Fabtech Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Sep 2025 – 01 Oct 2025
- Listing date
- 07 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹191 per share
- Lot size
- 75 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹230 Cr
- Market cap at offer price
- ₹849 Cr
- Promoter holding
- 94.60% → 68.94% pre-issue → post-issue
- ISIN
- INE0HF201011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- 715, Janki Centre, Off.Veera Desai Road, Andheri (west), Maharashtra
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 | 0 | — | — |
Application size
Minimum 75 shares per lot, in multiples, at ₹191
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 75 | ₹14,325 |
| Retail (max) | 13 | 975 | ₹1,86,225 |
| S-HNI (min) | 14 | 1,050 | ₹2,00,550 |
| S-HNI (max) | 69 | 5,175 | ₹9,88,425 |
| B-HNI (min) | 70 | 5,250 | ₹10,02,750 |
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 (₹) | 14.34 | 10.45 |
| P/E (×) | 13.32 | 18.28 |
| Price to book (×) | 3.57 | — |
| Market cap | — | ₹849 Cr |
Key performance indicators
- Return on net worth
- 26.83%
- ROCE
- 24.46%
- Debt / equity
- 0.32
- PAT margin
- 13.83%
- EBITDA margin
- 14.07%
- NAV per share
- ₹53.44
- Price to book
- 3.57
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Fabtech Technologies
Fabtech Technologies Limited, incorporated in 2018 and converted to public limited company in 2024, provides end-to-end turnkey engineering solutions for the pharmaceutical, healthcare and biotech industries. The company's business was transferred from Fabtech Technologies International Private Limited pursuant to a scheme of arrangement approved by the National Company Law Tribunal in November 2020. Operating under an asset-light model, the company designs, engineers, procures, installs and tests pharmaceutical equipment addressing three key elements: bio clean air, clean water, and process. The company has completed 51 projects across multiple countries including Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka and UAE, serving a footprint spanning more than 62 countries. Revenue from operations for FY2025 was ₹32,666.85 lakhs with a net profit of ₹4,645.30 lakhs. The company also offers standalone engineering solutions including equipment procurement and logistics management.
Company Analysis
from RHPFabtech Technologies Limited is a turnkey engineering solutions provider offering comprehensive design, engineering, procurement, installation and testing of pharmaceutical equipment for greenfield projects across pharmaceuticals, healthcare and biotech sectors in emerging markets globally.
Fabtech Technologies Limited, incorporated in 2018 and converted to public limited company in 2024, provides end-to-end turnkey engineering solutions for the pharmaceutical, healthcare and biotech industries. The company's business was transferred from Fabtech Technologies International Private Limited pursuant to a scheme of arrangement approved by the National Company Law Tribunal in November 2020. Operating under an asset-light model, the company designs, engineers, procures, installs and tests pharmaceutical equipment addressing three key elements: bio clean air, clean water, and process. The company has completed 51 projects across multiple countries including Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka and UAE, serving a footprint spanning more than 62 countries. Revenue from operations for FY2025 was ₹32,666.85 lakhs with a net profit of ₹4,645.30 lakhs. The company also offers standalone engineering solutions including equipment procurement and logistics management.
Objects of the Issue
- Funding working capital requirements of our Company ₹12,700.00 lakhs p.31
- Pursuing inorganic growth initiatives through acquisitions ₹3,000.00 lakhs p.31
- General Corporate Purposes p.31
- Funding working capital requirements of our Company ₹12,700.00 lakhs p.85
- Pursuing inorganic growth initiatives through acquisitions ₹3,000.00 lakhs p.85
- Funding working capital requirements of our Company 12,700.00 lakhs p.135
- Pursuing inorganic growth initiatives through acquisitions 3,000.00 lakhs p.135
- General Corporate Purposes p.135
- Funding acquisition of four to five target companies engaged in manufacturing of process equipment and other critical components ₹3,000.00 lakhs p.220
- Not stated in this part of the document
Issue Structure
- Total Issue
- Up to 1,20,60,000 Equity Shares of face value of ₹10 each aggregating up to ₹[•] lakhs
- Fresh Issue
- Up to 1,20,60,000 Equity Shares of face value of ₹10 each aggregating up to ₹[•] lakhs
- Offer for Sale
- N.A.
