Atomberg Technologies Limited

The company operates within the deep-tech engineering platforms sector, which is driving a structural shift in India's consumer appliances market. These companies utilize proprietary, research and development-driven technologies across core engineering domains such as materials & chemistry, energy and power systems, intelligence, sensing, and connectivity, supported by integrated and flexible manufacturing capabilities. These capabilities enable scalable deployment and deliver sustained improvements in performance, efficiency, and reliability. The market is experiencing structural tailwinds from factors like rising incomes and supportive policy initiatives, indicating significant headroom for growth.

The section details the technological advancements in consumer appliances, focusing on motor technology, power electronics, software capabilities, and control systems. Motor technology has evolved from basic DC and AC motors to advanced ECM and inverter-based systems, which offer improved speed, torque control, and lower energy losses. Power electronics have transitioned from electromechanical regulation to solid-state components like MOSFETs and IGBTs for dynamic power modulation. Software capabilities now include proprietary firmware for performance enhancement and integrated IoT stacks for connectivity, remote monitoring, and personalization. Control systems have also advanced, moving from mechanical switches to microcontrollers and sensor-based algorithms for precise, real-time operation.

The market for next-generation consumer appliances in India is seeing accelerated adoption driven by rising demand in Tier 2+ cities and a consumer focus on performance differentiation. While some categories benefit from high penetration and upgrade-led replacement, others are driven by penetration-led growth. A key challenge is that Indian operating environments, including voltage fluctuations and humidity, necessitate engineering solutions that differ from products adapted from developed markets. The potential for incremental growth is tied to the ability to translate deep-tech engineering into consistent performance and efficient demand capture.

The text discusses various segments within the Indian fan market, highlighting trends in premiumization and the shift towards next-generation products. Ceiling fans are noted as the largest segment, while utility-led fans like TPW and exhaust fans show stable demand driven by replacement needs. The market is increasingly premiumizing, with consumers seeking features like design, convenience, and performance. Furthermore, the adoption of next-generation fans is supported by favorable lifecycle economics, where electricity savings offset higher upfront costs, and by the expansion into underpenetrated segments like TPW fans. The MFP category also shows growth, with next-generation products focusing on performance and design, and the water purifier segment is poised for significant growth due to technology-led purification systems.

The market evolution for water purifiers is being shaped by regulatory developments and underlying demand, which emphasize water efficiency and appropriate purification based on input water conditions. Consumer preference is shifting towards reliability, trust, and ownership experience, with next-generation systems incorporating adaptive purification and mineralization technologies. These next-generation systems also feature diagnostic tools to improve transparency and reduce maintenance uncertainty. Furthermore, the market is seeing growth in other appliance segments like chimneys, gas stoves, and smart locks, driven by integration into residential infrastructure and evolving consumer preferences for convenience and safety.

The consumer appliance market in India is undergoing a structural shift influenced by rising household incomes and changing lifestyles, which demands compact, efficient, and multifunctional products. This shift is characterized by consumers expecting higher quality and performance. The competitive landscape is segmented by technology ownership and R&D intensity, leading to different brand models such as regional, traditional incumbent, global legacy, and deep-tech enabled next-generation brands. Deep-tech enabled brands are positioned in a space where high R&D investment and proprietary technology ownership intersect, allowing them to offer performance differentiation and continuous product improvement.

Atomberg is positioned as a deep-tech enabled next-generation brand in India, uniquely combining proprietary technology, in-house developed motor and electronics design, integrated manufacturing of critical components, a digital-first omni-channel distribution model, and a proprietary component manufacturing business for OEMs. This combination allows Atomberg to drive measurable performance differentiation and command a sustained premium by developing products natively for India and optimized for local use, differentiating itself from both global-first players and incumbent domestic brands.

Atomberg focuses on delivering high water recovery rates through its Adaptive mode, which automatically bypasses RO purification based on input TDS levels. The company utilizes a digital-first distribution model, achieving a higher online channel contribution than the average for similar consumer appliance companies. Atomberg has demonstrated leadership in revenue per listed SKU and product margins compared to peers, and has shown scalability by expanding into adjacent categories. Furthermore, the company has established strong consumer ratings and commands premium pricing, alongside increasing search interest for its brand.

This section primarily presents key metrics and definitions related to various segments and companies, detailing how revenue, growth, costs, margins, and profitability are calculated. It includes detailed definitions for metrics such as Revenue from Operations, Growth (YoY), Cost of Goods Sold (COGS), Gross Profit, Product Margin, EBITDA, EBIT, and various advertising and sales promotion expenses, categorized by different financial statements (Standalone vs. Consolidated).

The company is a deep-tech, research and development (R&D)-led entity that develops next-generation consumer appliances for Indian households under the Atomberg brand. The business involves building consumer appliances and designing, manufacturing, and supplying proprietary and critical components like motors and controllers to enterprise customers. The company has built a technology and engineering platform that is modular and scalable, enabling product development across its consumer appliance business and proprietary components segment. The company emphasizes its innovation-led approach, which is validated by high R&D investments and superior product reliability compared to peers.

The company utilizes an integrated model combining proprietary technology, manufacturing, digital-first distribution, and engineering-led brand building across various product categories. Key operational strengths include large-scale manufacturing facilities and a robust omni-channel distribution network. The company has demonstrated rapid revenue growth and achieved higher product margins compared to industry averages, largely due to proprietary technology and in-house component manufacturing. The product development philosophy focuses on solving unmet consumer pain points by applying proprietary technology to deliver significant performance improvements.

The company is expanding its product line by replicating a successful playbook across newer categories by identifying unmet consumer needs and developing differentiated products using its proprietary technology platform. The company has achieved significant traction in the mixer grinder and cold press juicer segments, ranking among the top performers in India's e-commerce marketplaces. Furthermore, the company operates a segment focused on designing and manufacturing critical motor and electronics components for enterprise customers like Voltas, Godrej, and BlueStar, positioning itself as an embedded technology provider rather than just a contract manufacturer. The company operates within a large and expanding Total Addressable Market (TAM) for consumer appliances, with adjacent categories like water purifiers and motorized food preparation showing rapid premiumization.

