Matrix Geo Solutions
Book Building issueSMENSE₹40.20 Cr issue
-0.10%
Listing gain over issue price
Issue size
₹40.20 Cr
1 lot at cut-off
₹1,24,800
Lot size
1,200shares
Open
23 Sep 2025
Close
25 Sep 2025
Allotment
26 Sep 2025
Listing
30 Sep 2025
Listing performance
Issue price
₹104
Listed at
₹103.90
Listing-day close
₹99.15
Latest price
₹50.60
Close on 22 Oct 2026
Listing gain
-0.10%
Return since issue
-51.35%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Sep 2025 – 25 Sep 2025
- Listing date
- 30 Sep 2025
- Face value
- ₹10 per share
- Issue price
- ₹104 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹40.20 Cr
- Market cap at offer price
- ₹152 Cr
- Promoter holding
- 91.52% → 67.26% pre-issue → post-issue
- ISIN
- INE132901013
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Plot No-A-1/87, Third Floor, Sewak Park, Uttam Nagar, New Delhi
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 | 10,90,800 | — | — |
| Market maker | 2,13,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹104
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,24,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,49,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,98,400 |
| B-HNI (min) | 9 | 10,800 | ₹11,23,200 |
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
10,90,800
Anchor portion
₹11.34 Cr
at ₹104 per share
Valuation and performance
Valuation at offer price
₹104 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.47 | 4.02 |
| P/E (×) | 19.01 | 25.87 |
| Price to book (×) | 5.09 | — |
| Market cap | — | ₹152 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 35.21%
- ROCE
- 33.69%
- Debt / equity
- 0.14
- PAT margin
- 26.52%
- EBITDA margin
- 37.08%
- NAV per share
- ₹20.44
- Price to book
- 5.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Matrix Geo Solutions
Matrix Geo Solutions Limited, formerly Matrix Geo Solutions Private Limited, was incorporated on July 14, 2008, and converted to a public limited company on August 7, 2024 (CIN: U74909DL2008PLC180850). The company delivers comprehensive geospatial and consulting services with a focus on Drone-as-a-Service (DaaS) and Geospatial & Remote Sensing Services. Through drone operations, the company offers high-resolution aerial surveys for mapping, surveillance, and infrastructure inspection, creating orthophotos, 3D models, digital elevation models, and topographical maps. Beyond drone services, the company provides geospatial data analysis utilizing LiDAR, satellite imagery, and drone surveys for clients in Railways, Roadways, Water, Irrigation, Renewable Energy, Agriculture, Mining, and Urban & Rural Planning. Recently, the company expanded to include DGCA-authorized Remote Pilot Training Organisation (RPTO) services for certified drone pilot training programs.
Company Analysis
from RHPMatrix Geo Solutions Limited provides drone-based geospatial and remote sensing services, including DaaS (Drone-as-a-Service), geospatial consultancy, and DGCA-authorized drone pilot training across infrastructure, agriculture, and government sectors.
Matrix Geo Solutions Limited, formerly Matrix Geo Solutions Private Limited, was incorporated on July 14, 2008, and converted to a public limited company on August 7, 2024 (CIN: U74909DL2008PLC180850). The company delivers comprehensive geospatial and consulting services with a focus on Drone-as-a-Service (DaaS) and Geospatial & Remote Sensing Services. Through drone operations, the company offers high-resolution aerial surveys for mapping, surveillance, and infrastructure inspection, creating orthophotos, 3D models, digital elevation models, and topographical maps. Beyond drone services, the company provides geospatial data analysis utilizing LiDAR, satellite imagery, and drone surveys for clients in Railways, Roadways, Water, Irrigation, Renewable Energy, Agriculture, Mining, and Urban & Rural Planning. Recently, the company expanded to include DGCA-authorized Remote Pilot Training Organisation (RPTO) services for certified drone pilot training programs.
