Integrum Energy Infrastructure Limited

This section provides an overview of the industry context, drawing information from the CRISIL Report, and discusses the macroeconomic landscape of India. It details projections for India's economic growth, global growth trends, and various financial indicators. Furthermore, it covers geopolitical uncertainties that impact energy markets, such as conflicts and shipping route disruptions, and the strategic rationale for accelerating the deployment of Renewable Energy (RE) solutions to enhance energy security.

The power sector in India operates under an institutional framework where state governments are crucial for capacity creation and transmission oversight, while the Central Government sets national policies in consultation with states and the CEA. Globally, India is a major electricity producer and consumer and ranks third in hydrogen consumption. The renewable energy sector is experiencing robust growth, with solar and wind being key components, and the total renewable capacity is projected to grow significantly. India's power system is expanding alongside economic activity, with demand growth accelerating post-pandemic, and the fuel mix is transitioning towards renewables while baseload capacity remains important. Furthermore, while annual energy adequacy is largely achieved, challenges persist during peak demand periods.

The analysis covers various aspects related to the power sector, including projected electricity demand, capacity additions, and the regulatory framework for renewable energy integration. Incremental demand is expected from railway electrification, metro rail projects, electric vehicle adoption, and the growth of digital infrastructure like data centers. While efficiency gains and captive renewables are expected to moderate net demand growth, the overall market is positioned for sustained growth driven by electrification and emerging loads. Furthermore, the increasing share of variable renewable energy necessitates expansion of transmission infrastructure and power evacuation networks.

The text details various state-specific regulations concerning Renewable Energy (RE) projects, including benefits and waivers for cross-subsidies and additional surcharges, which vary significantly across states like Gujarat, Karnataka, Madhya Pradesh, and Maharashtra. It also discusses amendments to Electricity Rules regarding captive generating plants (CGPs) and group captive modes, defining criteria based on ownership and consumption. Furthermore, the document outlines the growth trajectory of India's solar and wind capacity additions, noting the dominance of solar in new capacity additions, and analyzes the market structure, which is predominantly captive/group captive. Finally, it discusses the evolution towards hybrid Renewable Energy (RE) configurations, such as solar and wind combinations, to address the temporal mismatch between generation profiles and consumer demand.

The section discusses the evolution of power procurement beyond basic renewable energy to more complex, integrated solutions to meet evolving grid and consumer demands. This includes new project structures like Firm and Dispatchable Renewable Energy (FDRE), Round-the-Clock (RTC), and Peak Power Supply (PPS) projects, which integrate various renewable sources to match specific load profiles. The market trend is shifting towards procuring renewable energy that aligns with operational load patterns and reliability requirements, especially in the Commercial and Industrial (C&I) segment. Furthermore, the text details trends in renewable energy tariffs and capacity additions outlooks for solar and wind power, noting that future growth will be driven by hybrid models and the need for firm power commitments.

The text discusses various aspects related to the energy sector, including expected wind power capacity additions, the emergence of Virtual Net Metering (VNM) for residential solar, and evolving tariff structures for Commercial & Industrial (C&I) consumers. VNM is seen as a mechanism to facilitate residential solar adoption by allowing shared electricity credits. Furthermore, the text details shifts in tariff designs for C&I consumers towards cost recovery based on sanctioned load, and the importance of integrated energy partners who can manage the entire renewable energy lifecycle.

The text discusses the growth in the Consumer and Industrial (C&I) segment, noting that it is the largest addressable market for renewable energy procurement in India. C&I consumption is estimated to be substantial, with industrial consumption accounting for a significant portion of the total. Growth in C&I renewable energy demand is expected to be driven by rising underlying demand, increased renewable share, policy clarity, and industry pressure to reduce emissions. Furthermore, the text details the complexity of transitioning to renewable power, emphasizing that it requires integrated solutions that manage various aspects like procurement, regulatory compliance, and energy optimization.

The procurement of renewable energy (RE) for Commercial & Industrial (C&I) consumers involves various routes depending on factors like load size, location, and risk appetite. Preferred routes include rooftop or onsite solar installations, which offer a 10-15% RE offset without external infrastructure, and Open Access (OA) procurement. C&I consumers choose between a Capex model, where consumers invest upfront for lower tariffs, or an Opex/RESCO model, which transfers risk to the developer. Other models include Group captive arrangements, third-party sales, Virtual Power Purchase Agreements (VPPAs), and Energy-as-a-Service (EaaS). The market is evolving from simple procurement to integrated, low-carbon, and performance-based energy solutions.

The text discusses the evolving landscape of the Commercial and Industrial (C&I) market concerning open access (OA) power procurement, highlighting shifts towards offsite models for renewable energy. Key drivers include the cost-effectiveness of solar power, its role in decarbonization efforts, and various concessional benefits provided by some states. Constraints to this market include varying open access charges, limitations on storing excess renewable energy, grid infrastructure issues, and administrative hurdles from Distribution Companies (DISCOMs). Furthermore, the text details regulatory frameworks, such as captive/group captive rules and new green energy open access rules, which aim to provide certainty but also introduce complexities for consumers.

The section discusses various aspects related to renewable energy solutions, particularly concerning the integration of Battery Energy Storage Systems (BESS) with renewable energy sources for Commercial & Industrial (C&I) customers. It details how the economic attractiveness of BESS depends on the consumer's load profile, such as the presence of peak-period demand, and how hybrid configurations can improve economics by providing a more complementary generation profile. Furthermore, the text covers emerging areas in the C&I sector, including the increasing procurement of renewable energy driven by sustainability goals, the growth of the data center industry, and the role of various infrastructure like airports and metro networks in adopting renewables.

The provided text details various aspects related to the cost and tariff structures of electricity, particularly concerning the transition to renewable energy sources. It discusses the difference between grid power and renewable energy tariffs, the impact of cross-subsidization, and the competitive nature of landed renewable energy tariffs against utility tariffs. Furthermore, the text outlines challenges faced by Commercial and Industrial (C&I) consumers, such as contractual mismatches, standardization issues, and operational risks related to renewable energy projects, alongside regulatory changes and grid integration concerns.

The renewable energy (RE) value chain is fragmented across equipment supply, project execution, and power generation, creating an opportunity for integrated energy partners to bridge the gap between various models. These partners aim to provide end-to-end support across the entire project lifecycle, from initial advisory to long-term operations. The market shows a strong preference for integrated partners, especially in the Commercial & Industrial (C&I) segment, as they offer single-point accountability and comprehensive lifecycle management, which is crucial given the long duration and high financial stakes of RE investments for C&I clients. There is a distinction between traditional EPC models, which are execution-led, and advisory-led integrated models, which are requirement-led and focus on optimizing the customer's overall delivered energy cost and performance.

