Hero Future Energies IPO is a proposed Mainboard public issue of Hero Future Energies Limited, a renewable energy company and part of the Hero Group. The company has been preparing for a potential public listing. In February 2026, media reports indicated that Hero Future Energies was expected to file its draft IPO papers and that the proposed issue could be in the range of ₹3,000 crore to ₹4,000 crore, with both primary and secondary components being considered. The final issue size and structure have not been officially disclosed in an approved DRHP.
Hero Future Energies is a global renewable energy company established in 2012. According to the company’s official website, HFE currently has a global portfolio of 7.7 GWp of renewable energy and 2.9 GWh of battery energy storage system assets across India, Ukraine, Vietnam and the UK, including operating and under-construction projects. Its portfolio includes wind, solar photovoltaic, hybrid power, peak power, round-the-clock power, energy storage, green hydrogen and related clean technology solutions.
The company works with utility customers as well as commercial and industrial customers. Its business includes utility-scale renewable projects, commercial and industrial renewable energy solutions, energy storage and green hydrogen. Hero Future Energies is backed by institutional investors including International Finance Corporation (IFC) and KKR, in addition to the Hero Group.
Table of Contents
Hero Future Energies IPO Details Information
The key IPO details currently available are given below. The final price band, issue size, IPO dates, lot size, reservation and listing details will be updated after the company files and receives approval for its official IPO documents.
| Particulars | Information |
|---|---|
| IPO Name | Hero Future Energies IPO |
| Company Name | Hero Future Energies Limited |
| IPO Type | Yet to be Updated |
| IPO Category | Mainboard IPO |
| Face Value | Yet to be Updated |
| Price Band | Yet to be Updated |
| Issue Size | Yet to be Updated |
| Fresh Issue | Yet to be Updated |
| Offer for Sale | Yet to be Updated |
| IPO Open Date | Yet to be Updated |
| IPO Close Date | Yet to be Updated |
| Anchor Investor Bidding | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
| Listing Exchange | Yet to be Updated |
| Lot Size | Yet to be Updated |
| Registrar | Yet to be Updated |
| Book Running Lead Managers | Yet to be Updated |
Media reports have indicated a potential IPO size of approximately ₹3,000 crore to ₹4,000 crore and a combination of primary and secondary share sales. These figures are indicative reports and should not be treated as final IPO details until disclosed in the company’s official offer documents.
Hero Future Energies IPO Dates
The Hero Future Energies IPO opening, closing, allotment and listing dates have not been officially announced.
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | Yet to be Updated |
| IPO Opening Date | Yet to be Updated |
| IPO Closing Date | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
The company was reported in February 2026 to be working towards filing draft IPO papers, but the final IPO timetable will depend on the regulatory and issue process.
Hero Future Energies IPO Reservation
The final reservation for Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors has not been announced.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
The final reservation structure will be disclosed in the DRHP/RHP and may change depending on the final issue structure.
Hero Future Energies IPO Lot Size
The final lot size and minimum application amount have not been announced.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | Yet to be Updated | Yet to be Updated |
| Retail Maximum | Yet to be Updated | Yet to be Updated |
| S-HNI Minimum | Yet to be Updated | Yet to be Updated |
The lot size will be calculated after the company announces its IPO price band and equity share details.
About Hero Future Energies Limited
Hero Future Energies is the renewable energy arm of the Hero Group and was established in 2012. The company is headquartered in London and operates across India, the United Kingdom, Vietnam, Singapore and other international markets. Its business is focused on renewable energy generation and clean technology solutions.
The company’s portfolio includes traditional wind and solar photovoltaic projects as well as hybrid renewable power, peak power, firm and dispatchable renewable power, energy storage and green hydrogen solutions. HFE works with both utility customers and commercial and industrial customers seeking renewable energy and decarbonisation solutions.
According to HFE, the company has developed renewable projects across several Indian states and has expanded its international presence through projects and development activities in Ukraine, Vietnam and the UK. The company also has a growing portfolio of battery energy storage and other emerging clean-energy technologies.
Business Operations
Hero Future Energies operates across renewable energy generation and clean technology solutions.
- Utility Scale Renewable Energy – HFE develops and operates large-scale solar and wind projects for utility customers.
- Hybrid Power – The company develops solar-wind hybrid projects designed to improve utilisation and generation profiles.
- Round-the-Clock Power – HFE develops firm and dispatchable renewable power solutions combining renewable generation and storage.
- Commercial and Industrial Solutions – The company provides open-access and rooftop renewable energy solutions for commercial and industrial customers.
- Energy Storage – HFE provides battery energy storage solutions for capacity firming, peak shaving and energy shifting.
- Green Hydrogen – The company develops green hydrogen solutions for hard-to-abate industrial sectors.
