# Atomberg Technologies Limited: IPO analysis > Atomberg Technologies Limited (CIN U72900MH2012PLC229788) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹450 Cr and an offer for sale of 7.65 Cr shares. In FY26 it reported revenue of ₹1,294 Cr (+34.8% on FY25) and a net loss of ₹149 Cr. Promoters hold 27.8% before the IPO. Our earlier look-up of its claims found 10 medium or high concerns across 71 claims looked up. - Page: https://ipo.innerkore.com/in/company/U72900MH2012PLC229788/atomberg-technologies-limited/ - CIN: U72900MH2012PLC229788 - Last updated: 27 Aug 2026 ## Key facts - **Company:** Atomberg Technologies Limited - **CIN:** U72900MH2012PLC229788 - **Filing stage:** DRHP - **Latest SEBI filing:** 27 Aug 2026 - **Fresh issue:** ₹450 Cr - **Offer for sale:** 7,65,41,851 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹1,294 Cr - **Revenue growth:** +34.8% - **Net profit FY26:** −₹149 Cr - **Revenue CAGR FY24 to FY26:** 27.4% - **Promoter holding (pre-IPO):** 27.8% - **Lead managers:** ICICI Securities Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, IIFL Securities Limited - **Registrar:** MUFG Intime India Private Limited - **Earlier look-up flags:** 0 high, 10 medium, 5 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 27.4% a year. Sales FY24 to FY26; latest year +34.8%. - **Profitability** (concern): -11.5% net margin. FY26; operating margin improving. - **Debt** (look closer): 1.38x equity. ₹258 crore borrowed at the end of FY26. - **Profit into cash** (concern): Cash negative. Net loss of ₹149 crore; operations used ₹219 crore. - **Red flags** (look closer): 10 to review. 71 claims looked up earlier: 0 high, 10 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 797 | 960 | 1,294 | | Sales growth | – | 20.4% | 34.8% | | Operating profit | -161 | -62 | -50 | | Operating margin | -20.2% | -6.5% | -3.9% | | Net profit | -199 | -117 | -149 | | Net margin | -25.0% | -12.2% | -11.5% | | Net worth | 201 | 95 | 186 | | Borrowings | 160 | 176 | 258 | | Return on equity | -98.9% | -124.0% | -80.0% | ## Use of proceeds (fresh issue) - Repayment / prepayment, in full or in part, of certain borrowings availed by our Company: ₹90 crore - Brand awareness and performance marketing activities: ₹150 crore - Investment in research and development: ₹100 crore - General corporate purposes: amount not fixed yet ## Claims looked up earlier - **MEDIUM** (LitigationStatus): There is no outstanding litigation involving the group companies that may have a material impact on the Company as of the date of the Draft Red Herring Prospectus.. The search results indicate that there is an existing litigation between Atomberg Technologies Private Limited and Stove Kraft Limited concerning design infringement, although a Bombay High Court decision was mentioned regarding an interim injunction. This suggests that litigation involving the group companies is not entirely absent. - **MEDIUM** (LitigationStatus): Group Companies are not involved in any outstanding litigation which may have a material impact on the Company.. The search results indicate that there is a specific litigation case, Atomberg Technologies Private Limited vs Stove Kraft Limited, concerning the infringement of a registered design. However, one result suggests that the Bombay High Court refused an interim injunction in this matter, which might mitigate the severity of the ongoing litigation. - **MEDIUM** (LitigationStatus): The group companies identified for disclosure include Muhavra Enterprises Private Limited and Gigaforge Private Limited.. Several search results confirm the existence and mention of 'Muhavra Enterprises Private Limited' in various legal and company-related contexts, such as FIRs, tribunal orders, and company profiles. However, the search results do not provide information regarding 'Gigaforge Private Limited'. - **MEDIUM** (LitigationStatus): The Company filed a commercial intellectual property suit against Stove Kraft Limited alleging piracy and infringement of a registered design.. Search results indicate that there are legal proceedings between Stove Kraft Limited and other parties, including a case involving a design infringement claim against Stove Kraft Limited, which is related to Atomberg Technologies. Specifically, one result mentions a case between Atomberg Technologies Private Limited and Stove Kraft Limited regarding design infringement in the Bombay High Court. - **MEDIUM** (PromoterBackground): Financial statements of subsidiaries were audited, including Atomberg Bangladesh Limited, Atomberg Innovation Private Limited, and Atomberg Airtech Private Limited.. One search result suggests that the company (Atomberg Technologies Limited) does not fulfill certain requirements regarding subsidiaries like Bangladesh Limited and Atomberg Airtech Private Limited, which contradicts the claim that financial statements of all subsidiaries were audited. - **MEDIUM** (LitigationStatus): The Company filed a commercial intellectual property suit against Stove Kraft Limited alleging piracy and infringement of a registered design, seeking damages aggregating to ₹110.00 Crore.. The search results indicate that there are legal proceedings involving Stove Kraft Limited and potentially Atomberg Technologies (implied by context), including trademark matters and a case where the Bombay High Court refused an interim injunction regarding a design claim. However, the results do not explicitly confirm the specific claim mentioned in the DRHP regarding a commercial IP suit seeking ₹110.00 Crore in damages. - **MEDIUM** (SubsidiaryPerformance): The company has one indirect Subsidiary, namely Atomberg Airtech Private Limited.. Search result [2] mentions "Airtech Private Limited (w.e.f. October 12, 2025) as