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Winsol Engineers Limited IPO Review

Updated: May 8

Winsol Engineers Limited IPO Review

Winsol Engineers Limited, a name that has become synonymous with sustainable energy solutions in India, stands out as a beacon of innovation and excellence in the engineering sector. Established on December 30, 2015, as Winsol Engineers Private Limited, the company was incorporated under the Companies Act, 2013, in the bustling city of Jamnagar, Gujarat. The city, known for its historical significance and industrial growth, served as the perfect cradle for Winsol's ambitious journey.

The inception of Winsol Engineers Limited was driven by a visionary aim: to harness the power of science for the unmatched performance of natural resources, thereby building a sustainable future for the next generation. This noble pursuit was not just about business; it was about creating a legacy of energy sustenance and environmental stewardship.

At the helm of this enterprise is the Pindariya family, whose members have been pivotal in steering the company towards its goals. The promoters, Mr. Ramesh Jivabhai Pindariya, Mrs. Amri Ramesh Pindariya, Ms. Pindariya Kashmira, Ms. Kashish Ramesh Pindariya, and Mr. Kishor Jivabhai Pindariya, have collectively fostered a culture of innovation, inclusiveness, and excellence within the organization. Their leadership reflects a deep commitment to not only advancing the company's interests but also contributing to the broader societal good.

Winsol's core competency lies in providing integrated engineering, procurement, construction, and commissioning services for Balance of Plant (BoP) Solutions, catering to both wind and solar power generation firms. The company's expertise in this domain is evident from its impressive portfolio of projects and its reputation for timely completion, cost efficiency, and high-quality standards.

The journey of Winsol Engineers Limited is a testament to the power of human ingenuity and the relentless pursuit of excellence. From its city of origin to its current status as a leader in sustainable energy solutions, Winsol's story is one of growth, innovation, and unwavering dedication to its founding principles. As the company continues to expand its horizons, it remains committed to being the first choice for customers, employees, and society for generations to come.

Competitive Strengths

Winsol Engineers Limited (WEL) has established itself as a formidable player in the engineering, procurement, construction, and commissioning (EPCC) sector, particularly in providing Balance of Plant (BoP) solutions for the renewable energy industry. This detailed analysis aims to dissect the competitive strengths that position WEL as a leader in its field.

Revenue, Sales, and Profit

Winsol Engineers Limited has demonstrated a consistent growth trajectory in its financial performance over recent years. For the fiscal year 2021, the company reported a revenue from operations of ₹22.16 crore, which significantly increased to ₹60.70 crore in FY 2022, and further to ₹65.39 crore in FY 2023. This positive trend is also reflected in the company's profit after tax, which was ₹0.49 crore in FY 2021, improved to ₹1.08 crore in FY 2022, and surged to ₹5.18 crore in FY 2023. The financial results for the period ending December 2023 indicate a total revenue of ₹51.95 crore and a net profit of ₹6.77 crore, underscoring the company's ability to maintain profitability and operational efficiency. These figures highlight Winsol Engineers Limited's robust financial health and potential for future growth.

Distribution Network and Geographical Reach

Winsol Engineers Limited, established in 2015, has developed a robust distribution network and geographical reach, particularly within India. As an integrated engineering, procurement, construction, and commissioning company, Winsol Engineers provides Balance of Plant (BoP) Solutions for wind and solar power generation companies. Their services encompass foundation work, substation civil and electrical work, right of way services, cabling to substations and grids, and miscellaneous works. The company's operations are primarily concentrated in Gujarat, where they have executed numerous projects and established transmission lines to evacuate solar power to substations. With the acquisition of Repower Infrastructure Private Limited in 2024, Winsol Engineers expanded its reach, indicating a strategic move to enhance its distribution channels and geographical presence. The company's IPO documents reveal plans to utilize the net proceeds for setting up working capital requirements, which could further strengthen their distribution network and support its thriving presence across multiple states in India.