The issuer employs an R&D-led, platform-driven approach focused on innovation and multi-category scalability, investing heavily in engineering and in-house technology development. This includes a large R&D team and dedicated infrastructure for simulation, validation, and AI-led design acceleration. The company possesses a proprietary technology platform encompassing motor, power electronics, control systems, and software/connectivity capabilities. The company has achieved leadership positions in various segments, such as being the first-ranked brand in India’s premium fans segment and holding significant market share in the next-generation fan segment. Furthermore, the company has established integrated manufacturing capabilities across its consumer appliance business and a Proprietary Components segment, which allows for cross-category monetization and builds a reinforcing knowledge feedback loop with its consumer segment.

The company employs a two-pronged execution approach for manufacturing, involving in-house development and commissioning of processes, complemented by a closely integrated vendor ecosystem for key components. This integrated model aims to reduce reliance on third-party manufacturing, improve cost efficiency, and accelerate time-to-market. The company has built a scaled pan-India distribution network through technology-led execution, strong field force engagement, and prudent channel management. Furthermore, the company leverages a digital-first go-to-market model to capture consumer feedback and establish online leadership. The company plans to scale its proprietary components segment and expand into new consumer appliance categories by leveraging its modular technology platform and existing distribution network.

The company is an R&D-led firm specializing in consumer appliances and proprietary components. Its product portfolio includes consumer appliances under the "Atomberg" brand, covering Home Appliances (like fans and smart locks) and Kitchen Appliances (such as mixer grinders and water purifiers). The business relies on a proprietary technology platform encompassing motors, power electronics, software, and industrial design. The company has a separate Material Subsidiary, AIPL, which manufactures proprietary components for enterprise customers. The company was founded in 2012 at the Indian Institute of Technology, Bombay.

The company's operations involve various sales channels including offline, online, quick-commerce, and direct-to-consumer methods, supported by various enterprise resource planning and management systems. Manufacturing requires a diverse range of raw materials, including metals, plastics, semiconductors, and various electronic components, which are sourced from both domestic and international suppliers. The company has undertaken some backward integration in manufacturing processes, such as in-house paint shop operations and injection molding for certain plastic components. Manufacturing facilities require power, fuel, and water for various operations, and finished goods are dispatched from a Chakan facility to a mother warehouse in Pune, with a network of regional warehouses across India. The company benefits from certain customs duty deferment benefits due to its facilities being onboarded under specific regulations and its certification as an Authorised Economic Operator – Tier 2.

The company has developed a modular technology architecture that allows validated technology modules to be adapted across different product categories based on specific requirements and regulatory standards. Investments in Research and Development are focused on new product development, improvement of existing products, and adapting core technology modules for application-specific needs within its Proprietary Components segment. The company utilizes an omni-channel distribution model, combining offline channels like general trade distributors with online channels such as e-commerce marketplaces and a direct-to-consumer website. Marketing activities span digital and traditional media, and the company maintains rigorous quality control across raw material procurement, in-process inspection, and finished goods testing. The service supply chain involves a network of area service partners supported by a central warehouse structure.

This section details various leased properties and facilities, including offices, R&D centers, and manufacturing sites, across different locations in India. It lists specific details such as the address, nature of arrangement, lease tenure, and area for several properties. Furthermore, it outlines various laws and regulations applicable to the company's business operations, covering areas such as standards for goods, weights and measures, consumer protection, environmental laws, and regulations concerning hazardous and electronic waste.

The company is subject to various regulatory frameworks concerning waste management, intellectual property, competition, technology, and labour laws. Specific regulations include the Battery Rules, which govern the handling of waste batteries, and various laws related to trademarks, patents, copyright, and designs. Furthermore, the company must comply with competition laws, including notification requirements for combinations, and various laws concerning technology, data, and cybersecurity. Labour laws mandate compliance with various codes concerning wages, industrial relations, occupational safety, and social security. Finally, the company must adhere to foreign exchange laws and various tax and contract laws, along with state-specific regulations for operations.

The company began as a private limited company, 'Atomberg Technologies Private Limited', incorporated on April 17, 2012. It later converted into a public limited company on May 18, 2026, and changed its name to 'Atomberg Technologies Limited' on May 21, 2026, following a fresh certificate of incorporation issued on July 1, 2026. The company has undergone several changes to its registered office over time, with various changes occurring between 2014 and 2024. Furthermore, the Memorandum of Association has seen numerous amendments related to the objects of the company and the reclassification and increase of its authorized share capital between 2018 and 2021.

The company underwent several significant amendments to its Memorandum of Association (MoA) and Articles of Association (AoA) over time, including changes to business objects and substantial increases in authorized and issued share capital. Key milestones include the incorporation of the company, subsequent foray into various market segments, and the incorporation of a material subsidiary. The company also has established agreements with various entities and has a defined corporate structure involving direct and indirect subsidiaries.

The section details the corporate information for two entities, Atomberg Technologies Bangladesh Limited (ATBL) and Atomberg Airtech Private Limited (AAPL), including their incorporation details and capital structures. ATBL was incorporated in Bangladesh, while AAPL was incorporated in India. The capital structure for ATBL shows that Manoj Kumar Meena holds 100% of the ordinary equity shares. For AAPL, the shareholding is split between Atomberg Innovation Private Limited and two promoters, Manoj Kumar Meena and Sibabrata Das. Furthermore, the text clarifies that the company currently has no associates or joint ventures, although subsidiaries are engaged in similar lines of business.

This section provides various definitions and abbreviations used within the Draft Red Herring Prospectus. It defines terms related to the company, such as the legal name and registered office. It also specifies the Lead Managers involved in the offer process. Furthermore, it details various terms related to the offer procedure, including different types of bidders and the process for allotment.

This section details various terms related to the offer process, including the collection of bid amounts, the definition of different bidder categories, and the parties involved in the offering. It specifies conditions for bid collection, the entitlement of different bidders (like QIBs and Retail Bidders), and the designation of various entities such as Depository Participants, Designated Branches, and Designated CDP Locations. It also outlines the process for transferring funds and the roles of various intermediaries in the bid submission process.

