Allied Engineering Works IPO
SEBI has approved the Initial Public Offer (IPO) of Allied Engineering Works Ltd. on October 30, 2025.
The company will proceed with the next steps to launch the IPO, subject to market conditions and further regulatory approvals.
The approval remains valid for 12 months.
The Allied Engineering Works IPO is a Book-Build Issue, consisting of a fresh issue of Rs. 400.00 crore and an Offer for Sale (OFS) of up to 0.75 crore equity shares.
The equity shares are proposed to be listed on BSE and NSE.
Axis Capital Ltd. is the Book Running Lead Manager, and KFin Technologies Ltd. is the Registrar to the issue.
Key details such as the IPO price band, lot size, and subscription dates will be announced soon.
🕗 Last Update: 6 November 2025, 11.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Opens on | — |
| IPO Closes on | — |
| Allotment on | — |
| Refunds | — |
| Credit of Shares | — |
| Listing Date | — |
IPO Key Details
| Particulars | Details |
|---|---|
| Issue Size | — |
| Face Value | Rs. 5 per share |
| Issue Price Band | Rs. — to Rs. — per share |
| Lot Size | — |
| Sale Type | Fresh Issue + Offer for Sale |
| Fresh Issue | Rs. 400.00 crore |
| Offer for Sale | 75,00,000 shares (aggregating up to Rs. [ ] crore) |
| Issue Type | Book-Build IPO |
| Listing | BSE, NSE |
| Pre-Issue Shareholding | 11,00,00,000 shares |
| Post-Issue Shareholding | — |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 100% |
| Promoter Holding Post-Issue | — |
Promoters:
Mr. Ashutosh Goel, Mrs. Nidhi Goel, AEW Infratech Pvt. Ltd., and RP Goel Family Trust
DRHP Status
| Description | Date |
|---|---|
| Filed with SEBI | July 4, 2025 |
| SEBI Approval Received | October 30, 2025 |
About Allied Engineering Works Ltd.
Allied Engineering Works Ltd. (AEW), incorporated in Delhi, is among India’s top five smart energy meter solution providers (as per CRISIL report).
The company specializes in smart metering systems, automation, and AMI (Advanced Metering Infrastructure) solutions, with an installed manufacturing capacity of 7.29 million meters per annum as of March 31, 2025.
Core Business Segments:
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Smart Energy Meters: Single-phase, three-phase, LT-CT/HT-CT smart meters.
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Wires & Cables: Power & control cables, solar cables.
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Automation Systems: DTMS, Feeder Monitoring & Automation Systems.
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AMI Solutions: IT, Communication & Data Integration modules.
AEW has supplied 2.92 million smart meters across six states — Andhra Pradesh, Gujarat, Maharashtra, Haryana, Punjab, and Uttar Pradesh — and has a confirmed order book of 5.79 million meters worth Rs. 1,853.60 crore, including 0.43 million DT meters worth Rs. 202.91 crore.
It operates three state-of-the-art manufacturing facilities and a tool room in Delhi, with advanced R&D and testing infrastructure.
Competitive Strengths
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One of India’s largest comprehensive smart metering solution providers
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Innovation-led R&D with strong IP and automation backbone
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Integrated manufacturing with full testing capabilities
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Proven financial performance and scalability
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Strong order book visibility
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Experienced management team and industry recognition
Financial Snapshot (Rs. in crore)
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Assets | 548.99 | 269.18 | 148.23 |
| Total Income | 720.08 | 349.81 | 164.86 |
| Profit After Tax | 140.26 | 47.41 | 1.02 |
| EBITDA | 207.01 | 72.73 | 11.86 |
| Net Worth | 213.52 | 73.25 | 25.79 |
| Reserves & Surplus | 158.52 | 67.75 | 20.29 |
| Total Borrowing | 66.91 | 28.14 | 30.40 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 65.69% |
| ROCE | 71.47% |
| Debt/Equity | 0.42 |
| RoNW | 65.69% |
| PAT Margin | 19.56% |
| EBITDA Margin | 28.87% |
Objects of the Issue
| S. No. | Purpose | Amount (Rs. in crore) |
|---|---|---|
| 1 | Capex for smart gas, water, and IoT meters at Kundli Facility | 116.75 |
| 2 | Capex for smart electricity meters at Rai Facility | 99.71 |
| 3 | Funding future working capital requirements | 120.00 |
| 4 | General corporate purposes | — |
Chanakya View
Allied Engineering Works Ltd. stands out as a fast-growing player in India’s digital utility infrastructure, driven by the government’s push for smart metering and energy efficiency.
With 106% revenue and 196% PAT growth YoY, along with strong order visibility and high-margin product lines, AEW showcases excellent scalability.
The company’s ROE of 65.7% and EBITDA margin of 28.9% reflect high operational efficiency. The upcoming expansion into smart gas and water meters further broadens its portfolio.
However, investors should await the price band and valuation metrics before taking a final call.
Chanakya Verdict:
⚙️ Strong growth, superior margins, and large order book make this IPO fundamentally attractive for long-term investors.
Registered Office
Allied Engineering Works Ltd.
M-11, Badli Industrial Estate,
Delhi, New Delhi – 110042
📞 +91 11 4708 2775
✉ compliance@aewinfra.com
🌐 www.aewinfra.co
Registrar
KFin Technologies Ltd.
📞 04067162222, 04079611000
✉ allied.ipo@kfintech.com
🌐 ipostatus.kfintech.com
Lead Managers
Axis Capital Ltd. | IIFL Capital Services Ltd.
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Disclaimer
This post is for informational purposes only. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based solely on GMP data. Please consult your SEBI-registered financial advisor before investing.
