March 30, 2026, marked a historic day for the primary market. Just before the close of FY26, eight companies simultaneously filed their Draft Red Herring Prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI). This list comprises a diverse range of companies, spanning rapidly growing sectors such as renewable energy, drone technology, industrial manufacturing, and electronic retail. Notably, prominent startups like Zetwerk and Garuda Aerospace opted to file their IPOs via the “confidential route.” Let us take a detailed look at the list of recent IPOs filed on March 30.

Cosmic PV IPO

Based in Surat, Gujarat, Cosmic PV Power is a significant player in the renewable energy sector, specifically focusing on Solar Photovoltaic (PV) Modules. The company manufactures high-efficiency modules ranging from 420WP to 750WP, including technologies like N-Type TopCon, Mono-PERC, and bifacial modules. Starting with a modest capacity of 100 MW in FY2021, the company has scaled aggressively to reach an installed capacity of 1.40 GW as of late 2025, with plans to expand further to 3.00 GW. Their business model integrates manufacturing with Engineering, Procurement, and Construction (EPC) services, allowing them to provide end-to-end solar solutions to a growing client base across India.

Financial Performance & IPO Details: In FY25, Cosmic PV Power reported a revenue of INR 245.16 crore with an operating EBITDA of INR 39.04 crore. The company has demonstrated an exceptional revenue CAGR of 125.77% between FY23 and FY25.

• IPO Structure: Cosmic PV IPO consists of a fresh issue of up to INR 540.00 crore and an Offer for Sale (OFS) of INR 100.00 crore.
• Lead Managers: Systematix Corporate Services and Valmiki Leela Capital.
• Registrar: KFin Technologies.
• Utilization of Proceeds: The funds will be primarily used for setting up a “Proposed Greenfield Project” in Narmadapuram, Madhya Pradesh, and for meeting working capital requirements.

Read Also: Upcoming IPO Pipeline

2. Sathya Agencies IPO

Sathya Agencies is one of South India’s largest and most recognisable consumer electronics and home appliances retail chains. As of early 2026, the company operates a massive network of 427 retail stores. The company offers a comprehensive range of products, including mobile phones, air conditioners, televisions, and washing machines from top-tier global brands. Through its strategic subsidiaries, Sathya Mobiles and Unilet Appliances, the company has successfully expanded its footprint deep into Karnataka and Tamil Nadu, positioning itself as a “one-stop-shop” for household technology and gadgets.

Financial Performance & IPO Details: The company recorded a robust revenue of INR 3,496.87 crore in FY25, marking a 44.94% growth over the previous year. Their Net Profit (PAT) for the same period stood at INR 46.27 crore.

• IPO Structure: A combined issue size of INR 600 crore, consisting of an INR 300 crore fresh issue and an INR 300 crore OFS.
• Lead Managers: Anand Rathi Advisors and Motilal Oswal Investment Advisors.
• Registrar: KFin Technologies.
• Utilization of Proceeds: The capital raised will be utilised for the repayment of existing borrowings and to bolster working capital for retail expansion.

3. Absolute Projects IPO

Absolute Projects (India) is a specialised EPC that operates under the electric power infrastructure sector. The company provides turnkey solutions for power transmission and distribution, executing projects involving substations and lines ranging from 33 kV to 220 kV. The company has its footprints in 12 states and 3 union territories. APIL has completed over 2,480 circuit kilometers of transmission lines.

Financial Performance & IPO Details: For FY25, APIL reported a revenue of INR 306.67 crore and a PAT of INR 21.00 crore. Their order book stands at INR 637.99 crore as of December 2025.

• IPO Structure: A 100% fresh issue of up to 2 cr shares.
• Lead Manager: Cumulative Capital.
• Registrar: MUFG Intime India.
• Utilisation of Proceeds: The funds are earmarked for the modernisation of its “Manufacturing Facility I” and the purchase of advanced machinery to increase execution efficiency.

