Sadbhav Futuretech Unlisted Shares

Sadbhav Futuretech Limited is an Indian solar engineering, procurement and construction (EPC) company engaged in the development and execution of solar power projects. The company primarily operates in three areas: solar water pumping systems, rooftop solar installations and ground-mounted solar projects. Its services cover various stages of solar project execution, including engineering, procurement of equipment, installation, testing, commissioning and, where applicable, operation and maintenance.

Sadbhav Futuretech commenced its operations in 2020 with a focus on solar water pumping systems and subsequently expanded into rooftop solar installations and ground-mounted solar projects. The company was originally incorporated as Icongreen Energy Private Limited, later renamed Sadbhav Futuretech Private Limited and converted into a public limited company in November 2024.

The company serves government agencies as well as private and industrial customers through direct project contracts and subcontracting arrangements. Its expansion into direct government tender participation, together with the development of its project execution and procurement network, has broadened its participation across the Indian solar EPC market.

What Does Sadbhav Futuretech Do?

Sadbhav Futuretech undertakes solar power projects across different applications, with its principal business historically centred on solar-powered agricultural water pumping systems. Its activities have expanded to include rooftop solar installations and larger ground-mounted solar projects.

Solar Water Pumping Systems

Solar water pumping systems form the core of Sadbhav Futuretech's business. The company undertakes projects involving off-grid solar photovoltaic (PV) water pumping systems used for agricultural irrigation. These systems use solar energy to operate water pumps and provide farmers with an alternative to conventional electricity- or diesel-powered irrigation pumps.

The company's scope of work includes project design, procurement and supply of solar equipment, installation of solar modules and pumps, electrical integration, testing and commissioning. For government-awarded projects, the scope may also include operation and maintenance services in accordance with the relevant contract requirements.

Sadbhav Futuretech has executed solar agricultural pump installations under government schemes and through subcontracting arrangements with private companies. Under the Magel Tyala Saur Krushi Pump Yojana, the company was awarded a turnkey contract by Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the installation of 10,906 off-grid solar photovoltaic water pumping systems with capacities of 3 HP, 5 HP and 7.5 HP across Maharashtra.

During the six-month period ended September 30, 2025 and the preceding three financial years, the company installed 47,960 solar water pumping systems with an aggregate installed capacity of 171.53 MW. Solar water pumping projects continued to account for the largest share of its operating revenue during the periods covered by the DRHP.

Rooftop Solar Projects

Sadbhav Futuretech expanded into rooftop solar installations during FY2024-25, broadening its operations beyond agricultural solar pumping systems. Rooftop solar projects involve the installation of photovoltaic systems on residential, commercial and other suitable building rooftops to generate electricity closer to the point of consumption.

The company was awarded an EPC contract by the New and Renewable Energy Development Corporation of Andhra Pradesh Limited (NREDCAP) under the PM-Surya Ghar: Muft Bijli Yojana through the Utility-Led Aggregation (ULA) model under the capital expenditure (CAPEX) mode.

The addition of rooftop solar projects allows Sadbhav Futuretech to participate in the distributed solar energy market and diversify its project portfolio. The DRHP reports rooftop solar installation revenue of ₹11.83 lakh in FY2024-25 and ₹71.16 lakh during the six-month period ended September 30, 2025.

Ground-Mounted Solar Projects

Sadbhav Futuretech has also entered the ground-mounted solar project segment as part of its effort to broaden its solar EPC capabilities. These projects generally involve the installation of solar photovoltaic modules on land-based structures, along with associated electrical, civil and grid-integration infrastructure.

As of the date of the DRHP, the company had been awarded one EPC contract and had received two Letters of Intent (LOIs) for ground-mounted solar projects with an aggregate capacity of 120 MW. This expansion provides an opportunity to participate in larger-capacity solar installations and diversify beyond its historically dominant solar water pumping business.

Business Model of Sadbhav Futuretech

Sadbhav Futuretech follows a project-based EPC business model through which it undertakes solar project execution for government agencies, private companies and industrial customers. The company generates revenue through direct project contracts as well as subcontracting arrangements, depending on the customer and nature of the project.

Under government contracts, projects are generally secured through competitive tenders or empanelment with central and state government agencies. The company's responsibilities may include design, engineering, procurement and supply of equipment, installation, testing, commissioning and operation and maintenance, as specified in the respective contract.

Under subcontracting arrangements, Sadbhav Futuretech undertakes defined portions of project execution on behalf of principal contractors or private customers. These activities may include site surveys, partial supply of materials, sales promotion activities, installation, commissioning and project documentation.

The company has historically generated a substantial portion of its revenue through subcontracting arrangements, particularly in solar water pumping projects. During FY2024-25, government contracts contributed 13.30% of revenue from operations, while subcontracting contracts contributed 86.39%. However, during the six-month period ended September 30, 2025, the contribution from government contracts increased to 86.45%, while subcontracting contracts accounted for 11.28% of revenue from operations. This reflects the company's transition towards securing and executing government projects directly in its own name.

Project Execution and Operational Capabilities

Sadbhav Futuretech's project execution model is supported by in-house project management, design, engineering and procurement functions, complemented by a network of approved vendors and suppliers. The company procures solar modules, solar cells, inverters, mounting structures and other balance-of-system components from third-party suppliers to meet project requirements.