The text discusses various barriers and requirements within the Renewable Energy (RE) sector, emphasizing the need for specialized expertise across the entire project lifecycle. Key barriers include the necessity of state regulatory qualifications, a proven track record in project development from concept to bankability, and demonstrated operational performance history. Furthermore, executing multi-technology projects requires broad technical expertise and reliable supply chain access. The market is fragmented, dominated by specialized providers rather than end-to-end integrators.

The text details various aspects related to renewable energy project development, including site development requirements, connectivity, and the execution models for Renewable Energy (RE) EPC projects. It outlines that site development involves topographical surveys, land preparation, and infrastructure setup, and that securing land control early is crucial for project value. Furthermore, it discusses the critical nature of grid connectivity and regulatory approvals, noting the complexity varies based on the network type. The text contrasts different project delivery models, such as fragmented versus integrated execution, highlighting how the choice of framework impacts risk, cost certainty, and lifecycle performance.

The text discusses the execution threshold for multi-technology Engineering, Procurement, and Construction (EPC) projects, noting that the ability to consistently execute such projects is a barrier to entry for players limited to standalone renewable projects. It also covers the expected growth of the Indian Renewable Energy (RE) EPC market, forecasting significant capacity additions and market segmentation. Furthermore, the section details the various models for Operations and Maintenance (O&M) services for RE projects, including arrangements with Original Equipment Manufacturers (OEMs), renewable energy developers maintaining in-house capacity, third-party service providers, and EPC players offering end-to-end lifecycle support.

The issuer's services are structured across three layers: Technical O&M, Asset Management, and Performance Optimization. Technical O&M covers preventive, corrective, and predictive maintenance, alongside various site management tasks. Asset Management focuses on digital aspects like remote monitoring, asset digitization, and compliance management. Performance Optimization involves data-driven yield enhancement, fault elimination, and portfolio-level analysis. The market drivers include rapid growth in the renewable energy base and an aging fleet that increases maintenance intensity.

The market for operating Renewable Energy (RE) assets in India is deepening due to increased transaction activity, where acquirers often require independent technical due diligence and standardized reporting. This has led to a shift from captive Operations & Maintenance (O&M) to contestable third-party scopes. Furthermore, ownership by financial and institutional investors demands high governance standards, including rigorous performance verification and standardized reporting. The market is evolving towards independent service providers capable of managing multi-OEM portfolios and leveraging digitalization for predictive maintenance to mitigate risks associated with fragmented OEM contracts and reactive maintenance.

The text discusses various technological advancements in asset management, including condition monitoring for predictive maintenance, which helps in predicting equipment failures and reducing maintenance costs. It highlights the use of AI and machine learning for analyzing real-time operational data and the concept of digital twins for remote fault diagnosis. The section also lists leading wind energy Operations & Maintenance (O&M) providers in India and provides a competitive mapping of players, detailing their capabilities, operational capacity, and order book details.

This section provides detailed financial and operational parameters for different business units, including Metric Units, Juniper, Green, Waaree, RTL, and Solarworld, as well as Sterling and Wilson, RE INOX, Wind, and Suzlon. It details various capacity metrics, order books, revenue, EBITDA, profit figures, and debt parameters across different fiscal years. The data includes metrics such as operational capacity, revenue growth, margins, and various debt coverage ratios.

The company operates as an integrated renewable energy and energy-management platform focused on serving commercial and industrial (C&I) customers across the renewable energy (RE) value chain, with a specialization in hybrid, wind, and solar RE projects. The company focuses on multi-technology execution to deliver a lower cost of energy to customers. The platform encompasses various functions, including energy assessment, solution design, project development, regulatory and grid-connectivity support, engineering, procurement and construction (EPC), commissioning, operations and maintenance (O&M), asset management, energy sourcing optimization, and technology-enabled energy management capabilities.

The company focuses on deploying hybrid, wind, and solar renewable energy projects with the goal of optimizing the customer's landed cost of energy by integrating various technologies rather than using standalone solutions. They are also exploring the integration of Battery Energy Storage Systems (BESS) to enhance flexibility and reliability. The company has evolved from an advisory role to an integrated energy platform, covering project development, regulatory approvals, grid connectivity, and lifecycle services across these renewable technologies. Their customer engagement is solution-led, focusing on tailoring solutions to customer load profiles and constraints.

The company possesses a strong order book supported by proven capabilities in executing complex hybrid renewable energy projects, including co-located wind-solar projects and the hybridization of existing renewable energy assets. They focus on projects that require multi-technology integration and complex execution capabilities, which represents a higher barrier to entry for competitors. The company's execution capabilities cover the entire lifecycle, from project development and regulatory approvals to land aggregation, connectivity planning, and commissioning. Furthermore, they have established relationships with multiple OEMs and equipment suppliers, which provides procurement flexibility and reduces dependence on single suppliers. The company has developed expertise in configuring wind, solar, and storage solutions around various customer load profiles, generation characteristics, and regulatory requirements.

The company focuses on expanding its integrated renewable energy platform beyond traditional project execution into lifecycle services such as Operations and Maintenance (O&M), asset management, and energy optimization. The company aims to increase recurring revenue by offering services across the entire renewable energy asset lifecycle, including standalone O&M mandates and Energy-as-a-Service (EaaS) offerings. They are investing in proprietary technology to enable predictive asset management, forecasting, and performance analytics. Furthermore, the company plans to expand its presence in the commercial and industrial (C&I) sector by leveraging its regulatory and project development expertise, and by expanding its capabilities in hybrid renewable energy solutions and Battery Energy Storage Systems (BESS).

The company focuses on providing integrated renewable energy solutions and lifecycle energy management services to C&I customers, covering the entire renewable energy project lifecycle. This encompasses activities from initial energy assessment and project development through to engineering, procurement, construction, commissioning, operations, maintenance, and ongoing energy optimization across hybrid, wind, and solar technologies. The services are structured to support customers through the development, implementation, and ongoing management of renewable energy assets.

The company develops hybrid renewable energy solutions by combining solar and wind generation, sometimes incorporating Battery Energy Storage Systems (BESS). Their hybrid project design involves considering various factors such as customer demand, generation profiles, tariffs, regulations, transmission constraints, land availability, and storage economics. The company offers services spanning operations, maintenance, asset management, and performance optimization for these renewable energy assets. Technical operations and maintenance services cover preventive, predictive, and corrective maintenance, inspections, testing, and fault rectification for both solar and wind projects. Furthermore, they provide asset management services to improve operational visibility and support decision-making, and performance optimization services to identify opportunities for improving plant performance and renewable energy utilization.

