Sadbhav Futuretech Limited

Snapshot: A Raipur-headquartered solar EPC company, previously known as Icongreen Energy Private Limited, that has moved from installing solar water pumps at scale to an active DRHP filing — one of the more IPO-ready names in India's clean-energy space right now. What It Does Sadbhav Futuretech is engaged in the engineering, procurement, and construction (EPC) of solar power projects, with three focus areas: Solar water pumping systems — its dominant business line, largely serving agricultural/irrigation use cases Rooftop solar systems — residential and commercial installations Ground-mounted solar systems — larger utility-scale projects, a newer growth area Scale achieved: Cumulative installed capacity of 171.68 MW, including 171.53 MW in solar water pumping and 0.15 MW in rooftop solar, plus one awarded EPC contract and two letters of intent for 120 MW of ground-mounted solar projects — signaling a pivot toward larger-scale utility projects. Clients: Government of India and state government agencies, alongside private players like Rotomag Enertec, Siddhakala Renewable Energy System, Dynamech Electropower, Premier Energies, and KSL Cleantech. Execution model: In-house project management, design, engineering, and procurement, supported by third-party vendors for solar modules, cells, and inverters. Company Background Founded 5 June 2020 (originally Icongreen Energy Private Limited) CIN U74990CT2020PTC010124 Registered office Raipur, Chhattisgarh Operational HQ Gurugram, Haryana Status Active, public limited company Founders Saikat Roy, Tarang Khurana, Bhupender Singh, Kanwaljeet Khurana, Nilesh Jain Employees ~66–100 (estimates vary by source) Funding & Financials Raised $4.21M in a funding round from Chanakya Fund FY2023: revenue grew ~5.7%, profit grew ~17%, net worth up ~27% IPO Status DRHP filed: 31 March 2026 Issue type: Book-Build IPO Lead manager: Beeline Capital Advisors Pvt. Ltd. Use of proceeds: Working capital requirements + general corporate purposes Promoter/selling group includes Bhupender Singh, Saikat Roy, Nilesh Jain, Neelam Jain, Samkit Jain, and Bettericon Consultancy Private Limited