Mahendra Realtors & Infrastructure
SMENSE₹49.45 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹49.45 Cr
1 lot at cut-off
₹1,36,000
Lot size
1,600shares
Open
12 Aug 2025
Close
14 Aug 2025
Allotment
18 Aug 2025
Listing
20 Aug 2025
Listing performance
Issue price
₹85
Listed at
₹68
Listing-day close
₹64.60
Latest price
₹51.30
Close on 23 Oct 2026
Listing gain
-20.00%
Return since issue
-39.65%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Aug 2025 – 14 Aug 2025
- Listing date
- 20 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Listing at
- NSE
- Total issue size
- ₹49.45 Cr
- Market cap at offer price
- ₹188 Cr
- Promoter holding
- 100.00% → 73.68% pre-issue → post-issue
- ISIN
- INE632Q01018
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Novus Capital Advisors Pvt.Ltd.
- Registered office
- 603, Quantum Tower, Ram Baug, Opp Dal Mill, Off S.V.Road, Malad (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 | 2,91,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
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.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹85 per share
Valuation and performance
Valuation at offer price
₹85 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.55 | 6.73 |
| P/E (×) | 9.94 | 12.63 |
| Price to book (×) | 2.08 | — |
| Market cap | — | ₹188 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.43%
- ROCE
- 30.56%
- Debt / equity
- 0.22
- PAT margin
- 11.91%
- EBITDA margin
- 17.55%
- NAV per share
- ₹40.79
- Price to book
- 2.08
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mahendra Realtors & Infrastructure
Mahendra Realtors & Infrastructure Limited, incorporated on June 8, 2007, is a construction and infrastructure services company engaged in providing structural repairs, rehabilitation, retrofitting, waterproofing, corporate interior, build-operate-transfer (BOT) projects, maintenance, and construction services. The company has completed over 200 projects for more than 50 clients with an average track record of on-time completion. Its revenue composition in FY 2025 was ₹12,477.18 lakhs, with significant concentration in Maharashtra (96.55% of revenue). The company operates through a mix of independent contracts and project-specific joint ventures with other infrastructure and construction entities, primarily serving government authorities, public sector undertakings, and other entities funded by the government through tender-based procurement processes.
Company Analysis
from RHPMahendra Realtors & Infrastructure Limited provides structural repairs, rehabilitation, retrofitting, waterproofing, corporate interiors, and build-operate-transfer projects primarily for government departments and public sector organizations in India.
Mahendra Realtors & Infrastructure Limited, incorporated on June 8, 2007, is a construction and infrastructure services company engaged in providing structural repairs, rehabilitation, retrofitting, waterproofing, corporate interior, build-operate-transfer (BOT) projects, maintenance, and construction services. The company has completed over 200 projects for more than 50 clients with an average track record of on-time completion. Its revenue composition in FY 2025 was ₹12,477.18 lakhs, with significant concentration in Maharashtra (96.55% of revenue). The company operates through a mix of independent contracts and project-specific joint ventures with other infrastructure and construction entities, primarily serving government authorities, public sector undertakings, and other entities funded by the government through tender-based procurement processes.
Infrastructure ConstructionStructural Repairs and RehabilitationRetrofitting ServicesCorporate Interior ServicesBuild-Operate-Transfer (BOT) ProjectsWaterproofing ServicesMaintenance Services
Objects of the Issue
- Long term Working capital Requirement ₹3,040.00 lakhs p.28
- General corporate purposes p.28
- Issue Expenses p.28
- Working Capital Requirement ₹3,040.00 lakhs p.106
- General Corporate Purposes [●] p.106
- Issue Expenses [●] p.106
Issue Structure
- Total Issue
- Up to 58,17,600 Equity Shares of face value of ₹ 10/- each aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to 47,26,400 Equity Shares of face value of ₹ 10/- each aggregating up to ₹ [●] lakhs
- Offer for Sale
- Up to 10,91,200 Equity Shares of face value of ₹ 10/- each aggregating up to ₹ [●] lakhs (comprising up to 5,45,600 Equity Shares by Hemanshu Shah and up to 5,45,600 Equity Shares by Bhavesh Mahendrakumar Shah)
- Price Band
- Price Band to be decided by the Company in consultation with the BRLM and advertised at least 2 working days prior to the bid/issue opening date
- Lot Size
- [●] Equity Shares of face value of ₹ 10/- each and in multiples of [●] Equity Shares
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company earns revenue through fixed-price or lump-sum contracts awarded by government departments, public sector undertakings, and other government-funded entities via competitive tender processes. Revenue is recognized using the percentage-of-completion method. The business model relies on winning bids, executing projects efficiently, and maintaining relationships with government clients. Profitability is driven by competitive bidding, effective project management, and cost control.
