Nacdac Infrastructure
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 17 Dec 2024 – 19 Dec 2024
- Listing date
- 24 Dec 2024
- Face value
- ₹1 per share
- Issue price
- ₹35 per share
- Lot size
- 4,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹10.01 Cr
- Market cap at offer price
- ₹36.84 Cr
- Promoter holding
- 95.90% → 69.84% pre-issue → post-issue
- ISIN
- INE0LB101011
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- KF-120, Kavi Nagar, Uttar Pradesh
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 | 7,80,000 | — | — |
| Market maker | 2,20,000 | — | — |
Application size
Minimum 4,000 shares per lot, in multiples, at ₹35
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 28,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 32,000 | ₹11,20,000 |
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 (₹) | 0.73 | 2.45 |
| P/E (×) | 47.95 | 14.29 |
| Price to book (×) | 1.87 | — |
| Market cap | — | ₹36.84 Cr |
Key performance indicators
- Return on net worth
- 26.39%
- ROCE
- 25.88%
- Debt / equity
- 0.54
- PAT margin
- 8.73%
- NAV per share
- ₹15.67
- Price to book
- 1.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Nacdac Infrastructure
NACDAC Infrastructure Limited (formerly Uma Infratech Limited and Uma Infratech Private Limited) is an Indian construction company incorporated in 2012 and converted to public limited status in 2021. The company provides comprehensive civil and structural construction services including multi-story buildings, electrical works (Low-Tension & High-Tension), steel structure works, bridges (including FOBs and ROBs), and associated civil and structural works. The company serves government agencies and private corporations, with a strong track record in projects awarded by the Government of India and Government of Uttarakhand. The company has completed 63 projects worth approximately ₹9,674.88 lakhs over more than a decade of operations. Business is concentrated in Uttarakhand (41.43% of revenue as of October 31, 2024), Uttar Pradesh (31.83%), and Delhi (24.00%). The company is working capital intensive with projects requiring margin money for bank guarantees, earnest money deposits, performance deposits, and security deposits.
Company Analysis
from RHPNACDAC Infrastructure Limited is a core-construction company specializing in civil and structural services including multi-story buildings, electrical works, steel structures, and bridges for government and private clients.
NACDAC Infrastructure Limited (formerly Uma Infratech Limited and Uma Infratech Private Limited) is an Indian construction company incorporated in 2012 and converted to public limited status in 2021. The company provides comprehensive civil and structural construction services including multi-story buildings, electrical works (Low-Tension & High-Tension), steel structure works, bridges (including FOBs and ROBs), and associated civil and structural works. The company serves government agencies and private corporations, with a strong track record in projects awarded by the Government of India and Government of Uttarakhand. The company has completed 63 projects worth approximately ₹9,674.88 lakhs over more than a decade of operations. Business is concentrated in Uttarakhand (41.43% of revenue as of October 31, 2024), Uttar Pradesh (31.83%), and Delhi (24.00%). The company is working capital intensive with projects requiring margin money for bank guarantees, earnest money deposits, performance deposits, and security deposits.
Objects of the Issue
- Working Capital ₹750 lakhs p.28
- General Corporate Purposes p.28
- Working Capital Upto ₹750.00 Lakhs p.97
- General Corporate Purposes [●] p.99
- Not specified in this document part
Issue Structure
- Total Issue
- ₹[●] Lakhs (up to 28,60,000 Equity Shares of face value ₹10 each)
- Fresh Issue
- 28,60,000 Equity Shares of face value ₹10 each aggregating up to ₹[●] Lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price: ₹[●], Cap Price: ₹[●]
- Lot Size
- [●] and in multiples of [●] thereafter; subject to a minimum allotment of [●] Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through fixed-price or lump-sum contracts for construction projects, typically awarded through competitive bidding processes following technical and financial pre-qualification. Revenue is recognized as construction work is completed on projects. The company may include escalation clauses in some contracts to account for cost increases. Projects are typically long-term in nature with implementation periods involving various phases of construction execution.
Business Segments
SWOT Analysis
- • Established track record with successful project completion(p.27)
- • Strong relationships with government entities from Promoters' experience(p.27)
- • Diversified service offerings in construction sector(p.27)
- • Positive financial performance with growing profitability(p.29)
- • Experienced promoters with deep domain knowledge(p.102)
- • Established track record in project execution over a decade(p.121)
- • ISO certified quality, environmental, and safety management systems(p.121)
- • Diversified client base across government and private sectors(p.121)
- • Growing revenue and profitability with strong EBITDA margins(p.122)
- • Strong management team with significant industry experience(p.122)
- • Proven track record executing civil projects in difficult terrain of Uttarakhand and Himachal Pradesh(p.123)
- • Expertise in complex infrastructure construction in hill areas with technical know-how(p.124)
- • Experienced promoters with over 10 years of expertise in the industry(p.124)
- • Competitive advantages from timely execution, financial strength and price competitiveness(p.124)
- • Diversified service portfolio across multiple construction segments(p.125)
- • Strong order book indicating growth potential and client confidence(p.125)
- • Long-term client relationships with repeat orders from government departments(p.125)
- • Established infrastructure construction expertise with 12+ years of track record(p.215)
- • Strong revenue growth trajectory demonstrating business scaling(p.215)
- • Diversified service offerings across civil and structural works(p.115)
- • Improved profitability margins with PAT margin expansion(p.216)
- • Government project execution capability with strong client relationships(p.215)
