Safety Controls & Devices
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 06 Apr 2026 – 08 Apr 2026
- Listing date
- 13 Apr 2026
- Face value
- ₹10 per share
- Price band
- ₹75 – ₹80
- Issue price
- ₹80 per share
- Lot size
- 1,600 shares
- Listing at
- BSE
- Total issue size
- ₹48 Cr
- Market cap at offer price
- ₹159 Cr
- Promoter holding
- 66.53% → 46.40% pre-issue → post-issue
- ISIN
- INE0UMH01018
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Sobhagya Capital Options Pvt.Ltd.
- Registered office
- C-43/28/1, Nawal Kishore Road, Hazratganj, Uttar Pradesh
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 | 15,84,000 | — | — |
| Market maker | 3,04,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹80
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,28,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,56,000 |
| S-HNI (max) | 7 | 11,200 | ₹8,96,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,24,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.50 | 5.16 |
| P/E (×) | 12.31 | 15.50 |
| Price to book (×) | 2.52 | — |
| Market cap | — | ₹159 Cr |
Key performance indicators
- Return on net worth
- 21.32%
- ROCE
- 37.39%
- Debt / equity
- 0.80
- PAT margin
- 8.77%
- EBITDA margin
- 16.84%
- NAV per share
- ₹31.70
- Price to book
- 2.52
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Safety Controls & Devices
Safety Controls & Devices Limited (SCDL), formerly Safety Controls & Devices Private Limited, was incorporated on June 01, 2015 in Lucknow, Uttar Pradesh and was later converted into a public limited company, with a fresh Certificate of Incorporation dated October 10, 2023 (CIN: U31908UP2015PLC071082). The company is primarily engaged in the EPC (Engineering, Procurement and Construction) business — installation of substations, construction of solar plants, installation of firefighting equipment, and construction of hospitals for the Ministry of Ayush — with experience in turnkey projects across transmission and distribution, solar energy, EV charging infrastructure, fire protection systems and hospital construction. Its customers are predominantly central and state government utilities; each project is awarded through competitive bidding where contracts are secured by emerging as the lowest (L1) bidder, and revenue is recognised on the percentage-of-completion method with milestone-based billing and retention money held until warranty periods lapse. Business verticals comprise Substations, Power Projects, Ayush Projects and Fire Protection; revenue from operations was ₹10,256.03 lakhs in FY 2024-25 with PAT of ₹899.04 lakhs, and the company disclosed an order book of ₹13,918.22 lakhs as of the Prospectus date (including a ₹8,353.00 lakh 220kV substation package for TUSCO Ltd. and a ₹5,565.22 lakh traction substation order from Rail Vikas Nigam Limited).
Company Analysis
from DRHPSafety Controls & Devices Limited is a Lucknow-based engineering enterprise executing turnkey EPC (Engineering, Procurement and Construction) projects spanning power transmission substations, solar plants, firefighting systems, EV charging infrastructure and hospital construction for the Ministry of Ayush.
Safety Controls & Devices Limited (SCDL), formerly Safety Controls & Devices Private Limited, was incorporated on June 01, 2015 in Lucknow, Uttar Pradesh and was later converted into a public limited company, with a fresh Certificate of Incorporation dated October 10, 2023 (CIN: U31908UP2015PLC071082). The company is primarily engaged in the EPC (Engineering, Procurement and Construction) business — installation of substations, construction of solar plants, installation of firefighting equipment, and construction of hospitals for the Ministry of Ayush — with experience in turnkey projects across transmission and distribution, solar energy, EV charging infrastructure, fire protection systems and hospital construction. Its customers are predominantly central and state government utilities; each project is awarded through competitive bidding where contracts are secured by emerging as the lowest (L1) bidder, and revenue is recognised on the percentage-of-completion method with milestone-based billing and retention money held until warranty periods lapse. Business verticals comprise Substations, Power Projects, Ayush Projects and Fire Protection; revenue from operations was ₹10,256.03 lakhs in FY 2024-25 with PAT of ₹899.04 lakhs, and the company disclosed an order book of ₹13,918.22 lakhs as of the Prospectus date (including a ₹8,353.00 lakh 220kV substation package for TUSCO Ltd. and a ₹5,565.22 lakh traction substation order from Rail Vikas Nigam Limited).
