amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Absolute Projects (India) Limited Unlisted Shares
DRHP Status : Not Filed
80
Fundamentals About Absolute Projects (India) Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Absolute Projects (India) Limited
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 141 | 248.2 | 306.7 |
| Cost of Material Consumed | 139.3 | 245.7 | 288.3 |
| Change in Inventory | -9 | -23.8 | -20.3 |
| Gross Margins | 7.59 | 10.6 | 12.62 |
| Employee Benefit Expenses | 1.9 | 2.4 | 3 |
| Other Expenses | 2.7 | 3.3 | 6.7 |
| EBITDA | 6.1 | 20.6 | 29 |
| OPM | 4.33 | 8.3 | 9.46 |
| Other Income | 0.7 | 2.8 | 5.4 |
| Finance Cost | 2.3 | 3.3 | 4.5 |
| D&A | 0.4 | 0.5 | 0.7 |
| EBIT | 5.7 | 20.1 | 28.3 |
| EBIT Margins | 4.04 | 8.1 | 9.23 |
| PBT | 4 | 19.6 | 29.2 |
| PBT Margins | 2.84 | 7.9 | 9.52 |
| Tax | 1 | 5 | 8.2 |
| PAT | 3 | 14.6 | 21 |
| NPM | 2.13 | 5.88 | 6.85 |
| EPS | 43.73 | 198.37 | 254.55 |
Financial Ratios |
2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | 4.33 | 8.3 | 9.46 |
| Net Profit Margin | 2.13 | 5.88 | 6.85 |
| Earning Per Share (Diluted) | 43.73 | 198.37 | 254.55 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 10.8 | 10.4 | 15.2 |
| CWIP | 0 | 0 | 2 |
| Investments | 0.18 | 0.2 | 0.03 |
| Trade Receivables | 33.5 | 17.6 | 67.2 |
| Inventory | 25.8 | 52.9 | 68.2 |
| Other Assets | 68.72 | 119.9 | 133.37 |
| Total Assets | 139 | 201 | 286 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 6.86 | 7.36 | 8.25 |
| FV | 100 | 100 | 100 |
| Reserves | 34.7 | 49.4 | 94.9 |
| Borrowings | 23.5 | 31 | 88.6 |
| Trade Payables | 60.3 | 68.7 | 66.8 |
| Other Liabilities | 13.64 | 44.54 | 27.45 |
| Total Liabilities | 139 | 201 | 286 |
About Company
Absolute Projects (India) Limited, commonly known as APIL, is a New Delhi-based Engineering, Procurement, and Construction (EPC) company incorporated on 6 February 1995. The company specialises in the execution of power transmission and distribution infrastructure projects, including turnkey contracts for transmission lines, substations, and distribution networks.
The company's core EPC operations cover survey, design and engineering, procurement, supply, installation, testing, and commissioning of power infrastructure. APIL handles both overhead and underground electrical lines across voltage levels up to 400 kV, and has constructed substations ranging from 33 kV to 220 kV, including air-insulated and gas-insulated types.
APIL supports its EPC business with in-house manufacturing capabilities for electrical and structural components, including electrical panels and switchgear. The manufacturing facility is located in Roorkee. This vertical integration allows the company to control input quality and strengthen project execution efficiency.
As of June 2026, APIL remains an unlisted public company. It filed its Draft Red Herring Prospectus (DRHP) with SEBI on 30 March 2026 for a Mainboard IPO. Cumulative Capital Private Limited is the merchant banker for the issue, and MUFG Intime India Private Limited is the registrar.
The following table shows a 10-point analysis of Absolute Projects (India) Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 1995 | A New Delhi-based EPC company with over three decades of experience in power transmission and distribution infrastructure |
| Industry | Power Infrastructure, EPC, Manufacturing | Operates across power transmission lines, substations, and in-house electrical and structural manufacturing |
| Core Business | Power EPC Projects | Executes turnkey contracts for transmission lines, substations, and distribution networks, supported by captive manufacturing |
| Corporate Structure | Public Limited Company (Unlisted) | Registered in Delhi; DRHP filed with SEBI for a Mainboard IPO in March 2026 |
| Authorized Capital | ₹6.50 Crore | Capital base reflective of its established operational scale |
| Paid-up Capital | ₹8.25 Crore (FY25) | Equity base as per the latest available filings |
| Operations | Pan-India | Active across 12 states and 3 union territories |
| Shareholding | Promoters hold 89.15% | High promoter ownership reflects strong founding family control |
| Company Status | Active; DRHP Filed | Operationally active with a Mainboard IPO in progress as of June 2026 |
| Outlook | Positive | Driven by India's expanding power infrastructure spending and a strong existing order book |
Challenges in Absolute Projects (India) Limited's Business
Here are the challenges faced by the company:
- Raw material concentration risk: The cost of raw materials and components constituted approximately 84.59% of total expenses in FY25 and 98.63% in FY24, making the business highly sensitive to input price volatility and supply disruptions.