The company procures equipment and components on an as-needed basis through purchase orders and project-specific contracts, with supplier documentation reviewed for compliance before finalization. Materials are primarily sourced from within India, supplemented by international suppliers for specific technology platforms. The company emphasizes building long-term customer relationships across the entire renewable energy lifecycle, from advisory to asset management. Competition exists across various stages of the renewable energy value chain, and the company positions itself as an integrated solutions partner. Operations require access to various utilities, and transportation logistics are managed through third-party providers.

This section details various regulations and policies prescribed by the Government of India and other regulatory bodies applicable to the company's operations. It covers legislation such as the Electricity Act, 2003, which regulates the generation, transmission, distribution, trading, and use of electricity in India. The text discusses various rules and amendments related to electricity, including provisions for renewable energy promotion, government mandates, and technical standards for grid connectivity. Furthermore, it outlines various policies and regulations concerning the Ministry of New and Renewable Energy (MNRE) and the Ministry of Power (MoP), as well as specific guidelines for renewable energy projects and grid integration.

The company's operations are subject to various regulatory frameworks, including those related to environmental, technical, and operational standards, particularly concerning renewable energy projects. These include adherence to state-specific renewable energy policies which govern project development, land use, and procurement. Furthermore, the company must comply with various labour laws, shops and establishments legislations, and various laws governing employee welfare and industrial relations. The company is also subject to various laws concerning intellectual property, securities markets, and data protection, in addition to general laws imposed by central and state governments.

The company, formerly known as 'Integrum Energy Infrastructure Private Limited', was incorporated on February 26, 2021, and subsequently converted to a public limited company, changing its name to 'Integrum Energy Infrastructure Limited' on January 15, 2024. The company has undergone several amendments to its Memorandum of Association, including name changes and increases in authorized share capital. Key operational milestones include expanding into new states like Gujarat and Maharashtra, securing major contracts, and launching operations under different power models like IPP and EaaS. The company has established several subsidiaries, including an independent power producer, an energy-as-a-service provider, and a virtual net metering entity.

This section details the capital structure, shareholding pattern, and related party considerations for the company. It specifies the authorized and issued capital, the current shareholding structure, and assurances regarding common pursuits and conflicts of interest between the company and its subsidiaries. Furthermore, it confirms that subsidiaries are not listed on any stock exchanges and that promoter selling shareholders have not provided any third-party guarantees.

This section provides various definitions and abbreviations used within the Draft Red Herring Prospectus. It defines terms related to the company, such as 'our Company' as Integrum Energy Infrastructure Limited, and specifies various roles and entities involved in the offering process. Key personnel like the Chairman, Managing Director, and Chief Financial Officer are mentioned, along with details on the Board committees and the promoters. The section also details various offer-related terms, including different types of bidders and the process for allotment.

This section details various terms and definitions used within the context of the offering documents. It covers terms related to the subscription process, such as the invitation to subscribe to or purchase Equity Shares. It defines various accounts, such as Escrow Accounts, and specifies the roles of different parties involved in the offering. Furthermore, it outlines various types of bidders, including QIBs, Retail Individual Bidders, and Non-Institutional Bidders, along with the respective portions of the offer allocated to them.

This section primarily lists various technical and financial terms used within the prospectus, covering concepts related to energy, finance, and corporate structure. It defines acronyms such as LDC, MoP, NTPC, and various financial metrics like PBT, PAT, and various ratios like ROCE and ROE. It also defines legal and regulatory terms like Companies Act, FDI Policy, and various SEBI regulations.

This section details various conventions used throughout the Draft Red Herring Prospectus, including definitions for geographical terms, time periods, and currency. It specifies that financial data is based on restated consolidated financial information and notes differences between various accounting standards. The text also discusses the use of non-GAAP financial measures, cautioning that they may not be comparable across different companies. Furthermore, it outlines that industry and market data is sourced from a CRISIL Report commissioned by the company, and provides notices regarding the regulatory status of the equity shares.

This section primarily discusses various risk factors associated with the company's operations and investments. It highlights risks related to the estimation of costs under Turnkey Renewable Energy Project (TREP) contracts, potential delays in project construction, and the possibility of incurring financial losses due to these factors. The text details that gross margins earned on TREP contracts may not reflect future margins, and there are risks concerning the timely completion of projects due to various factors like supply chain disruptions or unforeseen conditions. Furthermore, the section addresses the reliance on top customers for revenue and the potential impact of losing such customers on the business. It also covers risks related to working capital requirements, including the timing of cash outflows versus inflows, and the potential for delays in receiving payments from customers. Finally, it outlines development and execution risks inherent in renewable energy projects, such as securing grid infrastructure, land rights, necessary approvals, and resource availability.

This section details various risks related to project execution, supply chain dependencies, regulatory environments, and infrastructure availability. Risks include delays due to various factors such as geopolitical uncertainties, equipment delivery issues, changes in technical specifications, and contractor performance. The company's business is heavily reliant on the continued investment in renewable energy infrastructure by customers and the attractiveness of renewable energy solutions. Furthermore, the business faces risks from changes in government policies, market dynamics, and the ability to secure new projects. The company's operations are geographically concentrated, and obtaining necessary governmental approvals and permits is subject to delays.

The provided text discusses various financial and operational risks, including dependency on external factors like energy generation, tariff agreements, and payment behavior from off-takers. It details various borrowings, contingent liabilities, and risks associated with third-party suppliers and technology changes. Furthermore, the company has faced delays in paying statutory dues, which could lead to legal actions. The text also outlines plans to deploy net proceeds for various purposes, such as financing equipment procurement and working capital requirements, and acquiring a controlling interest in another company.

This section details various fiscal metrics, including professional tax, TDS, GST, and Labour Welfare fund payments across fiscal years 2026, 2025, and 2024. It also outlines instances of delays in statutory dues and provides disclaimers regarding the assurance of no future legal proceedings or fines. The text further discusses dependencies on the procurement of renewable energy equipment, noting reliance on both domestic and international suppliers, and the potential impact of import restrictions on costs. Additionally, it covers risks related to enforcing warranties from international OEMs and the dependency on skilled personnel for business success.

The provided text details various observations and emphasis of matter raised by Statutory Auditors and CARO in the financial statements of the company. These observations covered several areas, including the maintenance of electronic backup for books of accounts, issues with statutory dues, misappropriation of funds, and cash losses. The company has responded to these observations by implementing corrective measures, such as strengthening IT controls for backups and initiating processes for periodic and regular backups, as well as taking action against employees involved in fund misappropriation. Furthermore, the text mentions issues related to obtaining gratuity insurance and the nature of cash losses incurred during certain financial years.

