Technocraft Ventures
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 42.26×
- Big non-institutionalbNII · above ₹10 lakh
- 63.97×
- Small non-institutionalsNII · ₹2–10 lakh
- 66.64×
- Retail individualRII · up to ₹2 lakh
- 24.03×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 14 Aug 2026 | ₹42 | +19.81% | ₹2,200 | ₹254 | ₹2,940 |
| 13 Aug 2026 | ₹42 | +19.81% | ₹2,200 | ₹254 | ₹2,940 |
| 12 Aug 2026 | ₹37 | +17.45% | ₹2,000 | ₹249 | ₹2,590 |
| 11 Aug 2026 | ₹29 | +13.68% | ₹1,500 | ₹241 | ₹2,030 |
| 10 Aug 2026 | ₹30 | +14.15% | ₹1,600 | ₹242 | ₹2,100 |
| 09 Aug 2026 | ₹23 | +10.85% | ₹1,200 | ₹235 | ₹1,610 |
| 08 Aug 2026 | ₹20.5 | +9.67% | ₹1,100 | ₹232.5 | ₹1,435 |
| 07 Aug 2026 | ₹15 | +7.08% | ₹800 | ₹227 | ₹1,050 |
| 06 Aug 2026 | ₹16 | +7.55% | ₹900 | ₹228 | ₹1,120 |
| 05 Aug 2026 | ₹13 | +6.13% | ₹700 | ₹225 | ₹910 |
| 04 Aug 2026 | ₹10 | +4.72% | ₹500 | ₹222 | ₹700 |
| 03 Aug 2026 | ₹10 | +4.72% | ₹500 | ₹222 | ₹700 |
| 02 Aug 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 01 Aug 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 31 Jul 2026 | ₹0 | — | — | — | ₹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
- 07 Aug 2026 – 11 Aug 2026
- Listing date
- 14 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹200 – ₹212
- Lot size
- 70 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹252 Cr
- Fresh issue
- ₹202 Cr 95,05,000 shares
- Offer for sale
- ₹50.37 Cr 23,76,000 shares
- Market cap at offer price
- ₹840 Cr
- Promoter holding
- 100.00% → 70.00% pre-issue → post-issue
- ISIN
- INE1D0W01018
- CIN
- U70101DL1998PLC096763
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Khambatta Securities Ltd.
- Registered office
- S 553/54, Ground Floor, School Block, Shakarpur, New Delhi-110092, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 23,76,690 | 28.58% | 28.58% |
| Anchor investor · within QIB | 35,63,810 | — | 42.85% |
| NII (HNI) | 17,82,150 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 11,88,100 | — | 14.28% |
| sNII < ₹10L · within NII | 5,94,050 | — | 7.14% |
| Retail (RII) | 41,58,350 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 83,17,190 | — | 100.00% |
Net offer to the public of 83,17,190 shares, out of a total issue of 83,17,190. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 70 shares per lot, in multiples, at ₹212
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 70 | ₹14,840 |
| Retail (max) | 13 | 910 | ₹1,92,920 |
| S-HNI (min) | 14 | 980 | ₹2,07,760 |
| S-HNI (max) | 67 | 4,690 | ₹9,94,280 |
| B-HNI (min) | 68 | 4,760 | ₹10,09,120 |
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
₹212 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.39 | 10.94 |
| P/E (×) | 14.73 | 19.38 |
| Price to book (×) | 3.91 | — |
| Market cap | — | ₹840 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 26.51%
- ROCE
- 27.72%
- Debt / equity
- 0.55
- PAT margin
- 12.56%
- EBITDA margin
- 20.92%
- NAV per share
- ₹54.28
- Price to book
- 3.91
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 347 | 281 | 227.3 |
| Revenue from operations | 345 | 279.56 | 226.1 |
| Other income | 2 | 1.44 | 1.2 |
| Total expenses | 288.64 | 242.96 | 201.52 |
| Operating profit | 58.36 | 38.04 | 25.78 |
| Operating margin | 16.82% | 13.54% | 11.34% |
| Profit before tax | 58.67 | 38.56 | 26.06 |
| Profit after tax | 43.31 | 28.2 | 19.05 |
| PAT margin | 12.48% | 10.04% | 8.38% |
| Balance sheet | |||
| Total assets | 354.38 | 269.74 | 258.05 |
| Current assets | 279.44 | 215.77 | 217.76 |
| Current liabilities | 160.48 | 122.31 | 133.84 |
| Total liabilities | 191.01 | 149.75 | 166.27 |
