Marc Technocrats
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 |
|---|---|---|---|---|---|
| 24 Dec 2025 | −₹2 | −2.15% | ₹0 | ₹91 | −₹2,400 |
| 23 Dec 2025 | −₹2 | −2.15% | ₹0 | ₹91 | −₹2,400 |
| 22 Dec 2025 | −₹2 | −2.15% | ₹0 | ₹91 | −₹2,400 |
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
- 17 Dec 2025 – 19 Dec 2025
- Listing date
- 24 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹93 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹42.59 Cr
- Market cap at offer price
- ₹161 Cr
- Promoter holding
- 99.99% → 73.55% pre-issue → post-issue
- ISIN
- INE0TD401015
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- GF-48, Ground Floor, JMD Megapolis, 48, Sohna Road, Haryana
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 | 2,38,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹93
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,11,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,23,200 |
| S-HNI (max) | 8 | 9,600 | ₹8,92,800 |
| B-HNI (min) | 9 | 10,800 | ₹10,04,400 |
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
₹93 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.48 | 6.65 |
| P/E (×) | 16.97 | 13.98 |
| Price to book (×) | 4.56 | — |
| Market cap | — | ₹161 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 31.00%
- ROCE
- 35.63%
- Debt / equity
- 0.03
- PAT margin
- 15.66%
- EBITDA margin
- 21.68%
- NAV per share
- ₹20.41
- Price to book
- 4.56
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Marc Technocrats
Marc Technocrats Limited (formerly Marc Technocrats Private Limited) was incorporated on August 2, 2007 under the Companies Act, 1956 and converted to a Public Limited Company on November 12, 2024. The company is engaged in infrastructure consultancy services, operating primarily on a Business-to-Government (B2G) model. The company delivers services to government departments and ministries including the Ministry of Road Transport and Highways (MoRTH), National Highways and Infrastructure Development Corporation Limited (NHIDCL), National Highways Authority of India (NHAI), Public Works Departments (PWDs), and Railways. The company generates revenue from supervisory and quality control services, detailed project reports, third-party techno-financial audits, and pre-bid advisory services for infrastructure projects.
Company Analysis
from RHPMarc Technocrats Limited provides infrastructure consultancy services including Supervision and Quality Control (SQC), Detailed Project Reports (DPRs), Third-Party Techno-Financial Auditor (TPTFA), and Pre-Bid Advisory services across roads, highways, railways, buildings, and water resources sectors.
Marc Technocrats Limited (formerly Marc Technocrats Private Limited) was incorporated on August 2, 2007 under the Companies Act, 1956 and converted to a Public Limited Company on November 12, 2024. The company is engaged in infrastructure consultancy services, operating primarily on a Business-to-Government (B2G) model. The company delivers services to government departments and ministries including the Ministry of Road Transport and Highways (MoRTH), National Highways and Infrastructure Development Corporation Limited (NHIDCL), National Highways Authority of India (NHAI), Public Works Departments (PWDs), and Railways. The company generates revenue from supervisory and quality control services, detailed project reports, third-party techno-financial audits, and pre-bid advisory services for infrastructure projects.
Objects of the Issue
- Funding capital expenditure requirements for the purchase of equipment/machineries ₹1,025.45 lakhs p.27
- Working Capital Requirements ₹1,750.00 lakhs p.27
- General Corporate Purposes not to exceed 15% of amount raised or Rs. 10 Crores, whichever is lower p.27
- Funding capital expenditure requirements for the purchase of equipment/machineries ₹1,025.45 Lakh p.90
- Working Capital Requirements ₹1,750.00 Lakh p.96
- General Corporate Purposes p.99
- Not specified in this section of the document
Issue Structure
- Total Issue
- 45,79,200 Equity Shares of Rs. 10/- each aggregating to Rs. [●] Lakhs
- Fresh Issue
- 36,69,600 Equity Shares aggregating to Rs. [●] Lakhs
- Offer for Sale
- 9,09,600 Equity Shares by Mr. Hitender Kumar aggregating to Rs. [●] Lakhs
- Price Band
- Floor Price and Cap Price [●] times and [●] times of the face value respectively
- Lot Size
- 1,200 Equity Shares and multiples thereof
- Face Value
- ₹10/- per Equity Share
Business Model
The company operates on a Business-to-Government (B2G) model, with the majority of revenue derived from delivering infrastructure consultancy services to government departments and ministries. Revenue is generated through project-based contracts tendered by government bodies, primarily in the areas of Supervision and Quality Control (SQC), Detailed Project Reports (DPRs), Third-Party Techno-Financial Auditor services, and Pre-Bid Advisory services.