Business Segments
Structural repairs, rehabilitation, and restoration works including projects at Vashi Railway Station, Belapur Railway Station, Syndicate Bank Ghatkopar, and SBI Harbour Heights using innovative techniques like Polymer Modified Mortar, micro concrete, injection grouting, steel jacketing, and fabre wrapping.
Corporate interior projects completed at IIT Bombay, Airport Authority of India, VVIP Circuit house Pune, SVP Hospital for Ahmedabad Municipal Corporation and other major projects.
Civil structure repairs, restoration, plumbing contracting, waterproofing, painting, and interior work for government entities
Provides structural repairs and restoration to structures exhibiting structural damage in concrete sections using techniques including jacketing, polymer modified mortar treatment, micro concreting, thixotropic mortar treatment, fiber wrapping, epoxy grouting, cement grouting, and carbon/glass laminate fixing
Executes interior work comprising Civil, Interior/carpentry, HVAC, Firefighting, Plumbing, Painting, Data networking, Audiovisual, loose furniture and enhances commercial/office space through well-planned execution
Undertakes financing, designing, constructing, operating and maintaining facilities for specified durations before transfer to client. Involves three phases: build (financing, designing, constructing), operate (maintaining facility and sub-leasing commercial/residential spaces for revenue generation), and transfer (ownership transfer back to government/public authority)
Provides routine maintenance and preventive maintenance work including inspection of buildings and systems to identify issues, troubleshooting, minor repairs such as fixing drywall or repairing doors, and implementation of maintenance budgets
Forms barriers over surfaces of foundations, roofs/terraces, walls and other structural members of buildings to prevent water penetrations using methods including brickbat coba, polyurethane coating, cementitious waterproofing systems, and EPDM membrane systems
Undertakes structural repairs, restoration, and retrofitting of infrastructure such as bridges and culverts, including specialized work like lifting girders and replacing bearings
Civil construction, structural repairs, restoration, renovation and rehabilitation works
Interior design and execution for corporate clients
Building and infrastructure maintenance services
BOT projects for infrastructure development
SWOT Analysis
Strengths
- • Established track record with 200+ completed projects for 50+ clients(p.28)
- • Diverse service portfolio including structural repairs, rehabilitation, retrofitting, waterproofing, and infrastructure restoration(p.28)
- • Experience undertaking high-profile government projects with innovative techniques(p.28)
- • Experienced management with strong domain knowledge in construction and infrastructure(p.63)
- • Consistent revenue and profitability growth over three years(p.124)
- • Strong return on equity demonstrating efficient use of shareholder capital(p.124)
- • Substantial order book providing revenue visibility(p.108)
- • Improving operational profitability(p.124)
- • No history of quality compliance failures(p.61)
- • Established reputation and track record in government projects(p.166)
- • Specialized expertise in government procurement and project management(p.167)
- • Strong relationships with government agencies and industry partners(p.167)
- • Financial stability enabling execution of large government contracts(p.167)
- • Diverse service portfolio across structural repairs, waterproofing, corporate interior and BOT projects(p.151)
- • Experienced leadership with 18+ years in infrastructure and civil construction(p.204)
- • Joint venture capability to meet large project eligibility requirements(p.200)
- • Strategic expansion through joint ventures enhancing technical expertise(p.200)
- • Strong revenue growth trajectory(p.278)
- • Improved profitability and margins(p.279)
- • Substantial fixed deposit investments for financial stability(p.253)
- • Strong profitability improvement with PAT margins increasing from 6.41% to 11.41%(p.281)
- • Significant reduction in finance costs reducing from 3.93% to 1.19% of revenue(p.281)
- • Impeccable debt servicing record with no defaults(p.283)
- • Improved project mix with better profitability profiles(p.281)
- • ISO certifications demonstrating quality and safety standards(p.297)
Weaknesses
- • High customer concentration with top 10 customers representing 81.29% of FY2025 revenue(p.40)