The section details various adverse observations and responses from Statutory Auditors and CARO 2020 for different financial years. Observations primarily relate to the frequency of electronic backup of books of accounts and cash losses incurred. The company acknowledged these observations and implemented corrective measures, such as strengthening IT controls for backup and initiating processes for periodic and regular backups. Furthermore, the text discusses risks related to related party transactions, the requirement for various approvals and licenses, and potential public opposition or environmental concerns regarding renewable energy projects.

The provided text discusses various legal and operational risks faced by the company, including potential adverse outcomes from legal proceedings, the impact of environmental and physical conditions on renewable energy projects, and risks associated with competition and intellectual property. The company's assets are subject to various insurance risks, and there are concerns regarding the ability to comply with financing covenants and the potential for conflicts of interest with subsidiaries. Furthermore, the text highlights risks related to the public listing requirements, the lack of expertise among directors for listed companies, and potential delays in regulatory filings.

This section discusses various risks related to credit ratings, related party transactions, internal controls, information technology, and macroeconomic/regulatory factors in India. It details dependencies on credit facilities, the potential impact of rating changes, and risks associated with fraud, data security, and evolving laws. Furthermore, it highlights risks stemming from the Indian macroeconomic environment, including inflation, currency fluctuations, political changes, and new government regulations.

This section details various risks related to the company's operations, financial stability, and the investment process. Risks include adverse effects from natural disasters, fires, epidemics, pandemics, and geopolitical events, which could impact business operations and cash flows. Furthermore, risks are highlighted concerning financial instability in other countries, potential restrictions on foreign investment, and the ability to raise foreign capital due to Indian laws. The section also covers risks related to the offer process, such as the offer price not reflecting the trading price, the potential for market volatility, and various tax implications for investors. Finally, it addresses issues related to the listing process, such as delays in listing and trading commencement.

This section details the structure of the equity share offering, outlining various portions of the issue such as Fresh Issue and Offer for Sale. It specifies how the total offer is divided into QIB, Non-Institutional, and Retail categories, including rules for reserving shares for different investor types like Mutual Funds and Life Insurance Companies. The text also discusses pre-IPO placement possibilities and the authorization of the offer by the Board and shareholders.

The provided text details the summary of restated consolidated cash flows for various years, including operating, investing, and financing activities, showing fluctuations in cash and cash equivalents. It also outlines contingent liabilities as of March 31, 2026, which include corporate guarantees and commitments related to a solar power plant project. The text advises that the realization of these contingent liabilities could impact the company's operations, financial condition, and cash flows.

This section details the authorized and issued equity share capital of the company as of the Draft Red Herring Prospectus date, including various components related to the offer process. It outlines the structure of the capital, including the details of past share allotments and the process for fresh issues and offers for sale. Furthermore, it provides a history of promoter shareholding build-up since incorporation, showing transactions involving cash, transfers, and bonus issues.

This section details various transactions involving the allotment and transfer of equity shares, including sub-divisions of face value, and records the shareholding of promoters and the promoter group. It outlines specific rules regarding the locking-in of promoter contributions and other equity shares to ensure stability. Furthermore, it specifies conditions under which pledged equity shares can be used as collateral for loans and details the transferability of locked-in shares.

This section details the shareholding pattern of the company as on the date of the Draft Red Herring Prospectus, including various categories of shareholders. The data shows that the Promoter and Promoter Group collectively hold a significant portion of the shares. Furthermore, the section provides details on shareholding by individual shareholders, including those holding 1% or more of the paid-up equity share capital, as of different points in time (including one year and two years prior). The document also clarifies that the company does not intend to alter its capital structure for a period of six months following the Bid/Offer Opening Date and confirms the absence of outstanding options or convertible securities.

This section details the shareholding structure of the company as presented in the Draft Red Herring Prospectus, including promoter and public shareholder breakdowns. It presents various shareholding figures, including pre-offer and post-offer percentages, across different price band scenarios. The text also includes several compliance and procedural clauses regarding transactions, financing, and the issuance of equity shares, as well as information about an Employee Stock Option Scheme.

The company plans to raise funds through a Fresh Issue and an Offer for Sale from Selling Shareholders. The proceeds are intended for various purposes, including funding incremental working capital, investment in a subsidiary for capital expenditure on wind turbine equipment, repayment of borrowings, and payment for strategic investment in another company. The utilization of net proceeds is detailed across various fiscal years, with provisions for deployment into working capital, capital expenditure, debt repayment, and strategic acquisitions. The company also anticipates benefits from the listing of its equity shares on stock exchanges.

The company proposes to utilize ₹140.00 Crore of the Net Proceeds to fund incremental working capital requirements for business operations in Fiscal 2027 and Fiscal 2028. Specifically, ₹30.00 Crore of Net Proceeds in Fiscal 2027 and ₹110.00 Crore in Fiscal 2028 are earmarked for incremental working capital. Any further working capital needs will be met through internal accruals, cash credit, or working capital borrowings. Furthermore, the company intends to invest in its subsidiary, Integrum Green Assets Private Limited (IGAPL), to finance the procurement of wind turbine generators and associated equipment for a wind power project.

The section details various aspects related to the proposed wind power project, including power offtake structures, grid connectivity, and necessary government approvals. It mentions that the proposed wind turbine generators (WTGs) and equipment will utilize existing grid infrastructure, and that there are pending approvals from various authorities for grid connectivity and evacuation. Furthermore, the text outlines the proposed utilization of net proceeds, including provisions for debt repayment, investment in a subsidiary, and funds for general corporate purposes. It also discusses the offer-related expenses incurred during the issuance process.

This section details various estimated offer expenses, including commissions, fees payable to the Registrar, and other miscellaneous costs, which are estimated as a percentage of the total offer size. It outlines different fee structures based on the type of bidder (Retail Individual, Non-Institutional) and the mechanism used for the application (e.g., UPI). Furthermore, it discusses the temporary investment of net proceeds and the monitoring procedures for the utilization of these funds.

This section details various financial metrics, including Return on Net Worth (RoNW), Net Asset Value (NAV) per share, and a comparison against listed industry peers. It provides historical data for RoNW across different fiscal years, along with definitions for Net Worth and Weighted Average. Furthermore, it presents a comparison table showing key operational and financial parameters against several peer companies.