- • High geographic concentration of business in three states(p.38)
- • Heavy dependence on limited number of clients(p.39)
- • Significant reliance on government contracts and policies(p.40)
- • Dependence on sub-contractors and contract labour for project execution(p.39)
- • High working capital intensity of business operations(p.41)
- • Management team lacks experience with public listed companies(p.44)
- • Past discrepancies in regulatory filings and compliance(p.39)
- • Dependence on limited suppliers for procurement(p.47)
- • History of outstanding receivables and collection challenges(p.53)
- • Negative cash flows experienced in past periods(p.42)
- • High debt-to-equity ratio and increasing leverage(p.122)
- • Dependence on few major customers for revenue(p.121)
- • Low debt service coverage ratio indicating liquidity stress(p.122)
- • Volatile working capital requirements with significant inventory fluctuations(p.97)
- • Heavy concentration of revenue from top 5 clients(p.136)
- • Limited geographic presence with majority services offered in Uttarakhand(p.126)
- • Small employee base of only 29 employees as of October 31, 2024(p.140)
- • Significant financial leverage with short-term borrowings and overdraft facilities(p.191)
- • High customer concentration risk with top 10 customers representing bulk of revenue(p.232)
- • Significant increase in borrowings creating debt servicing burden(p.208)
- • Working capital intensive operations with significant inventory holding(p.194)
- • Litigation involving promoters in criminal proceedings(p.239)
- • Multiple pending tax demands and GST show cause notices(p.238)
- • Large and growing Indian infrastructure investment pipeline(p.27)
- • Construction industry projected growth to $1.4 trillion by 2025(p.27)
- • India as fastest growing major economy with strong domestic demand(p.27)
- • Government focus on infrastructure development through National Infrastructure Pipeline(p.27)
- • Opportunity to expand geographic footprint beyond current concentration areas(p.39)
- • Potential to leverage new technology and innovations in construction sector(p.27)
- • India's large infrastructure investment pipeline and government spending(p.120)
- • Expansion under National Infrastructure Pipeline with 9,142 projects(p.117)
- • Growth in urban infrastructure driven by Smart Cities and Housing for All programs(p.116)
- • India as fastest-growing major economy with 7.3% projected growth(p.115)
- • Increased government capex allocation for infrastructure with 33% increase in budget(p.117)
- • Expansion of fleet of machinery and equipment to reduce project costs and improve efficiency(p.125)
- • Enhancement of project execution capabilities through technology and personnel expansion(p.126)
- • Collaboration with major EPC contractors through partnerships and sub-contracting(p.126)
- • Geographic expansion to new Indian states to diversify customer base and reduce concentration risk(p.126)
- • Large ongoing government infrastructure projects including railway station upgradation and bus terminals(p.134)
- • Expansion into new geographic regions with infrastructure demand(p.216)
- • Government infrastructure spending and budgetary allocations(p.217)
- • Scaling capacity to bid for larger value projects(p.218)
- • Strategic positioning following successful IPO to fund growth and expansion(p.216)
- • Risk of adverse changes in government budgetary allocations for infrastructure(p.38)
- • Exposure to regional political instability and civil unrest(p.38)
- • Intense competition from larger infrastructure companies(p.50)
- • Vulnerability to construction material and fuel price fluctuations(p.48)
- • Risk of project delays and cost overruns due to unforeseen circumstances(p.48)
- • Exposure to adverse weather conditions and seasonal disruptions(p.53)
- • Risk of changes in environmental, health and safety regulations(p.52)
- • Labour cost inflation and stringent labour legislation(p.48)
- • Interest rate volatility affecting borrowing costs(p.53)
- • Risk of client payment delays and default(p.53)
- • Regulatory and compliance risks with changing government policies(p.40)
- • Global economic slowdown and volatility affecting Indian growth(p.55)
- • Volatility in Indian financial markets and stock price fluctuations(p.55)
- • Rising inflation impacting cost structure and pricing power(p.55)
- • Potential downgrade in India's sovereign credit rating(p.56)
- • Regulatory changes affecting construction operations(p.56)
- • Natural calamities disrupting business operations(p.56)
- • Intense competition from larger construction companies with greater resources(p.140)
- • Price-based competition in tender awards despite superior technical capabilities(p.140)
- • Dependence on government contracts which may face policy changes and budget constraints(p.126)
- • Challenges in hill terrain operations including extreme weather and environmental constraints(p.124)
- • Intense competition from larger companies with greater financial resources(p.218)
- • Macroeconomic fluctuations and policy changes affecting infrastructure sector(p.217)
- • Weather conditions and geographic location risks impacting project execution(p.218)
- • Dependence on key management personnel and skilled labor availability(p.217)
- • Regulatory and compliance uncertainties including changing government regulations(p.217)
- • Global economic volatility and supply chain disruption risks(p.217)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Hemant Sharma | Promoter | 74.38% | — |
| Ms. Uma Sharma | Promoter | 7.00% | — |
| Mr. Ashish Saxena | Promoter | 6.69% | — |
| Mr. Hemant Sharma | Promoter | 74.38% | 54.17% |
| Ms. Uma Sharma | Promoter | 7.00% | 5.10% |
| Mr. Ashish Saxena | Promoter | 6.69% | 4.87% |
| Ms. Neha Sharma | Promoter Group | 2.75% | 2.00% |
| Mr. Kishan Sharma | Promoter Group | 0.04% | 0.03% |
| Ms. Mansi Priya | Promoter Group | 0.17% | 0.13% |
| M/s. NACDAC Foods Private Limited | Promoter Group | 4.87% | 3.55% |
| Hemant Sharma | Promoter | 74.38% | — |
| Ashish Saxena | Promoter | 6.69% | — |
| Uma Sharma | Promoter | 7.00% | — |
| Hemant Sharma | Promoter/Managing Director | — | — |
| Uma Sharma | Promoter/Non-Executive Director | — | — |
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.