| Net worth | 163.38 | 119.98 | 91.78 |
| Current ratio | 1.74× | 1.76× | 1.63× |
| Return on equity | 26.51% | 23.50% | 20.76% |
| Cash flow | |||
| Operating cash flow | 28.7 | 21.68 | 1.4 |
| Investing cash flow | -7.58 | -12.64 | 0.26 |
| Financing cash flow | -8.52 | -9.66 | -3.26 |
| Net cash flow | 12.59 | -0.61 | -1.59 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of working capital requirements of the Company ₹150 Cr
The company proposes to utilize funds for working capital requirements including funding for inventories, trade receivables, and other current assets. The working capital is required for execution of projects, arranging bank guarantees, and procurement of materials for project execution.
2 General corporate purposes —
The company proposes to utilize funds for strategic initiatives, funding growth opportunities, joint ventures/partnerships, capital expenditure, business development initiatives, and research and development related to treatment of wastewater as approved by the Board.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Kartikey Constructions (Partnership Firm) | Promoter Selling Shareholder | 23,76,000 | ₹2.5 |
1 seller offering 23,76,000 shares.
About Technocraft Ventures
Technocraft Ventures Limited, originally incorporated as Technocraft Construction Private Limited on October 21, 1998, operates as a multidisciplinary Engineering, Procurement and Construction (EPC) company focused on public infrastructure development. The company provides design, construction, and long-term Operation & Maintenance (O&M) services for urban infrastructure including Sewage Treatment Plants (STPs), Wastewater Treatment Plants (WWTPs), drainage networks, water supply schemes, substations, and roadworks. The company operates across five business verticals: water and wastewater infrastructure, O&M, urban infrastructure, electrical works, and microtunnelling. With strong presence in Uttar Pradesh and Rajasthan, Technocraft serves key government clients such as Delhi Jal Board (DJB), Rajasthan Urban Drinking Water Sewerage & Infrastructure Corporation (RUDSICO), and UP Jal Nigam. The company has demonstrated revenue growth from ₹1,786.91 million in FY2023 to ₹2,795.64 million in FY2025.
Management
Sanjay Tyagi
MD
Rekha Tyagi
Director
Kartikey Tyagi
CFO
Mukesh Kumar Garg
Director
Strengths
As stated in the offer document
Diversified EPC capabilities across Core Infrastructure Sectors
The company operates across various infrastructure segments including Water & Wastewater Infrastructure, Roads and Highways, Electrical Transmission, Urban Infrastructure and O&M services. As of July 15, 2026, the company has laid over 1,200 KMs of sewer pipelines with approximately 750 KMs commissioned.
Execution capabilities demonstrated through High-Value Government and Multilateral Projects, with strong Financial Growth
The company has demonstrated technical and financial capacity to execute complex projects including ADB-funded sewerage network project in Udaipur valued at ₹828.10 million. Revenue from operations increased from ₹2,261.02 million in Fiscal 2024 to ₹3,449.96 million in Fiscal 2026, reflecting a CAGR of approximately 23.52%.
In-House Engineering Strength with Technological Adaptation
The company's execution model is supported by a dedicated in-house engineering team comprising 78 professionals across civil, mechanical, electrical, instrumentation, and environmental disciplines. The company has successfully deployed micro-tunnelling and trenchless pipeline installation technologies in high-density urban areas.