This section primarily details various Key Performance Indicators (KPIs) used to assess the company's financial and operating performance, including metrics related to working capital, liquidity, and operational efficiency. It outlines several KPIs such as Working Capital, Receivable days, Inventory days, Payable days, Cash Conversion Cycle, Current ratio, and Quick ratio. The text also discusses the approval and certification of these KPIs by the Audit Committee and Chartered Accountants, along with the ongoing disclosure requirements for these metrics.

This section details various metrics related to commissioned projects, including the aggregate capacity, number of completed projects, and various order book components. It also covers operational performance indicators such as capacity utilization factors (CUF/PLF) for solar, wind, and hybrid plants, as well as metrics on grid availability and machine availability. Furthermore, the text discusses different aspects of the company's financial health, including debt metrics, profitability ratios, and various working capital and liquidity ratios.

This section details the statement of possible special tax benefits available to Integrum Energy Infrastructure Limited under the Income Tax Act, 1961, as amended by the Finance Act, 2025, for the Financial Year 2025-26. It outlines various provisions related to income tax, including options for concessional tax rates, deductions for certain expenditures, and rules concerning dividends. The statement clarifies that certain benefits are subject to conditions and that investors should consult with their own tax advisors.

This section outlines the special tax benefits available to the Company and its shareholders under various Indian indirect tax laws. It clarifies that no special indirect tax benefits are available to the Company. Furthermore, the shareholders are not eligible for special tax benefits under the Customs Tariff Act, 1975, and various Central and State Goods and Services Tax Acts. The annexure specifies that it only covers indirect tax laws and does not encompass income tax law benefits or benefits under any other law.

This section details the process of the independent auditor's examination of the restated consolidated financial information of Integrum Energy Infrastructure Limited for inclusion in the Draft Red Herring Prospectus (DRHP). The examination covered various financial statements and relied on audited statements from different financial years. The auditors confirmed that the financial information was prepared according to specified accounting principles and that no qualifications were found in the audit reports reviewed.

This section presents the restated consolidated financial information for Integrum Energy Infrastructure Limited, including the Profit & Loss statement, Cash Flow statement, and Statement of Changes in Equity. The financial statements are prepared in accordance with Indian Accounting Standards (IndAS) and are intended for inclusion in the Draft Red Herring Prospectus (DRHP). The information covers performance for the years ended March 31, 2024, March 31, 2025, and March 31, 2026.

This section details the basis for compiling the Restated Consolidated Financial Information, including the transition dates used for different financial statements. It outlines the basis for consolidation of subsidiaries, including criteria for determining control and the treatment of income and expenses from intragroup transactions. Furthermore, the text describes the classification of assets and liabilities, the basis of measurement for financial statements, and significant management judgments related to various accounting aspects such as impairment, leases, expected credit loss, and provisions.

This section details various accounting treatments and recognition principles for different financial statement line items, including revenue recognition, employee benefits, foreign exchange transactions, tax expense, inventories, cash balances, provisions, contingent liabilities, commitments, and property, plant, and equipment. It outlines specific methodologies for cost bifurcation, impairment recognition, and how various financial elements are accounted for under relevant accounting standards.

This section details various accounting treatments and recognition criteria for different financial statement components, including subsequent expenditure, depreciation methods, intangible asset accounting, lease accounting, and financial instrument recognition. It outlines how costs are treated, the useful lives assigned to various assets, the criteria for recognizing assets and liabilities, and the methods for measuring and subsequent measurement of financial assets and liabilities.

This section provides notes on the accounting treatments for various financial instruments, including impairment recognition, classification of financial assets and liabilities, and rules for their derecognition. It details how gains and losses are recognized in the statement of profit and loss based on the type of financial instrument, such as fair value through profit and loss (FVTPL) or amortised cost. Furthermore, it outlines criteria for determining credit impairment for financial assets and liabilities, including events like significant financial difficulty of the borrower or breach of contract. The text also covers procedures for write-offs of financial assets and calculations for earnings per share.

This section details various financial and asset balances for the company across fiscal years ending March 31, 2024, 2025, and 2026. It includes disclosures regarding the treatment of Property, Plant and Equipment, Intangible Assets, financial instruments, receivables, cash balances, loans, and equity share capital. Key notes cover accounting policies such as the election of Ind AS 101 exemption, changes in depreciation methods, and details on shareholder holdings and bonus share allotment.

This section details various financial and equity movements for the company across different fiscal years. It includes information on promoter shareholdings, changes in retained earnings and securities premium, details on borrowings, lease liabilities, provisions, and trade payables. Furthermore, it presents revenue from operations, cost of materials consumed, direct costs, employee benefits expenses, and finance costs for the period.

This section details various financial and actuarial aspects of Integrum Energy Infrastructure Limited, including depreciation, other expenses, earnings per equity share, contingent liabilities, and employee benefits. It presents historical data for several years, showing fluctuations in these metrics. Furthermore, it provides extensive information regarding the accounting and actuarial assumptions used for defined benefit plans, including sensitivity analysis and maturity analysis for various obligations.

This section details various financial and contractual arrangements for Integrum Energy Infrastructure Limited, including borrowings, leases, related party transactions, and various financial metrics across different fiscal years. It outlines terms for term loans, working capital loans, lease liabilities, and the nature of security provided for these loans. Furthermore, it provides disclosures regarding transactions with related parties, including bonus share issues, expenses incurred on behalf of the company, and balances outstanding with related parties.

This section details the financial performance and financial instrument details of Integrum Energy Infrastructure Limited across three fiscal years ending March 31st, 2024, 2025, and 2026. The company's revenue from operations showed fluctuations, and the profit before tax and profit for the year are provided. Furthermore, the text outlines various aspects of financial instruments, including fair value measurements, credit risk assessment, currency risk exposure, liquidity risk, and interest rate risk related to borrowings and payables.

This section details the transition to Indian Accounting Standards (Ind AS) by Integrum Energy Infrastructure Limited. It outlines various financial line items, including borrowings, lease liabilities, and equity components, for the years ending March 31st 2026, March 31st 2025, and March 31st 2024. Furthermore, it provides extensive reconciliation tables showing the movement between previous GAAP and Ind AS, including adjustments for first-time adoption, impairment of financial assets, and the treatment of various assets and liabilities.

This section details various reconciliations and notes related to the financial statements, including transitions between previous GAAP and Ind AS, and cash flow reconciliations. It presents tables showing the movement of assets, liabilities, income, expenses, and cash flows across different reporting periods. Furthermore, it includes notes on the transition to Ind AS, the accounting for leases, and the treatment of various financial items under the new accounting standards.

This section provides details regarding the ownership structure, subsidiary information, and various financial ratios for Integrum Energy Infrastructure Limited. It details the ownership percentages of subsidiaries and lists key financial ratios comparing performance across different fiscal years. Furthermore, it includes disclosures related to statutory dues, audit trail functionality in accounting software, and various opinions from the auditor regarding the maintenance of books of account and record retention.

