Monarch Surveyors and Engineering Consultants
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Jul 2025 – 24 Jul 2025
- Listing date
- 29 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹250 per share
- Lot size
- 600 shares
- Total issue size
- ₹93.75 Cr
- Market cap at offer price
- ₹354 Cr
- Promoter holding
- 98.42% → 72.35% pre-issue → post-issue
- ISIN
- INE0V0L01028
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Monarch House, CTS No.434/1, Near Kawade Petrol Pump, Ghorpadi Gaon, Hadapsar (N.V.), Haveli, 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 | 10,61,400 | — | — |
| Market maker | 2,07,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹250
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,50,000 |
| S-HNI (min) | 2 | 1,200 | ₹3,00,000 |
| S-HNI (max) | 6 | 3,600 | ₹9,00,000 |
| B-HNI (min) | 7 | 4,200 | ₹10,50,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 33.47 | 24.61 |
| P/E (×) | 7.47 | 10.16 |
| Price to book (×) | 2.39 | — |
| Market cap | — | ₹354 Cr |
Key performance indicators
- Return on net worth
- 32.01%
- ROCE
- 39.59%
- Debt / equity
- 0.13
- PAT margin
- 22.60%
- EBITDA margin
- 33.15%
- NAV per share
- ₹104.56
- Price to book
- 2.39
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Monarch Surveyors and Engineering Consultants
Monarch Surveyors and Engineering Consultants Limited was originally incorporated as 'Monarch Surveyors and Contractors Private Limited' on July 20, 1999, and was converted to a public limited company on January 13, 2024. The company specializes in providing comprehensive consultancy services for infrastructure projects, guiding clients from concept to commissioning. This includes surveying, design, technical supervision, land acquisition, and geospatial mapping across multiple infrastructure sectors. The company's revenue is primarily derived from contracts awarded through competitive tendering by government entities including the Government of India, state governments, and municipal corporations. Their majority of projects are concentrated with Maharashtra State Road Development Corporation Limited. The company generates revenue through project-based consultancy work, with top 10 clients contributing 84.52% of revenues for FY 2025.
Company Analysis
from RHPMonarch Surveyors and Engineering Consultants Limited provides comprehensive infrastructure consultancy services spanning survey, design, and technical supervision for roads, railways, metros, urban planning, geospatial mapping, water, transmission lines, and civil engineering projects.
Monarch Surveyors and Engineering Consultants Limited was originally incorporated as 'Monarch Surveyors and Contractors Private Limited' on July 20, 1999, and was converted to a public limited company on January 13, 2024. The company specializes in providing comprehensive consultancy services for infrastructure projects, guiding clients from concept to commissioning. This includes surveying, design, technical supervision, land acquisition, and geospatial mapping across multiple infrastructure sectors. The company's revenue is primarily derived from contracts awarded through competitive tendering by government entities including the Government of India, state governments, and municipal corporations. Their majority of projects are concentrated with Maharashtra State Road Development Corporation Limited. The company generates revenue through project-based consultancy work, with top 10 clients contributing 84.52% of revenues for FY 2025.
Objects of the Issue
- Funding Capital Expenditure for purchase of machinery ₹3,198.89 Lakhs p.20
- To Meet Working Capital Requirements ₹3,000.00 Lakhs p.20
- General corporate purposes p.20
- Funding capital expenditure requirement for purchase of machinery 3198.89 lakhs p.80
- Funding Working Capital Requirement of our Company 3000.00 lakhs p.80
- General Corporate Purposes p.80
Issue Structure
- Total Issue
- ₹ [●] Lakhs
- Fresh Issue
- Upto 37,50,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- 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/- per Equity Share
Business Model
The company earns revenue through project-based consultancy contracts awarded by government entities via competitive tendering. Services include survey, design, technical supervision, and related consultancy for infrastructure projects. The company also enters into arrangements with associate partners through Memorandums of Understanding and Power of Attorney for specific services like Detailed Project Reports and supervision quality control.
Business Segments
SWOT Analysis
- • Comprehensive end-to-end consultancy services across multiple infrastructure sectors(p.20)
- • Strong client relationships with major government entities and established track record(p.30)
- • Experienced promoter and management team with 25 years of industry expertise(p.38)
- • Growing revenue and profitability trend over recent years(p.35)
- • Implemented robust security systems for sensitive project data(p.28)
- • Strong financial growth trajectory(p.53)
- • High return on net worth(p.98)
- • Significant revenue growth(p.53)
- • Founder-led and stable management(p.72)
- • Strong net asset value creation(p.98)
- • Established civil engineering consultancy with 25+ years combined experience of promoters(p.162)
- • Diverse service portfolio across infrastructure sectors(p.158)
- • Strong financial performance with improving profitability(p.212)
- • Significant tangible asset base with property holdings(p.151)
- • Strong financial growth and profitability metrics(p.224)
- • Improved gross profit margins through operational efficiency(p.225)
- • Significant shift from outsourcing to in-house execution(p.227)
- • Strong revenue growth and service diversification(p.222)
- • Industry recognition and certifications(p.223)
- • Multiple empanelments with government and major organizations(p.237)
- • Strong debt position and leverage control(p.243)
- • High revenue concentration with top 10 clients accounting for over 82% of revenue(p.30)
