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EPW India

EPW India is coming out with an initial public offering (IPO) of 32,79,600 shares in a price band of Rs 95-97 per equity share. 

The issue will open on December 22, 2025 and will close on December 24, 2025.

The shares will be listed on SME Platform of NSE.

The face value of the share is Rs 5 and is priced 19.00 of its face value on the lower side and 19.40 times on the higher side.

Book running lead manager to the issue is Getfive Advisors.

Compliance Officer for the issue is Deepika Gupta.

Profile of the company

EPW India is an IT electronics refurbishing company providing refurbished electronics by using two different Supply chain method (Direct to consumer and Business to Business) at significant prices as compared to new products. The company’s business model encompasses end to end reverse supply chain for IT assets. It involves procuring used IT assets (laptops, desktops, Chromebook and peripherals), refurbishing them to as close to new condition, and selling them directly to end use customers - businesses or retail. Currently, the company sells IT products like laptops, desktops, Chromebook, monitors, and accessories (keyboards, mouse, etc.) through its own shops and website.

To support the operational activity of refurbishment of IT products, the company has established an in-house repair and renewal facility located at A.C.C. structure Plot No. 30/P, Survey No. 460/2. This facility, equipped with modern technology, covers an area of 4,500 sq. feet. The company has a team of 32 technicians dedicated to refurbishing laptops and other IT products, ensuring smooth and efficient operational process for the company.

The company carries out a 15 - 20 days refurbishment process for used laptops that begins with acquiring and inspecting devices, followed by sorting and grading them based on condition. All data is then securely erased, and thorough hardware testing identifies the faulty parts if any, which are then replaced. The laptops undergo deep cleaning and physical restoration before software installation and activation. After quality checks and testing, the products are then, packaged, and send to the shops or listed for sale on website of the company. Finally, the laptops are sold and delivered with after-sales support and warranty, ensuring quality, affordable refurbished IT products while promoting sustainability.

Proceed is being used for:

Meeting the working capital requirement

Repayment of banking facilities availed by the company

General corporate purpose

Industry Overview

The refurbished electronics sector is one of the fastest-growing segments within the broader technology and sustainability domains. It combines elements of circular economy practices, responsible consumption, and technological innovation to create meaningful change. With rising electronic waste (e-waste) globally and growing concerns over environmental degradation, refurbishing electronics is no longer just a cost-saving alternative - it is a necessity for building a more sustainable future. The sector addresses two critical global challenges: reducing the digital divide and minimizing environmental impact. The industry operates across a wide ecosystem that includes IT asset disposition (ITAD) providers, authorized refurbishers, recyclers, and e-waste logistics companies. Products ranging from laptops and desktops to tablets, monitors, and accessories are given a new lease of life through certified processes involving testing, repair, and upgrades. These devices are then resold at affordable prices, making technology accessible to students, small businesses, rural populations, and others traditionally underserved by the mainstream tech market.

The refurbished electronics market size worldwide was valued at US$ 48.29 billion in 2023, which is expected to expand at a CAGR of 10% to reach US$ 94.10 billion by 2030. North America has been a significant player and the largest market for refurbished electronics, primarily because of its well-developed e-commerce infrastructure, techsavvy population and consumer awareness of sustainability. Europe is the second largest market for refurbished electronics, and it has gained traction due to stringent regulations promoting sustainable practices and consumer protection. Asia-Pacific is the third largest market, and it is growing significantly in the refurbished electronics market, driven by a large population, increasing urbanisation, and rising smartphone ownership. Countries like India, South Korea and China have posted a rise in demand for refurbished smartphones and other electronic devices, serving the budget-conscious consumers.

India's refurbished laptops and desktops, along with e-waste recycling and management, are poised for significant growth, driven by increasing e-waste generation, regulatory advancements, and rising demand for affordable and sustainable computing solutions. As digital infrastructure expands and sustainability becomes a national priority, this sector is expected to play a pivotal role in resource conservation, job creation, and environmental protection. In conclusion, the refurbishment of laptops and desktops and e-waste recycling and management in India are set to experience significant growth, driven by increasing e-waste generation, supportive regulatory frameworks, and a shift towards a circular economy. These developments present opportunities for businesses and stakeholders to engage in sustainable practices that contribute to environmental conservation and economic development. 

Pros and strengths

Wide range of products: The company provides a wide variety of refurbished laptops to suit the needs of different customers - including students, working professionals, businesses, schools, and those looking for budget-friendly options. The company offers laptops, desktop, Chromebook and other peripherals from various well-known brands, with different features and price ranges, from basic models to high-performance machines. This helps it to serve a broad market and keep its customers satisfied by offering the right laptops for their specific needs, whether it’s for studying, office work, gaming, or everyday use.