This section primarily defines various terms used within the context of the offering, including definitions related to the UPI mechanism, different types of bidders, and various performance and segment metrics. It outlines specific definitions for terms such as Syndicate, Underwriters, various types of Bidders, and the legal framework governing the offer. It also defines technical terms related to products, such as different types of motors, purification processes, and various manufacturing and market segments.

This section primarily defines various financial, legal, and regulatory terms used within the Draft Red Herring Prospectus. It includes definitions for terms like 'Upgrade-Led Replacement', various financial metrics, different types of investment funds (AIFs, FPIs), and various acts and regulations. It also specifies conventions regarding the use of different currencies and the reporting periods for financial data.

This section primarily discusses currency exchange rates, industry data sources, and forward-looking statements within the Draft Red Herring Prospectus. Information regarding the industry is derived from reports commissioned and paid for by the company, and the data used is subject to various risks and uncertainties. The document includes numerous disclaimers regarding the accuracy of projections, market risks, and the reliance on third-party information. Furthermore, it outlines specific requirements for informing bidders about material developments post-prospectus issuance.

This section details the structure of the securities offering, outlining various components such as Fresh Issue, Offer for Sale, and Employee Reservation portions. It specifies different categories of bidders, including QIB, Non-Institutional, and Retail, and details how the proceeds from these portions are allocated. The text also discusses provisions for pre-IPO placements and the authorization of selling shareholders for the Offer for Sale.

This section presents a summary of the profit and loss statement for the financial years ending March 31, 2026, March 31, 2025, and March 31, 2024, showing trends in revenue, expenses, and resulting losses. It also details the cash flow from operating, investing, and financing activities, concluding with the net change in cash and cash equivalents. Finally, it lists contingent liabilities as of March 31, 2026.

This section details the authorized and issued share capital of the company, including both equity and preference shares. It outlines the structure of the capital before and after an offer, and provides historical data on the allotment and buy-back of equity shares over several years. Furthermore, it specifies the conversion ratios for various convertible securities into equity shares and details the authorization for a potential Pre-IPO Placement. The section also includes a comprehensive history of equity share allotments and buy-backs.

This section details various transactions related to the allotment or buy-back of equity shares across different dates and schemes. Transactions include the conversion of Cumulative Preference Shares (CCPS) into equity shares, as well as the exercise of employee stock options under various ESOP schemes. The transactions involve different allottees and consideration types, such as cash or the exercise of options.

This section details the history of Preference Share capital allotments, tracking various transactions over time. The data includes details on the number of preference shares allotted, the issue price, the nature of the allotment, the name of the allottee, and the corresponding cumulative preference share capital. The history spans multiple series of preference shares, including 2016 CCPS, 2018 CCPS, and Series A CCPS, with various conversion ratios and consideration details.

This section details various allotments of Preference Shares across different series (A, B, and C) on different dates, including the number of shares allotted, the face value, and the consideration received. The allotments involve different entities such as Survam Partners LLP, Trifecta Venture Debt Fund – II, and A91 Emerging Fund I LLP. The data shows transactions occurring between July 2023 and July 2026, with various conversion ratios and cash considerations noted for these share issuances.

This section details various allotments and reclassifications of preference shares and compulsorily convertible debentures over time. It covers allotments of Preference Shares, including those made in November 2025 and subsequent bonus issues. Furthermore, it outlines the history of compulsory convertible debentures, including initial allotments, reclassifications, and subsequent forfeitures by various shareholders.

This section details various transactions related to the allotment and reclassification of compulsorily convertible debentures across different series. It includes records of allotments, forfeitures, and secondary transactions involving various parties such as Manoj Kumar Meena and Sibabrata Das. Specific data points cover allotments of Series A3 and Series A4 CCDs, as well as the forfeiture of certain CCDs. Furthermore, the text outlines the conversion ratios for outstanding convertible securities and the maximum number of equity shares that could result from their conversion.

This section details various share allotment and transfer transactions, including bonus issues and transactions for consideration other than cash or revaluation of reserves. It also presents the shareholding pattern of the company as of the Draft Red Herring Prospectus date, based on a calculation assuming the conversion of outstanding convertible securities into equity shares. The shareholding pattern is broken down into Promoter and Promoter Group, Public, and Non-Promoter-Non-Public categories, showing the respective percentages of shares held and voting rights.

This section details the shareholding structure of major shareholders of the company, presenting data on a fully diluted basis on different dates. It lists various shareholders, including entities and individuals, along with the number of equity shares held and their corresponding percentage of the pre-offer equity share capital. The data is provided for different reporting dates, including those prior to the DRHP filing, ten days prior, and one year prior to the filing date. Furthermore, the section outlines the history of share transfers and build-ups of equity, preference shares, and compulsorily convertible debentures held by the promoters.

The section details various transactions related to convertible debentures, including private placements and subsequent forfeitures, which occurred on specific dates. It also provides a breakdown of the shareholding of the Promoter Group and other key personnel as of the Draft Red Herring Prospectus date. Furthermore, it outlines encumbrances on equity and preference shares held by the promoters, including pledges for borrowings, and discusses requirements for Minimum Promoters' Contribution and lock-in periods under SEBI ICDR Regulations.

The company has stipulated that only one denomination of Equity Shares shall exist unless permitted by law, and restricted further issuance of securities except for specific events like fresh issues or conversions. The document details the pre-offer and post-offer shareholding structure, showing the distribution among Promoters, Additional Top 10 Shareholders, and Other Public Shareholders. Furthermore, the company has disclosed details regarding various Employee Stock Option Schemes, including the number of options granted, vested, and exercised, along with related financial impact assessments.

This section details the history and amendments of the ESOP Scheme 2022 – V, including resolutions passed by the Board and Shareholders, and the subsequent amendments. The details of the scheme, as certified by Chartered Accountants, are provided, covering various aspects from options outstanding to options exercised. The text also outlines various considerations related to employee compensation, including earnings per equity share and the intention of key personnel to sell equity shares.

The Offer involves a Fresh Issue of Equity Shares and an Offer for Sale of Equity Shares. The net proceeds from the Fresh Issue are proposed for various purposes, including debt repayment, brand marketing, research and development, and general corporate purposes. Furthermore, the company expects to benefit from the listing of its equity shares on stock exchanges. The utilization of these net proceeds is detailed in a table, showing planned deployment across different fiscal years.