Unique Features

Winsol Engineers Limited is a technology-driven organization that stands out for its unique combination of capabilities, including deep market sector insights and integrating health, safety, and sustainability into the design and delivery of solutions. The company prides itself on its talented and passionate workforce, which is central to its differentiation strategy. As a leading EPC/Operation/Consultancy firm, Winsol Engineers Limited works closely with clients to achieve exceptional outcomes through design, consultancy, engineering, project, and management services. Their commitment to diversity and inclusiveness in the workplace is also a key feature, ensuring a variety of perspectives contribute to innovative ideas and solutions. Furthermore, the company is actively involved in the renewable energy sector, undertaking projects of various scales and offering comprehensive services to support sustainable energy development.

Investment in Research and Development

Winsol Engineers Limited, an integrated engineering, procurement, construction, and commissioning company, has been making significant strides in the renewable energy sector. While specific details on their investment in research and development (R&D) are not publicly disclosed, the company's recent Initial Public Offering (IPO) aimed to raise funds that could potentially be allocated towards enhancing their R&D capabilities. The IPO, which opened for subscription on May 6, 2024, and closed on May 9, 2024, was entirely a fresh issue of 31.15 lakh shares, aggregating up to ₹23.36 crores. The company has shown a strong financial performance with revenues of Rs 52.02 crore and a net profit of Rs 6.77 crore for the period ending December 2023. With over 200 engineers and technicians, Winsol has completed over 55 projects since 2018, totaling more than ₹17,000.00 lakhs and has 41 major ongoing projects valued at ₹11,953.31 lakhs as of March 31, 2024. This level of activity suggests a robust operational scale, which often correlates with substantial R&D investment to sustain innovation and growth in such a dynamic industry.

Winsol Engineers Limited IPO Details

  • Issue Date: The Issue Date in an Initial Public Offering (IPO) refers to the specific day when a company's shares are first made available for public purchase on the stock market. This date is a critical milestone in the IPO process, marking the transition of a company from private to public status and allowing investors to buy shares directly from the company for the first time. (Issue Date: May 6, 2024 to May 9, 2024).

  • Listing Date: The listing date refers to the day when the company's shares are officially listed and begin trading on a stock exchange. This is typically several business days (3-6 days) after the issue date after processes like share allotment and finalization are completed. On this date, investors who were allotted shares during the IPO can begin selling them, and new investors can start purchasing them on the exchange at the prevailing market price. (Listing Date: Tuesday, May 14, 2024).

  • Face Value of Shares: The face value of shares in an Initial Public Offering (IPO) refers to the original cost of the shares as determined by the company going public. It represents the nominal value and is often set at a lower figure, such as Rs. 10 or Rs. 100, which remains constant irrespective of the market price of the share after the company is listed on the stock exchange. When a company launches an IPO, the shares are typically offered at a price that includes this face value plus an additional premium, which reflects the current market valuation of the company. The premium over the face value is determined by the company's financial performance and future growth prospects as assessed by the investment bankers managing the IPO. (Face Value: ₹10 per share).

  • Price Band: A price band of an IPO is the range of prices within which the investors can bid for the shares of a company that is going public. The price band is set by the issuer and the lead managers of the IPO, based on various factors such as the demand and supply of the shares, the financial performance and valuation of the company, and the market conditions. (IPO Price: ₹71-₹75per share).

  • Lot Size: In the context of an Initial Public Offering (IPO), the term "lot size" refers to a fixed number of shares that the issuing company sets as the minimum quantity that investors can apply for. This lot size is predetermined before the IPO and is mentioned in the application forms. The lot size varies from one company to another and is an important factor for investors to consider when applying for an IPO. (Lot Size: 1600 Shares).

