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AEGEUS TECHNOLOGIES LIMITED

Aegeus Technologies Limited - Related Party Transactions

Introduction

Based on the Red Herring Prospectus (RHP) dated July 27, 2026, and subsequent filings, here are the “Related Party Transactions” (RPT) details of Aegeus Technologies Limited.

Business Model Operations

Business Model: Aegeus is a vertically integrated provider of IoT-driven green robotics solutions for the solar energy sector. It designs, manufactures, and deploys autonomous, waterless cleaning robots and provides end-to-end O&M services, including vegetation control and asset monitoring.


Advances from Customers: Yes, the company recorded advances from customers amounting to â‚ą459.86 lakhs as of March 31, 2026, a significant increase from â‚ą172.64 lakhs in FY 2025.


Raw Materials: Key materials include drive motors, electronic components, and various mechanical spares for robotic assembly.


Sourcing and Volatility: Sourcing is primarily through domestic vendors, with some specialized components potentially affected by global price trends. The company noted a reduction in raw material costs in FY 2025 due to localization and volume-based price reductions.


Key Raw Material Vendors: The top 10 suppliers accounted for 67.19% of total purchases in FY 2026.


Key Factors and Landscape: Business is driven by the global transition to renewable energy and the increasing adoption of automated O&M to improve solar yield (up to 30%). The regulatory landscape is favorable, supported by Indian government initiatives like the PM Har Ghar Surya Yojana.


TAM and Competitors: Key competitors include multinational OEMs like Ecoppia, SolarCleano, and Soltec.


Growth Plans: Focus is on capacity expansion, R&D for new products (e.g., Aegeus Optima, Asset Guard), and expanding recurring revenue through "Cleaning-as-a-Service" (MCaaS).

Financial Performance Health

Balance Sheet Health: The company maintains a positive net worth of â‚ą1,540.06 lakhs (FY 2026). Total assets have grown significantly from â‚ą1,355.73 lakhs in FY 2024 to â‚ą3,935.80 lakhs in FY 2026, driven by investments in intangible assets (product development).


Operating Cash Flows: FY 2026: (â‚ą151.13 lakhs); FY 2025: â‚ą104.84 lakhs; FY 2024: (â‚ą70.16 lakhs).


Revenue Mix: In FY 2026, Export sales (outside India) surged to 40.58% of revenue, up from just 0.94% in FY 2024.


Debt and CAPEX: Total debt rose to â‚ą1,192.57 lakhs in FY 2026. Cumulative capital expenditure (Fixed + Intangible assets) over the last 3 years exceeded â‚ą1,100 lakhs.


Performance Metrics (FY 2024–2026):

  1. Sales Growth: Increased from â‚ą1,527.39 lakhs to â‚ą4,093.69 lakhs.
  2. EBITDA/PAT: Both are increasing. EBITDA grew from â‚ą165.70 lakhs to â‚ą647.65 lakhs; PAT grew from â‚ą92.87 lakhs to â‚ą401.77 lakhs.
  3. Margins: EBITDA margin improved from 10.84% to 15.82%; PAT margin from 6.08% to 9.75%.
  4. ROCE/Asset Turnover: ROCE increased to 24.75%. Asset turnover improved to approximately 1.33x in FY 2026.


Financial Conversion and Free Cash Flow Summary (Amount in â‚ą Lakhs)

The EBITDA to CFO conversion is not increasing consistently; it remains volatile and was negative in FY 2026 due to high working capital requirements.

Risks Management Outlook

Legal Cases: There are no criminal or civil cases against the company or promoters. The only outstanding matters are 2 tax proceedings involving â‚ą49.46 lakhs.


Key Risks: High customer concentration (Top 5 customers provide 83% of revenue), negative operating cash flows, and reliance on leased premises for manufacturing.


Red Flags:

  1. Negative FCF in all three years [Calculated from 57, 107].
  2. Statutory Delays: Documented delays in EPF returns (up to 72 days), FEMA compliance (up to 389 days), and Companies Act filings.
  3. Debt Spike: Total debt increased by nearly 3x in FY 2026.


Promoter Quality: Promoters are first-generation entrepreneurs with strong domain expertise but limited experience in managing listed entities. They have successfully scaled the company from incorporation in 2017 to over â‚ą40 crore in revenue by 2026.


Management Outlook: Management views current industry consolidation and the shift toward institutional-grade robotic O&M as "structural and irreversible," positioning the company for long-term premium contracts.


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