Winsol Engineers Limited is an integrated engineering, procurement, construction and commissioning company providing Balance of Plant (BoP) Solutions for both Wind and Solar power generation companies. Winsol Engineers IPO is set to raise Rs 23.36 crores. The issue is entirely a fresh issue of 31.15 lakh shares.

About Winsol Engineers:

• Located at Jamnagar, Winsol Engineers Limited is an integrated engineering, procurement, construction and commissioning company providing Balance of Plant (BoP) Solutions for both Wind and Solar power generation companies. Their core services for BoP Solutions includes Foundation work, Substation Civil and Electrical work, Right of Way services, Cabling to substation and Grid, and Miscellaneous work.
• Their clients are in the renewable energy industry who prefer our company for the BoP solutions due to our historic track record of timely completion of project, our expertise and extensive experience in the business and cost efficiency.
• In addition to their core BoP Solutions, company also provides Operation and Maintenance services for Plant handling and monitoring.
• Our company is responsible for delivering the entire project, including balance of plant components but excluding the main generating equipment (such as turbines or generators).
• Under Operation & Maintenance vertical, company provides support to site operations for optimized performance. Their scope of service includes support site operations for minimizing the down time of turbines, SCADA Monitoring, Inspection and reporting on abnormalities, Supervisor Scheduled maintenance and periodical replacements and participate in all audits, preparation for the reports including manpower supply for the mentioned services.

Financials: Winsol Engineers IPO

Anchors: Winsol Engineers IPO

Winsol Engineers IPO: Salient Points

• Balance of Plant solutions for Wind and Solar projects refers to all the components of a power generation facility excluding the main generating equipment. This includes structures, equipment, and systems necessary for the plant’s operation. This can involve the design, procurement, installation, and commissioning of the balance of plant systems necessary for the overall functioning of the facility.
• The Net Proceeds are proposed to be mainly utilized to meet working capital requirements.
• Company has acquired 100% stake in the company named “Repower Infrastructure Private Limited” on February 10, 2024, making it wholly-owned subsidiary of the Company.
• Client List:

• Majority of their orders are from Gujarat state ( 65-85% over the years)
• Peers:

• Company has availed term ;loans from HDFC Bank Limited, ICICI Bank.
• Company has orders in hand of abouts Rs. 120 crore.
• Most of the orders get executed in a years time.
• It has executed BOP orders for more than 2000 MW.
• Winsol Engineers has completed 55 projects valued at Rs. 170 crore in last few years.
• The company will have approx. 70% revenue generation from Wind Mills and the rest from Solar systems
• Winsol Engineers IPO is coming at a PE ratio of 16.7x (FY23 Earnings) and 9.6x (fy24 annualized earnings)
• I intend to apply in Winsol Engineers IPO subject to availability of funds. Company looks set for rapid growth.
• Revenue Distribution: approx. 70% from Wind sector and the rest from Solar sector.
• GMP as reported on social media has been Rs. 124.
• Beeline Capital Advisors Pvt Ltd is the Lead Manager to the issue. It has a fair to good record. Past issues handled by them include Emmforce Autotech Limited, Greenhitech Ventures Limited, TAC Infosec Limited IPO, KP Green Engineering Limited, Pratham EPC Projects, V R Infraspace, Rudra Gas Enterprise Limited, Fonebox Retail Limited, Konstelec Engineers, Australian Premium Solar, Indifra Limited, Benchmark Computer Solutions, Sheetal Universal Limited, Rajgor Castor Derivatives, Arvind and Company Shipping Agencies, Karnika Industries Limited, Hi-Green Carbon Limited, Kody Technolab Limited, Chavda Infra Limited, Vinsys IT Services Limited,Ahasolar Technologies, Pentagon Rubber, Remus Pharmaceuticals, Sotac Pharmaceuticals, RBM Infracon Limited, Transvoy Logistics, Dev Labtech, Viviana Power Tech, Vital Chemtech, Aristo Bio-Tech and Lifescience, Viaz Tyres, Vertexplus Technologies etc.
• SME IPO are much more risky and volatile than mainboard IPOs.
• Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.