Allied Engineering Works, one of India’s fastest-growing smart metering and utility infrastructure players, has filed its DRHP with the Securities and Exchange Board of India (SEBI). Allied Engineering IPO is aggregating up to INR 400 crore. The IPO comprises a combination of fresh issue and an offer for sale (OFS) of up to 7.5 million equity shares by promoter Ashutosh Goel.
At a time when India is undergoing a massive transformation in power distribution and utility digitisation, Allied’s move to tap the capital markets aligns with the growth momentum of the country’s smart metering ecosystem, expected to be worth INR 1.2 lakh crore between FY26 and FY30, according to Crisil.
Promoters and Shareholding
The company is promoted by Ashutosh Goel, Nidhi Goel, AEW Infratech, and the RP Goel Family Trust. As of the DRHP date:
- Ashutosh Goel holds a commanding 68.76% stake
- AEW Infratech owns 19.75%
- RP Goel Family Trust, Bimla Devi Goel, and Vipul Gupta Family Trust collectively hold the rest
Ashutosh Goel is the face of Allied’s modern avatar. An IIT Delhi alumnus with 23+ years of experience in electrical and electronics, he’s credited with scaling the business from traditional energy meters to advanced smart metering and IIoT solutions.
Allied Engineering IPO: Utilization of Net Proceeds
| Purpose | Amount | % of Net Proceeds |
|---|---|---|
| Capital Expenditure – Kundli Facility (Gas/Water Meters & IoT) | 116.75 | 29.19% |
| Capital Expenditure – Rai Facility (Electricity Meters) | 99.71 | 24.93% |
| Working Capital | 120.00 | 30.00% |
| General Corporate Purposes | Balance | – |
Financial Performance
Allied’s meteoric rise is reflected in its financials, with a CAGR of 109.76% in revenue and a 1,074.37% CAGR in PAT over FY23–FY25.
Key Financials (₹ in million)
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 162.99 | 348.48 | 717.11 |
| EBITDA | 11.86 | 72.73 | 207.01 |
| EBITDA Margin (%) | 7.27% | 20.87% | 28.87% |
| PAT | 1.02 | 47.41 | 140.26 |
| PAT Margin (%) | 0.62% | 13.61% | 19.56% |
| Return on Capital Employed (ROCE) | 15.00% | 69.90% | 71.47% |
| Return on Equity (ROE) | 3.94% | 64.72% | 65.69% |
Allied’s profitability and return ratios lead the sector, a result of operational efficiency, vertical integration, and prudent financial strategy.
Allied Engineering IPO: Business Overview
Founded in 1986 and incorporated in 2011, Allied is a fully integrated manufacturer of smart metering solutions. It offers:
- Single-phase and three-phase smart meters
- DT and feeder meters
- IoT-driven automation stacks
- Static meters and wires/cables
It also acts as an Advanced Metering Infrastructure Service Provider (AMISP) for utilities, delivering metering projects under both CAPEX and TOTEX models.
Manufacturing Capacity
- Energy meters: 72.9 lakh units per annum
- Wires & cables: 83,952 km per annum
- Capacity utilization (FY25): ~28.12%
Industry Landscape
India’s smart metering drive is backed by:
- Government push under RDSS to replace 250 million conventional meters
- Power sector reforms improving DISCOM finances
- Increased energy demand from urbanization, EVs, DERs, and grid modernization
Smart Meter Market Forecast (Crisil)
- FY25 market: INR 7,500 crore
- FY30 market: INR 29,500 –30,000 crore
- CAGR: 31–32%
Allied has a 10% share of the total smart meters installed in India.
Order Book: Strong Momentum with Repeat Clients
| Date | Smart Meter Units | Order Value (₹ million) |
|---|---|---|
| FY25 | 5.79 million | 1,853.60 |
| FY24 | 6.22 million | 1,968.47 |
| FY23 | 0.27 million | 103.84 |
Major clients include PSPCL, Intellismart, GMR Group, and Discoms in UP, Gujarat, MP, Punjab.
Product Innovation and R&D Focus
Allied’s in-house R&D center in Delhi is CMMI Level-3 certified and DSIR-recognized. Key innovations include:
- ‘NEMORA’ IIoT automation stack
- Distribution Transformer Management System (DTMS)
- Feeder Monitoring Systems
- Smart gas and water meters under development
Its award-winning DT monitoring system was honored at Elecrama 2025 as Best Product by Indian Exhibitor.
Technology-Agnostic Approach
Allied’s flexible tech strategy enables:
- Integration with 4G/NB-IoT, BLE, RF, and GPRS
- Compatibility with third-party HES/MDM platforms
- Partnerships with firms like Wirepas, ERDA, CPRI
This allows it to tailor solutions for customer needs across India, Nepal, Thailand, and Ethiopia.
Conclusion
Allied Engineering Works combines scale, R&D depth, financial performance, and government-aligned relevance. As India marches toward digital utilities and smarter grids, Allied is not just a participant—it’s emerging as a pioneer.
Allied Engineering IPO is more than a capital raise—it’s an invitation to be part of India’s power-tech transformation. For investors seeking exposure to the intersection of energy, digitization, and infrastructure, Allied Engineering Works may well be one of FY26’s most strategic public listings.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.