This section details various statutory dues and liabilities for the company across different fiscal years, including information regarding GST, Welfare Fund, and Provident Fund. It also outlines the status of undisputed dues and the general practice of depositing statutory dues with relevant authorities. Furthermore, the text presents accounting ratios derived from restated consolidated financial information for fiscal years ending March 31, 2026, 2025, and 2024, including profitability and net worth metrics. Finally, it provides details on the company's borrowings, including the sanctioned and outstanding amounts as of August 31, 2026, and the principal terms of the credit facilities availed.

The section discusses various legal consequences arising from events of default under financing documents, including the right of lenders to take possession of assets, impose penalties, suspend commitments, or transfer assets. It also mentions obtaining consents for activities related to the Offer, such as changes in capital structure or management. The text directs readers to other sections for detailed risks concerning financial covenants and provides context on the company's financial year commencement and the basis of the financial information presented.

The company's operational footprint spans four states, contributing over 55% of the total C&I RE open access capacity. Revenue from operations showed fluctuations across the fiscal years, with Fiscal 2026 showing significant growth driven by project execution. The company relies on relationships with multiple OEMs and equipment suppliers, though the dependency on key suppliers is noted. The timing of project execution and material availability can impact revenue recognition and profitability.

This section details aspects related to the company's order book, project mix, revenue recognition, and various accounting estimates and judgments. It highlights the dependence of future revenue on the timely execution of development opportunities and the ability to maintain a robust pipeline of projects. Furthermore, it discusses the variability in margins based on the technology mix and the concentration of revenue from key customers. The text also covers considerations regarding project-enabling infrastructure, regulatory changes, and the inherent uncertainties in financial reporting due to management estimates and judgments.

This section details various accounting policies and judgments relevant to the financial statements, including those concerning leases, inventories, provisions, foreign currency transactions, and the treatment of financial assets. It outlines the company's approach to recognizing these items according to Indian Accounting Standards (IndAS) and the significant management judgments involved in these assessments. The text also covers the basis of preparation, consolidation procedures for subsidiaries, classification of assets and liabilities, and the use of estimates and judgments in financial reporting.

This section details various accounting policies and recognition principles for different financial statement line items. It covers revenue recognition for contracts, including performance obligations satisfied over time and point in time, as well as rules for recognizing contract revenue, variable consideration, and costs related to contracts. The text also outlines policies for handling OEM support, foreign exchange transactions, tax expenses, inventories, cash balances, provisions, contingent liabilities, commitments, securities premium, and property, plant, and equipment.

This section details various accounting treatments and recognition criteria for different asset and liability classes under the applicable accounting standards. It covers depreciation methods for property, plant, and equipment, the treatment of intangible assets, lease accounting for both lessor and lessee arrangements, impairment testing for non-financial assets, and the recognition and subsequent measurement of financial instruments. Specific rules are provided regarding the classification, measurement, and derecognition of financial assets and liabilities.

This section details various accounting treatments, including the derecognition of financial liabilities, impairment recognition for financial instruments, and procedures for estimating credit losses. It outlines the components of the Profit and Loss statement, detailing revenue from operations, other income, various expenses such as cost of materials, direct costs, employee benefits, finance costs, depreciation, and other expenses. Furthermore, it presents a comparison of financial results across Fiscal 2026, Fiscal 2025, and Fiscal 2024, highlighting significant growth in revenue and costs related to project execution.

The financial statements show significant changes between Fiscal 2025 and Fiscal 2026, marked by substantial increases in various expense and revenue components, largely attributed to scaling up operations and project execution. Finance costs rose sharply, driven by higher financing and banking charges, while other expenses also increased, reflecting higher bad debts and legal charges. Profit before tax and profit for the year saw substantial growth, though this was tempered by a significant rise in the cost of materials consumed relative to revenue. The cash flow section details complex working capital movements related to project execution, including unbilled revenue and retention money, which highlights the timing differences between revenue recognition and cash collection.

This section details the cash flows and financial position of the company across fiscal years, including specific movements in operating, investing, and financing activities. For Fiscal 2025, net cash generated from operating activities was significant, with working capital movements impacting trade receivables and inventory. Investing activities showed net cash used, primarily for investments and capital expenditure. Financing activities resulted in net cash generation from equity proceeds, which was partially offset by interest costs and lease payments. The text also provides details on outstanding borrowings, credit ratings, contingent liabilities, and various financial risk exposures.

This section primarily details various risk disclosures, including interest rate risk, concentration risk, and various audit observations and statutory dues. The company notes that its interest rate risk stems mainly from long-term borrowings with floating interest rates. Furthermore, the company discloses dependence on a limited number of customers for a significant proportion of its revenue. The text also covers various changes in accounting policies, the lack of unusual events, and numerous observations raised by auditors concerning the backup of books, misappropriation of funds, and various statutory dues.

This section details various observations and responses from Statutory Auditors across different financial years, primarily concerning the backup of books of accounts in electronic mode. Several observations related to the frequency of electronic backup were noted, with the company acknowledging them and implementing corrective measures to strengthen IT controls and establish periodic backups. Furthermore, cash losses were reported for certain periods, which were attributed to administrative expenses incurred during the initial phase of operations.

The section details an adverse observation raised by the Statutory Auditors regarding cash losses incurred by the company. The company acknowledged this observation, attributing the loss to expenses during the initial phase of operations. Furthermore, the company confirmed that it has been incorporated for less than one year and is in the initial stage of establishing its operations. The company has implemented corrective measures by strengthening IT controls for backup of accounting records.

This section outlines the company's disclosure regarding outstanding litigation and material developments. It specifies that there are no outstanding criminal proceedings, regulatory actions, or tax matters disclosed in a consolidated manner. It details a policy for determining material civil litigation, including thresholds based on turnover, net worth, or profit/loss, and criteria for cumulative litigation amounts. Furthermore, it discloses material outstanding dues to creditors, including those owed to micro, small, and medium enterprises (MSMEs) and other creditors.

This section details the various governmental and regulatory approvals, licenses, and registrations obtained by the Company, covering incorporation, tax, labour, and numerous material approvals for business operations and project execution. It lists extensive approvals related to establishing pooling substations and power evacuation lines, including various technical approvals, grid connectivity permissions, and integration reports. Furthermore, the section lists several material approvals that have been applied for but not yet received, and it mentions registered trademarks.