Consistent Revenue Growth and Strengthening Profitability
The company demonstrated consistent upward growth with revenue from operations growing from ₹2,261.02 million in FY 2024 to ₹3,449.96 million in FY 2026, representing a CAGR of approximately 23.52%. PAT margins improved from 8.43% in FY 2024 to 12.56% in FY 2026.
Regulatory-Approved Electrical works Capabilities with Statewide Licenses
The company holds 'Class A' Electrical Contractor's Licenses from the Electrical Inspectorate Department, Government of Rajasthan, and the Department of Electrical Safety, Government of Uttarakhand. These certifications authorize the company to undertake high-tension (HT) and extra high-tension (EHT) electrical infrastructure projects independently.
Promoter-Led Business with strong execution capabilities
The business is led by Managing Director, Mr. Sanjay Tyagi, who has over 35 years of experience in the infrastructure sector. Prior to joining the company in April 2007, he served with the Ghaziabad Development Authority for over 15 years.
Robust Order Book
As on July 15, 2026, the company has unexecuted order book of ₹13,054.45 million & 5 O&M projects of ₹152.87 million. Apart from this, the bid of the company has also been recently awarded as L1 status by Delhi Jal Board under AMRUT 2.0 valuing ₹1,964.68 million.
Risk factors
As stated in the offer document
Significant Dependence on Government Contracts
The company derives a substantial portion of its revenues from contracts awarded by Central and State Governments under schemes like AMRUT, JJM, and PMGSY. Any reduction in public spending, delays in tender issuance, or cancellation of awarded projects could materially reduce the pipeline of opportunities and adversely affect business operations and financial performance.
Working Capital Intensive Operations
The company's operations are inherently working capital intensive with requirements of ₹1,338.16 million, ₹1,400.09 million and ₹1,280.66 million for FY 2026, 2025 and 2024 respectively. Any shortfall or delay in working capital availability may adversely affect project execution, with estimated requirements of ₹2,909.29 million for FY 2027.
Competitive Bidding Process Dependency
The company's ability to secure projects depends on successful qualification and bidding under government tendering processes. The company achieved conversion rates of 36.11% for solo bids and 75% as lead partner, but failure to qualify or win tenders may adversely affect order book and financial performance.
Geographic Concentration Risk
The company's business is largely concentrated in Uttar Pradesh and Rajasthan, representing 88.58% and 91.89% of revenue in FY 2026 and 2025 respectively. This concentration subjects the company to regional slowdowns, policy changes, and limits diversification opportunities across states.
Outstanding Legal Proceedings and Contingent Liabilities
The company faces various legal proceedings with aggregate quantifiable amounts of ₹981.16 million by the company and ₹99.79 million against the company. Additionally, contingent liabilities of ₹99.79 million as of March 31, 2026, could materialize and affect financial condition if adverse judgments occur.
Bank Guarantee Requirements
The company is required to furnish bank guarantees typically 10-15% of contract value, with outstanding guarantees of ₹1,680.33 million as of March 31, 2026. Inability to arrange such guarantees or their invocation may adversely affect cash flows and limit ability to enter new contracts.
Related Party Transaction Dependencies
The company has significant related party transactions with VVIP Infratech Limited, representing 4.76% and 26.64% of cost of revenue from operations for FY 2026 and 2025 respectively. These transactions may involve potential conflicts of interest and may not always be in the best interests of minority shareholders.
Order Book Reliability and Project Variations
The company's Order Book of ₹13,054.45 million (EPC projects) may not be a reliable indicator of future revenue. The company has experienced instances of early project completion/termination and deductions by government clients, which could materially affect financial performance and cash flows.
Company Analysis
from DRHPTechnocraft Ventures Limited is a multidisciplinary EPC company specializing in public infrastructure projects across water supply, wastewater treatment, sewerage, roads, highways, and electrification in northern India.
