IPO Tsunami! 17 Companies Files DRHP To SEBI Before The Last Day Of FY26

The end of March marked a historic day for the primary market. Just before the close of FY26, 17 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, Rediff.com, Synergy Advanced 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 by the end of March.

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.

7. Kay Jay Forgings IPO

Ludhiana-based Kay Jay Forgings is a leading precision engineering manufacturer specializing in forged and machined components^{. Primarily catering to automotive Original Equipment Manufacturers (OEMs), the company is the largest domestic supplier of crankshaft and crankshaft assemblies for two-wheelers, commanding an estimated 36% market share in Fiscal 2025^{. Kay Jay serves marquee clients such as TVS Motor, Honda Motorcycle, and Mahindra & Mahindra from its six manufacturing facilities across Ludhiana and Hosur^{. Their expertise extends from internal combustion engines to emerging electric vehicle (EV) platforms^.}}}

Financial Performance & IPO Details: For FY25, the company reported a robust revenue of INR 750.46 crore and a PAT of INR 29.02 crore. Its operations are supported by an installed base of over 400 CNC machines.

IPO Structure: The total issue size aggregates up to INR 360.00 crore, comprising a fresh issue of up to INR 300 crore and an OFS of up to INR 60.0 crore.
Lead Manager: PL Capital Markets (Prabhudas Lilladher).
Registrar: Bigshare Services.
Utilization of Proceeds: Net proceeds will be utilized for major capital expenditure, including setting up a new Forging Facility, a Machining Facility, and a Solar Plant, alongside the repayment of existing borrowings.

8. Expression 360 IPO

Expression 360 is a full-service, 360-degree marketing communications (“Marcom”) and integrated services provider. The company offers a comprehensive range of services including event management, exhibitions, brand activation, digital marketing, and content production. By following an Integrated Marketing Communications (IMC) approach, they deliver coordinated physical and digital campaigns for both public institutions and private sector clients. With a presence in major cities like New Delhi, Mumbai, and Kolkata, Expression 360 has established itself as a single-window solution for clients with high compliance and execution requirements.

Financial Performance & IPO Details: The company has shown strong growth, recording a revenue CAGR of 55.77% from FY23 to FY25. In FY25, its revenue reached INR 280.23 crore, with a Profit After Tax (PAT) of INR 27.20 crore.

IPO Structure: The issue comprises an Offer for Sale (OFS) of up to 1.50 crore equity shares by the promoter, Mohit Gupta. No fresh issue of shares is being made.
Lead Managers: Smart Horizon Capital Advisors and Swaraj Shares & Securities .
Registrar: MUFG Intime India.

9. Adroit Industries (India) IPO

Adroit Industries is a specialized manufacturer of forged driveline components, such as drive shafts for heavy industrial and defense applications. The company operates a die-making and forging facility in Dewas and a machining/assembly unit in Pithampur via its subsidiary, Adroit Driveshaft. They are a critical supplier to sectors requiring high-precision shafts, including defense vehicles and tanks.

IPO Details: The issue comprises up to 1.12 crore shares, featuring a fresh issue of 98.97 lakh shares and an OFS of 13.50 lakh shares by Mukesh Sangla HUF.
Lead Manager: Choice Capital Advisors.
Registrar: Bigshare Services.

10. T.C. Terrytex IPO

T.C. Terrytex is an integrated manufacturer of Terry Towels based in Punjab^{. The company manages the entire production cycle from spinning and dyeing to weaving and processing within its own facilities^{. Recognized as a Three Star Export House, it serves a diverse international and domestic clientele, focusing on high-quality towel products and sustainable manufacturing practices^.}}

Financials & IPO Structure: FY25 revenue from operations reached INR 673.48 crore, with an EBITDA of INR 59.04 crore and a PAT of INR 17.00 crore.

IPO Details: The fresh issue aggregates up to INR 170.0 crore, alongside an OFS of 67.50 lakh shares by investor Ashis Living.
Lead Manager: Sobhagya Capital Options.
Registrar: Skyline Financial Services.

11. Punjab Carbonic IPO

Punjab Carbonic operates in the industrial gas sector, specializing in the recovery and supply of Carbon Dioxide in liquid and solid (dry ice) forms. Their business verticals include Ethanol & DDGS production for fuel blending and cattle feed, as well as project engineering for the installation of CO2 recovery plants on a turnkey basis. Key customers include major beverage players like Coca-Cola and Varun Beverages.

IPO Details: The offer of up to 95 lakh equity shares includes a 60 lakh fresh issue and a 35 lakh shares OFS by promoters.
Lead Manager: Beeline Capital Advisors.
Registrar: KFin Technologies.

12. Sadbhav Futuretech IPO

Sadbhav Futuretech is an EPC player in the solar energy sector, focusing on solar irrigation pumps, rooftop systems, and ground-mounted plants. Since 2020, it has installed over 55,000 solar pumps and secured 13% of the AP Utility-Led Aggregation capacity under the PM Surya Ghar scheme. Operating on an asset-light model, the company maintains high revenue visibility through a large order book and strategic sourcing frameworks.

IPO Details: The total offer size aggregates up to INR 235.00 crore, including a 2.55 crore shares fresh issue.
Lead Manager: Beeline Capital Advisors.
Registrar: Bigshare Services.

13. Bvishal Oil and Energy IPO

Bvishal Oil provides integrated onshore oilfield services covering the upstream lifecycle, including well intervention, Enhanced Oil Recovery (EOR), and surface production testing. Primarily operating in Gujarat, Assam, and Rajasthan, the company serves as a single solution provider for asset management and production enhancement. Their largest segment, Well Intervention & Stimulation, contributes over 34% of total revenue.

IPO Details: Up to 2.57 crore equity Shares, including an 1.80 crore fresh issue and a 77.09 lakh shares OFS.
Lead Manager: Unistone Capital.
Registrar: Bigshare Services.

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.
Synergy Advanced Metals: Specialized in customised stainless steel solutions for aerospace and medical sectors, Synergy reported FY25 revenue of INR 1,998 Crore and a PAT of INR 30.1 crore.
Rediff.com India Limited: Now 82% owned by Infibeam Avenues, Rediff is preparing a fresh issue of INR 500-700 Crore. After consolidating its e-commerce platform business—which serves clients like the Government eMarketplace (GeM)—Rediff targets a topline of ~INR 300 crore for FY26.

Bottomline: The flood of IPO filings at the end of FY26 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.

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