Vadodara (Gujarat) [India], October 8: MTE Structures Limited, a Vadodara-based manufacturer of specialized solar panel mounting structures and provider of solar mounting solutions, has filed its Draft Red Herring Prospectus with the SME Platform of BSE Limited (BSE SME) in preparation for its Initial Public Offering.
The IPO will comprise a Fresh Offer of up to 37,06,000 equity shares with a face value of ₹ 10 each and an Offer for Sale of up to 6,54,000 equity shares by the Promoter Selling Shareholders, Mr. Hiren Arvindbhai Patel, Mr. Janak Bharat Amin and Mr. Tejaskumar Patel, taking the total offer size to up to 43,60,000 equity shares. The equity shares are proposed to be listed on the SME Platform of BSE Limited (BSE SME).
The company proposes to utilise the net proceeds from the Fresh Offer towards funding working capital requirements of up to ₹ 4,417.00 Lakhs, capital expenditure of up to ₹ 667.50 Lakhs for expansion of its manufacturing facility through a factory shed and additional plant and machinery, repayment of certain borrowings of up to ₹ 137.30 Lakhs, and general corporate purposes.
The Book Running Lead Manager to the Offer is GYR Capital Advisors Private Limited & MUFG Intime India Private Limited is Registrar to the Offer.
About MTE Structures Limited
MTE Structures Limited was incorporated in 2020 as MTE Structures Private Limited and was converted into a public limited company under its present name in 2024. The company is focused on manufacturing specialized solar panel mounting structures for commercial and utility-scale solar projects. Its solutions are broadly classified into Roof Systems and Ground-Mounted Systems, with applications including Flat RCC Roof Structures, Pitched-Roof Structures, Non-Penetrative Roof Structures, Fixed Tilt Structures, Seasonal Tilt Structures and Agrivoltaics Structures. The company is led by Mr. Hiren Arvindbhai Patel, Chairman and Managing Director, who has over 13 years of experience in the renewable energy and power equipment manufacturing industry.
As of June 30, 2026, the company had an unexecuted order book of ₹ 15,987.70 Lakhs across 56 clients, comprising confirmed executable orders for solar module mounting structures. In Fiscal 2026, the company recorded export revenue of ₹ 2,887.20 Lakhs, representing 11.63% of revenue from operations. Its quality management system is certified under ISO 9001:2015 for the manufacture and export of solar and power structures.
In Fiscal 2026, the facility had installed production capacity of 30,000 MT and actual production of 22,283 MT, recording capacity utilisation of 74.28%. By June 30, 2026, installed capacity had increased to 42,000 MT. The company proposes to further expand its manufacturing facility by building a factory shed and installing additional plant and machinery.
For the period ended 31st March 2026, the company reported Revenue from Operations of ₹ 24,851.70 Lakhs, EBITDA of ₹ 3,273.90 Lakhs & PAT of ₹ 2,355.50 Lakhs.
Disclaimer: MTE Structures Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an Initial Public Offering of its equity shares and has filed a Draft Red Herring Prospectus dated September 04, 2026 with the SME Platform of BSE Limited. Investments in equity and equity-related securities involve a degree of risk, and investors should not invest any funds in the Offer unless they can afford to take the risk of losing their entire investment. Investors are advised to read the Draft Red Herring Prospectus carefully, including the section titled “Risk Factors,” before making any investment decision.