Geospatial servicesDrone-based aerial surveysRemote sensingInfrastructure inspectionAgricultural monitoringMining and resource managementUrban and rural planningGovernment infrastructure projects
Objects of the Issue
- Purchase of New drones 646.95 lakhs p.26
- Purchase of Survey Equipment and Technologies 802.49 lakhs p.26
- Capital expenditure 272.26 lakhs p.26
- Funding the Working Capital requirement 1,550.00 lakhs p.26
- General Corporate Purposes p.26
- Not stated in this document part
- This field requires reference to the 'Objects of the Offer' section which is not included in pages 210-290 provided p.211
- Working Capital Requirements
Issue Structure
- Total Issue
- 38,65,200 Equity Shares of Face Value of Rs. 10/- each aggregating Rs. [●] Lakhs
- Fresh Issue
- 38,65,200 Equity Shares of Face Value of Rs. 10/- each aggregating Rs. [●] Lakhs
- Offer for Sale
- NIL
- Price Band
- [●] times to [●] times of face value
- Lot Size
- 1,200 Equity Shares
- Face Value
- Rs. 10/- each
Business Model
The company earns revenue from two primary service segments: (1) Drone-as-a-Service (DaaS), which contributed 71.48% of revenue in FY2025 (Rs. 1,579.22 lakhs), and (2) Geospatial & Remote Sensing Services and consultancy, which contributed 28.52% (Rs. 630.19 lakhs). Revenue is derived primarily from government sector clients (31.94% in FY2025) and non-government sector clients (68.06% in FY2025), with geographic concentration in Delhi (32.09%), Uttar Pradesh (17.21%), Telangana (16.51%), and Rajasthan (7.57%).
Business Segments
High-resolution drone-based aerial surveys for mapping, surveillance, and infrastructure inspection, including creation of orthophotos, 3D models, digital elevation models, and topographical maps
Geospatial data analysis utilizing LiDAR, satellite imagery, and drone surveys to provide clients with actionable insights for projects in Railways, Roadways, Water, Irrigation, Renewable Energy, Agriculture, Mining, Urban & Rural Planning; comprehensive advisory and end-to-end solutions
DGCA-authorized Remote Pilot Training Organisation (RPTO) offering certified training programs for drone pilots
Provides high-resolution drone-based aerial surveys for mapping, surveillance, and inspection services. Offers deliverables including orthophotos, 3D models, digital elevation models, precise topographical maps, and geo-referenced video solutions for progress monitoring and surveillance. Services include surveying, mapping, inspection across industries such as Railways, Roadways, construction sites, industrial plants, and public spaces.
Utilizes satellite imagery, LiDAR (Light Detection and Ranging), sonar, and other remote sensing technologies for data analysis and consultation. Services include satellite-based surveys, manned aircraft surveys, drone-based surveys, and mobile platform surveys. Provides detailed maps, geospatial analyses, consultancy services, water and electrical network mapping, land base map creation, flood mapping, watershed modelling, and integration with business applications.
DGCA-authorized Remote Pilot Training Organisation (RPTO) offering three types of certified training programs: (1) DGCA Certified Drone Pilot Training (5-day program with theory, simulator practice, and on-field training), (2) Advanced Drone Training Programs including Advanced Drone Pilot Training (9-day) and Advanced Drone Data Analytics Training (30-day), and (3) Customized Corporate Training Programs (1-3 days). As of July 31, 2025, trained 81 drone pilots.
Offers geospatial services to organizations across industries such as engineering, construction, agriculture, railways, roads, ports, real estate, mining, and power. Enables organizations to make informed decisions, reduce time and costs, and improve operational efficiency using modern technology through technological surveillance and mapping solutions.
Provides tailored training programs for students aiming to pursue careers in drone piloting and data analysis. Additionally offers skill enhancement courses for professionals in engineering, mining, surveying, GIS, and related sectors.
Provides geospatial and drone technology services to government agencies. The government has increasingly recognized the importance of geospatial and drone technologies, especially after the introduction of the National Geospatial Policy 2022 and Drone Rules 2021, which have encouraged adoption of advanced technologies for efficient governance and swift, safer execution of projects.
Provides comprehensive geospatial services including high-resolution drone-based aerial surveys for mapping, surveillance, and infrastructure inspection; creation of orthophotos, 3D models, digital elevation models, and topographical maps; geo-referenced video solutions for progress monitoring and surveillance; consultancy in geospatial data analysis using LiDAR, satellite imagery, and drone surveys.
DGCA-authorized Remote Pilot Training Organization (RPTO) offering certified training programs including DGCA-certified courses, application-based drone training, and customized programs tailored to corporate needs. Generates Remote Pilot Certificate (RPC) valid for maximum 10 years.