The company proposes to utilize a portion of the net proceeds for loan repayment, brand awareness and performance marketing, and future research and development. The brand awareness and performance marketing component is proposed to utilize up to ₹150.00 Crore, while the research and development fund is proposed up to ₹100.00 Crore. The company intends to expand into new categories by leveraging its existing R&D capabilities and platform to reduce time-to-market. Furthermore, the company plans to continue investing in its proprietary technology platform and manufacturing capabilities to sustain its innovation advantage.

This section details various aspects related to the offer process, including the allocation of shares and the structure of commissions and charges payable to different parties. It outlines different tiers for non-institutional and eligible employee bidders, specifies conditions for selling commissions based on the type of bidder and the syndicate member, and discusses various fees associated with the bidding and uploading processes. Furthermore, it covers provisions regarding the use of net proceeds, monitoring of fund utilization, and restrictions on transactions with promoters and management.

The provided section discusses the presentation of Key Performance Indicators (KPIs) and the cost of acquiring equity shares by various parties. It cautions investors that these KPIs should not be considered in isolation from the Restated Consolidated Summary Statements and that they may have limitations or differ from information used by other companies. The text also details the average cost of acquisition for equity shares by Promoters and Selling Shareholders over different time periods, including the last one, eighteen months, and three years. Furthermore, it outlines the details of various primary and secondary transactions involving these parties and clarifies the basis for determining the Offer Price.

This section outlines the special tax benefits available to Atomberg Technologies Limited and its shareholders under various Indian tax laws, including the Income-tax Act, 1961. It discusses provisions related to lower corporate tax rates, deductions for new employee costs, deductions for inter-corporate dividends, provisions for foreign tax credit, and deductions for specified expenditure related to public issue expenses. The statement clarifies that these benefits are subject to fulfilling prescribed conditions and that the contents are for general information only, not a substitute for professional tax advice.

This section outlines special tax benefits available to the Company and its shareholders under various Indian tax laws, including GST, Customs, and Income Tax. Special benefits include exemption from certain duties and taxes on imported capital goods under the EPCG Scheme and eligibility for storage and manufacturing operations in a Private Bonded Warehouse. The statement also details various provisions related to the Income Tax Act, such as options for lower corporate tax rates, deductions for new employee employment, and provisions concerning inter-corporate dividends and capital gains taxation.

This section details the special indirect tax benefits available to Atomberg Innovation Private Limited and its shareholders under various Indian tax laws. It outlines benefits related to the Central Goods and Services Tax Act, the Customs Act, and the Foreign Trade Policy. The benefits discussed include eligibility for storage of imported items without duty payment and potential benefits under the Remission of Duties and Taxes on Exported Products scheme.

This section details the examination performed by the joint auditors on the restated consolidated summary statements of the financial statements of Atomberg Technologies Limited for the years ended March 31, 2026, 2025, and 2024. The examination was conducted in accordance with various regulations and guidance notes issued by the ICAI and SEBI. The auditors relied on audited financial statements from the company and its subsidiaries, and they made modifications to their reports concerning legal and regulatory requirements and the Companies (Auditor’s Report) Order, 2020. The management confirmed that the restated statements incorporated adjustments for changes in accounting policies and material errors retrospectively.

This section presents the restated consolidated summary statements for Atomberg Technologies Limited, including the Statement of Assets and Liabilities, Profit and Loss, and Cash Flow statements for the years ended March 31, 2026, 2025, and 2024. The data covers various line items such as assets, liabilities, income, expenses, and cash flows, with figures provided in INR millions.

This section details the movement in equity share capital, including allotments, conversions of various preference shares and debentures, and share buybacks over different periods. It also provides information on the movement in other equity components, such as retained earnings, reserves, and various income/loss items, across the years ending March 31, 2024, 2025, and 2026. Furthermore, the text includes extensive auditor's report commentary regarding the maintenance of books of account, including the use of various accounting software and the status of audit trail features.

This section details various modification remarks by the auditors, information regarding operating segments, and cash losses incurred by the company over different financial years. It also covers material discrepancies found during the physical verification of Property, Plant and Equipment, as well as instances of employee-related vendor payments. Furthermore, the text outlines the basis for preparing restated consolidated summary statements, the scope of financial statements, and the accounting policies adopted, including those related to asset classification, impairment testing, and depreciation methods.

This section details various accounting policies related to employee benefits, financial instruments, revenue recognition, and lease accounting as per accounting standards. It covers how different employee benefits, such as defined contribution and defined benefit plans, are recognized, including provisions for past service costs and remeasurements. The text also outlines the initial recognition and measurement of financial liabilities, including trade payables and borrowings, and the classification of financial assets based on cash flow characteristics. Furthermore, it specifies principles for revenue recognition, including the five-step approach, and the accounting for leases, including the recognition of lease liabilities and right-of-use assets.

This section details various accounting judgements, estimates, and assumptions made by the Group in applying accounting policies, including provisions, warranty provisions, and cash flow reporting methods. It outlines management's process for making estimates concerning future events, the recognition of provisions based on past events, and the treatment of contingent liabilities. Furthermore, it covers aspects related to property, plant and equipment, capital work in progress, intangible assets, and right-of-use assets, including their carrying amounts and depreciation schedules. The text also discusses various amendments to Indian Accounting Standards (Ind AS) and other regulatory changes that have been notified by the Ministry of Corporate Affairs.

This section details various financial statement components, including investments, assets, liabilities, and equity structure for Atomberg Technologies Limited across different reporting periods. It lists details on investments in debt instruments and mutual funds, non-current and current financial assets, trade receivables, and the company's equity share capital changes. The data spans from March 31, 2024, to March 31, 2026, providing a snapshot of the company's financial position.

This section details various aspects of the company's capital structure, including the movement and status of compulsory convertible preference shares and debentures. It also presents the movement in retained earnings, other comprehensive income, and the status of various reserves such as the Capital Redemption Reserve and ESOP Outstanding Reserve. Furthermore, it provides summarized financial information for a material non-controlling interest in a subsidiary, including its balance sheet and profit and loss summary, along with cash flow details.

