IPO Overview
Atomberg Technologies Limited received SEBI observations for its proposed IPO on 30 October 2026. The company can proceed with the offering, subject to applicable requirements and market conditions. The proposed offer comprises a fresh issue of up to Rs. 450 crore and an offer for sale of approximately 7.65 crore equity shares by existing investors.
Shares carry a face value of Rs. 10 each and are proposed for listing on BSE and NSE. Subscription dates, price band, lot size and listing date remain unannounced. The total offer value and fresh-share count will depend on the final offer price.
The proposed allocation provides at least 75% of the net offer for QIBs, up to 10% for retail investors and up to 15% for non-institutional investors.
SEBI observations allow the offering process to proceed; they do not constitute an investment recommendation.
Business and Operating Presence
Incorporated in April 2012, Atomberg Technologies develops and manufactures technology-led consumer appliances under the Atomberg brand.
Its portfolio includes ceiling fans, smart locks, mixer grinders, water purifiers and cold-pressed juicers. Through its components subsidiary, it also designs, manufactures and supplies proprietary motors, controllers and other critical components to enterprise customers.
The company’s engineering platform spans motors, power electronics, control systems, firmware, software, connectivity and industrial design. Its operating model combines research-led product development, component manufacturing and distribution through online and physical channels.
Manufacturing infrastructure includes a consumer appliance facility at Chakan, Pune, and a dedicated components facility at Chakan-Varale, Pune.
As of 31 March 2026, its distribution network comprised 626 distributors and direct dealers and 46,932 retail touchpoints. Its service network covered more than 18,000 PIN codes across India.
The company employed 1,003 permanent employees and 1,973 contractual personnel, including 254 R&D engineers. FY2026 R&D expenditure was approximately Rs. 86.79 crore, equivalent to 6.71% of revenue from operations.
Product reliability, energy efficiency, distribution productivity and after-sales service will be important to sustaining growth. Expansion into additional appliance categories also requires disciplined spending and evidence of customer acceptance.
Promoter and Ownership
The promoters are Manoj Kumar Meena and Sibabrata Das.
The promoter and promoter group hold 27.75% before the IPO, while other shareholders hold 72.25%.
Major proposed selling shareholders include:
| Selling shareholder | Shares offered through OFS |
|---|---|
| A91 Emerging Fund I LLP | 3,76,99,277 |
| V-Sciences Investments Pte. Limited | 1,22,49,902 |
| JV4 | 99,46,394 |
| Inflexor Opportunities Fund 1 | 49,40,000 |
| Steadview Capital Mauritius Limited | 45,38,058 |
This table lists selected selling shareholders and does not represent the complete OFS. Other reported sellers include Inflexor Technology Fund and Survam Partners LLP. The founders are not proposed to sell shares through the OFS.
The stated pre-issue share capital comprises 51,62,22,202 equity shares. Post-issue shares and promoter ownership will depend on fresh-share issuance and any subsequent capital changes.
Fresh-issue proceeds will accrue to the company, while OFS proceeds will go to the selling shareholders.
For a management interview, promoter introduction or IPO-related publication discussion, the investor relations office is an appropriate initial contact route.
Financial Performance
Restated consolidated financial figures, Rs. crore
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Income | 1,324.03 | 1,000.65 | 825.93 |
| EBITDA | −33.00 | −20.79 | −132.33 |
| Profit After Tax | −148.88 | −117.41 | −199.08 |
| Total Assets | 1,194.64 | 951.13 | 844.97 |
| Net Worth | 222.04 | 107.91 | 201.44 |
| Borrowings | 257.53 | 176.31 | 159.60 |
FY2026 total income increased approximately 32.3%, but the net loss widened 26.8%, from Rs. 117.41 crore to Rs. 148.88 crore. This represents a deterioration in profitability despite higher income.
The EBITDA loss increased from Rs. 20.79 crore to Rs. 33 crore. EBITDA as a proportion of total income deteriorated from approximately −2.08% to −2.49%.
The net loss margin nevertheless narrowed from approximately 11.73% to 11.24%, as income grew faster than the absolute net loss. This modest improvement should be distinguished from achieving profitability.
Compared with FY2024, both EBITDA and net losses were lower. However, the FY2026 reversal of part of FY2025’s improvement makes the timing and sustainability of breakeven important assessment points.
Borrowings increased approximately 46.1%, reaching Rs. 257.53 crore, or approximately 1.16 times reported net worth.
Net worth rose despite the annual loss. A management discussion should reconcile this movement with capital issuance and other equity adjustments rather than interpret it as retained-profit growth.
Fund Utilisation and Discussion Points
| Proposed use | Allocation |
|---|---|
| Repayment or prepayment of certain borrowings | Rs. 90 crore |
| Brand awareness and performance marketing | Rs. 150 crore |
| Research and development | Rs. 100 crore |
| General corporate purposes | As specified in final offer documents |
The three quantified allocations total Rs. 340 crore. Marketing accounts for 33.3% of the proposed gross fresh issue, R&D for 22.2%, and debt repayment for 20%.
The difference between the Rs. 450 crore gross fresh issue and these allocations should not automatically be treated as general corporate purposes, because offer expenses and final net proceeds must also be considered.
Chanakya’s discussion focus: Debt repayment could reduce financing costs, while marketing and R&D may support distribution, product development and category expansion. Their effectiveness will depend on incremental margins, customer acquisition costs and the path to positive operating cash flow.
A management meeting should examine fan-category dependence, profitability of newer products, component-business economics, advertising efficiency, warranty costs, inventory requirements and manufacturing utilisation.
The reported pre-issue EPS is negative Rs. 2.88. A conventional trailing P/E valuation is therefore not meaningful. Assessment should await the price band and consider enterprise value, revenue quality, cash consumption and credible profitability milestones.
Company Address and Contact
Registered office: 3rd Floor, Tower B, 247 Embassy Park, LBS Marg, Vikhroli West, Mumbai, Maharashtra – 400083.
Promoter interaction route: Investor Relations Office
Telephone: +91 22 6590 7575
Email: investors@atomberg.com
Website: www.atomberg.com
Investor relations: Atomberg Investor Relations
The company’s official investor relations page provides the above address, email and complete telephone number.
Bookrunning lead managers: ICICI Securities Limited, Avendus Capital Private Limited and IIFL Capital Services Limited.
Registrar: MUFG Intime India Private Limited
Telephone: 022-49186000
IPO email: ipo.team@in.mpms.mufg.com
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AEO / GEO Answer Summary
Atomberg Technologies’ proposed IPO comprises a fresh issue of up to Rs. 450 crore and an OFS of approximately 7.65 crore shares. The company manufactures technology-led appliances and proprietary components. Proceeds will support debt repayment, marketing and R&D. FY2026 total income increased 32.3%, but the net loss widened to Rs. 148.88 crore. IPO dates, price band and lot size remain unannounced. Profitability, cash consumption and returns from category expansion require attention.