- Customer concentration: The top 10 customers contributed approximately 90.20% of revenue from operations in FY25, making the business dependent on a limited set of clients.
- Order book concentration: As of December 2025, Power EPC Projects accounted for approximately 85.35% of the total order book of ₹747.53 crore, and the top five projects alone contributed approximately 67.94% of the Power EPC order book.
- Working capital intensity: The EPC business involves significant working capital requirements, with the company utilising IPO proceeds partly for working capital funding.
- Execution risk: As a project-based business, performance is dependent on timely project completion, labour availability, regulatory clearances, and site-level operational factors.
Financial Review of Absolute Projects (India) Limited
Here are some highlights of the financial performance of Absolute Projects (India) Limited over the past few years.
FY25 Performance
- Revenue from operations grew to ₹306.7 crore in FY25, up from ₹248.2 crore in FY24
- EBITDA stood at ₹29 crore with an operating profit margin (OPM) of 9.46%
- PAT for the year was ₹21 crore, with a net profit margin of 6.85%
- EPS stood at ₹254.55 (pre-split basis)
- Total assets reached ₹286 crore as of March 2025
- Borrowings increased to ₹88.6 crore, with a debt-to-equity ratio of 0.86
FY24 Performance
- Revenue was ₹248.2 crore, with EBITDA of ₹20.6 crore and OPM of 8.30%
- PAT was ₹14.6 crore, representing a net profit margin of 5.88%
- Total assets stood at ₹201 crore
- Borrowings were ₹31 crore
FY23 Performance
- Revenue from operations was ₹141 crore
- EBITDA stood at ₹6.1 crore with OPM of 4.33%
- PAT was ₹3 crore, with a net profit margin of 2.13%
- Total assets stood at ₹139 crore
Quick Summary
Absolute Projects (India) Limited is an established EPC company with over three decades of experience in power transmission and distribution infrastructure. The company has demonstrated consistent revenue and profitability growth, with revenue rising from ₹141 crore in FY23 to ₹306.7 crore in FY25 and PAT improving from ₹3 crore to ₹21 crore over the same period.
Backed by a strong order book of approximately ₹747.53 crore as of December 2025 and an active DRHP filing with SEBI for a Mainboard IPO, APIL is well-positioned to benefit from India's large-scale power infrastructure investment cycle. Key risks include raw material cost exposure, customer concentration, and working capital intensity.
Click to visit the official website of Absolute Projects (India) Limited.
Shareholding Pattern of Absolute Projects (India) Limited
| Name | Holding |
|---|---|
| Promoters | 89.15% |
| Other | 10.85% |
Promoters of Absolute Projects (India) Limited
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Ranjeet Singh Ola | Managing Director | 20+ |  |
| Deependra Singh Ola | Whole Time Director | 25+ | |
| Saumya Kanta Dash | CFO | |
Latest News
Latest Post
Coming soon...
Coming soon...
Frequently Asked Questions
These are equity shares of the company Absolute Projects (India) that are not listed on NSE or BSE and are traded privately.
Yes, these shares can be purchased through private market platforms, subject to availability.
Yes, a demat account is required to hold these unlisted shares.
APIL is an operationally established company with a track record of over three decades and a filed DRHP. However, unlisted shares carry liquidity and execution risks, and investors should conduct independent due diligence before investing.
Yes, these shares can be sold in the secondary market depending on buyer availability.
Yes, as per SEBI regulations, pre-IPO investors are generally subject to a lock-in period after listing.
If held for more than two years, gains are taxed at 20% with indexation; otherwise, gains are taxed as per applicable income tax provisions.
+91-9599071664
amit@unlistedkraft.in