- Solar Power – HFE develops utility-scale and rooftop solar projects.
- Wind Power – The company has developed wind energy projects across India and other markets.
HFE’s official website states that its portfolio includes utility-scale projects, C&I solutions, energy storage and green hydrogen, with a focus on supporting the global energy transition.
Industry Overview
The renewable energy sector is expanding as countries increase renewable power generation, electrification and decarbonisation. Solar and wind generation are being increasingly combined with battery storage and other technologies to provide more reliable and dispatchable clean power.
India’s renewable energy sector is also seeing increased investment in solar, wind, hybrid renewable energy, energy storage and green hydrogen. Commercial and industrial customers are increasingly looking for renewable power solutions as they work towards emissions-reduction targets.
Hero Future Energies operates across several of these segments, including utility-scale renewable energy, C&I renewable power, battery energy storage and green hydrogen. Its international presence provides exposure to renewable energy markets outside India as well.
Business Strategy
Hero Future Energies focuses on expanding its renewable energy portfolio while increasing its presence in emerging clean-energy technologies.
The company is developing hybrid, peak-power, round-the-clock renewable power and energy storage solutions to address the need for more reliable renewable electricity. It is also working with commercial and industrial customers in hard-to-abate sectors through renewable energy and green hydrogen solutions.
HFE has also continued to expand internationally. The company currently has operations and offices across India, the UK, Vietnam and Singapore, while its renewable energy and storage portfolio extends across India, Ukraine, Vietnam and the UK.
The company has stated that it aims to become a net-zero organisation by 2030 and has been investing in clean technology and sustainability initiatives.
Hero Future Energies IPO Financial Information
A company’s financial performance provides insights into revenue generation, profitability, asset base and financial position. The following figures are based on Hero Future Energies’ consolidated financial statements and official annual reports.
Hero Future Energies Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹1,464.51 Crore | ₹1,497.11 Crore | ₹1,470.91 Crore |
| Total Income | ₹1,657.32 Crore | ₹1,621.61 Crore | ₹1,663.13 Crore |
| EBITDA | |||
| Profit Before Tax (PBT) | ₹19.25 Crore | -₹102.64 Crore | |
| Profit After Tax (PAT) | -₹315.49 Crore | ₹2.40 Crore | -₹160.44 Crore |
| Net Worth | ₹11.92 Crore | ||
| Total Borrowings | ₹10,770.0 Crore* | ₹11,654.80 Crore* | |
| Total Assets | ₹10,538.60 Crore* | ₹12,964.05 Crore |
*Total borrowings are calculated from current and non-current borrowings shown in the consolidated balance sheet. The FY2025 consolidated financial statements report non-current borrowings of ₹10,017.54 crore and current borrowings of ₹1,637.26 crore.
The company reported consolidated revenue from operations of ₹1,470.91 crore in FY2025 compared with ₹1,497.11 crore in FY2024. Total income increased to ₹1,663.13 crore from ₹1,621.61 crore. However, the company reported a consolidated loss of ₹160.44 crore in FY2025 compared with a profit of ₹2.40 crore in FY2024.
The FY2025 consolidated balance sheet reported total assets of ₹12,964.05 crore and total equity of ₹11.92 crore. Borrowings consisted of ₹10,017.54 crore of non-current borrowings and ₹1,637.26 crore of current borrowings.
The FY2023 consolidated financial statements reported revenue from operations of ₹1,464.51 crore and a loss for the year of ₹315.49 crore. FY2024 revenue from operations was ₹1,461.77 crore in the FY2024 financial statements before the subsequent restatement reflected in the FY2025 consolidated accounts.
Hero Future Energies IPO Key Performance Indicators (KPIs)
Key Performance Indicators help assess the company’s profitability, capital efficiency and financial performance.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | |
| Return on Capital Employed (ROCE) | |
| PAT Margin | -9.69% |
| EBITDA Margin | |
| Debt-to-Equity Ratio | |
| Fixed Asset Turnover Ratio | |
| EPS | -₹1.50 |
| Net Asset Value (NAV) Per Share |
The FY2025 consolidated PAT margin based on loss for the year of ₹160.44 crore and revenue from operations of ₹1,470.91 crore is approximately -10.91%. The FY2025 consolidated financial statements report basic and diluted EPS of -₹1.50.
The company incurred significant finance costs of ₹862.79 crore and depreciation and amortisation expenses of ₹363.54 crore during FY2025.
Objects of the Hero Future Energies IPO
The final objects of the Hero Future Energies IPO have not yet been disclosed in an official DRHP.
Media reports have indicated that the proposed IPO could include both primary and secondary components. The final utilisation of proceeds from any fresh issue will be disclosed by the company in its DRHP and subsequent offer documents.
Potential IPO proceeds cannot be allocated to specific purposes until the company officially discloses the objects of the issue. The final section will therefore be updated after the DRHP is filed.