- • No long-term contracts with customers, relying on work order basis arrangements(p.40)
- • Geographic concentration of revenue in Maharashtra (96.55% in FY2025)(p.41)
- • High attrition rate of 35.06% in FY2024-25 affecting workforce stability(p.44)
- • Significant dependence on top 10 suppliers for 42.94% of purchases in FY2025(p.42)
- • Low credit rating (ACUITE B+ long-term) indicating financial stress(p.54)
- • High contingent liabilities of ₹2,415.95 lakhs as of March 31, 2025(p.54)
- • Operating Delhi office on mere consent without formal lease agreement(p.52)
- • High working capital intensity due to government contracting nature of business(p.108)
- • Significant funds locked in project-related deposits and security requirements(p.116)
- • Promoters retain controlling interest post-IPO limiting minority influence(p.61)
- • Dependence on key managerial personnel for operational success(p.63)
- • Extended payment cycles from government clients creating cash flow pressure(p.109)
- • Heavy dependence on government contracts for majority of revenue(p.167)
- • Risk of complete revenue loss if government bars company from bidding(p.167)
- • Exposure to bureaucratic challenges and slow procurement cycles(p.167)
- • Limited innovation due to regulatory constraints in government contracts(p.168)
- • Heavy reliance on key promoters and select skilled personnel(p.168)
- • Cash flow vulnerability dependent on government fund availability(p.168)
- • Significant working capital intensity of core business operations(p.271)
- • Dependence on government and semi-government contracts(p.273)
- • Concentration of revenue in single geography (Maharashtra)(p.276)
- • High sensitivity to project execution delays(p.273)
- • Reliance on small number of customers(p.273)
- • Negative operating cash flow in FY2025 despite profitable operations(p.282)
- • Material contingent liabilities including GST and service tax disputes totaling ₹2,415.95 lakhs(p.283)
- • Criminal litigation involving the company alleging negligence and safety violations(p.286)
- • Material civil litigation with claim for Rs. 16,75,325/- plus interest and penalties for worker accident compensation(p.286)
- • Pending serious allegations against promoter of fraud, bribery and misappropriation of government funds(p.290)
Opportunities
- • India's infrastructure development imperative as critical growth driver(p.28)
- • Infrastructure as essential enabler for India to become $26 trillion economy(p.28)
- • Government initiatives attracting private investments in infrastructure sectors(p.28)
- • Geographic expansion potential beyond Maharashtra concentration(p.41)
- • Growth in infrastructure development and government spending on civil infrastructure(p.61)
- • Expansion of working capital availability through IPO proceeds(p.106)
- • Listing benefits for corporate image and market access(p.106)
- • Potential to leverage larger order book execution with improved capital(p.107)
- • Diversification into general corporate purposes and strategic initiatives(p.119)
- • Adoption of emerging technologies to enhance service delivery and efficiency(p.168)
- • Expansion into new markets and geographic regions beyond Maharashtra(p.165)
- • Venture into waste management sector with C&D waste processing patent(p.166)
- • Government initiatives for small business participation in contracts(p.168)
- • Strategic expansion through Public-Private Partnerships and joint ventures(p.166)
- • Growing demand for infrastructure development driven by government spending(p.148)
- • Expansion into new geographies and service segments(p.200)
- • Large TMC infrastructure project valued at Rs. 25.83+ crore(p.201)
- • Leveraging joint venture experience for public sector tender opportunities(p.201)
- • Government infrastructure development and tender flotation(p.280)
- • Increase in labour costs presents opportunity to expand business operations(p.284)
- • Revenue growth driven by new projects and increased tender wins(p.284)
- • Diversified service offerings in structural repair, redevelopment, and corporate interiors(p.284)
- • Potential for main board migration upon meeting eligibility criteria with future capital increases(p.319)
Threats
- • Revenue dependence on government bid acceptance and tender-based procurement(p.40)
- • Risk of project delays, modifications, or cancellations beyond company control(p.41)
- • Vulnerability to regional economic downturns and natural disasters in Maharashtra(p.41)