- • Geographic concentration of revenue in Maharashtra state (84-94% of total revenue)(p.30)
- • Unspent CSR obligations accumulated from prior years despite allocation(p.29)
- • Auditor observations in FY 2022-23 concerning GST, income tax, TDS and CSR compliance(p.30)
- • Negative cash flows from investing and financing activities in recent years(p.31)
- • Trademark application status 'Objected' - not yet registered under Trademarks Act 1999(p.37)
- • Untraceable corporate records and forms filed with RoC prior to 2006(p.32)
- • Delays and late filings with statutory authorities including form submissions(p.33)
- • Significant contingent liabilities including bank guarantees of ₹1616.06 Lakhs(p.34)
- • Substantial working capital requirements with increasing trade receivables(p.36)
- • High promoter concentration creates governance risk(p.44)
- • Significant working capital requirement(p.91)
- • Dependency on capital-intensive operations(p.80)
- • Exposure to government customer concentration risk(p.92)
- • High dependence on Maharashtra for revenue generation(p.203)
- • Significant increase in trade receivables indicating collection challenges(p.188)
- • Domain name registrar undergoing bankruptcy affecting renewal capability(p.151)
- • Multiple trademark applications objected by registrar(p.150)
- • Heavy dependence on top customers(p.228)
- • Significant increase in employee benefit expenses(p.224)
- • Increased finance costs reflecting higher debt servicing(p.225)
- • Material contingent liabilities in the form of bank guarantees(p.219)
- • TDS default proceedings pending(p.232)
- • Outstanding tax proceedings involving directors(p.232)
- • Government's increased infrastructure investment with capital outlay up 11.1% to ₹11.11 lakh crore(p.20)
- • Railway sector expansion with capital allocation increased 5.8% to ₹2.55 lakh crore(p.20)
- • Expansion into new geographic markets beyond Maharashtra concentration(p.31)
- • Opportunity to diversify client base and reduce dependence on top 10 clients(p.30)
- • Capability to expand service offerings and sectors covered(p.20)
- • Infrastructure consultancy market expansion(p.91)
- • Capacity expansion through capital investment(p.82)
- • Working capital-funded business expansion(p.91)
- • Public market access and brand visibility(p.80)
- • Expansion into geospatial and drone-based services(p.158)
- • Geographic expansion beyond Maharashtra(p.203)
- • Growing infrastructure sector demand across India(p.158)
- • Expansion into new geographies and markets(p.224)
- • Growing infrastructure development and government spending(p.222)
- • Capability for scaled operations and capacity expansion(p.227)
- • Technology adoption and digital transformation potential(p.227)
- • Strong recurring business base(p.224)
- • Potential for further margin improvement through cost efficiency(p.225)
- • Highly competitive bidding process for government-tendered projects with lower-bid competition(p.27)
- • Government policy changes and budget constraints impacting project awards(p.27)
- • Risk of project delays, modifications, cancellations and non-payment by clients(p.29)
- • Economic slowdown and adverse macroeconomic conditions in India(p.42)
- • Political instability and regulatory policy changes affecting Indian economy(p.42)
- • Risk of technology obsolescence requiring significant capital investments for upgrades(p.38)
- • Regulatory and compliance risks including permits, licenses and approvals renewal(p.31)
- • Quality standard and performance requirements risks leading to contract cancellation(p.31)
- • Dependence on skilled personnel with limited availability in competitive labour market(p.34)
- • Risk of data breach and information security threats despite implemented safeguards(p.28)
- • No public market history and equity price volatility risk(p.45)
- • Foreign exchange exposure risk(p.46)
- • Broad economic and political uncertainty in India(p.47)
- • Natural disasters and security risks(p.45)
- • Tax regime uncertainty(p.46)
- • Dependence on domestic economic conditions(p.47)
- • Competition and regulatory risk(p.46)
- • Regulatory compliance requirements under multiple labour and employment laws(p.153)
- • Dependence on infrastructure sector cyclicality and government spending(p.158)
- • Increasing competitive pressures in civil engineering consultancy(p.153)
- • Rising employee benefit obligations and compensation costs(p.204)
- • Dependence on government spending and infrastructure policies(p.223)
- • Competitive pressures in consultancy services market(p.223)
- • Macroeconomic and political risks affecting India(p.223)
- • Foreign sovereign credit rating downgrades affecting investment(p.223)
- • Industry cyclicality and market demand volatility(p.223)
- • Technology disruption and adaptation requirements(p.223)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Dattatraya Mohaniraj Karpe | Promoter | 24.59% | 18.08% |
| Mr. Sanjay Bhalchandra Vidwans | Promoter | 24.59% | 18.08% |
| Mr. Sunil Shrikrishna Bhalerao | Promoter | 24.59% | 18.08% |
| Mr. Bhartesh Rajkumar Shah | Promoter | 24.59% | 18.08% |
| Mr. Dattatraya Mohaniraj Karpe | Promoter | 24.59% | 18.08% |
| Mr. Sanjay Bhalchandra Vidwans | Promoter | 24.59% | 18.08% |
| Mr. Sunil Shrikrishna Bhalerao | Promoter | 24.59% | 18.08% |
| Mr. Bhartesh Rajkumar Shah | Promoter | 24.59% | 18.08% |
| Promoter & Promoter Group | Promoter Group | 98.42% | 72.35% |
| Dattatraya Mohaniraj Karpe | Promoter | — | — |
| Sanjay Bhalchandra Vidwans | Promoter | — | — |
| Sunil Shrikrishna Bhalerao | Promoter | — | — |
| Bhartesh Rajkumar Shah | Promoter | — | — |
| Mr. Dattatraya Mohaniraj Karpe | Promoter | 24.99% | 24.59% |
| Mr. Sanjay Bhalchandra Vidwans | Promoter | 24.99% | 24.59% |
| Mr. Sunil Shrikrishna Bhalerao | Promoter | 25.00% | 24.59% |
| Mr. Bhartesh Rajkumar Shah | Promoter | 25.00% | 24.59% |
| Bhartesh Rajkumar Shah | Promoter | — | — |
| Sanjay Bhalchandra Vidwans | Promoter | — | — |
| Dattatraya Mohaniraj Karpe | Promoter | — | — |
| Sunil Shrikrishna Bhalerao | 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.