  • Total Issue Size: The total issue size represents the total number of shares the company is offering to raise capital through the IPO. This number is determined by the company and its advisors, considering factors like their funding needs and the expected investor demand. The total issue size is then divided by the lot size to determine the total number of lots available for purchase by investors. (Total Issue Size: 3,115,200 shares (aggregating up to ₹23.36 Cr)).

  • Fresh Issue: A Fresh Issue in the context of an Initial Public Offering (IPO) refers to the creation and sale of new shares by a company to the public. Unlike an Offer for Sale, where existing shareholders sell their shares, a Fresh Issue results in the generation of new capital for the company. This capital is typically used for growth initiatives such as expansion, research and development, or debt repayment. (Fresh Issue: 3,115,200 shares (aggregating up to ₹23.36 Cr)).

  • Issue Type: The type of an IPO can vary depending on the market and regulatory conditions. Some of the common types of IPOs are, Fixed priced IPO, Auction IPO, Book Building IPO, and Hybrid IPO. (Issue Type: Book Build Issue IPO).

  • Listing At: An integral part of the IPO process is the listing. This refers to the day the company's shares officially begin trading on a stock exchange, such as the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE) in India. Once listed, anyone with a brokerage account can buy and sell the company's shares on the exchange. (Listing at: NSE SME).

  • Retail Shares Offered: Retail shares offered in an IPO refer to the portion of shares that are specifically allocated for individual investors, as opposed to institutional investors. These shares are part of the public offering where companies going public aim to raise capital by selling shares. Retail investors are typically allocated a certain percentage of the total shares available for the IPO. The allotment process for retail investors is designed to be fair and transparent, ensuring that all investors have an equal chance of receiving shares based on their application and market conditions. (Retail Shares Offered: 1,035,200 (33.23%)).

  • Anchor Investor Shares Offered: Anchor investors are qualified institutional buyers who are allocated shares in an IPO before it opens to the public. They play a crucial role by committing to purchase shares at a set price, thereby stabilizing and boosting confidence in the IPO among other potential investors. Typically, anchor investors are subject to a lock-in period, during which they cannot sell their shares, ensuring their investment aligns with the long-term success of the company. (Anchor Investor Shares Offered: 883,200 (28.35%)).

  • Market Makers Shares Offered: Market Maker Shares in an IPO refer to the shares that are allocated to market makers, who are responsible for improving the liquidity and facilitating better price discovery of the stock post-IPO. Market makers are registered members of the stock exchange and provide two-way quotes, buying and selling shares at predetermined prices. This system is particularly important for SME (Small and Medium-sized Enterprises) IPOs, where market makers play a crucial role in ensuring that there is enough trading activity and stability in the stock's price. (Market Maker Shares Offered: 158,400 (5.08%)).

  • QIB Shares Offered: QIBs are institutional investors such as banks, mutual funds, insurance companies, pension funds, etc., who have the expertise and financial resources to invest in the securities market. They are considered as informed and sophisticated investors who can assess the risks and returns of an IPO. QIBs can bid for up to 50% of the total shares offered in an IPO via the profitability route, or up to 75% of the total shares offered in an IPO via the QIB route. QIBs have to pay only 10% of the bid amount at the time of application, and the rest after the finalization of the basis of allotment. (QIB Shares Offered: 593,600 (19.05%)).

  • NII (HNI) Shares Offered: NII stands for Non-Institutional Investors, which includes High Net-worth Individuals (HNIs) who bid for shares worth more than ₹200,000. The NII category is reserved for investors who do not fall under the retail or Qualified Institutional Buyers (QIBs) categories. Typically, a certain percentage of the IPO, usually around 15%, is allocated for NIIs to ensure a wider distribution of shares. HNIs within the NII category often have a higher chance of allotment compared to retail investors, making it an attractive option for those looking to invest larger sums in an IPO. (NII (HNI) Shares Offered: 444,800 (14.28%)).