Survey & mapping services including drone-based aerial surveys, creation of orthophotos, 3D models, digital elevation models, topographical maps, consultancy in geospatial data analysis using remote sensing technologies like LiDAR and satellite imagery, geo-referenced video solutions for progress monitoring and surveillance
Sale of software licenses including Pix4D Desktop License and Pix4D Mapper Desktop License
DGCA-authorized Remote Pilot Training Organization (RPTO) offering certified training programs for drone pilots
SWOT Analysis
Strengths
- • Established market position with growing order book(p.105)
- • Strong revenue growth trajectory(p.105)
- • High profitability metrics with strong EBITDA margins(p.135)
- • Strong return on equity and capital efficiency(p.135)
- • Current fleet expansion capability with 20 drones and 34 survey equipment/technologies(p.113)
- • Strong revenue growth and profitability metrics(p.137)
- • Exceptional return on capital efficiency(p.138)
- • Strong debt management and liquidity position(p.137)
- • Comprehensive service portfolio across geospatial and drone domains(p.192)
- • DGCA authorization as Remote Pilot Training Organisation expanding service reach(p.193)
- • Diverse client base across critical infrastructure sectors(p.193)
- • Advanced technological capabilities with owned equipment(p.199)
- • In-house end-to-end technology solution covering planning, design, execution and final delivery(p.210)
- • Long-standing relationships with customers resulting from commitment to quality and timely delivery(p.210)
- • Experienced and qualified management team with deep geospatial and remote sensing expertise(p.210)
- • DGCA-authorized Remote Pilot Training Organization (RPTO) offering certified drone training programs(p.234)
- • Strong revenue growth with 61.3% YoY increase from FY 2024 to FY 2025(p.214)
- • Significant profitability with PAT growing 75% from FY 2024 to FY 2025(p.214)
- • Diversified client base across government and non-government sectors with non-govt revenue growing 300%+ in FY 2025(p.214)
- • Leading geospatial consultancy with comprehensive service offerings(p.315)
- • Strong revenue growth with expanding client base(p.322)
- • Improved profitability and margins(p.321)
- • Significant operational capacity enhancements(p.322)
- • Expanded service portfolio including drone training(p.315)
- • Strong financial position with positive cash flow(p.343)
- • Multiple certifications and compliance standards(p.339)
Weaknesses
- • High concentration of revenue from limited number of customers(p.36)
- • Elevated trade receivable days due to government customer base(p.35)
- • High employee attrition rates(p.47)
- • High concentration of purchases from limited suppliers(p.37)
- • Drones not operational during monsoon season(p.34)
- • Contingent liabilities from ESIC demand(p.34)
- • Dependence on rented premises from related parties(p.49)
- • History of delays in regulatory filings(p.48)
- • Extreme dependence on government sector revenue(p.126)
- • Very high working capital requirements due to extended receivables cycle(p.126)
- • Heavy reliance on Performance Bank Guarantees and fixed deposit backing(p.125)
- • Concentrated promoter shareholding with limited public float(p.96)
- • Small order book relative to expansion ambitions(p.125)
- • Dependence on government and infrastructure sector clients(p.202)
- • Limited revenue generation from new training vertical(p.203)
- • Reliance on outsourced services for certain capabilities(p.199)
- • Dependence on third-party platform for web-based services(p.199)
- • Small training faculty base for expanding training operations(p.204)
- • High customer concentration with top 10 customers representing 83.79% of FY 2025 revenue(p.218)
- • High supplier concentration with top 2 suppliers representing 67.85% of FY 2025 purchases(p.219)
- • Significant employee attrition rate of 46.91% in FY 2025 and 47.06% in FY 2023(p.214)
- • Only 32 of 100 employees covered under EPF and 34 under ESI due to salary threshold limitations(p.214)
- • Substantial geographic revenue concentration with Delhi, Telangana and Uttar Pradesh representing 65.81% of FY 2025 revenue(p.216)
- • Heavy dependence on government contracts with B2G segment representing 31.94% of FY 2025 revenue(p.210)
- • All rented office properties held under related-party arrangements with promoters(p.250)
- • Significant dependence on repeat clients from private sector(p.319)
- • High cost of goods sold relative to revenue(p.320)
- • Significant TDS and tax compliance defaults(p.330)
- • Substantial work-in-progress indicating billing delays(p.301)
- • High employee benefit expenses impacting profitability(p.320)
Opportunities
- • Growing global geospatial market(p.25)
- • Government support for drone industry(p.51)
- • Expansion into drone training and education(p.25)
- • Diversification beyond government sector(p.50)
- • Climate change driving demand for geospatial solutions(p.25)
- • Expansion into private sector with declining government revenue dependency(p.126)
- • Growing demand for drone-based geospatial services across multiple sectors(p.104)
- • Training business expansion through Drone Academy of India brand(p.111)
- • Geographical expansion and new market segments(p.124)