Business Segments
SWOT Analysis
- • Government-focused business model with established relationships(p.26)
- • Diversified service portfolio across infrastructure segments(p.26)
- • Strong order book position(p.35)
- • Consistent profitability with growing revenue trajectory(p.27)
- • Experienced management team with motivated workforce(p.102)
- • Strong financial performance with 83.4% revenue growth in FY2025(p.105)
- • High EBITDA margin of 21.68% in FY2025 demonstrating operational efficiency(p.105)
- • Strong return on net worth of 31% in FY2025(p.103)
- • Healthy current ratio of 3.70 indicating strong liquidity(p.105)
- • Experienced management team with deep infrastructure sector expertise(p.162)
- • Comprehensive end-to-end service portfolio across infrastructure project lifecycle(p.162)
- • Strong government client base including key ministries and authorities(p.162)
- • Significant order book demonstrating business pipeline(p.162)
- • High repeat customer base providing revenue stability(p.167)
- • Established infrastructure consulting business with diversified service offerings(p.273)
- • Strong B2G business model with government as primary revenue source(p.196)
- • Experienced management team with deep infrastructure consulting expertise(p.203)
- • Significant revenue growth trajectory(p.279)
- • Strong revenue and profitability growth trajectory(p.282)
- • Expanding service portfolio across multiple regions(p.285)
- • Improved operating efficiency and profit margins(p.282)
- • Efficient resource utilization with existing workforce(p.282)
- • Positive free cash flow generation(p.305)
- • 100% underwriting commitment(p.348)
- • Dematerialized share structure with dual depository access(p.349)
- • Established governance framework with independent directors(p.381)
- • High dependency on limited customer base(p.33)
- • Limited experience in private sector projects(p.34)
- • Concentration in SQC segment revenue(p.34)
- • High regional revenue concentration(p.37)
- • Majority of employees not registered with EPFO(p.37)
- • Directors lack experience with listed companies(p.47)
- • Negative cash flows from investing and financing activities(p.40)
- • Material non-compliance and delayed filings in past years(p.42)
- • Heavy dependence on government projects for revenue(p.97)
- • Significant increase in trade receivables requiring substantial working capital(p.97)
- • Limited asset base with only one functional NSV machinery currently(p.92)
- • Revenue concentration in government contracts with limited private sector diversification(p.167)
- • Limited scale relative to global competitors with much higher revenues(p.126)
- • Significant dependence on a few repeat customers(p.162)
- • Significant promoter concentration in shareholding(p.221)
- • Limited geographic presence with offices in only four states(p.194)
- • Heavy dependence on professional charges as primary expense category(p.278)
- • Increased finance costs from higher borrowings(p.283)
- • EPF remittance delays and statutory penalties(p.292)
- • Pending tax scrutiny and GST compliance matters(p.290)
- • Material litigation exposure with NHIDCL(p.290)
- • Outstanding trade payables to creditors(p.296)
- • Small post-issue market capitalization(p.359)
- • Limited scale of fresh capital raise relative to existing operations(p.359)
- • Expansion of infrastructure sector with government focus on Gati Shakti(p.26)
- • India's infrastructure sector is a key enabler for economic growth(p.26)
- • Global infrastructure market growth trajectory(p.25)
- • Transportation segment showing strong growth potential(p.25)
- • Diversification into new service segments(p.34)
- • Geographic expansion into new states(p.37)
- • Growing government demand for 3D Network Survey Vehicles for road infrastructure projects(p.92)
- • Significant order book of Rs. 25,546.23 Lakhs providing revenue pipeline(p.92)
- • Infrastructure and capital goods sector growth driven by government policies(p.121)
- • Ability to qualify for new tenders through advanced equipment acquisition(p.91)
- • Cost benefits from equipment ownership reducing operational costs(p.91)
- • Massive planned infrastructure investment by Indian government(p.130)