This section details various financial liabilities and borrowings of Atomberg Technologies Limited, categorized into non-current and current components. It provides breakdowns of long-term and current borrowings, details regarding repayment terms for loans, and information on various other financial liabilities, including provisions and trade payables. The data is presented across different reporting periods, showing trends in these financial obligations.

This section details the financial performance summary statements for Atomberg Technologies Limited across three fiscal years, covering revenue, cost of materials, various expenses, and employee benefits. Revenue from operations showed a consistent trend, with the highest in FY26, alongside detailed breakdowns of sales, services, and other operating revenue. The statement also provides information on trade receivables, contract liabilities, and various income and expense items, including finance costs, depreciation, and employee benefits costs. Furthermore, it includes detailed notes on the accounting for gratuity plans, including defined contribution and defined benefit plans, and sensitivity analysis related to actuarial assumptions.

This section details various aspects of the financial statements, including employee stock option plans, lease liabilities, trade credits, and segment reporting. It outlines the vesting and exercise periods for different ESOP policies, provides details on lease liabilities with movements, and discloses trade credit arrangements with customers. Furthermore, it presents segment-wise revenue and results, including revenue, segment expenses, and resulting results before and after exceptional items, along with various financial and tax expenses.

This section details the restated consolidated summary statements for Atomberg Technologies Limited for the years ended March 31, 2025, 2026, and 2024, covering various financial particulars, related party transactions, and deferred tax information. The data includes revenue figures, segment expenses, various provisions, and the movement in deferred tax assets and liabilities over the period.

This section details the comparison of financial instruments and various risk management aspects for Atomberg Technologies Limited across different reporting periods. It includes a breakdown of financial assets and liabilities, information on financial risk management objectives concerning market, credit, and liquidity risks, and details on the audit trail and backup procedures for the company's books of account.

This section details various exemptions and mandatory exceptions availed by the company in the transition from Indian GAAP to Ind AS, including provisions related to the first-time adoption of Ind AS. It outlines adjustments made to financial statements concerning the deemed cost for assets, investment in subsidiaries, share-based payments, and the derecognition of financial assets and liabilities. Furthermore, it discusses the classification and measurement of financial assets, the adoption of the Modified retrospective option for leases, and the treatment of estimates. The text also covers the reconciliation of various balance sheet items, including assets, liabilities, and equity, between the previous GAAP and Ind AS, and the reconciliation of total comprehensive income and cash flow statements.

This section presents various financial ratios and reconciliation details derived from the Restated Consolidated Summary Statements for different financial years. It includes calculations for earnings per share, net worth, return on net worth, EBITDA, and various segment revenues. Furthermore, it details the components of borrowings and equity, along with ratios comparing borrowings to total equity.

The company has certain credit facilities for working capital, capital expenditure, and other business requirements. As of July 15, 2026, the outstanding borrowings aggregated to ₹274.57 Crore. The company details various aspects of its borrowings, including sanctioned amounts and outstanding amounts. The company discusses various interest rates, tenors, and repayment terms for the facilities availed. Furthermore, the company highlights its business model as a deep-tech, R&D-led company building next-generation consumer appliances and proprietary components. Revenue from operations showed growth between FY2024 and FY2026, with the online channel contributing a significant portion of the Consumer Appliance Business revenue.

This section details various financial metrics, including product margins, segment results, revenue breakdowns, and expense details for the financial years 2026, 2025, and 2024. It also provides information on the scale and mix of the distribution network, the breakdown of revenue by online and offline channels, and the details of advertisement and sales promotion expenditures. Furthermore, the text outlines the cost of raw materials, purchase of traded goods, and capacity utilization for the manufacturing facilities.

This section details the Profit & Loss statement components for Financial Years 2025 and 2024, including revenue, expenses, and various income/loss items. The results were primarily driven by revenue growth, investments in R&D, manufacturing, and sales, as the company scaled its business and introduced new product categories. The text highlights significant increases in various expenses related to increased manpower, product launches, and infrastructure expansion.

The company showed expansion in its business operations, evidenced by an increase in miscellaneous expenses, which was partially offset by decreases in warranty, repairs and maintenance, and expected credit losses. Restated loss after tax increased by 26.81% for the financial year. Total income grew by 21.16% due to higher revenue from operations and other income. Revenue from operations saw a significant increase, driven by higher sales of finished goods and traded goods, alongside increased subsidy income. Segment performance showed growth in Home Appliances and Kitchen Appliances, while Proprietary Components segment showed initial investment impacts. Other income saw a substantial rise from interest income on bank deposits and financial assets, although this was offset by a decrease in gain on fair valuation of financial assets.

The financial performance showed several changes between Financial Year 2024 and Financial Year 2025, including fluctuations in interest costs and various operating expenses. Interest costs on borrowings increased, while bank charges decreased. Depreciation and amortization expense saw a significant rise, driven by increased capital expenditure and incremental lease arrangements. Other expenses also increased substantially, with components like advertisement, warranty, labour, and freight and forwarding showing growth linked to business expansion. Some expenses were offset by a decrease in legal and professional fees.

The financial statements section details changes in expected credit losses and restated losses over fiscal years, alongside cash flow movements across operating, investing, and financing activities. Key cash flow data shows significant variations in cash generated or used, particularly in operating activities, which were driven by changes in working capital components like inventories and receivables. The section also provides a snapshot of liquidity, including cash and cash equivalents at the end of various years, and outlines various levels of borrowings and contractual liabilities.

This section details various aspects of the company's financial risk management, including disclosures on financial liabilities, market risk, credit risk, and liquidity risk. It outlines the framework for managing these risks, including the roles of the financial risk committee and specialist teams for derivative activities. The text also covers specific disclosures regarding exposure to interest rate risk, foreign currency risk, and credit risk from operating and financing activities. Furthermore, it discusses aspects related to liquidity, capital management objectives, related party transactions, and the impact of seasonal variations on business operations.