Hero Future Energies IPO Listing Performance
Hero Future Energies is currently unlisted. Therefore, there is no IPO listing price or listing gain available.
| Particular | Value |
|---|---|
| Listing Exchange | Yet to be Updated |
| Listing Date | Yet to be Updated |
| Issue Price | Yet to be Updated |
| Listing Price | Yet to be Updated |
| Listing Gain | Yet to be Updated |
| Listing Gain (%) | Yet to be Updated |
The listing exchange, issue price and listing date will be disclosed after the IPO structure is finalised.
Hero Future Energies IPO Subscription Status
There is currently no live subscription period for the Hero Future Energies IPO.
Hero Future Energies IPO Subscription :
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
| Employee Category | Yet to be Updated |
| Total Subscription | Yet to be Updated |
Subscription figures will be updated after the IPO officially opens for bidding.
Hero Future Energies IPO Review
Hero Future Energies operates a renewable energy business across solar, wind, hybrid power, energy storage and green hydrogen. The company has built a global renewable energy portfolio and has expanded its activities beyond traditional renewable generation into firm and dispatchable renewable power and clean technology solutions.
The company reported consolidated revenue from operations of ₹1,470.91 crore in FY2025 and total income of ₹1,663.13 crore. The company reported a consolidated loss of ₹160.44 crore for FY2025 after reporting a profit of ₹2.40 crore in FY2024.
HFE’s FY2025 balance sheet also reflects a significant asset base and substantial borrowings, with total assets of ₹12,964.05 crore and aggregate current and non-current borrowings of approximately ₹11,654.80 crore. Investors evaluating a future Hero Future Energies IPO would therefore need to consider its renewable energy portfolio, project pipeline, financing requirements, debt levels, profitability, interest costs, regulatory environment and the final IPO valuation.
Hero Future Energies IPO Strengths
- Part of the established Hero Group.
- Global renewable energy portfolio across India, Ukraine, Vietnam and the UK.
- Exposure to solar, wind, hybrid renewable energy and energy storage.
- Expanding presence in battery energy storage systems.
- Presence in commercial and industrial renewable energy solutions.
- Emerging green hydrogen business.
- Backed by institutional investors including IFC and KKR.
- Experience in large-scale renewable project development and execution.
- International operating presence.
- Established track record in renewable energy and clean technology development.
Hero Future Energies IPO Risk Factors
- The company reported a consolidated loss of ₹160.44 crore in FY2025.
- FY2025 finance costs were ₹862.79 crore.
- The company has significant borrowings on its consolidated balance sheet.
- Renewable energy projects require substantial capital investment.
- Project execution can be affected by land, transmission, grid connectivity and regulatory requirements.
- Renewable generation depends on weather and resource availability.
- Changes in government policies, tariffs and renewable energy regulations may affect project economics.
- The company operates in a competitive renewable energy market.
- International operations expose the company to foreign currency and geopolitical risks.
- Energy storage and green hydrogen businesses are developing markets requiring continued investment.
Hero Future Energies IPO Promoters
Hero Future Energies was founded by Rahul Munjal and is part of the Hero Group. The company’s official website identifies Rahul Munjal as Founder & Chairman and identifies him as Chairman and Managing Director of HFE Global.
Hero Future Energies IPO Promoters Details
| Promoter | Designation |
|---|---|
| Rahul Munjal | Founder & Chairman |
The final promoter and promoter-group details for the IPO will be confirmed in the DRHP.
Hero Future Energies IPO Management Team
Hero Future Energies’ official website identifies the following board and leadership team members.
| Name | Designation |
|---|---|
| Rahul Munjal | Founder & Chairman |
| Dr. Pawan Munjal | Director |
| Abhimanyu Munjal | Director |
| Inderbir Singh Dhingra | Director |
| Hardik Shah | Director |
| Pooja Munjal | Director |
| Srivatsan Iyer | Global Chief Executive Officer |
| Ben Fraser | Global Chief Financial Officer |
| R. Sunder | Business Head – C&I – India, South Asia |
| Ashutosh Vyas | Head – Energy Business (Utilities) |
| Oman Singh | Business Head – Southeast Asia |
| Sudhir Pathak | Chief Science & Technology Officer |
| Devendra Kr Dwivedi | Head – Projects, Land & PMO |
| Harish Pant | Chief Asset Performance Officer |
| Sanjeev Anand | Head – SCM |
| Bhawna K. Mital | CHRO and Head – Admin, CSR & Corporate Communication |
| Sumit Kumar Roy | General Counsel |
| Shashidhar Srirambhatla | Head – Risk & Internal Audit |
The company website identifies Srivatsan Iyer as Global Chief Executive Officer and Ben Fraser as Global Chief Financial Officer.