4. Monomark Engineering (India)

Monomark Engineering is a Chittorgarh-based critical provider of industrial Operations & Maintenance (O&M) and mechanical fabrication services. The company serves blue-chip clients in high-stakes industries such as mining, container terminals, and infrastructure, including prominent names like Adani and Hindustan Copper. Their expertise lies in ensuring the continuous availability and safety compliance of heavy industrial equipment. Monomark also operates an end-to-end metal fabrication unit that provides the necessary components for their large-scale engineering and maintenance projects at client sites.

Financial Performance & IPO Details: The company has shown steady growth, with revenue reaching INR 475.03 crore in FY25, up from INR 389.86 crore in FY24. In just the first half of FY26, the company has achieved a revenue of INR 257.92 crore.

• IPO Structure: A 100% fresh issue of up to 2.70 cr shares.
• Lead Manager: Holani Consultants.
• Registrar: Bigshare Services.
• Utilisation of Proceeds: The company intends to use the capital for business expansion, technological upgrades, and general corporate purposes.

5. Gujarat Victory Forgings

Gujarat Victory Forgings is a non-ferrous metals products manufacturer, specifically focusing on copper segment. The company specialize in manufacturing Copper Cathodes, Master Alloys of Copper, and other specialised copper-based industrial components. These products are vital for sectors such as power infrastructure, electrical manufacturing, and the automotive industry. Gujarat Victory has a client base of 176 customers across domestic and international markets.

Financial Performance & IPO Details: In FY25, the company generated revenue of INR 607.65 crore and a PAT of INR 20.38 crore. Notably, their PAT for H1FY26 surged to INR 22.37 crore.

• IPO Structure: Gujarat Victory Forgings IPO includes a fresh issue of 65 lakh shares and an OFS of 1.32 crore shares, totaling 19,700,000 shares.
• Lead Managers: Monarch Networth Capital and Nirbhay Capital.
• Registrar: KFin Technologies.
• Utilization of Proceeds: Funds will be directed toward machinery upgradation and meeting the increased working capital needs of its copper manufacturing business.

6. Nityas Gems and Jewellery IPO

Nityas Gems and Jewellery is a Surat-based manufacturer specialising in the design and production of high-quality gold and silver jewellery. The company has rapidly gained traction by focusing on the “Lab-Grown Diamond” (LGD) segment through its subsidiaries, Ratna LGD and Ayaani Diamonds. The company cater to both B2B and D2C markets, offering lightweight, fashion-forward jewellery that appeals to the modern consumer.

Financial Performance & IPO Details: The company’s growth trajectory has been steep, with revenue jumping from INR 11.67 crore in FY23 to INR 96.84 crore in FY25.

• IPO Structure: A totally fresh issue of up to 1.44 crore shares.
• Lead Manager: Choice Capital Advisors.
• Registrar: Bigshare Services.
• Utilisation of Proceeds: The IPO proceeds will be primarily used to fund working capital requirements to support their expanding retail footprint and inventory needs.

The Heavyweights: Zetwerk and Garuda Aerospace

The most significant news on the second last day of FY26 is the confidential filings of Zetwerk Manufacturing and Garuda Aerospace.

• Zetwerk: The B2B manufacturing unicorn has filed its confidential DRHP with Kotak Mahindra. By using this route, Zetwerk can keep its detailed financials under wraps until it decides to go ahead with the listing, protecting itself from market volatility during the initial review phase.
• Garuda Aerospace: A leader in India’s drone technology space, Garuda has filed its confidential papers with Axis Capital. As the drone industry is considered a “sunrise sector” under the government’s PLI schemes, this IPO is expected to set a major benchmark for tech-driven startups in the country.

Bottomline: The flood of IPO filings on March 30, 2026, is a clear indicator that Indian companies are gearing up for a massive expansion phase. From renewable energy and drone tech to traditional manufacturing and retail, the diversity of these offerings provides investors with a wide range of opportunities. While the success of these issues will depend on SEBI’s final observations and the market conditions later this year.

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.