Technocraft Ventures Limited, originally incorporated as Technocraft Construction Private Limited on October 21, 1998, operates as a multidisciplinary Engineering, Procurement and Construction (EPC) company focused on public infrastructure development. The company provides design, construction, and long-term Operation & Maintenance (O&M) services for urban infrastructure including Sewage Treatment Plants (STPs), Wastewater Treatment Plants (WWTPs), drainage networks, water supply schemes, substations, and roadworks. The company operates across five business verticals: water and wastewater infrastructure, O&M, urban infrastructure, electrical works, and microtunnelling. With strong presence in Uttar Pradesh and Rajasthan, Technocraft serves key government clients such as Delhi Jal Board (DJB), Rajasthan Urban Drinking Water Sewerage & Infrastructure Corporation (RUDSICO), and UP Jal Nigam. The company has demonstrated revenue growth from ₹1,786.91 million in FY2023 to ₹2,795.64 million in FY2025.
Objects of the Issue
- Funding working capital requirements of our Company ₹1,380.00 million p.125
- General Corporate Purpose p.125
Issue Structure
- Total Issue
- Up to 11,881,000 Equity Shares of face value of ₹10 each, aggregating up to ₹[●] million
- Fresh Issue
- Up to 9,505,000 Equity Shares of face value of ₹10 each, aggregating up to ₹[●] million
- Offer for Sale
- Up to 2,376,000 Equity Shares of face value of ₹10 each, aggregating up to ₹[●] million
- Price Band
- Price band of a minimum price of ₹[●] per Equity Share (Floor Price) and the maximum price of ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares (minimum Bid Lot size to be determined)
- Face Value
- ₹10 each
Business Model
The company generates revenue through fixed-price EPC contracts awarded by government authorities and public bodies through competitive bidding. It also earns revenue from long-term Operation & Maintenance contracts. The business is project-based with milestone-based billing structures. Government bodies release payments subject to certification protocols and administrative procedures, leading to extended receivable cycles. The company has undertaken government projects under schemes like AMRUT, Jal Jeevan Mission (JJM), Namami Gange, and state-level schemes.
Business Segments
SWOT Analysis
- • Diversified EPC capabilities across core infrastructure sectors(p.28)
- • Strong in-house engineering team for project execution(p.50)
- • Access to government-funded infrastructure programs(p.31)
- • Revenue stability from long-term O&M contracts(p.51)
- • High dependence on government-funded projects in two states(p.29)
- • Significant working capital requirements(p.51)
- • Reliance on key managerial personnel(p.67)
- • Unsecured loans repayable on demand(p.59)
- • Expansion under major government schemes like AMRUT 2.0 and Jal Jeevan Mission(p.54)
- • Geographic expansion beyond existing markets(p.70)
- • Scaling to larger capacity projects(p.64)
- • Large government infrastructure investment pipeline(p.31)
- • Reduction in government budgetary allocations for infrastructure(p.43)
- • Increased competition from larger players(p.68)
- • Rising input costs (materials, labor)(p.59)
- • Regulatory and policy changes affecting water management(p.63)
- • Economic slowdown and inflation in target markets(p.79)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sanjay Tyagi | Promoter | 4.03% | — |
| Rekha Tyagi | Promoter | 1.31% | — |
| Kartikey Tyagi | Promoter | 1.99% | — |
| Kartikey Constructions (Partnership Firm) | Promoter Selling Shareholder | 83.02% | — |
| Sanjay Tyagi HUF | Promoter | 7.02% | — |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Technocraft Ventures Limited THIS ISSUE | 14.39 | 54.28 | 19.38, computed at the offer price | 3.91, computed at the offer price | 26.51% |
| 16.30 | 190.57 | 24.30 | 2.08 | 8.62% | |
| 59.51 | 415.11 | 31.96 | 3.50 | 14.37% | |
| 10.42 | 7.05 | 20.76 | 31.71 | 15.22% | |
| 22.81 | 171.91 | 14.81 | 1.67 | 13.27% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.