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company operates an asset-light model wherein it procures equipment and materials from Related Entities (Associates, Promoter Group entities and Group Companies) and third-party manufacturers. In FY2025, 25.68% of procurement costs came from Related Entities and 74.32% from third-party suppliers. Revenue is primarily generated through turnkey engineering solutions (75.51% of FY2025 revenue) and standalone services (24.49% of FY2025 revenue). The company generates revenue through project-based contracts for designing, procuring, installing and testing pharmaceutical equipment.
Business Segments
SWOT Analysis
- • Turnkey engineering solutions provider in pharmaceutical capex space(p.30)
- • Global footprint across 62+ countries(p.30)
- • Asset-light business model with established procurement network(p.30)
- • Diverse project execution across multiple dosage forms(p.30)
- • Comprehensive solutions addressing three key industry elements(p.30)
- • Comprehensive turnkey engineering solutions with end-to-end project execution capability(p.51)
- • Proven track record in complex pharmaceutical facility projects meeting WHO and international standards(p.51)
- • Strong quality assurance through warranty and indemnity arrangements with suppliers protecting company from warranty claims(p.51)
- • Diversified geographic presence across 57 countries with significant order book in GCC, MENA and ECO regions(p.53)
- • Revenue growth trajectory with increasing revenue from ₹19,379.75 lakhs (FY2023) to ₹32,666.85 lakhs (FY2025)(p.54)
- • Established relationships with multiple lenders and formal hedging policy to mitigate foreign exchange risks(p.54)
- • Comprehensive turnkey engineering solutions across entire project lifecycle(p.96)
- • In-house software technology capabilities for project management(p.148)
- • Asset-light and integrated business model(p.148)
- • Track record executing projects across all dosage forms and geographies(p.148)
- • Strong financial performance with consistent profitability growth(p.109)
- • Comprehensive turnkey engineering solution provider with end-to-end capabilities(p.211)
- • Asset-light and scalable business model with minimal capital intensity(p.212)
- • Strong order book of ₹90,441.87 lakhs as of July 31, 2025(p.212)
- • Proven track record of 51 completed projects across 7+ countries(p.212)
- • In-house proprietary software (FabAssure) enabling real-time project monitoring and execution(p.208)
- • Qualified team of 94 engineers enabling diverse project execution(p.208)
- • Integrated business model with control over quality through Related Entities(p.213)
- • Part of Fabtech Group with 29+ years of operating history in pharmaceutical projects(p.207)
- • Efficient lead funneling with improving conversion rates(p.217)
- • Comprehensive multi-dosage form execution capability(p.217)
- • Experienced leadership with Fabtech Group heritage and three decades of combined pharma engineering expertise(p.218)
- • Established global presence across 62 countries with proven execution track record(p.219)
- • Local presence through subsidiaries and JVs enabling regional market penetration(p.219)
- • Integrated operations with in-house manufacturing capabilities through Related Entities(p.231)
- • Strong order book growth demonstrating market demand(p.238)
- • Established pharmaceutical project execution capabilities with 20+ years experience(p.273)
- • Comprehensive turnkey solutions covering design, engineering, procurement, installation and validation(p.317)
- • Qualified and experienced management team with industry expertise(p.273)
- • Established board with independent directors and proper governance structure(p.271)
- • Comprehensive turnkey engineering solutions across entire project lifecycle(p.372)
- • 29 years of operating history within Fabtech Group since 1995(p.373)
- • Strong order book of ₹90,441.87 lakhs as of July 31, 2025(p.373)
- • Global presence across 62+ countries with focus on emerging markets(p.372)
- • Asset-light business model with integrated procurement system through related entities(p.373)
- • Completion of 51 projects across multiple countries by July 31, 2025(p.373)
- • Asset-light business model with strategic contractor partnerships enabling agility and cost efficiency(p.375)
- • Digital project management system (FabAssure) automating project execution from commencement to completion(p.375)
- • Qualified engineering team with expertise in turnkey solutions across geographies(p.375)