This section details various accounting treatments related to financial instruments, liabilities, revenue recognition, and foreign currency transactions as per accounting standards. It outlines the initial recognition and subsequent measurement criteria for financial assets and liabilities, including classifications such as amortized cost, fair value through OCI, and fair value through profit or loss. The text also covers rules for derecognition, the treatment of various liabilities, and principles for recognizing revenue from contracts with customers and the impact of foreign currency fluctuations on financial statements.

This section outlines the company's policies regarding contingent liabilities, segment reporting, and the statement of cash flows. It details the methodology used for cash flow reporting, including the indirect method, and explains how trade credits are accounted for on the balance sheet. Furthermore, it describes the handling of exceptional items and events occurring after the reporting period, including adjustments made to financial statements based on new information.

Prospective investors should be aware that the company operates under Indian laws and is subject to a legal and regulatory environment that may differ from other countries. The prospectus contains forward-looking statements that refer to future events, many of which are beyond the company's control, and actual results may differ materially from those implied. The industry and market information used in the prospectus is derived from a third-party report, and reliance on this information carries inherent risks. Furthermore, the company faces risks related to its business segments, including dependence on appliance demand, technological changes, and expansion into new product categories. Operational risks include concentration in manufacturing facilities and reliance on third-party suppliers for components.

The company has faced breaches of certain financial covenants with lenders, which may lead to actions such as the cancellation of commitments or the immediate demand for repayment of outstanding amounts. There are significant risks related to the protection of intellectual property, including the possibility of infringement claims from third parties, and exposure to various cybersecurity risks due to reliance on cloud and mobile technologies. Furthermore, the business faces risks from global supply chain disruptions, including geopolitical tensions and shortages of critical electronic components, as well as risks associated with the reliance on distributors and retailers. The company's growth is tied to successful new product development, which carries risks related to consumer demand, product performance, and the ability to scale new products effectively.

The risk factors outlined in this section cover several critical areas impacting the company's operations and financial stability. Risks include potential disruptions to manufacturing facilities, dependency on specialized machinery, and susceptibility to various unforeseen events. There are concerns regarding the reliability of audit reports and potential issues with internal controls and fraud detection systems. Furthermore, the business faces significant regulatory hurdles related to product safety, environmental standards, and the potential for changes in these regulations to impact market positioning. The company is also exposed to risks from third-party e-commerce platforms, including changes in their policies, and counterparty credit risks related to customer payments.

The company's business relies heavily on digital marketing channels, making it vulnerable to changes in algorithms, marketplace policies, and increased competition. Risks also exist concerning foreign exchange fluctuations impacting import costs, potential conflicts arising from related party transactions with a material subsidiary, and potential issues with product quality leading to warranty claims. Furthermore, the company faces inventory forecasting challenges and depends on effective after-sales service, which is crucial for certain product categories.

The risk factors discussed primarily revolve around legal and contractual issues, including potential proceedings against the company, promoters, directors, and key managerial personnel. There are concerns regarding the potential impact of such proceedings on the company's operations, reputation, and financial condition. A significant portion of the risk is tied to the business segment involving proprietary components, which faces challenges related to customer qualification, product approval, and potential withdrawal of approvals by enterprise customers. Furthermore, the company operates in a highly competitive market where it faces pricing pressure from competitors, supply chain risks due to imported components, and execution complexities in scaling operations.

The company faces several risks across various aspects of its business. These include potential issues with intellectual property licensing agreements that may restrict operations or transfer rights. Operations are vulnerable to labor disruptions, including strikes or disputes, and risks associated with the use of hazardous materials that could cause accidents and damage. The business is subject to various regulatory requirements, and there is a risk that approvals may be revoked or that new regulations will impose burdensome conditions. Furthermore, supply chain dependencies, such as for power and fuel, pose risks, and disruptions in logistics can impact order fulfillment. Revenue is heavily reliant on the Indian market, making it sensitive to macroeconomic factors and demand fluctuations. Finally, the company's ability to secure necessary funding for growth and retain key management personnel is a concern.

The company faces several risks related to expansion, including challenges with unfamiliarity with new customer expectations, language barriers, and staffing difficulties in new lines of business. There is also a risk concerning insurance coverage, as it may not adequately protect against losses, and there is a possibility that insurance providers may deny or dispute claims. Furthermore, the company is exposed to risks associated with the use of artificial intelligence tools, which can impact confidentiality, intellectual property, and regulatory compliance. Risks also exist concerning the use of open source software, which may lead to licensing issues or cybersecurity vulnerabilities. The company also faces potential issues with timely payment of statutory dues, and risks related to leasing properties, such as non-renewal or disputes. Finally, there are concerns regarding the accuracy of certain regulatory filings and the potential for contingent liabilities to materialize.

The company uses several non-Generally Accepted Accounting Principle (GAAP) financial measures and statistical information, which are supplemental and not required by Ind AS, U.S. GAAP, or IFRS, and should not be considered in isolation. The company relies on internal systems and third-party databases for tracking operational metrics, and these systems face risks such as data collection errors, technical failures, or cybersecurity incidents. Furthermore, there are concerns regarding potential conflicts of interest arising from the financial interests of promoters, directors, and management. The business is exposed to significant risks from the Indian macroeconomic environment, including fluctuations in interest rates, exchange rates, political instability, and potential disruptions from natural disasters or public health crises. Finally, the company faces risks related to evolving laws and regulations, including changes to labor laws and the introduction of new legislation, as well as potential issues with competition laws.

The company's operations face risks from various external events, including natural disasters, civil unrest, and terrorist attacks which could damage assets or shut down operations. There are also risks related to the Indian regulatory environment, such as potential downgrades in India's sovereign debt ratings, which could impact financing costs and the trading price of equity shares. Furthermore, foreign investment is subject to certain restrictions under Indian law, and the ability to raise foreign capital is constrained by these laws. The company is also exposed to risks concerning the enforceability of foreign judgments against it, as India is not a party to international treaties for such recognition. Finally, risks related to inflation, exchange rate fluctuations, and market volatility can negatively affect costs, revenues, and the value of the equity shares.

The company faces several risks related to market surveillance measures imposed by Stock Exchanges and SEBI, which could negatively impact the market price of its equity shares. Investors are also exposed to various tax implications concerning capital gains and dividends, including different tax rates based on holding periods and the platform used for sale. Furthermore, there is uncertainty regarding the impact of future changes in Indian laws and regulations on the business operations and industry. Risks also exist concerning the dilution of ownership due to future equity issuances and the ability of existing shareholders to dispose of shares, as well as potential restrictions on pre-emptive rights for existing holders.