- • Rapid expansion of road and highway sector with strong CAGR(p.133)
- • Government focus on infrastructure development through flagship programs(p.123)
- • Expansion of expressways and greenfield highway projects creating new business avenues(p.136)
- • Growth in logistics and e-commerce sectors driving road infrastructure demand(p.134)
- • Increasing adoption of technology and sustainability measures in infrastructure(p.134)
- • Expansion across infrastructure project types and service categories(p.196)
- • Growth from government infrastructure expansion initiatives(p.279)
- • Diversification into new service segments with proven demand(p.279)
- • Geographic expansion in infrastructure consultancy(p.282)
- • Growth in private sector project revenue(p.282)
- • Migration to main board listing(p.322)
- • Diversification of revenue streams(p.282)
- • Listing on NSE SME Emerge Platform with enhanced visibility(p.359)
- • Access to capital markets for growth funding(p.351)
- • Government policy changes and budget allocation shifts(p.33)
- • Client discretion to adjust, cancel, or suspend contracts(p.34)
- • Competitive bidding process creates revenue uncertainty(p.41)
- • Intense competition from organized and unorganized players(p.50)
- • Indian economy slowdown risk and macroeconomic volatility(p.55)
- • Inflation impact on operating costs(p.56)
- • Natural and man-made disaster risks(p.55)
- • Political instability and geopolitical tensions(p.55)
- • Global trade policy uncertainty and protectionist measures impacting foreign investment and equipment sourcing(p.122)
- • Global economic slowdown affecting infrastructure spending and project delays(p.118)
- • Dependence on road infrastructure and maintenance spending subject to government budget cycles(p.121)
- • Competitive pressure from other survey and infrastructure service providers(p.91)
- • Foreign exchange fluctuations affecting imported equipment costs and international operations(p.56)
- • Intense competition from organized and unorganized players in infrastructure consultancy(p.163)
- • Land acquisition and environmental clearance delays affecting project timelines(p.135)
- • Government payment delays and default risks(p.132)
- • Political and regulatory risks with changing rules during project execution(p.132)
- • Private sector limited capacity to handle large infrastructure projects(p.132)
- • Exposure to infrastructure sector cyclicality and economic slowdown(p.123)
- • Dependence on government project funding and policy decisions(p.274)
- • Exposure to economic conditions and government spending cycles(p.274)
- • Increased competitive pressure in infrastructure consulting sector(p.274)
- • Impact of political instability on infrastructure investments(p.274)
- • Dependence on government and infrastructure sector projects(p.282)
- • Regulatory compliance and ongoing tax proceedings(p.291)
- • GST regulatory scrutiny and compliance risks(p.291)
- • Exposure to counterparty credit risk in litigation(p.290)
- • Industry cyclicality and project execution risks(p.286)
- • Regulatory compliance and disclosure obligations post-listing(p.354)
- • Requirement for sustained profitability and performance(p.353)
- • Market-making obligations and trading liquidity requirements(p.393)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Hitender Kumar | Promoter and Selling Shareholder | 93.35% | 68.32% |
| Ms. Suman Rathee | Promoter | 6.64% | 5.23% |
| Mr. Norang Rai Loohach | Promoter | Negligible | Negligible |
| Mr. Hitender Kumar | Promoter | 93.35% | 68.32% |
| Ms. Suman Rathee | Promoter | 6.64% | 5.23% |
| Mr. Norang Rai Loohach | Promoter | Negligible | Negligible |
| Parveen | Promoter Group | Negligible | Negligible |
| Hitender Kumar | Promoter | — | — |
| Suman Rathee | Promoter | — | — |
| Norang Rai Loohach | Promoter | — | — |
| Mr. Hitender Kumar | Promoter | 93.35% | — |
| Ms. Suman Rathee | Promoter | 6.64% | — |
| Mr. Norang Rai Loohach | Promoter | 0.0001% (Negligible) | — |
| Hitender Kumar | Promoter/Selling Shareholder | — | — |
| Norang Rai Loohach | Promoter | — | — |
| Hitender Kumar | 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.