- • Track record of executing diverse, quality pharmaceutical projects with ISO certifications(p.375)
- • Strong customer relationships built through experience and understanding of regulatory requirements(p.375)
- • Experienced promoter team with over three decades of pharmaceutical engineering expertise(p.376)
- • Low proposal-to-order conversion ratio of 10.24%(p.41)
- • Limited operating history as standalone entity(p.43)
- • High dependence on few customers for revenue(p.47)
- • Heavy reliance on Related Entities for equipment procurement(p.46)
- • Significant portion of orders delayed (₹13,490.75 lakhs)(p.45)
- • High customer receivables outstanding beyond six months (55.62% of total receivables as of March 31, 2025)(p.52)
- • History of customer payment defaults including ₹854.29 lakhs bad debt write-off in FY2022(p.52)
- • Negative operating cash flows in FY2025 (₹3,614.48 lakhs) due to working capital cycle constraints(p.52)
- • Working capital intensive business with 195 days working capital cycle requiring significant financing(p.55)
- • Subsidiary FT Institutions Private Limited with negative net worth (₹(35.71) lakhs as March 31, 2025)(p.71)
- • Conflicts of interest with related parties and subsidiary companies engaged in similar business without non-compete agreements(p.57)
- • Multiple instances of statutory compliance failures and delayed regulatory filings with RoC(p.62)
- • Delayed payment of statutory dues including GST, TDS, and provident fund contributions across multiple periods(p.82)
- • High dependency on pharmaceutical industry customers(p.96)
- • No alternate funding arrangements identified for Objects of the Issue(p.96)
- • Concentrated promoter shareholding with limited public float(p.128)
- • No specific targets identified for inorganic growth(p.80)
- • Prior non-compliance with corporate governance and secretarial requirements(p.124)
- • High customer concentration with top 5 customers constituting 56.06% of FY2025 revenue(p.208)
- • Significant dependence on Related Entities for equipment procurement (25.68% of procurement costs in FY2025)(p.212)
- • Heavy reliance on third-party contractors for key project functions(p.207)
- • Relatively recent incorporation (2018) with limited operational history as standalone entity(p.207)
- • Revenue concentration in turnkey projects with 74.54% of FY2025 revenue from this segment(p.207)
- • High dependence on top customers concentrating order book risk(p.239)
- • Significant reliance on pharmaceutical, biotech and healthcare sectors for revenue(p.220)
- • Asset-light model creates dependency on Related Entities for equipment procurement(p.220)
- • Brand dependent on trademark license from group company with renewal constraints(p.243)
- • Significant uninsured assets exposure(p.243)
- • Dependence on promoter group entities and associates for equipment procurement(p.289)
- • Significant related-party transactions with promoter-controlled entities(p.274)
- • Company purchased land from promoter-controlled group company at significant consideration(p.296)
- • Conflict of interest with promoter group companies in similar business lines(p.305)
- • Heavy reliance on related party suppliers for equipment procurement(p.373)
- • Dependence on a few large customers for significant revenue contribution(p.346)
- • High inventory levels with inventory turnover ratio declining to 4.10x from 5.23x(p.357)
- • Significant increase in working capital requirements with current ratio declining from 1.70 to 1.37(p.357)
- • High concentration of revenue among top five customers (56.06% in Fiscal 2025)(p.375)
- • High concentration of order book among top five projects (62.38% in Fiscal 2025)(p.378)
- • Significant dependence on related entities for equipment procurement (25.68% in Fiscal 2025)(p.379)
- • Project-based, non-recurring business requiring continuous lead generation and conversion to secure new orders(p.377)
- • Declining EBITDA margin (14.07% in Fiscal 2025 vs 17.24% in Fiscal 2024)(p.376)
- • Growing global pharmaceutical capex investments(p.30)
- • Government-led local pharmaceutical manufacturing initiatives in UAE and KSA(p.30)
- • Emerging markets showing higher capex spend than mature markets(p.30)
- • Diversification into standalone services and new geographies(p.48)
- • Expansion into new geographies beyond GCC, MENA and ECO regions to diversify revenue base(p.54)
- • Growth in pharmaceutical and healthcare sector capital expenditure cycles in emerging economies(p.53)
