Regreen-Excel EPC India IPO Upcoming

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To be announced
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About Regreen-Excel EPC India

Established in 2020 and headquartered in Pune, Regreen-Excel EPC India is a technology-driven engineering, procurement, and construction (EPC) company specializing in ethanol plant projects. The company offers end-to-end solutions for setting up ethanol plants across various feedstocks, including molasses, sugarcane syrup, grains, or a combination thereof, enabling it to provide concept-to-commissioning services to its customers. As of March 31, 2024, Regreen-Excel EPC India has executed 113 projects, aggregating over 14,000 KLPD of ethanol capacity, and holds a 37% market share in terms of the total number of EPC projects of ethanol plants undertaken in India since the launch of the National Biofuels Policy in 2018. The company’s order book as of July 15, 2024, comprises 64 ongoing projects worth ₹3,451.68 crore, aggregating over 10,000 KLPD of ethanol capacity.

Financials of Regreen-Excel EPC India

*All figures are in ₹ Crores.

Issue size

Funds Raised in the IPO Amount
Overall –
Fresh Issue ₹350 crores
Offer for sale –

Utilisation of proceeds

Purpose INR crores (%)
Funding capital expenditure 55 (15.7%)
Repayment of borrowings 218.8 (62.5%)
General corporate purposes  76.2 (21.7%)

Strengths

  • Significant market share in India’s ethanol EPC sector, with 37% of projects undertaken since 2018.
  • Comprehensive end-to-end capabilities in setting up ethanol plants across multiple feedstocks. 
  • Robust order book of 64 ongoing projects worth ₹3,451.68 crore as of July 15, 2024. 
  • Experienced leadership with over three decades in delivering innovative technological solutions. 
  • Diversified project portfolio, including distilleries, biofuel plants, and zero liquid discharge systems.

Risks

  • High dependency on the ethanol sector, making revenues susceptible to industry-specific downturns.
  • Exposure to regulatory changes in environmental policies impacting manufacturing processes.
  • Potential delays in project execution due to reliance on timely approvals and clearances.
  • Exposure to raw material price volatility, particularly in petroleum-based inputs.
  • Currency fluctuations could affect profitability, given the company’s export activities.