The section outlines the disclosure regarding outstanding litigation, regulatory actions, and tax matters involving various parties related to the company, its directors, promoters, and key managerial personnel. It establishes specific criteria for what constitutes 'material' litigation based on thresholds related to company turnover, net worth, and profit/loss. Several specific legal proceedings, including civil suits, criminal complaints, and tax notices, are detailed, with some matters currently pending.

The section details the absence of outstanding criminal proceedings initiated against senior management and regulatory authorities. It also outlines the absence of outstanding claims related to direct and indirect taxes involving the company, its subsidiaries, promoters, and directors. Furthermore, it lists significant outstanding dues owed to various creditors, including micro, small, and medium enterprises, material creditors, and other creditors. The text also covers various aspects of government approvals, including licenses, consents, and registrations required for business operations, and details various tax and trade-related registrations for both the company and its material subsidiary.

The section details various aspects related to the company's legal and corporate structure. It confirms that there are no pending material approvals, expired material approvals requiring renewal, or material approvals that are required but not yet obtained or applied for. Regarding intellectual property, the company and its subsidiary have filed numerous patent and trademark applications, with some having been granted. The text also identifies two group companies, Muhavra Enterprises Private Limited and Gigaforge Private Limited, and provides details on the financial information available for them. Furthermore, it asserts that there is no outstanding litigation involving the group companies that could materially impact the company, and clarifies the nature of business transactions and potential conflicts of interest with the group companies.

The section details the authorization for the Offer, including resolutions passed by the Board and Shareholders, and the IPO Committee, in accordance with the Companies Act, 2013. It also confirms that Selling Shareholders have authorized their respective participation in the Offer for Sale based on consent letters and board approvals. Furthermore, it mentions in-principle listing approvals received from BSE and NSE for the equity shares. The text also includes confirmations regarding the compliance of the company and its promoters with various regulations and rules, including those related to Significant Beneficial Owners and prohibitions against being debarred from accessing the capital market.

The section details various aspects related to regulatory approvals, consents, and past issue pricing information handled by different Book Running Lead Managers. It outlines requirements for obtaining consents from various parties, including selling shareholders, directors, legal counsels, bankers, and others, and confirms that these consents have not been withdrawn. Furthermore, it lists numerous written consents received from various experts, such as Chartered Accountants, Company Secretaries, Architectural Engineers, and Intellectual Property Consultants, to be included in the Draft Red Herring Prospectus. The section also provides extensive historical price information for past issues handled by ICICI Securities Limited, Avendus Capital Private Limited, and IIFL Capital Services Limited, detailing various metrics related to listing and performance.

This section primarily details the historical performance of past issues handled by Book Running Lead Managers (BRLMs) and outlines various provisions related to investor grievances and compliance with regulations. It lists the websites of the BRLMs, clarifies that the equity shares are not listed on any stock exchange, and establishes a mechanism for investors to address grievances with the Registrar to the Offer. Furthermore, it specifies compensation mechanisms for various scenarios related to bid blocking and unblocking, and confirms the company's compliance with SEBI regulations.

The section details various rights and procedures related to the offer, including shareholder rights such as the right to vote, receive offers for rights shares, and the free transferability of equity shares subject to foreign exchange regulations. It specifies that equity shares shall be allotted only in dematerialized form pursuant to the Companies Act and SEBI ICDR Regulations, requiring agreements with Depositories and the Registrar to the Offer. The text also outlines procedures for employee discounts, the handling of market and trading lots, joint holders, and jurisdiction for the offer.

The section details various aspects of the offer structure, including the composition of the offer, the possibility of a Pre-IPO Placement, and the rules governing the book-building process. It outlines specific rules for allocation across different bidder categories such as Eligible Employees, QIBs, Non-Institutional Bidders, and Retail Individual Bidders. Furthermore, the text discusses various regulatory changes related to payment mechanisms like the UPI Mechanism and the implementation of the T+3 timeline for public issues.

This section details various procedural aspects related to the public issuance process, including compensation for delays, compliance with SEBI regulations, and the implementation of the UPI mechanism. It outlines rules for book-building, including allocations to different investor categories, and specifies requirements for bid forms and the blocking of funds. Furthermore, it describes the phased implementation of the UPI mechanism and the requirements for grievance redressal related to UPI applications.

This section details various eligibility criteria and restrictions for different categories of bidders in the offer, including eligible employees, NRIs, HUFs, FPIs, VCFs, AIFs, Limited Liability Partnerships, banking companies, insurance companies, provident funds, and Systemically Important NBFCs. It outlines specific requirements for documentation, such as certificates of registration, and sets investment limits based on various regulatory frameworks like FEMA and SEBI regulations. Furthermore, it specifies rules regarding multiple bids from FPIs and the handling of various investment instruments.

This section details various procedural requirements and instructions for bidders, including rules regarding bid withdrawals, documentation, and fund blocking. It specifies different rules for various bidder categories such as Anchor Investors, QIBs, and UPI Bidders, outlining what must be ensured regarding PAN linkage, bid amounts, and the use of various payment mechanisms. Furthermore, it outlines requirements for submitting documents, such as ensuring correct details in the Bid cum Application Form and obtaining necessary acknowledgments.

This section outlines numerous instructions and prohibitions related to the bidding process, primarily concerning the submission of bid forms, fund blocking procedures, and the use of various banking and digital identifiers. It details requirements for submitting forms to Designated Intermediaries, rules regarding fund release from ASBA accounts, and restrictions on the amount and method of bids. Several specific grounds for technical rejection of bids are also listed.

This section details various conditions related to bids, allotment procedures, and regulatory compliance concerning the offer. It outlines specific criteria for bids, such as those involving unverified PAN details or certain bid amounts, and specifies timelines for bid uploads. Furthermore, it discusses procedures for handling delays in unblocking funds and the requirements for publishing pre-offer and allotment advertisements. The text also covers aspects of foreign investment regulations, including the application of FEMA rules and FDI policy concerning investments from certain countries.

