ – | ₹ – |
| 22-Jan | ₹ – | ₹ – | ₹ – |
| 21-Jan | ₹ – | ₹ – | ₹ – |
| 20-Jan | ₹ – | ₹ – | ₹ – |
Deon Energy Limited Promoters – Pre offer equity (Approx)
| Dharmesh Ashokbhai Makadiya | ~36.50% |
| Chiragbhai Dineshbhai Kalariya | ~28.50% |
| Bhargav Chaturbhai Kavar | ~23% |
| Archanaben Kalariya | ~9% |
Deon Energy Limited IPO Pros & Cons
Strengths:
- Strong growth potential in India’s expanding solar energy market.
- Diversified EPC and O&M services provide multiple revenue streams.
- Established track record with 78 completed projects and 140 MW capacity.
- Contribution to renewable energy aligns with government incentives and ESG trends.
Risks:
- Relatively small market share in a highly competitive solar EPC sector.
- Financials may be sensitive to raw material and module price fluctuations.
- Dependence on government policies and renewable energy incentives.
- Limited geographic diversification outside Gujarat and nearby regions.
Deon Energy Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Lead Managers / Registrars of Deon Energy Limited
| Lead / Book Running Lead Managers | Smart Horizon Capital Advisors Pvt. Ltd. |
| Registrar (RTA) | Bigshare Services Pvt. Ltd. |
Founding Year of Deon Energy Limited & Managing Director
Deon Energy Limited was incorporated in the year 2024.
Mr. Dharmesh Ashokbhai Makadiya is the Managing Director of the company.
Deon Energy Limited FAQ
- Q1. What is the business of Deon Energy Limited?
Last updated on January 22nd, 2026 at 11:44 pm
It is an Ahmedabad based renewable energy company focused on end‑to‑end solar EPC (engineering, procurement and construction) and related services for commercial and industrial clients. - Q2. Why is the company raising funds via IPO?
Last updated on January 22nd, 2026 at 11:44 pm
Deon Energy is raising funds for long‑term working capital requirements and purposes to scale operations. - Q3. What is the size of the issue and where will it list?
Last updated on January 22nd, 2026 at 11:44 pm
The issue size of the IPO is ₹ 150 crore. It will be listed on the BSE & NSE platform. - Q4. What are the risks to an investor?
Last updated on January 22nd, 2026 at 11:44 pm
Risks to invest in the IPO include project execution delays, regulatory dependencies, capital intensity, and exposure to solar market competition. - Q5. What are the potential upsides?
Last updated on January 22nd, 2026 at 11:44 pm
Positive points to invest in the IPO include growth in India’s solar energy demand, expanding project capacity, and strong commercial client focus. - Q6. How to apply for the IPO?
Last updated on January 22nd, 2026 at 11:44 pm
You can apply to the IPO via your broker or net‑banking ASBA facility once the subscription window opens. - Q 7. When is the tentative listing date?
Last updated on January 22nd, 2026 at 11:44 pm
Expected listing date is yet to be announced.
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