- • Strategic acquisitions to establish local presence and manufacturing capabilities in key markets(p.83)
- • Expansion of service offerings and customer diversification beyond pharmaceutical to other industries(p.71)
- • Increasing revenue from non-pharmaceutical sectors (26.04% in FY2025 vs 5.65% in FY2024)(p.59)
- • Expansion in GCC and MENA regions through local subsidiary(p.135)
- • Significant project pipeline in developing markets(p.136)
- • Inorganic growth initiatives through acquisition of manufacturing capabilities(p.141)
- • Footprint across 62+ countries in emerging economies(p.135)
- • Growing order book and conversion metrics(p.151)
- • Global pharmaceutical capex expected to increase 1.3x to $500-550 billion between 2025-2029(p.188)
- • MEA pharmaceutical capex projected to grow 1.3x to $11.5-12.5 billion over 2025-2029(p.190)
- • Indian pharmaceutical capex expected to grow 1.5x to Rs 1,400-1,450 billion over 2026-2030(p.194)
- • Government focus on localization of pharmaceutical manufacturing in MEA region(p.173)
- • Increasing partnerships and technology tie-ups in MEA driving pharma sector growth(p.194)
- • Indian domestic pharmaceutical market expected to grow 8-9% CAGR over FY2025-FY2030(p.177)
- • Growing burden of chronic diseases driving pharmaceutical industry capex investment(p.179)
- • Market penetration in GCC, MENA and ECO regions through local subsidiaries and JVs(p.219)
- • Expansion of government clientele in African region with limited competition(p.219)
- • Inorganic growth through strategic acquisitions in key procurement regions(p.220)
- • Diversification into non-pharmaceutical sectors like nutraceuticals and FMCG(p.220)
- • Growing capex investment in GCC and KSA driven by local pharma manufacturing focus(p.222)
- • Expansion of standalone services offerings with higher margins(p.222)
- • Growth in pharmaceutical, biotech and healthcare sector infrastructure development(p.317)
- • Expansion through international project execution capabilities(p.288)
- • Leveraging cleanroom technology and validation expertise for new projects(p.273)
- • Growing market for pharmaceutical equipment supply and installation services(p.269)
- • COVID-19 bolstered demand for resilient healthcare infrastructure investment(p.372)
- • Expansion of pharmaceutical manufacturing in emerging economies(p.372)
- • Revenue growth from 19,379.75 lakhs (FY23) to 32,666.85 lakhs (FY25) representing 68.6% increase(p.343)
- • Establishment of UAE subsidiaries (Fabtech Technologies LLC and FTS Cleanrooms Systems LLC) for geographical expansion(p.359)
- • Expansion into additional geographies and service segments to diversify revenue sources(p.375)
- • Strategic initiatives to enter additional geographies beyond current GCC, MENA and ECO concentration(p.381)
- • Opportunities to provide value-added services including product dossiers, technology transfers, staffing, and sourcing(p.375)
- • Undertaking standalone services to diversify revenue sources beyond turnkey projects(p.378)
- • Risk of project cancellation or suspension due to external factors(p.45)
- • Dependence on international equipment suppliers subject to geopolitical risks(p.50)
- • Regulatory and compliance risks in diverse geographic markets(p.50)
- • Exposure to customer payment defaults(p.45)
- • Industry cyclicality and economic sensitivity(p.44)
- • Heavy concentration of revenue in GCC, MENA and ECO regions (77.97% combined in FY2025) exposed to geopolitical instability(p.54)
- • Political instability, civil unrest and terrorism risks in developing countries where operations are concentrated(p.55)
- • Dependence on pharmaceutical industry capital expenditure cycles creating revenue cyclicality(p.66)
- • Customer concentration risk with ability to terminate engagements or reduce spending on capital expenditure(p.54)
- • Foreign exchange volatility impacting profitability with 85.71% of revenues in foreign currencies(p.74)
- • Intense competition from established companies with greater financial and technical resources(p.75)
- • Visa and work permit restrictions limiting deployment of execution teams in project jurisdictions(p.61)
- • Delays in project completion exposing company to penalty clauses ranging up to USD 250 per day(p.76)
- • Disruption risks from lack of formal long-term contracts with third-party contractors(p.66)
- • Trademark licensing dependency with potential termination or passing off litigation risks(p.68)
- • Regulatory changes in operating jurisdictions creating compliance and cost burdens(p.92)