The section details various regulatory and statutory disclosures related to the offer process, including authorizations from the Board and Shareholders, in-principle listing approvals, and confirmations regarding compliance with various regulations. It also includes assurances that the company, its promoters, directors, and selling shareholders have not been prohibited from accessing capital markets or declared as defaulters. Furthermore, it outlines compliance with Companies (Significant Beneficial Ownership) Rules, and confirms the status of directors concerning the securities market. The text also covers eligibility criteria under SEBI ICDR Regulations and various compliance confirmations related to the offer, including the handling of equity shares and finance arrangements.

This section primarily outlines the compliance requirements for the Offer and establishes disclaimers regarding responsibility. It specifies that applicable legal requirements pertaining to the Offer will be complied with when filing the Red Herring Prospectus with the RoC under various sections of the Companies Act, 2013. It details the acceptance of no responsibility by the Company, Promoters, Directors, Selling Shareholders, and BRLMs for statements made outside the Draft Red Herring Prospectus or advertisements. Furthermore, it defines the scope of responsibility for Selling Shareholders and their affiliates concerning the offered Equity Shares.

The provided section primarily details various representations, warranties, and acknowledgements related to the offer of Equity Shares, including stipulations regarding fiduciary and managed accounts. It also outlines procedures for submitting the Draft Red Herring Prospectus to BSE and NSE, and the subsequent inclusion of disclaimer clauses. Furthermore, the text covers requirements for listing the Equity Shares on the respective stock exchanges and conditions for the repayment of monies received from applicants if permission to deal is not granted. It also lists various consents that must be obtained from numerous parties and details expert opinions received to support the Draft Red Herring Prospectus.

This section details the price information for past issues handled by Centrum Broking Limited and Beeline Capital Advisors Private Limited, covering issues during the current fiscal year and the two preceding fiscal years. It provides extensive data on IPOs, including the number of issues, funds raised, and performance metrics based on various timeframes from the listing date. Furthermore, the text outlines mechanisms for investor grievance redressal, including retention of records and procedures for bidders to contact the company, the Registrar to the Offer, or Book Running Lead Managers regarding various offer-related issues.

The section details various compensation mechanisms for investor grievances related to bids made through the UPI Mechanism, including scenarios for delayed unblocking of funds, blocking multiple amounts, and blocking more than the bid amount. It also outlines the responsibility of Selling Shareholders and the Registrar to the Offer regarding such errors. Furthermore, it specifies conditions for the payment of processing fees to SCSBs, which must occur only after the unblocking of application amounts and the payment of applicable investor compensation. The text also mentions the authorization of the Company Secretary and Compliance Officer to redress complaints and the lack of investor grievances since incorporation.

This section details various procedural timelines and rules governing the submission and processing of bids for the equity share offer, including specific time windows for bid submission based on the type of bidder and the amount involved. It outlines requirements for the Registrar to submit details of cancelled applications, compliance reporting for UPI Circulars, and rules regarding bid revisions, extensions of the bid period, and the consequences for under-subscription or delays in payment processing. Furthermore, it specifies rules for allotment based on different bidder categories, including provisions for allocation to Mutual Funds and the reservation of shares for various institutional investors.

This section details various procedural aspects related to the public offering, including the minimum corpus for different bidder categories, rules for allocating shares, and requirements for bid submission. It outlines procedures for Anchor Investors, other bidders, and Foreign Portfolio Investors (FPIs), including collation of bids based on PAN. Furthermore, it discusses the process for using the ASBA mechanism, the role of Sponsor Banks, and investor grievance redressal timelines.

This section details various rules and restrictions concerning the submission of Application Forms (ASBA) for public offers, specifying which bidders (such as UPI bidders, QIBs, and Non-Institutional Bidders) can submit their applications through different channels and intermediaries. It outlines requirements for blocking funds, the handling of electronic bids, and restrictions on participation by Anchor Investors, Promoters, and certain investor groups. Furthermore, the text specifies rules regarding the submission of documents by various entities like Mutual Funds, Eligible NRIs, FPIs, and others, including limits on holding equity shares and the need for proper documentation.

This section details various procedural requirements and restrictions concerning different types of bidders participating in the Offer, including limitations based on the type of entity bidding (such as Limited Liability Partnerships, banking companies, insurance companies, provident funds, and Systemically Important NBFCs). It outlines documentation requirements, such as certified copies of registration certificates, and specifies investment limits based on the nature of the investee company and the bidder's status. Furthermore, it lays out strict guidelines for Anchor Investors, including minimum bid amounts and allocation rules, and mandates for various bidders to ensure proper submission of account details and adherence to regulatory compliance.

This section primarily details various instructions and prohibitions for bidders, including requirements related to fund blocking processes (ASBA and UPI mandates), documentation compliance, and rules regarding the submission of bids. It outlines numerous 'Don'ts' concerning bid amounts, payment methods, submission formats, and the use of various bank accounts or UPI IDs. Furthermore, it specifies grounds for technical rejection of bids, such as submitting bids without proper instructions to block funds or using unlisted UPI handles. The text also covers procedures for allotment, including the basis for allotment across different bidder categories and undertakings by the company and selling shareholders regarding the offer process.

The section discusses various legal and regulatory aspects, including provisions related to the utilization of offer proceeds and impersonation under the Companies Act, 2013. It details penalties for fraud involving securities, including imprisonment terms and fines, depending on the amount involved and public interest. Furthermore, the text covers restrictions and procedures concerning foreign investment in Indian securities regulated by the Industrial Policy and FEMA, including rules on share transfers between Indian residents and Non-Residents, and restrictions on investments by 'Restricted Investors'. It also mentions specific FDI limits for the renewable energy sector and the inability of OCBs to participate in an offer.

This section details various provisions related to the issuance, control, and transfer of the Company's share capital and securities. It covers the rights attached to shares, the Board's power to issue, allot, or dispose of shares, and restrictions on the transfer of securities. Furthermore, it outlines procedures for dematerialization, the handling of shares held with a depository, and the process for transferring or transmitting shares, including provisions for lock-in periods and the Company's lien rights over securities.

This section details various provisions related to the lien on shares, the process for selling shares on which a lien exists, the procedure for making calls on shares, and the consequences of non-payment, including interest accrual and the right to forfeit shares. It also covers the Board's power to receive money in advance for uncalled amounts, the interest applicable on such advances, and the provisions concerning the alteration of share capital, including increasing, consolidating, dividing, or cancelling shares. Furthermore, the text outlines procedures for issuing new shares, including offers to existing holders, and the issuance of various types of preference shares, such as redeemable, convertible redeemable, and compulsorily convertible preference shares.