The section clarifies that the Equity Shares have not been, nor will they be, registered under the U.S. Securities Act or any other law in the United States. Consequently, the shares may not be offered or sold within the United States unless an exemption applies. Furthermore, the shares have not been registered, listed, or otherwise qualified in any jurisdiction outside of India, and sales may be restricted based on the laws of those jurisdictions.

This section summarizes various related party transactions for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, as required by Ind AS 24 and SEBI ICDR Regulations. The disclosed transactions include sales, purchases, and loans between the company and certain enterprises, as well as employee benefits and bonus payments to key managerial personnel. Furthermore, details of transactions eliminated on consolidation, such as loans and investments with Atomberg entities, are provided.

This section details various professional and legal entities involved in the process, including Book Running Lead Managers, legal counsel, statutory auditors, and bankers to the offer. It also outlines procedures for filing the prospectus and allocates responsibilities among these managers for different aspects of the offering. Furthermore, it specifies the availability of various designated intermediaries, such as Self-Certified Syndicate Banks and Registered Brokers, for accepting bids.

This section primarily details various consents received from professionals to include their names as 'experts' in the Draft Red Herring Prospectus, including Chartered Accountants, Company Secretaries, and Architectural Engineering Consultants. It also outlines the process for the Book Building, which involves collecting bids within a determined price band, and the subsequent steps related to the Underwriting Agreement with underwriters.

The company's Board comprises six Directors, including two Executive Directors, one Non-Executive and Nominee Director, and three Independent Directors, including one female Independent Director. The key personnel include Manoj Kumar Meena as the Managing Director and Chairman, and Sibabrata Das as the Chief Executive Officer and Executive Director. Several other directors are listed with their respective designations, occupations, and details regarding their directorships and tenure. The document details various aspects of director remuneration, including sitting fees and commissions, and discloses that no directors are currently appearing on the list of directors of struck-off companies.

The management section details various compliance and governance aspects related to the Board of Directors and established committees. It outlines restrictions on related party transactions and borrowings, and confirms compliance with corporate governance regulations. The text specifies the composition and terms of reference for the Audit Committee and the Nomination and Remuneration Committee, including their oversight functions over financial reporting, auditor appointments, and director qualifications.

The management section outlines the company's policies regarding executive director remuneration, compensation strategies, and adherence to various securities laws. It details functions delegated to the Board, including those related to the Nomination and Remuneration Committee, which covers administering employee stock option plans. Furthermore, it lists the members of the Stakeholders’ Relationship Committee and the Risk Management Committee, detailing their respective terms of reference and responsibilities.

This section details various key managerial personnel and directors associated with the company, including their roles, tenure, educational qualifications, previous professional affiliations, and remuneration details. It lists individuals such as Devesh Bharti, Yash Chetan Sanghvi, Nipun Agarwal, Ankur Agrawal, Hardik Bagrecha, Saurabh Paswan, Piyush Sethia, Vaibhav Vishnu Naringrekar, Sandeep Gokulsing Patil, and Praveen Kumar, along with their respective responsibilities and compensation for Financial Year 2026. The text also clarifies relationships, shareholding, bonus plans, and arrangements with major parties.

The company's promoters are Manoj Kumar Meena and Sibabrata Das, holding an aggregate of 14,40,02,376 equity shares, which represents 27.75% of the pre-Offer Equity Share capital on a fully diluted basis. Manoj Kumar Meena is the Managing Director and Chairman, while Sibabrata Das is the Executive Director and Chief Executive Officer. The document details various aspects of the promoters' interests, including the structure of the Promoter Group, and confirms that no material guarantees have been given to third parties regarding the company's securities.

This section details the main provisions of the Articles of Association, which are divided into Part A and Part B, with Part B taking precedence in case of any inconsistency until the listing event. It defines various terms, including the Company, Directors, and the Board. The Articles specify that the Authorized Share Capital can be divided into various classes of shares, including those with different rights. It outlines the Directors' power to issue shares for consideration such as property or services, subject to certain regulatory provisions. Furthermore, the Articles cover provisions related to the purchase of the Company's own shares and the issuance of bonus shares by the Company in General Meeting.

The provisions detail various aspects of corporate governance, including shareholder meetings, board composition, and director powers. Shareholders have rights regarding the requisition of general meetings, the notice period for meetings, and the quorum required for proceedings. The Board has authority over the chairmanship of meetings, and there are provisions for dealing with members of unsound mind. Furthermore, the articles outline restrictions on voting rights concerning unpaid calls, the appointment and removal of directors, and various powers granted to the Board concerning capital changes, transactions, and the management of company affairs.

This section primarily details the material contracts and documents that have been or are planned to be entered into by the Company, which are relevant to the Offer. It lists various agreements such as Offer Agreements, Registrar Agreements, Monitoring Agency Agreements, and various Share Escrow Agreements. It also includes certified copies of the Company's Memorandum and Articles of Association, different certificates of incorporation, and various resolutions passed by the Board of Directors and the IPO Committee concerning the Draft Red Herring Prospectus. Furthermore, it lists numerous consents and reports from various professionals and entities, including Chartered Accountants, Company Secretaries, and research firms, which have been involved in the process.

The provided section primarily consists of declarations certifying compliance with various laws and regulations, including the Companies Act and SEBI rules. These declarations are signed by different directors and the Chief Financial Officer, affirming that the statements made in the Draft Red Herring Prospectus are true and correct.

This section primarily contains declarations from various selling shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus concerning their respective portions of the offered shares. The declarations cover multiple entities, including A91 Emerging Fund I LLP, V-Sciences Investments Pte. Ltd., Jungle Ventures IV VCC, Inflexor Opportunities Fund 1, and Steadview Capital Mauritius Limited. These confirmations establish that the selling shareholders assume no responsibility for statements made by others in the prospectus.

This section primarily contains declarations from selling shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus regarding their respective portions of the Offered Shares. It includes confirmations from Inflexor Technology Fund and Survam Partners LLP. Additionally, it lists various allottees who received Bonus CCPS through an allotment dated July 31, 2026, referencing a specific note in the Capital Structure section.