Hero Future Energies IPO Registrar Details
The registrar for the Hero Future Energies IPO has not yet been announced.
| Particular | Details |
|---|---|
| Registrar Name | Yet to be Updated |
| Website | |
| IPO Allotment Status | Yet to be Updated |
| Email ID | |
| Contact Number |
The registrar will be disclosed in the DRHP/RHP after the IPO process formally begins.
Hero Future Energies IPO Lead Manager Details
The final Book Running Lead Managers for the Hero Future Energies IPO have not yet been officially announced.
| Particular | Details |
|---|---|
| Lead Managers | Yet to be Updated |
The final BRLM information will be updated after the company files its official IPO documents.
Hero Future Energies Contact Details
| Particular | Details |
|---|---|
| Company Name | Hero Future Energies Limited |
| Registered Office | 4th Floor, 6 Worldmark, Asset LP-1B-03, Commercial Development Manhattan Street, Aerocity, New Delhi – 110037 |
| Website | https://www.herofutureenergies.com |
| Email ID | [email protected] |
| Contact Person | Investor Relations |
Hero Future Energies’ investor relations page lists its registered office at 4th Floor, 6 Worldmark, Asset LP-1B-03, Commercial Development Manhattan Street, Aerocity, New Delhi – 110037, with investor relations contact details.
Prospectus / Documents
The final IPO prospectus documents have not yet been made available.
| Document | Status |
|---|---|
| DRHP | Yet to be Filed |
| RHP | Yet to be Updated |
| Prospectus | Yet to be Updated |
| Annual Report | Available |
| Financial Statements | Available |
| Investor Presentation | Available |
Hero Future Energies maintains an investor relations section containing annual reports, financial information and investor presentations. Its FY2024-25 annual report is publicly available.
How to Check Hero Future Energies IPO Allotment Status
Investors can check the Hero Future Energies IPO allotment status only after the IPO opens, closes and the basis of allotment is finalised.
Through Registrar
- Visit the official IPO allotment portal of the registrar appointed for the Hero Future Energies IPO.
- Select Hero Future Energies IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Hero Future Energies IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
The current allotment status is not available because the Hero Future Energies IPO has not yet opened for subscription.
Hero Future Energies IPO Conclusion
Hero Future Energies is a renewable energy company belonging to the Hero Group, with a global portfolio covering solar, wind, hybrid renewable energy, energy storage and green hydrogen. The company has operations and projects across multiple international markets and is backed by investors including IFC and KKR.
The company reported consolidated revenue from operations of ₹1,470.91 crore and total income of ₹1,663.13 crore in FY2025. It reported a consolidated loss of ₹160.44 crore for the year. Its FY2025 consolidated balance sheet showed total assets of ₹12,964.05 crore and total borrowings of approximately ₹11,654.80 crore.
Media reports in February 2026 indicated that Hero Future Energies was preparing for a potential IPO and that the proposed issue could be around ₹3,000 crore to ₹4,000 crore, potentially comprising primary and secondary sales. These details remain subject to the company’s official IPO documents.
The final price band, issue size, fresh issue, Offer for Sale, IPO dates, lot size, reservation, GMP, subscription figures, registrar, lead managers and listing details will need to be updated once officially disclosed.
Hero Future Energies IPO FAQs
What is Hero Future Energies IPO?
Hero Future Energies IPO refers to the proposed initial public offering of Hero Future Energies Limited, a renewable energy company belonging to the Hero Group.
What is the price band of Hero Future Energies IPO?
The price band of Hero Future Energies IPO has not yet been announced.
What is the issue size of Hero Future Energies IPO?
The final issue size has not yet been officially announced. Media reports in February 2026 indicated a potential issue size of ₹3,000 crore to ₹4,000 crore, but the final amount will be confirmed only through the company’s official IPO documents.
When will the Hero Future Energies IPO open?
The Hero Future Energies IPO opening date has not yet been announced.
When will the Hero Future Energies IPO close?
The Hero Future Energies IPO closing date has not yet been announced.
On which stock exchanges will Hero Future Energies shares be listed?
The proposed listing exchanges have not yet been officially announced.
Who is the registrar for Hero Future Energies IPO?
The registrar for Hero Future Energies IPO has not yet been announced.
What is the face value of Hero Future Energies IPO shares?
The face value of the equity shares for the proposed IPO has not yet been disclosed in official IPO documents.
What does Hero Future Energies do?
Hero Future Energies develops renewable energy and clean technology solutions covering solar, wind, hybrid power, energy storage, commercial and industrial renewable energy and green hydrogen.
What are the objects of the Hero Future Energies IPO?
The final objects of the Hero Future Energies IPO have not yet been disclosed. The utilisation of any fresh issue proceeds will be provided in the company’s DRHP and subsequent IPO documents.