Objects of the Issue
- Repayment/prepayment, in part or full of certain of our borrowings ₹600.00 Lakhs p.102
- Funding the Working Capital Requirements of our Company ₹3,150.00 Lakhs p.106
- General Corporate Purpose ₹564.00 Lakhs p.111
Issue Structure
- Total Issue
- 60,00,000 equity shares of face value ₹10 each aggregating ₹4,800 Lakhs
- Fresh Issue
- 60,00,000 equity shares of face value ₹10 each at ₹80 per share (including securities premium of ₹70 per share), aggregating ₹4,800 Lakhs
- Offer for Sale
- NIL
- Price Band
- Minimum ₹75 per Equity Share (Floor Price) to maximum ₹80 per Equity Share (Cap Price)
- Lot Size
- 1,600 Equity Shares and in multiples of 1,600 Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company earns revenue by executing turnkey EPC (Engineering, Procurement and Construction) contracts — design, engineering, supply, installation, erection, testing and commissioning — for substations, solar/power projects, firefighting systems and hospital construction, secured mainly through competitive bidding (lowest/L1 bidder) largely from central and state government entities; revenue is recognised under the percentage-of-completion method, billed on milestones/work-progress, with retention money released after warranty periods.
Business Segments
SWOT Analysis
- • Experienced promoter and management team(p.112)
- • Scalable business model(p.112)
- • Wide and diverse range of product/service offerings(p.112)
- • In-house manufacturing facility with quality control and R&D(p.112)
- • Established relationships with public sector entities; approved-vendor status with repeat business(p.26)
- • Turnkey execution experience across multiple verticals (T&D, solar, EV charging, fire protection, hospitals)(p.18)
- • Healthy order book providing revenue visibility(p.103)
- • Heavy customer concentration — loss of major clients would materially hurt operations and profitability(p.27)
- • Persistent negative cash flows from operating activities(p.28)
- • Total indebtedness of ₹3,917.87 lakhs (Jan 31, 2026) with debt-servicing and covenant risk(p.36)
- • Geographic concentration — 100% of recent revenue from a single state (Uttar Pradesh)(p.30)
- • Large and growing working capital requirement(p.29)
- • Discrepancies and delayed/non-compliant statutory filings (ROC, GST)(p.31)
- • Qualified audit opinions for FY2023-24 and FY2024-25 (gross GST recognition; write-off of advances)(p.48)
- • Earlier DRHP filed with NSE EMERGE was returned for failing FCFE eligibility norms(p.28)
- • India's net-zero 2070 pledge and 50%-renewables-by-2030 target support solar/power EPC demand(p.18)
- • Fast-growing renewables base (125.15 GW, 15.4% CAGR since FY16) attractive to investors(p.18)
- • Growing demand for power infrastructure to be capitalized upon(p.26)
- • Strategy to diversify beyond Bihar/Uttar Pradesh into other segments(p.104)
- • Strategy to enhance project execution capabilities and enter tunnel construction(p.29)
- • Leverage supplier relationships and technical expertise to foray into newer technologies and geographies(p.104)
- • IPO-funded incremental working capital expected to lift profitability per business plan(p.102)
- • Intense EPC competition and aggressive bidding compressing margins(p.27)
- • Reliance on government contracts exposes company to policy/regulatory and budgetary shifts(p.26)
- • Disruption/shortage of raw materials and equipment (cement, steel, solar panels) raising costs and delaying projects(p.33)
- • Inherent risks of power sector projects (policy changes, clearance delays, third-party failures)(p.38)
- • Inflation may not be fully passed on to clients, reducing margins(p.53)
- • Changes in laws, policies or regulations could materially adversely affect the business(p.53)
- • Generally fixed fee structures may not offset post-commissioning increases in operation and maintenance costs(p.39)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajnish Chopra | Promoter | 66.17% | 46.14% |
| Anjali Chopra | Promoter | 0.01% | 0.01% |
| Abhishek Chopra | Promoter | 0.35% | 0.24% |
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.