Competitors of Winsol Engineers Limited

Winsol Engineers Limited operates in the EPC (Engineering, Procurement, and Construction) sector, specializing in Balance of Plant (BoP) solutions for solar and wind power projects in India. Here's a breakdown of their competitor landscape:

Major Players:

Larsen & Toubro (L&T): A large, established conglomerate with a significant presence in the EPC sector for power projects, including renewables. L&T offers a wider range of services beyond BoP, potentially giving them an edge in large-scale projects.

Rail Vikas Nigam Limited (RVNL): A public sector undertaking focused on railway infrastructure development. RVNL has diversified into solar power projects in recent years, emerging as a competitor for Winsol in specific segments.

Other Notable Competitors:

While L&T and RVNL are major players, Winsol competes with several other companies depending on the project size and specific requirements. Here are some examples:

Mid-sized EPC Contractors: Several mid-sized contractors like KEC International, Sterling and Wilson, and NES India might compete with Winsol for projects requiring BoP solutions.

Specialized Renewable Energy Companies: Firms specializing solely in renewable energy, like Azure Power or ReNew Power, might handle EPC themselves or have preferred contractors, impacting Winsol's opportunities.


In conclusion, the Winsol Engineers Limited IPO presents a compelling opportunity for investors seeking to participate in the renewable energy sector's growth. With a strong order book and a history of prudent cost management, the company is well-positioned to capitalize on the expanding wind and solar power generation markets. The IPO, reasonably priced based on annualized FY24 earnings, offers a chance for medium to long-term investment in a company that has demonstrated a quantum jump in its bottom lines. As India continues to emphasize renewable energy, Winsol Engineers Limited stands as a testament to the potential that lies within this vital industry. Investors considering this IPO should weigh the robust financials, the promising sectoral outlook, and the company's strategic position before making an informed decision.

Please Read the Detailed Review Here.

Disclaimer: This is not an investment advisory. The article above is for information purposes only. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please consider your specific investment requirements, risk tolerance, goal, time frame, risk and reward balance, and the cost associated with the investment before choosing securities, that suit your needs. The performance and returns of any equity stock can neither be predicted nor guaranteed.


Q: What is an IPO?

An Initial Public Offering (IPO) is a process through which a privately held company offers its shares to the public for the first time and becomes a publicly traded company.


Q: How can I apply for an IPO?

You can apply for an IPO through various methods:

ASBA (Application Supported by Blocked Amount): In this method, your application money remains in your bank account until the basis of allotment is finalized.

UPI (Unified Payment Interface): You can authorize the blocking of funds in your bank account using UPI while applying for an IPO.

Q: What is ASBA?

ASBA stands for Application Supported by Blocked Amount. It allows your application money to be blocked in your bank account during the IPO bidding process. You continue to receive interest on the blocked amount.

Q: What is the difference between book building and a normal public issue?

Book building is a process where demand for securities is elicited and the price is assessed based on investor bids. In a normal public issue, the price is fixed by the issuer.

Q: Can I make payments through UPI for IPOs?

Yes, you can use UPI as a payment method for IPOs. The UPI platform blocks the funds for IPO applications after you approve the fund block mandate request.

Q: What is the minimum order quantity for an IPO?

The minimum number of shares you can apply for in an IPO is known as the minimum order quantity. It varies for each IPO.

Q: What is the cut-off price in an IPO?

The cut-off price is the price at which you bid for shares without specifying a particular price. It allows you to participate in the IPO without specifying a specific bid price.

Q: Can I revise my bids during the IPO process?

Yes, you can revise your bids multiple times before the IPO bidding period ends.

Q: Which banks offer the ASBA facility for IPOs?

Several banks, known as Self Certified Syndicate Banks (SCSBs), offer the ASBA facility. Some examples include HDFC Bank, ICICI Bank, Axis Bank, and SBI.

Q: How do I find IPO mandates on UPI apps?

You can check the list of UPI handles supported for IPO payments on the National Payments Corporation of India (NPCI) website. These handles allow you to apply for IPOs using UPI.

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