Warranty service: The company provides a warranty on all its refurbished products, which helps build trust and confidence among customers. If any issue arises during the warranty period, it offers support or replacements as needed. This service ensures customer satisfaction and encourages long-term relationships with its buyers. The issuer company provides a one year limited warranty on all eligible refurbished desktops and laptops sold by them. The warranty covers manufacturing defects, hardware malfunctions, and non-functionality arising under normal usage conditions. It includes repair or replacement of defective hardware parts with new or refurbished parts of equivalent quality, at no additional cost to the customer. The standard service time for warranty claims is 7-10 business days from the receipt of the defective product, subject to availability of parts. Exclusions from warranty include damages caused due to accident, misuse, unauthorized repairs, software issues, consumables, and normal wear and tear.

Multiple sales channels and model: The company generates its revenue from online and offline channels. Further, it sells its refurbished products through its own shops located in different regions, which helps it to reach more customers and understand local needs better. Having stores in various areas also reduces its dependence on any single shop and allows it to serve customers more quickly and increase its presence in the market. This mix of sales channels helps it to connect with different types of customers and enable it to operate through both B2B and B2C models.

Risks and concerns

Procurement of IT supplies and regulatory constraints: The company’s purchases of IT Supplies are not highly concentrated, with its top 10 suppliers accounting for 56.26% of its total IT Supplies purchases for the period ended on September 30, 2025. However, its ability to remain competitive, manage costs, and sustain profitability depends significantly on its ability to maintain a stable, adequate, and timely supply of IT Supplies at commercially acceptable prices. The company does not have long-term supply agreements with its suppliers, which subjects it to risks such as price fluctuations, supply constraints, and changes in supplier terms. Further, the Ministry of Commerce has imposed a restriction on the import of used computers and computer peripherals, including laptops and refurbished/ reconditioned spares for use in the domestic market. This restriction further limits the availability of cost-effective IT Supplies, making it vulnerable to supply-side pressures and price volatility.

Outsourced logistics operations and execution risks: The company’s business operations are dependent on third-party transportation and logistics partners for the delivery of raw materials and supplies as well as for dispatching refurbished products to customers, including managing reverse logistics for returns. It currently does not have long-term agreements in place with these logistics’ providers, and its engagements are generally on a need-based or short-term basis. While it has not encountered any major disruptions in logistics support during the past three financial years, its operations remain exposed to the risk of potential delays or failures by these service providers to execute deliveries or returns in a timely manner. Any operational difficulties, lack of availability, or unwillingness of these third-party logistics providers to service its requirements could adversely impact its supply chain, customer experience, and overall ability to meet business targets and projections. Such disruptions may, in turn, have a material adverse effect on its business, operations and financial performance.

Seasonal concentration of demand and event-related risks: The company’s business is subject to seasonality as it sees higher demand of its products from its customers during the festive seasons which generally starts from Dusshera/ Diwali/ Christmas/ New Year onwards and higher demand from SME clients in month of February and March. Accordingly, its results of operations and financial condition in one quarter/ period may not accurately reflect the trends for the entire financial year and may not be comparable with its results of operations and financial condition for other quarters/periods. Additionally, any significant event such as unforeseen economic slowdown, political instabilities or epidemics during these peak seasons may adversely affect its business and results of operations.

Outlook

EPW India is an IT electronics refurbishing company providing affordable refurbished laptops, desktops, Chromebook, monitors, and accessories through both B2B and direct-to-consumer channels. The company procure laptops, desktops, Chromebook, and peripherals, refurbishing them to new condition, and reselling them directly to end use customers. The company has wide range of products coupled with reliable warranty service. On the concern side, the company’s business model is highly dependent on a reliable and efficient supply chain for the procurement of used laptops, components and other materials necessary for the refurbishment process. Any disruption in this supply chain may have a significant negative impact on the company’s operations, production schedules, and financial performance. Moreover, the company’s business is working capital intensive, and any shortfall in meeting its working capital requirements may adversely impact its operations, growth plans, and financial condition.

The company is coming out with a maiden IPO of 32,79,600 equity shares of face value Rs 5 each. The issue has been offered in a price band of Rs 95-97 per equity share. The aggregate size of the offer is around Rs 31.16 crore to Rs 31.81 crore based on lower and upper price band respectively. On performance front, the company’s total revenue has increased almost three-fold to Rs 5,187.54 lakh for fiscal 2025 from Rs 1,853.24 lakh for fiscal 2024. Moreover, profit after tax has increased over five and a half fold in the FY25 to Rs 413.25 lakh from Rs 74.06 lakh in the FY24.

The company carries out refurbishment activities entirely through its in-house team, without engaging third-party contractors. This in-house model ensures cost optimization, skill enhancement, and quality control across all operations. To improve efficiency and accelerate the refurbishment process, the company has strengthened its workforce by hiring additional technicians and quality assurance personnel. This expansion has enhanced the company’s capability to manage higher refurbishment volumes while maintaining consistency in quality and reducing overall operational costs.