Its procurement planning and vendor coordination are aligned with project schedules, while its warehousing and regional infrastructure support the movement and availability of equipment at different project locations. As of February 28, 2026, Sadbhav Futuretech had 11 warehouses and 6 regional offices across India. These facilities support product availability, logistics coordination and execution, particularly in Tier 2 and Tier 3 locations where several of its projects are situated.

The company had an in-house team of 104 individuals as of February 28, 2026, including 56 employees engaged in operations. It has also received ISO 9001:2015 certification from TÜV for its quality management system covering the supply, installation, commissioning and maintenance of solar agricultural pumps.

During the six-month period ended September 30, 2025 and the preceding three financial years, the company installed an aggregate solar capacity of 171.68 MW, comprising 171.53 MW of solar water pumping systems and 0.15 MW of rooftop solar installations. This project execution experience has supported its expansion across multiple states and solar project categories.

Customers and Geographical Presence

Sadbhav Futuretech serves government agencies, private companies and industrial customers. Its government-related business is generally secured through tenders and project awards under state-level solar programmes, while its private-sector business includes direct EPC contracts and subcontracting assignments.

The company's disclosed private customers include Rotomag Enertec Limited, Siddhakala Renewable Energy System Private Limited, Dynamech Electropower Private Limited, Premier Energies Limited and KSL Cleantech Limited.

Its geographical presence has expanded beyond its earlier concentration in Haryana to include Maharashtra, Andhra Pradesh, Chhattisgarh, Rajasthan, Assam and Madhya Pradesh. This multi-state presence is supported by its regional offices, warehouse network, procurement arrangements and project execution teams.

The DRHP also highlights customer concentration as an important business consideration. For the six-month period ended September 30, 2025, the largest customer contributed 86.45% of revenue from operations, while the top five customers together accounted for 99.38%. The company's ability to retain key customers, secure repeat projects and diversify its customer base is therefore relevant to its future business performance.

Order Book and Project Portfolio

Sadbhav Futuretech reported an order book of ₹2,016.05 crore as of February 28, 2026, comprising 19 projects across solar water pumping, rooftop solar and ground-mounted solar segments. The DRHP defines the order book as the total value of solar projects for which the company has been empanelled, received a Letter of Award (LOA) or entered into EPC agreements.

The order book included ₹875.54 crore of solar water pumping projects, ₹790.51 crore of rooftop solar projects and ₹350.00 crore of ground-mounted solar projects. These represented 43.43%, 39.21% and 17.36% of the reported order book, respectively.

Government customers accounted for ₹1,314.06 crore, or 65.18%, of the order book, while private customers contributed ₹701.99 crore, or 34.82%. Geographically, Andhra Pradesh and Maharashtra represented the largest shares of the reported project portfolio, followed by Chhattisgarh and other states.

The average execution timeline for projects forming part of the order book ranged from 3 to 18 months. The DRHP also disclosed that revenue of ₹585.88 crore had been booked against the projects included in the order-book disclosure up to September 30, 2025.

The order book provides an indication of the company's project pipeline across different solar segments and customer categories. Its conversion into revenue will depend on project execution, procurement, commissioning, contract milestones and customer-related processes.

Subsidiaries and Group Structure

As disclosed in the DRHP, Sadbhav Futuretech has two directly held subsidiaries: Sadbhav Agritech Private Limited and Sadbhav Supply Chain Private Limited.

Sadbhav Agritech Private Limited is engaged in agricultural activities, cooperative farming, agri-infrastructure development and allied services. Its activities include cultivation support, farm management and agri-processing facilitation.

Sadbhav Supply Chain Private Limited has stated business objects covering logistics services, transportation, warehousing, cold-chain transportation, cold storage and related distribution activities.

These subsidiaries represent additional business interests within the Group, while Sadbhav Futuretech Limited's principal operating business remains focused on solar engineering, procurement and construction projects.

Growth Strategy and Future Expansion

Sadbhav Futuretech's growth strategy centres on expanding its solar EPC activities, participating in larger-capacity projects and strengthening its position across the solar value chain.

One of its proposed initiatives is backward integration into solar cell manufacturing through a joint venture arrangement with a third-party partner. The company's existing business involves procuring solar cells, modules and inverters from third-party suppliers. The proposed arrangement is intended to improve supply-chain integration, procurement visibility and access to larger projects that may require manufacturing capabilities or domestic value addition.

However, the DRHP clarifies that the structure, scale and partner for the proposed joint venture had not been finalised as of the DRHP date. Its implementation remains subject to factors including regulatory approvals, land availability, capital allocation and definitive agreements. Accordingly, the solar cell manufacturing initiative should be viewed as a proposed growth strategy rather than an existing manufacturing operation.

The company also intends to use its experience in solar water pumping and rooftop installations, together with its procurement network and project execution capabilities, to selectively pursue larger commercial and industrial solar installations and utility-scale solar projects.

With its expansion from subcontracting-led solar water pumping assignments towards direct government contracts, rooftop solar installations and ground-mounted projects, Sadbhav Futuretech is working to broaden its presence across the Indian solar EPC value chain.
Image and Data Source: Sadbhav Futuretech IPO DRHP