- • Increasing competition in Indian real estate sector pressuring profitability(p.41)
- • Weather conditions and natural disasters causing project delays and cost escalation(p.44)
- • Government policy changes and budgetary allocation risks affecting contract awards(p.40)
- • Pending GST/Service Tax show cause notices with contingent liability exceeding ₹1 crore(p.46)
- • Delayed government payments affecting liquidity and working capital(p.26)
- • Raw material supply concentration in Maharashtra (88.42% in FY2025)(p.50)
- • Negative cash flow from operations in FY2025 of ₹562.69 lakhs(p.53)
- • Extensive regulatory requirements and government policy changes affecting construction industry(p.60)
- • Intense competition from organized and unorganized market players(p.61)
- • Natural calamities and external economic factors impacting Indian economy(p.67)
- • Political instability and changes in government economic policies(p.67)
- • Global economic volatility affecting domestic business performance(p.67)
- • Delays in obtaining regulatory approvals and licenses affecting project timelines(p.60)
- • Regulatory changes affecting compliance costs and operational disruptions(p.168)
- • Cybersecurity threats to sensitive government data and infrastructure projects(p.169)
- • Political instability affecting government spending and procurement priorities(p.169)
- • Litigation risks from contract disputes and compliance issues(p.169)
- • Intense competition from established contractors in government tenders(p.184)
- • Fluctuating raw material prices and supply chain disruptions(p.177)
- • Government budget allocation and tender award uncertainty(p.273)
- • Economic and fiscal policy volatility in India(p.273)
- • Regulatory and approval delays(p.273)
- • Inflation and cost volatility(p.273)
- • Intense competitive market conditions(p.273)
- • Real estate market cyclicality and conditions(p.273)
- • Natural disasters and calamities(p.273)
- • Revenue impacted by seasonal monsoons reducing revenue in July-September(p.284)
- • Future costs and revenues dependent on competition, demand/supply and government policies(p.284)
- • Significant service tax demand of Rs. 3,74,78,621/- under appeal with uncertain outcome(p.287)
- • Potential default consequences including acceleration of obligations and asset seizure(p.283)
- • Dependency on government tender awards with multiple pending litigation against municipalities(p.289)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hemanshu Shah | Promoter/Promoter Selling Shareholder | 46.36% | 33.99% |
| Bhavesh Mahendrakumar Shah | Promoter/Promoter Selling Shareholder | 46.72% | 34.26% |
| Hetal Bhavesh Shah | Promoter/Non-Executive Director | 1.03% | 0.81% |
| Chandrika Mahendra Shah | Promoter | 4.52% | 3.56% |
| Varsha Hemanshu Shah | Promoter | 1.31% | 1.03% |
| Hemanshu M. Shah | Promoter | 46.36% | 33.99% |
| Bhavesh M. Shah | Promoter | 46.72% | 34.26% |
| Chandrika M Shah | Promoter | 4.52% | 3.56% |
| Hetal B. Shah | Promoter | 1.03% | 0.81% |
| Varsha H. Shah | Promoter | 1.31% | 1.03% |
| Mahendra S. Shah HUF | Promoter Group | 0.02% | 0.02% |
| Bhavesh M. Shah HUF | Promoter Group | 0.02% | 0.02% |
| Hemanshu M. Shah HUF | Promoter Group | 0.02% | 0.02% |
| Hemanshu Shah | Promoter | — | — |
| Bhavesh M. Shah | Promoter | — | — |
| Chandrika Mahendra Shah | Promoter | — | — |
| Hetal Bhavesh Shah | Promoter | — | — |
| Varsha Hemanshu Shah | Promoter | — | — |
| Mr. Hemanshu Shah | Promoter | 46.36% | — |
| Mr. Bhavesh Mahendrakumar Shah | Promoter | 46.72% | — |
| Mrs. Chandrika Mahendra Shah | Promoter | 4.53% | — |
| Mrs. Hetal Bhavesh Shah | Promoter | 1.03% | — |
| Mrs. Varsha Hemanshu Shah | Promoter | 1.31% | — |
Leadership
Hemanshu Shah · Managing Director
Bhavesh Mahendrakumar Shah · Whole Time Director
Niharika Kothari · Company Secretary and Compliance Officer
Sandeepkumar Shyambihari Singh · Chief Financial Officer
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.
Mahendra Realtors & Infrastructure IPO FAQs
What is the lot size of Mahendra Realtors & Infrastructure IPO?
The minimum lot size of Mahendra Realtors & Infrastructure IPO is 1,600 shares. One lot costs ₹1,36,000 at the cut-off price.
When does Mahendra Realtors & Infrastructure IPO open and close?
Mahendra Realtors & Infrastructure IPO opened for subscription on 12 Aug 2025 and closed on 14 Aug 2025.
What is the listing date of Mahendra Realtors & Infrastructure IPO?
Mahendra Realtors & Infrastructure IPO listed on 20 Aug 2025.