described," which suggests a connection to the claim regarding an indirect subsidiary. However, the results do not explicitly confirm the relationship as an 'indirect subsidiary' as stated in the claim. - **MEDIUM** (SubsidiaryPerformance): The company was incorporated as ‘Atomberg Technologies Private Limited’ as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated April 17, 2012.. The search results do not directly confirm or deny the specific incorporation details mentioned in the DRHP claim. However, one result points to a separate entity, 'Atomberg Technologies Private Limited', which is described as a private unlisted company, suggesting a potential distinction or clarification regarding the company's structure. - **MEDIUM** (RegulatoryAction): Joint written consent letters were received from SSKM & Associates, Chartered Accountants, and S R B C & CO LLP, Chartered Accountants, to include their names as required under section 26(1) of the Companies Act, 2013, read with SEBI ICDR Regulations, as Joint Statutory Auditors.. The search results mention issues or reviews related to S R B C & CO LLP, suggesting potential scrutiny regarding their audit quality and independence. However, the results do not explicitly confirm the joint written consent letters from SSKM & Associates and S R B C & CO LLP for the specified purpose. - **MEDIUM** (PromoterBackground): Suman Gopalan is an Independent Director and has experience with Freshworks Technologies Private Limited and Nielsen Company (Singapore) Pte. Limited.. The search results mention Freshworks and its legal settlements, and a reference to a company acquiring a pluggable video infrastructure company which was later acquired by Freshworks Inc. This suggests a connection between the mentioned companies, but it does not directly confirm the experience of Suman Gopalan as stated in the DRHP claim. - **LOW** (SubsidiaryPerformance): Definitions are provided for metrics based on the Standalone Financial Statement, such as Revenue from operations and Gross Profit for companies like Atomberg Technologies Limited and Havells India Limited.. The search results confirm that Atomberg Technologies filed a DRHP, mentioned raising Rs 450 crore in fresh capital, and provided details about their financials, such as revenue and losses. This supports the claim that definitions for metrics like Revenue from operations and Gross Profit are provided for the company. - **LOW** (LitigationStatus): The company has identified two Group Companies: Muhavra Enterprises Private Limited and Gigaforge Private Limited.. Search results confirm the existence and mention of 'Muhavra Enterprises Private Limited' in various legal and company profile contexts. However, the search results do not provide any information regarding the identification of 'Gigaforge Private Limited' as a group company. ## Common questions ### How big is the Atomberg Technologies Limited IPO? Atomberg Technologies Limited's IPO comprises a fresh issue of ₹450 Cr and an offer for sale of 7.65 Cr shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Atomberg Technologies Limited's revenue and profit? Atomberg Technologies Limited reported revenue from operations of ₹1,294 Cr in FY26, +34.8% versus FY25. Net loss was ₹149 Cr (FY25: loss of ₹117 Cr). Revenue grew at a compound rate of 27.4% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Atomberg Technologies Limited? Promoters hold 27.8% of Atomberg Technologies Limited before the IPO. Largest holders listed: A91 Emerging Fund I LLP (21.0%); Manoj Kumar Meena (17.7%); V- Sciences Investments Pte. Ltd (11.8%). ### How will Atomberg Technologies Limited use the IPO money? The fresh-issue proceeds are earmarked for: Repayment / prepayment, in full or in part, of certain borrowings availed by our Company (₹90 Cr); Brand awareness and performance marketing activities (₹150 Cr); Investment in research and development (₹100 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Atomberg Technologies Limited's DRHP? Earlier, we looked up 71 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 10 medium and 5 low. The most notable: The search results indicate that there is an existing litigation between Atomberg Technologies Private Limited and Stove Kraft Limited concerning design… The search results indicate that there is a specific litigation case, Atomberg Technologies Private Limited vs Stove Kraft Limited, concerning the… Several search results confirm the existence and mention of 'Muhavra Enterprises Private Limited' in various legal and company-related contexts, such as FIRs,… This is an automated screen, not a verdict; each finding links to its sources. ### What does Atomberg Technologies Limited do? The IPO of Atomberg Technologies Limited is shadowed by a disturbing connection: the repeated appearance of 'Muhavra Enterprises Private Limited' across numerous legal and corporate filings. This raises immediate questions about the transparency and legitimacy of the entire offering. ### Who manages the Atomberg Technologies Limited IPO? Book running lead managers: ICICI Securities Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, IIFL Securities Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Atomberg Technologies Limited IPO documents? All 2 filings for Atomberg Technologies Limited (DRHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [ATOMBERG TECHNOLOGIES LIMITED - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787809930622.pdf) (Draft Red Herring Prospectus, filed 27 Aug 2026) - [ATOMBERG TECHNOLOGIES LIMITED - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/ATOMBERG%20TECHNOLOGIES%20LIMITED%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 27 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.