- • Risk of customers shifting to in-house teams for procurement and installation(p.96)
- • Intense competition from providers with enhanced capabilities(p.96)
- • Indian economy slowdown impacts business(p.102)
- • Regulatory changes in labour laws increase financial burden(p.102)
- • Foreign investment restrictions limit investor base(p.99)
- • Exchange rate fluctuations impact equity share value and returns(p.98)
- • Potential sovereign debt downgrade increases borrowing costs(p.102)
- • Regulatory changes in pharmaceutical industry affecting capex solutions providers(p.185)
- • Regional conflicts and geopolitical instability disrupting supply chains(p.196)
- • Complex project execution challenges requiring proper multi-stakeholder coordination(p.186)
- • Supply chain disruptions impacting project timelines and costs(p.198)
- • Limited talent pool and difficulties in recruiting skilled employees(p.196)
- • Fluctuation in foreign exchange rates impacting revenue realization(p.196)
- • Long project cycle creates revenue concentration and execution delay risks(p.216)
- • Order book may not be representative of future results due to project delays or cancellations(p.238)
- • Exposure to developing country execution risks and geopolitical challenges(p.237)
- • Dependence on third-party contractors for installation and commissioning(p.240)
- • Industry cyclicality tied to pharmaceutical capex investment cycles(p.220)
- • Competitive market for turnkey engineering solutions(p.240)
- • Competition from established pharmaceutical equipment suppliers and contractors(p.305)
- • Regulatory and compliance risks in pharmaceutical manufacturing sector(p.273)
- • Concentration risk in customer base and geographic markets(p.289)
- • Foreign exchange and currency risks from international operations(p.315)
- • Increased borrowings with debt-to-equity ratio increasing from 0.07 to 0.32(p.357)
- • Debt service coverage ratio declining from 2.65x to 0.90x(p.357)
- • Foreign currency exposure with significant monetary liabilities in USD, EUR and SAR(p.351)
- • Concentration of trade receivables with aging showing 2,393.47 lakhs outstanding for over 3 years(p.337)
- • Contingent liability of corporate guarantees totaling 1,600 lakhs for working capital facilities(p.346)
- • Risk from pending litigation regarding unsatisfactory work quality with deposited liability of 85.53 lakhs(p.346)
- • Geopolitical and economic instability in GCC, MENA and ECO regions where significant operations are concentrated(p.381)
- • Risk of project cancellations, delays, or scope reduction due to customer financial constraints(p.378)
- • Regulatory changes and disruptions to African credit markets affecting client financing capacity(p.381)
- • Fixed-price contracts exposing company to cost overruns that cannot be passed to customers(p.381)
- • Risk of extended lead generation cycles and conversion failures impacting business continuity(p.377)
- • Technology dependency and cybersecurity risks to sensitive pharmaceutical customer data(p.382)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aasif Ahsan Khan | Promoter | 56.98% | — |
| Hemant Mohan Anavkar | Promoter | 11.76% | — |
| Aarif Ahsan Khan | Promoter | 14.11% | — |
| Manisha Hemant Anavkar | Promoter | 11.76% | — |
| Aasif Ahsan Khan | Promoter | — | — |
| Hemant Mohan Anavkar | Promoter | — | — |
| Aarif Ahsan Khan | Promoter | — | — |
| Manisha Hemant Anavkar | Promoter | — | — |
| Aasif Ahsan Khan | Promoter | 56.98% | — |
| Aarif Ahsan Khan | Promoter | 14.11% | — |
| Hemant Mohan Anavkar | Promoter | 11.76% | — |
| Manisha Hemant Anavkar | Promoter | 11.76% | — |
| Aatif Ahsan Khan | Promoter Group | Negligible | — |
| Aasif Ahsan Khan | Promoter | — | — |
| Hemant Mohan Anavkar | Promoter | — | — |
| Aarif Ahsan Khan | Promoter | — | — |
| Aasif Ahsan Khan | Promoter | — | — |
| Hemant Mohan Anavkar | Promoter | — | — |
| Aarif Ahsan Khan | Promoter | — | — |
| Aasif Ahsan Khan | Promoter | 56.98% | — |
| Hemant Mohan Anavkar | Promoter | 11.76% | — |
| Aarif Ahsan Khan | Promoter | 14.11% | — |
| Manisha Hemant Anavkar | Promoter | 11.76% | — |
| Mr. Aasif Khan | Promoter | 56.98% | — |
| Mr. Aarif Khan | Promoter | 14.11% | — |
| Mr. Hemant Anavkar | Promoter | 11.76% | — |
| Mrs. Manisha Anavkar | Promoter | 11.76% | — |
| Aasif Ahsan Khan | Promoter | — | — |
| Hemant Mohan Anavkar | Promoter/Executive Director | — | — |
| Aarif Ahsan Khan | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP 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 RHP before relying on it.