SP
Srinibas Pradhan Constructions
Book Building issueSMENSE₹20.32 Cr issue
+2.09%
Listing gain over issue price
Issue size
₹20.32 Cr
1 lot at cut-off
₹1,17,600
Lot size
1,200shares
Open
06 Mar 2026
Close
10 Mar 2026
Allotment
11 Mar 2026
Listing
13 Mar 2026
Listing performance
Issue price
₹98
Listed at
₹100.05
Listing-day close
₹104.40
Latest price
₹135
Listing gain
+2.09%
Return since listing
+37.76%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹0 |
| 12 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹0 |
| 11 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹0 |
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
- 06 Mar 2026 – 10 Mar 2026
- Listing date
- 13 Mar 2026
- Face value
- ₹10 per share
- Issue price
- ₹98 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹20.32 Cr
- Market cap at offer price
- ₹77.04 Cr
- Promoter holding
- 85.27% → 62.10% pre-issue → post-issue
- ISIN
- INE0TPJ01019
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Novus Capital Advisors Private Limited
- Registered office
- C/O-Srinibas Pradhan, Near Chuakani Po-Lamtibaha, Jharsuguda, Jharsuguda, Odisha
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 | 1,04,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹98
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,17,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,35,200 |
| S-HNI (max) | 8 | 9,600 | ₹9,40,800 |
| B-HNI (min) | 9 | 10,800 | ₹10,58,400 |
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.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹98 per share
Valuation and performance
Valuation at offer price
₹98 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.71 | 10.45 |
| P/E (×) | 9.15 | 9.38 |
| Price to book (×) | 3.58 | — |
| Market cap | — | ₹77.04 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 55.76%
- ROCE
- 71.01%
- Debt / equity
- 1.08
- PAT margin
- 7.34%
- EBITDA margin
- 14.50%
- NAV per share
- ₹27.36
- Price to book
- 3.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Srinibas Pradhan Constructions
Srinibas Pradhan Constructions Limited was incorporated on September 25, 2020 as a private limited company and converted to public limited company on December 27, 2023. The Company is engaged in infrastructure development across various domains with primary focus on Roads and Highways (Rural, Major District, and Urban roads), High-Level Bridges, Steel Structures, and Civil Construction Services. The Company utilizes materials such as Aggregate, Sand, Tar, and Cement for construction. It participates in competitive bidding processes to obtain contracts for diverse projects in the State of Odisha including Roads, Bridges, Irrigation & Canals, Civil and Industrial construction. For the period ending September 30, 2025, the Company generated revenue from operations of Rs. 4,558.70 lakhs, with 100% of revenue from projects in Odisha.
Company Analysis
from RHPSrinibas Pradhan Constructions Limited is an infrastructure development company focused on roads, highways, bridges, and civil construction projects primarily in Odisha.
Srinibas Pradhan Constructions Limited was incorporated on September 25, 2020 as a private limited company and converted to public limited company on December 27, 2023. The Company is engaged in infrastructure development across various domains with primary focus on Roads and Highways (Rural, Major District, and Urban roads), High-Level Bridges, Steel Structures, and Civil Construction Services. The Company utilizes materials such as Aggregate, Sand, Tar, and Cement for construction. It participates in competitive bidding processes to obtain contracts for diverse projects in the State of Odisha including Roads, Bridges, Irrigation & Canals, Civil and Industrial construction. For the period ending September 30, 2025, the Company generated revenue from operations of Rs. 4,558.70 lakhs, with 100% of revenue from projects in Odisha.
Infrastructure DevelopmentRoads and Highways ConstructionBridge ConstructionCivil ConstructionSteel Structures
Objects of the Issue
- Funding the working capital requirements of our Company Rs. 1,155 lakhs p.40
- Repayment/prepayment, in full or part, of certain loans availed by our Company Rs. 100 lakhs p.40
- General Corporate Purpose p.40
- Funding the working capital requirements of our Company ₹1,155.00 lakhs p.117
- Repayment of portion of loan availed by our Company ₹100.00 lakhs p.117
- General Corporate Purpose p.117
- General Corporate Purpose Net Proceeds aggregating Rs. [●] Lakhs to be deployed towards general corporate purposes including: (a) Meeting operating expenses; (b) Strengthening business development and marketing capabilities; (c) Entering into strategic alliances for business expansion; (d) Strategic initiatives; (e) