Aegeus Technologies IPO

Aegeus Technologies develops robotic automation solutions for the solar power industry. Incorporated in 2017 the company manufactures waterless robotic systems for cleaning solar panels and also provides operations and maintenance (O&M) services for solar power plants.

Its product portfolio includes Unicorn Smart, a fully autonomous robotic cleaning solution for utility-scale solar projects, Unicorn R2R, a semi-autonomous robotic cleaning solution for discontinuous table layouts and cost-sensitive deployments, and Shreem, a compact robotic cleaning solution for rooftop solar installations. Besides product sales, the company offers complete solar O&M, Annual Maintenance Contracts (AMC) and Module Cleaning as a Service (MCaaS).

The company’s products are supported by technologies such as robotics, artificial intelligence (AI), machine learning (ML), IoT and remote monitoring, and are backed by patents in India, Australia, China, Saudi Arabia and the United States. The company primarily caters to solar developers, EPC contractors, O&M companies, commercial establishments and other businesses operating utility-scale and rooftop solar installations across domestic and international markets.

The company operates two leased manufacturing facilities in Bengaluru, Karnataka, with a combined area of around 15,000 sq. ft. In FY26, sale of products contributed 55.3% of revenue from operations, while services accounted for 44.6%. Within the product segment, Unicorn Smart contributed 22.95% of revenue, followed by Unicorn Spares at 17.8%, Unicorn R2R at 14.1% and Shreem at 0.5% in FY26.

Within the services segment, complete Solar O&M contributed 39.3% of revenue from operations, while Module Cleaning as a Service (MCaaS) and Annual Maintenance Contracts (AMC) contributed 4.5% and 0.7%, respectively. Exports accounted for 40.5% of revenue in FY26, while domestic sales contributed 59.4%, with Rajasthan being the largest domestic market, followed by Gujarat and Karnataka. Revenue from non-government customers accounted for 99.9% of revenue from operations in FY26. The largest customer contributed 39.3% of revenue, while the top 5 and top 10 customers accounted for 83.4% and 91.2%, respectively.