This section of the DRHP primarily outlines various powers and provisions related to the Company's operations, including the ability to enter into compromises, the capitalization of profits, the process for conducting general meetings, and the functioning of the Board of Directors. It details procedures for resolving financial appropriations, handling share issues, and establishing quorum and voting procedures for meetings.

This section primarily outlines the company's powers regarding borrowing money, the issuance of securities, and the remuneration of its directors and officers. It details various provisions concerning the Board's authority to borrow funds, the conditions under which securities can be issued, and the rules for paying directors' fees and expenses. Furthermore, it covers provisions related to the declaration and payment of dividends, the handling of unpaid dividends, and the procedures for inspecting company records and contracts.

This section primarily details various consents, reports, and agreements related to the Draft Red Herring Prospectus, including submissions from various professional bodies and directors. These include consent letters from CRISIL regarding an industry assessment report, examination reports from Statutory Auditors, certificates from Chartered Accountants concerning various aspects like key performance indicators and tax litigation, and consents from various individuals and entities to be included as experts under the Companies Act. Furthermore, the section mentions resolutions approving Key Performance Indicators and various tripartite agreements with different entities.

The provided section primarily consists of declarations and certifications by various directors and the Chief Financial Officer, confirming compliance with various laws and regulations including the Companies Act, 2013, and rules/guidelines issued by the Government of India and SEBI. Additionally, a promoter selling shareholder has certified the accuracy of statements related to their portion of the offered shares.

This section primarily contains declarations from various shareholders (Promoter and Individual Selling Shareholders) certifying the truth and correctness of statements made in the Draft Red Herring Prospectus regarding their respective portions of the offered shares. The declarations serve to limit the responsibility of these shareholders for other statements made by or concerning the Company or other selling shareholders.

The provided section primarily consists of declarations from various Individual Selling Shareholders certifying the truth and correctness of statements made in the Draft Red Herring Prospectus concerning themselves and the offered shares. These declarations serve to limit the responsibility of these shareholders for any other statements made by or relating to the Company or other selling shareholders.

The provided section primarily consists of declarations from various Individual Selling Shareholders certifying the truth and correctness of statements made in the Draft Red Herring Prospectus concerning themselves and the offered shares. These declarations serve to limit the responsibility of these shareholders for other statements made by or relating to the Company or other selling shareholders.

The provided section primarily consists of declarations from various Individual Selling Shareholders certifying the truth and correctness of statements made in the Draft Red Herring Prospectus concerning themselves and the offered shares. These declarations serve to limit the responsibility of these shareholders for any other statements made by or relating to the Company or other selling shareholders.

The provided section primarily consists of declarations from various Individual Selling Shareholders affirming the truth and correctness of statements made in the Draft Red Herring Prospectus concerning themselves and the offered shares. These declarations serve as undertakings that the signatories assume no responsibility for regarding statements made by or confirmed by other selling shareholders or relating to the Company.

This section primarily contains declarations from Individual Selling Shareholders, Prakash Rao Bapat A and Deepali Tandon, certifying the accuracy of statements made in the Draft Red Herring Prospectus. The majority of the disclosed information relates to an Annexure detailing the details of shareholders participating in an Offer for Sale, including the maximum number of equity shares offered, the date of consent, and the weighted average cost of acquisition for their respective shares. The details include various individuals and the volume of shares they are offering.

This section summarizes related party transactions for the fiscal years 2026, 2025, and 2024, as required by Ind AS 24 and SEBI ICDR Regulations. The data covers various transactions including the issue of bonus shares, expenses incurred on behalf of the company, payments for expense reimbursement, remuneration, employer PF contributions, and personal guarantees provided by directors. The data is presented as a percentage of the revenue of operations for each year.

This section primarily details the various entities involved in the process of collecting bids for the public issue, including the list of various SEBI-notified entities such as Syndicate Banks, Registered Brokers, Registrar and Share Transfer Agents, and Designated Collecting Depository Participants. It also outlines the procedures for the Book Building Process, including how the price band and minimum lot size will be determined and advertised, and the mandatory use of the ASBA process for most bidders. Furthermore, it discusses the formation of an Underwriting Agreement with underwriters to ensure the collection of equity shares.

The company has six Directors, consisting of two Executive Directors, one Non-Executive Director, and three Independent Directors, including a female Independent Director. The Board details include the names, designations, and various directorships for six individuals. Key personnel such as Anand Lahoti and Puneet Goel are identified as Promoters and hold executive roles. The document outlines various provisions regarding the Board's composition, director remuneration, borrowing powers, and potential conflicts of interest related to related parties and transactions.

The company has established several committees under the SEBI Listing Regulations, including an Audit Committee and a Nomination and Remuneration Committee. The Audit Committee is responsible for overseeing financial reporting, reviewing financial statements, and ensuring compliance with various regulations. The Nomination and Remuneration Committee focuses on formulating criteria for director qualifications, recommending policies for director and key managerial personnel remuneration, and evaluating performance.

The provided text details various administrative and compliance functions related to employee stock option schemes (ESOPs) and the framework for various committees, including the Stakeholders’ Relationship Committee and the Corporate Social Responsibility Committee. It also lists key managerial personnel, including the Company Secretary and Compliance Officer, and the Chief Financial Officer, along with their roles and relevant professional backgrounds.

The section details various Senior Management Personnel, including the Chief Financial Officer and President Business Strategy, and outlines their roles and associations with the company. It also lists other senior management personnel such as the President of Sales, Business Head, Vice President of Human Resource, Vice President of Accounts and Finance, President of Projects, and others. The text further clarifies relationships, shareholding, arrangements with third parties, bonus plans, and interests of these personnel, stating that most personnel are permanent employees and have no conflicts of interest with suppliers or service providers.

The company's promoters include Anand Lahoti, Puneet Goel, Shyamsundar Maheswari, and Shipra Goel, collectively holding 90.66% of the issued equity shares. Anand Lahoti is the Promoter, Chairman, Managing Director, and CEO. Puneet Goel is the Whole-time Director and Chief Operating Officer. Shyamsundar Maheswari is a Promoter and Non-Executive Director. Shipra Goel is also a Promoter and has extensive experience in the construction and real estate sector. The text details the structure of the promoter group, including various individuals and entities.

The company has a policy for identifying group companies, which includes companies with which related party transactions occurred or other companies deemed material by the Board. The company currently does not have any Group Companies according to the Materiality Policy. Regarding dividends, the Board has discretion in recommending or approving dividend payments, considering internal factors like profitability, cash flow, and leverage, as well as external factors such as business cycles and regulatory changes. The company has not declared or paid any dividends on Equity Shares during the last three fiscal years and from April 1, 2026 until the date of the Draft Red Herring Prospectus.