Atomberg Clears SEBI for a ₹450 Crore Fresh Issue, and Two Outlets Disagree on Whether Its Loss Widened

Atomberg Technologies received SEBI's observation letter on October 30, clearing it to go to market with a fresh issue of up to ₹450 crore and an offer for sale of up to 7.65 crore shares, according to Entrackr and Inc42. Clearance is not a listing date. The company has not announced a price band or a timeline, Entrackr said.

The two outlets agree on the headline numbers and disagree on the one that matters most to a buyer: the direction of the loss.

The FY26 loss: ₹148.9 crore, narrowing or widening

Both outlets give FY26 revenue from operations of ₹1,293.77 crore, up 34.8% from ₹959.51 crore in FY25. Both give a net loss of about ₹148.9 crore.

The comparison year is where they split. Entrackr writes that the loss narrowed from ₹199.08 crore, and labels that year FY24, which does not fit a comparison against FY26. Inc42 writes that the consolidated loss widened 26.8% from ₹117.4 crore.

The arithmetic favours Inc42. ₹148.9 crore divided by ₹117.4 crore is 1.268, a 26.8% rise. The ₹199.08 crore figure is probably an older year, though neither outlet says so and the draft red herring prospectus was not available to this reporter. Until the filing is read, the safe claim is that FY26 revenue grew about 35% and the loss was about 11.5% of it.

Metric	FY26	Prior year as reported	Outlet
Revenue from operations	₹1,293.77 crore	₹959.51 crore	Entrackr, Inc42
Net loss	₹148.9 crore	₹117.4 crore	Inc42
Net loss	₹148.88 crore	₹199.08 crore (labelled FY24)	Entrackr
Adjusted EBITDA	₹37.12 crore	₹51.35 crore	Entrackr

Adjusted EBITDA fell from ₹51.35 crore to ₹37.12 crore, a drop of about 28%, on a year when revenue rose by a third. Only Entrackr reports it.

Where the ₹450 crore goes

Both outlets list the same split of the fresh issue. Of ₹450 crore, ₹90 crore repays or prepays borrowings, ₹150 crore goes to brand awareness and performance marketing, and ₹100 crore to research and development. That is ₹340 crore. The remaining ₹110 crore is general corporate purposes, a figure derived here by subtraction and given by neither outlet.

The marketing line is the largest single use, 1.5 times the research line. The fresh issue also equals about three years of the FY26 loss at the current rate.

Who is selling

Inc42 says A91 Partners, Temasek Holdings and Inflexor Ventures, among others, intend to sell in the offer for sale. Entrackr does not name the sellers. It says A91, an investor since 2019, has already sold shares worth around ₹445 crore while retaining a 21% stake, and does not say whether that sale relates to the 7.65 crore shares on offer.

The selling stake sizes for Temasek and Inflexor are not in either report. Inc42's article is partly paywalled. The book-running lead managers are ICICI Securities, Avendus Capital and IIFL Capital Services, per Entrackr.

This is a clearance for a company that is loss-making on both outlets' figures. How investors price a 35% growth rate against an 11.5% loss margin is untested, since no price band exists.

What would settle it

The red herring prospectus, filed before the issue opens, will carry audited restated figures for each year and the selling shareholders' exact share counts. That document will settle whether the loss widened, and by how much. It also will show whether A91's ₹445 crore sale sits inside or outside the offer for sale. For a comparable Indian listing, see how Zetwerk traded after listing and the Tonbo Imaging debut.