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Winsol Engineers IPO
Price Band
₹71.0–75.0
Issue Size
₹23.36 Cr
Lot Size
1,600 shares
Min Investment
₹120,000
GMP
+₹199.0 (265.33%)
Issue Price
₹75.0
Subject to Sauda
₹242000
Paid only if allotted
Winsol Engineers IPO AI Summary
- Winsol Engineers IPO is listed on NSE SME in the Civil Construction sector.
- Price band: ₹71.0–₹75.0 per share, lot size 1,600 shares (min. investment ₹120,000).
- Subscription window: 06 May–09 May 2024, listing on 14 May 2024.
- Current GMP is +₹199.0 (265.33%), an estimated listing price of ₹274 — unofficial and can change daily.
Winsol Engineers Limited is entering the market with an IPO priced at ₹75.00, aiming to raise ₹23.36 Cr. The company has shown strong growth in profitability and has a significant order book, although recent income figures indicate a decline compared to the previous fiscal year. Investors should consider the associated risks and their investment goals before participating.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Winsol Engineers IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 09 May 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Winsol Engineers IPO Grey Market Premium (GMP) Today
GMP
+₹199.0
GMP %
+265.33%
Est. Listing
₹274.0
Updated: 25 Jul 2026 14:06
About the Company
Incorporated in December 2015,Winsol Engineers Limited is a company that provides integrated engineering, procurement, construction, and commissioning services for Balance of Plant (BoP) Solutions for both solar and wind power generation firms. The company's core services for BoP Solutions include foundation work, substation civil and electrical work, and right-of-way services. The company is ISO-9001-2015, ISO-14001-2015, and ISO-45001-2018 certified, demonstrating its execution capabilities in quality. The company has more than 200 engineers and technicians on their team for project execution. As of April 2024, they have more than 41 major ongoing projects with a total value of approximately ₹11,953.31 lakhs. As of March 31, 2024, invoices totalling more than ₹2,115.54 lakhs have been booked, leaving an unexecuted or unbilled order book of ₹9,837.75 lakhs. As of December 31, 2023, the workforce consists of over 270 employees, including more than 200 engineers and technicians.
Company Financials (₹ Cr)
As of 2023-12-31
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 35.65 | 28.56 | 27.65 | 18.17 |
| Total Income | 52.02 | 65.45 | 60.80 | 22.25 |
| Profit After Tax | 6.77 | 5.18 | 1.08 | 0.49 |
| NET Worth | 15.27 | 8.74 | 3.44 | 2.39 |
| Reserves and Surplus | 6.85 | 8.72 | 3.42 | 2.37 |
| Total Borrowing | 8.47 | 10.59 | 9.29 | 8.14 |
Key Ratios
EPS
₹6.15
NAV
₹18.14
ROE
22.33%
ROCE
11.71%
RoNW
44.35%
P/B Value
4.13
P/E Ratio
12.19
Market Cap
₹86.51 Cr
PAT Margin
13.04%
Debt/Equity
0.55
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Konstelec Engineers Limited | 56.4 | 11.58% | 38.67 | 6.53 | 6.53 |
| Winsol Engineers Limited This IPO | 10.38 | 59.28% | — | 6.15 | 6.15 |
Promoters
Kishor Jivabhai Pindariya, Ramesh Jivabhai Pindariya, Amri Ramesh Pindariya, Pindariya Kashmira and Kashish Ramesh Pindariya
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Working Capital Requirements 15.00 2 General Corporate Purposes 5.31 Total 20.31
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹22.25 Cr in the period ending 31 Mar 2021, rising to ₹60.80 Cr by 31 Mar 2022, and further increasing to ₹65.45 Cr by 31 Mar 2023. However, it decreased to ₹52.02 Cr by 31 Dec 2023, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹0.49 Cr in the period ending 31 Mar 2021, increasing to ₹1.08 Cr by 31 Mar 2022, and further rising to ₹5.18 Cr by 31 Mar 2023. It then increased to ₹6.77 Cr by 31 Dec 2023, indicating a positive trend in profitability.
Valuation
Winsol Engineers Limited has an implied P/E of approximately 12.19 at the issue price, compared to peers trading at a P/E of 38.67. This suggests that Winsol Engineers is priced at a lower multiple relative to its peers.
Grey Market Premium, Explained
The grey market premium (GMP) indicates the price at which shares are expected to trade in the unofficial market before they are listed. A high GMP suggests strong demand for the shares, while a low GMP may indicate weaker interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy, considering factors such as the company's financial health, growth prospects, and market conditions.
Who May Want to Wait
Investors who prefer stable, established companies with predictable earnings may want to avoid IPOs like this, which can be more volatile and carry higher risks.
Listing Gains — The Risk
Listing gains are not guaranteed and can vary based on market conditions on the day of listing. Investors should be aware that while some IPOs may see significant gains on listing day, others may not perform as expected, leading to potential losses.
This evaluation is generated from Winsol Engineers's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Winsol Engineers IPO GMP today?
Winsol Engineers IPO GMP today is +₹199.0 (265.33%), indicating an estimated listing price of ₹274. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Winsol Engineers IPO?
The price band of Winsol Engineers IPO is ₹71.0–₹75.0 per share.
When does Winsol Engineers IPO open and close?
Winsol Engineers IPO opens on 06 May 2024 and closes on 09 May 2024.
When does Winsol Engineers IPO list on the stock exchange?
Winsol Engineers IPO listed on 14 May 2024 at ₹274.0.
What is the lot size for Winsol Engineers IPO?
The lot size for Winsol Engineers IPO is 1600 shares, requiring a minimum investment of ₹120,000.
What is the lot size for this IPO?
The lot size for Winsol Engineers' IPO is 1600 shares.
What is the minimum investment required?
The minimum investment required for this IPO is ₹120,000.
What is the price band for the IPO?
The price band for Winsol Engineers' IPO is ₹71.0 to ₹75.0.
When is the listing date for this IPO?
The listing date for Winsol Engineers' IPO is 14 May 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium at which the shares will trade in the unofficial market before the official listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
06 May 2024
Close
09 May 2024
Allotment
10 May 2024
Listing
14 May 2024
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