Chiraharit
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹21 | ₹0 |
| 07 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹21 | ₹0 |
| 06 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹21 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 29 Sept 2025 – 03 Oct 2025
- Listing date
- 08 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹21 per share
- Lot size
- 6,000 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹31.07 Cr
- Market cap at offer price
- ₹115 Cr
- Promoter holding
- 100.00% → 73.00% pre-issue → post-issue
- ISIN
- INE12P101018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- Malaxmi Courtyard, Survey No.157, Khajaguda Village, Chitrapuri Colony Post, Telangana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 7,44,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹21
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,26,000 |
| S-HNI (min) | 2 | 12,000 | ₹2,52,000 |
| S-HNI (max) | 7 | 42,000 | ₹8,82,000 |
| B-HNI (min) | 8 | 48,000 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹21 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.51 | 1.10 |
| P/E (×) | 13.91 | 19.09 |
| Price to book (×) | 8.79 | — |
| Market cap | — | ₹115 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 62.91%
- ROCE
- 32.29%
- Debt / equity
- 2.11
- PAT margin
- 10.10%
- EBITDA margin
- 16.36%
- NAV per share
- ₹2.39
- Price to book
- 8.79
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Chiraharit
Incorporated in 2006 and converted to a public company in December 2024, Chiraharit Limited operates three broad service segments: water-based, renewable energy-based, and civil construction projects. In water applications, the company provides solar module cleaning systems for solar power plants, pressurized irrigation solutions for agriculture and landscapes, water pipeline solutions for industrial and residential projects, and supplies HDPE, UPVC, CPVC, and PVC pipes and fittings. The renewable energy segment focuses on constructing compressed bio-gas (CBG) plants. The company also undertakes miscellaneous civil construction projects. The company makes revenue through EPC (turnkey) project execution, where it designs, procures materials, and installs integrated water management and renewable energy infrastructure for both private and government clients across India.
Company Analysis
from DRHPChiraharit Limited is an EPC (Engineering, Procurement, and Construction) company specialized in water management infrastructure (including solar module cleaning systems, irrigation solutions, and water pipeline projects) and renewable energy projects (compressed bio-gas plants).
Incorporated in 2006 and converted to a public company in December 2024, Chiraharit Limited operates three broad service segments: water-based, renewable energy-based, and civil construction projects. In water applications, the company provides solar module cleaning systems for solar power plants, pressurized irrigation solutions for agriculture and landscapes, water pipeline solutions for industrial and residential projects, and supplies HDPE, UPVC, CPVC, and PVC pipes and fittings. The renewable energy segment focuses on constructing compressed bio-gas (CBG) plants. The company also undertakes miscellaneous civil construction projects. The company makes revenue through EPC (turnkey) project execution, where it designs, procures materials, and installs integrated water management and renewable energy infrastructure for both private and government clients across India.
Objects of the Issue
- Funding Capital Expenditure towards setting up HDPE Ball Valves and Fittings Manufacturing Unit ₹586.01 lakhs p.70
- Repayment and/or pre-payment, in full or part, of certain borrowings ₹390.40 lakhs p.70
- Working Capital Requirements ₹1,953.75 lakhs p.70
- General Corporate Expenses ₹550.00 lakhs p.70
- Issue Related Expenses ₹367.84 lakhs p.70
Issue Structure
- Total Issue
- ₹3,848.00 Lakhs
- Fresh Issue
- ₹3,848.00 Lakhs (up to 1,48,00,000 Equity Shares of ₹1/- each at ₹26/- per share)
- Offer for Sale
- Nil
- Price Band
- ₹26/- per Equity Share (Fixed Price)
- Lot Size
- 4,000 Equity Shares (minimum lot size)
- Face Value
- ₹1/- per Equity Share
Business Model
The company operates as a system integrator for water movement from source to end-user, combining pumping systems, pipelines, measurement devices, storage, water treatment, and distribution networks. Revenue is earned through engineering, procurement, installation, commissioning and after-sales support of complete EPC projects for water supply, irrigation, and renewable energy infrastructure. The company also has subsidiaries manufacturing HDPE pipes (Malaxmi Polymers) and distributing CPVC/PVC/UPVC pipes (Vasavi Building Materials).
Business Segments
SWOT Analysis
- • Diversified service portfolio across water, renewable energy, and civil construction(p.106)
- • Experienced promoters with extensive domain knowledge(p.122)
- • Strong order book exceeding ₹41 crores as of March 2025(p.122)
- • Robust project execution capabilities(p.123)
- • Strategic partnerships with key industry stakeholders(p.123)
- • Commitment to quality assurance and standards(p.123)
- • Presence across multiple Indian states with strong customer base(p.124)
- • In-house manufacturing of HDPE products through backward integration(p.124)
- • Dependency on external vendors for critical materials and supplies(p.25)
- • No export revenue generation(p.25)
- • Concentration of revenue from few customers(p.25)
- • No established independent brand identity(p.32)
- • Reliance on leased premises for operations(p.31)
- • Historical delays in ROC/statutory authority filings(p.27)
- • Multiple instances of delayed statutory due deposits(p.29)
- • High debt-to-equity ratio of 2.59 as of September 30, 2024(p.85)
- • Expanding into international markets with existing import-export license(p.124)
- • Growing solar panel cleaning market projected to grow at 7% CAGR through 2032(p.100)
- • Rising demand for agricultural irrigation solutions(p.105)
- • Government focus on renewable energy and bio-gas infrastructure(p.113)
- • Establishing own brand identity and manufacturing facility(p.32)
- • Strengthening domestic presence in underserved states(p.124)
- • Integration of automation technology in water pipeline systems(p.125)
- • Economic slowdown in India affecting demand for EPC projects(p.44)
- • Competitive pressure from both organized and unorganized sector players(p.130)
- • Raw material price fluctuation affecting project costs(p.29)
- • Inflation eroding profitability margins(p.43)
- • Labour disputes and workforce management challenges(p.32)
- • Development of new technologies replacing water-based solar cleaning(p.33)
- • Climate and monsoon variability affecting agricultural project demand(p.43)
- • Regulatory changes and GST compliance complexities(p.43)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Tejaswini Yarlagadda | Promoter | 72.00% | 52.55% |
| Pavan Kumar Bang | Promoter | 20.00% | 14.60% |
| Venkata Ramana Reddy Gaggenapalli | Promoter | 8.00% | 5.84% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.