Mumbai: Atomberg
Technologies Limited has filed its Draft Red Herring Prospectus (DRHP) with
market regulator Securities and Exchange Board of India (SEBI) for its IPO.
The IPO comprises of a fresh
issue of Equity Shares of face value of ₹10 each aggregating up to ₹450 Crores and
an offer for sale of 76,542,051 equity shares of face value ₹ 10 each.
The Company proposes to utilise
the Net Proceeds primarily towards ₹90 Crores for repayment/prepayment, in full
or in part, of certain borrowings, ₹150 Crores towards brand awareness and
performance marketing activities, and ₹100 Crores towards investment in
research and development. The balance Net Proceeds will be utilised for general
corporate purposes.
Founded by Manoj Meena in 2012 and
subsequently joined by Sibabrata Das as co-founder in 2013, Atomberg is a
deep-tech, research and development (R&D)-led company that builds
next-generation consumer appliances including mixer grinders, water purifiers
and cold-pressed juicers for Indian households under the “Atomberg” brand. The
company also designs, manufactures and supplies proprietary and critical
components, including motors and controllers, to enterprise customers such as
Voltas, Godrej and BlueStar across industries through its subsidiary, Atomberg
Innovations Private Limited. Its operations are divided into two segments: the
Consumer Appliance Business and the Proprietary Components segment.
Atomberg holds the highest market
share in India’s premium fans segment, defined as fans with an average selling
price above ₹3,500, among scaled consumer appliance companies. Water Purifiers
is the newest product in the Kitchen Appliances segment, introduced in 2025. In
FY2026, Atomberg commanded an approximately 46.08% market share by cumulative
sales value at market operating price, according to the Redseer Report. Its
technology-led product development is also reflected in reliability, with
Atomberg recording the lowest product failure rate for its next-generation BLDC
ceiling fan portfolio in FY2026 among scaled consumer appliance companies in
India, highlighting the strength of its technology platform and integrated
manufacturing quality-control processes. The company is the fastest-growing
company among listed scaled consumer appliance companies in India by revenue
from operations between the Financial Years 2024 and 2026
Atomberg sells its products
through an omni-channel distribution model spanning offline channels such as
general trade distributors, retailers, modern trade chains and institutional
partners, and online channels including e-commerce marketplaces, quick-commerce
platforms and atomberg.com.
As of March 31, 2026, its general
trade network comprised approximately 626 distributors and direct dealersand
46,932 retail touchpoints across around 1,600 cities and towns, with presence
across all Indian states. Its service network covered over 18,000 Indian pin
codes, supported by trained in-house agents and third-party providers for
installation and after-sales service across categories.
In FY26, Tier 2+ cities
contributed the largest share of Atomberg’s offline consumer appliance business
revenue at 49.57%, followed by metropolitan cities at 30.91% and Tier 1 cities
at 19.52%, reflecting broad geographic sales diversity.
Atomberg operates two leased
manufacturing facilities in Pune, Maharashtra, supporting its Consumer
Appliances and Proprietary Components businesses. Its Chakan Facility, which
commenced operations in FY2022 and spans over 2,83,000 square feet,
manufactures ceiling fans, table, pedestal and wall fans, exhaust fans, mixer
grinders, cold-pressed juicers and smart locks. Its Chakan-Varale Facility,
operated by AIPL, spans approx. 159,000 square feet and manufactures
proprietary motors, electronic assemblies and related components for OEMs
across appliance sectors, with capabilities including EMS, automated motor
assembly, vertical injection molding, BMC molding, stator winding and rotor
assembly.
Atomberg has consistently
invested in innovation-led product development, supported by a robust R&D
team of 254 engineers, representing 25.32% of its permanent workforce as of
March 31, 2026. In FY2026, the company incurred R&D expenditure of ₹86.79 Crores,
equivalent to 6.71% of revenue from operations. According to the Redseer
Report, this was the highest R&D spend as a percentage of revenue among
listed scaled consumer appliance companies in India, significantly above the
peer average of less than approximately 1%, underscoring Atomberg’s strong
focus on technology and product innovation.
Revenue from operations stood at
₹1293.77 Crores in FY2026, compared with ₹959.51 Crores in FY2025 and ₹796.98
Crores in FY2024. Adjusted EBITDA stood at ₹37.12 Crores in FY2026, compared
with ₹(51.35) Crores in FY2025 and ₹(152.07) Crores in FY2024. Restated loss
for the year has narrowed from ₹1,99.08 Crores for FY2024 to ₹148.88 Crores for
the FY26.
Its revenue from online channels
increased to ₹456.45 Crores in FY2026 from ₹234.51 Crores in FY2024, while
offline channel revenue rose to ₹820.11 Crores from ₹562.47 Crores over the
same period. Online channel contributed approximately 35.76% of the revenue
from consumer appliances business, significantly higher than the online mix for
peers
Atomberg operates in a
structurally expanding TAM of approximately ~$4.60 billion in FY2026 across
fans, kitchen appliances, water purification and smart home products, driven by
rising incomes, urbanization, premiumization and demand for energy-efficient
technologies. Key adjacent categories such as water purifiers (~$1.30 billion)
and motorized food preparation (~$0.80 billion) remain underpenetrated and are
seeing rapid premiumization.
ICICI Securities Limited, Avendus
Capital Private Limited and IIFL Capital Services Limited (formerly known as
IIFL Securities Limited are the bankers to the issue.