- • Development of proprietary AI/ML tools for automated data interpretation(p.122)
- • Massive expansion potential from drone services market growth(p.163)
- • Strong government support and policy liberalization for drone industry(p.161)
- • Projected growth in geospatial market with favorable regulatory environment(p.181)
- • India positioned as fastest-growing major economy with strong infrastructure investment(p.149)
- • Increasing demand across multiple sectors for geospatial solutions and drone services(p.164)
- • Government initiatives driving demand for modern survey technologies(p.190)
- • Significant investment growth in geospatial and drone startups(p.183)
- • Expansion to Pan-India and International Markets leveraging geospatial and drone expertise(p.211)
- • Expansion of service portfolio through investment in advanced sensors for thermal imaging, magnetic, air quality and multispectral applications(p.211)
- • Drone Training Academy driving industry adoption and building skilled workforce(p.211)
- • Government policy support through National Geospatial Policy 2022 and Drone Rules 2021 encouraging technology adoption(p.210)
- • Growing B2B segment with 305% revenue growth from FY 2023 to FY 2025(p.210)
- • Strong growth in mining sector with 230% revenue increase from FY 2023 to FY 2025(p.217)
- • Export market opportunity with first export to Mozambique generating 4.73% of FY 2025 revenue(p.217)
- • Growing demand from government and public sector clients(p.323)
- • Expansion of private sector client base with high-margin projects(p.319)
- • Growth potential through drone training and certification(p.316)
- • Expansion into new geographic regions and project types(p.322)
- • Leverage satellite imagery and specialized technologies for high-margin projects(p.326)
Threats
- • Regulatory changes to drone operations and licensing(p.34)
- • Import restrictions on unmanned aerial vehicles(p.41)
- • Uncertainty in drone industry growth trajectory(p.50)
- • Adverse weather conditions and monsoon impact(p.35)
- • Economic slowdown in India(p.62)
- • Downturn in customer industries(p.50)
- • Government budget constraints affecting project awards(p.50)
- • Rapid technological obsolescence(p.35)
- • Government policy changes and delays in liberalization affecting business environment(p.64)
- • Structural delays in government payment processes(p.126)
- • Political instability and policy uncertainty in India(p.64)
- • Natural disasters and epidemics impacting operations(p.65)
- • Global financial instability affecting Indian markets and operations(p.65)
- • Intense competition from established global geospatial players(p.185)
- • Regulatory and compliance challenges in emerging drone industry(p.186)
- • Shortage of skilled professionals limiting industry growth(p.186)
- • High capital requirements and infrastructure costs barrier to market entry(p.186)
- • Global economic slowdown and trade tensions affecting demand(p.144)
- • Market fragmentation and lack of standardization across platforms(p.186)
- • Heavy competition from established geospatial and drone services companies(p.215)
- • Dependency on government sector contracts vulnerable to policy changes and budget cuts(p.214)
- • Regulatory dependence on DGCA certification for drone operations and training authorization(p.224)
- • Cyclical dependency on project-based revenue streams in infrastructure sectors(p.215)
- • FX and input price volatility affecting equipment and imported sensor costs(p.211)
- • Capital intensity of drone equipment and technology requiring continuous investment(p.211)
- • Regulatory uncertainty in drone industry affecting business continuity(p.316)
- • Project execution delays and billing risks from government clients(p.322)
- • High volatility in capital markets affecting IPO execution(p.316)
- • Competitive pressure from existing and new entrants(p.327)
- • Seasonal nature of business impacting revenue consistency(p.327)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Rahul Jain | Promoter | 45.72% | 33.60% |
| Mr. Amit Sharma | Promoter | 45.72% | 33.60% |
| Ms. Meenal Jain | Promoter | 0.02% | Negligible |
| Ms. Harshada Kulkarni | Promoter | 0.02% | Negligible |
| Not stated in this document part | Not available in this part | — | — |
| Rahul Jain | Individual Promoter | 45.72% | — |
| Amit Sharma | Individual Promoter | 45.72% | — |
| Meenal Jain | Individual Promoter | 0.02% | — |
| Harshada Kulkarni | Individual Promoter | 0.02% | — |
| Rahul Jain | Promoter | 50.00% | 45.72% |
| Amit Sharma | Promoter | 50.00% | 45.72% |
| Meenal Jain | Promoter | — | 0.02% |
| Harshada M Kulkarni | Promoter | — | 0.02% |
Leadership
Ms. Kirti Hisaria · Company Secretary and Compliance Officer
Mr. Shivam Kumar · 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.
Matrix Geo Solutions IPO FAQs
What is the lot size of Matrix Geo Solutions IPO?
The minimum lot size of Matrix Geo Solutions IPO is 1,200 shares. One lot costs ₹1,24,800 at the cut-off price.
When does Matrix Geo Solutions IPO open and close?
Matrix Geo Solutions IPO opened for subscription on 23 Sep 2025 and closed on 25 Sep 2025.
What is the listing date of Matrix Geo Solutions IPO?
Matrix Geo Solutions IPO listed on 30 Sep 2025.