Polite Powertech IPO
Polite Powertech IPO is a Mainboard book-built issue comprising a Fresh Issue of up to 1,00,00,000 equity shares and an Offer for Sale of up to 25,00,000 equity shares. The face value is ₹10 per share. The IPO price band, lot size and issue dates are yet
Polite Powertech IPO Details
Polite Powertech IPO is a proposed Mainboard public issue comprising a fresh issue of up to 1,00,00,000 equity shares and an offer for sale of up to 25,00,000 equity shares by promoter Yogeshkumar Narottambhai Patel. The company has filed its DRHP and received SEBI observations, while the final price band, lot size, bidding dates, allotment date and listing date are yet to be announced. Polite Powertech Limited is an integrated power infrastructure engineering, procurement and construction company engaged in transmission, distribution and renewable energy projects. The company provides services across high-voltage and extra-high-voltage transmission lines, underground and overhead cabling, solar EPC projects, air-insulated substations and gas-insulated substations.
Polite Powertech IPO Lot Size
The Polite Powertech IPO lot size and minimum application amount have not yet been announced. Investors will be able to determine the minimum investment after the company announces the IPO price band and lot size.
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Polite Powertech IPO Reservation
Polite Powertech IPO proposes to reserve not more than 75% of the Net Offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 10% for Retail Individual Investors. The final number of shares available under each category will be confirmed in the RHP.
Polite Powertech IPO Subscription
Polite Powertech IPO subscription status will be updated after the IPO opens for bidding. The issue has not yet opened for subscription, so category-wise subscription figures are currently unavailable.
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About Polite Powertech
Polite Powertech Limited is an integrated power infrastructure Engineering, Procurement and Construction (EPC) company engaged in the design, supply, installation, testing and commissioning of power transmission, distribution and renewable energy projects. Its business roots trace back to M/s. Patel Electricals, a proprietorship established in 2006 by promoter Yogeshkumar Narottambhai Patel. Polite Powertech Private Limited was incorporated in 2023 and subsequently acquired the business of M/s. Patel Electricals through a Business Transfer Agreement.
The company operates across several power infrastructure verticals, including high-voltage and extra-high-voltage transmission lines, underground and overhead cabling, distribution transmission lines, Solar EPC, Air-Insulated Substations (AIS) and Gas-Insulated Substations (GIS). It has completed 63 underground cabling projects and had 24 ongoing underground cabling projects as of December 31, 2025, with a basic contract value of ₹12,594.87 lakh.
Polite Powertech has expanded beyond Gujarat and operates across Gujarat, Maharashtra, West Bengal, Haryana, Bihar and the Union Territory of Dadra and Nagar Haveli and Daman and Diu. Its unexecuted order book comprised 39 projects amounting to ₹31,356.19 lakh as of December 31, 2025. The company also serves public-sector undertakings and private-sector clients in the power infrastructure sector.
Strengths
- Strong order book providing visibility for future revenue.
- Experienced leadership with significant power-sector experience.
- Integrated EPC capabilities across transmission, cabling, substations and Solar EPC.
- Established supply chain and relationships with manufacturers and vendors.
- Track record of executing underground cabling and power infrastructure projects.
- Expanding operational presence beyond Gujarat.
Risks to Consider
- Revenue depends on successfully qualifying for and securing competitive tenders.
- Operations and revenue remain significantly concentrated in Gujarat.
- Significant customer concentration increases dependence on a limited number of customers.
- A substantial portion of the order book is linked to PSU tenders.
- The business is working-capital intensive and requires significant project funding.
- Trade receivables and delayed customer payments may affect liquidity and cash flows.
- Competition from larger national, international and regional EPC players may pressure margins.
- A majority of the order book is concentrated in underground cabling and distribution transmission projects.
Polite Powertech Financials (₹ Cr)
Polite Powertech reported strong growth in revenue and profitability between FY2024 and FY2025. Revenue from operations increased from ₹24.65 crore in FY2024 to ₹155.63 crore in FY2025, while profit after tax increased from ₹0.84 crore to ₹13.02 crore. For the six months ended September 30, 2025, the company reported revenue from operations of ₹97.32 crore and PAT of ₹10.74 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 30 Sep 2025 | 97.32 | 10.74 | 120.55 | 45.35 |
| FY2025 | 155.63 | 13.02 | 88.31 | 15.68 |
| FY2024 | 24.65 | 0.84 | 26.41 | 0.96 |
| FY2023 | - | - | 0.01 | - |
KPIs & Valuation
At the IPO stage, Polite Powertech's FY2025 basic and diluted EPS was ₹5.40, with NAV of ₹6.50 per share and RoNW of 83.07%. The price-to-earnings valuation cannot yet be calculated because the IPO price band has not been announced. For the six months ended September 30, 2025, the company reported RoNW of 23.68%, RoCE of 35.92%, PAT margin of 11.03% and EBITDA margin of 17.64%.
Objects of the Issue
The company proposes to utilise the net proceeds from the Fresh Issue primarily for funding its working capital requirements and for general corporate purposes. The DRHP specifies ₹1,000 million towards working capital requirements, while the amount for general corporate purposes will be determined in the final offer documents. The company proposed to utilise the IPO proceeds for:
- Funding the working capital requirements of the company — ₹100 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Polite Powertech Limited is promoted by Yogeshkumar Narottambhai Patel, Karankumar Yogeshbhai Sukhadiya and Snehalben Yogeshbhai Patel. Arihant Capital Markets Limited and Valmiki Leela Capital Private Limited are the Book Running Lead Managers to the issue, while KFin Technologies Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| polite.ipo@kfintech.com | |
| Website | www.kfintech.com |
Polite Powertech IPO Review
Polite Powertech has developed an integrated EPC business covering power transmission, distribution, underground cabling, substations and renewable-energy projects. The company has demonstrated significant growth in its financial performance, with revenue from operations increasing from ₹24.65 crore in FY2024 to ₹155.63 crore in FY2025, while profit after tax increased from ₹0.84 crore to ₹13.02 crore during the same period.
The company also has a sizeable order book, with 39 unexecuted projects amounting to ₹313.56 crore as of December 31, 2025. Its completed underground cabling projects, growing Solar EPC exposure and expansion into additional states provide opportunities for future business growth.
However, investors should consider the company's relatively recent corporate history, geographic concentration, customer concentration and working-capital requirements. The top ten customers accounted for a significant portion of revenue, while Gujarat remained the dominant revenue market. The final IPO valuation cannot yet be assessed because the price band has not been announced.
How to Apply
Polite Powertech IPO applications can be made through ASBA or UPI once the IPO opens for subscription. The final price band, lot size and bidding dates are yet to be announced.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Polite Powertech IPO.
- Enter the number of lots you want to apply for.
- Select the bid price once the price band is announced.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The Draft Red Herring Prospectus was filed in March 2026. The RHP and final Prospectus will be made available when issued.
Last updated Oct 6, 2026.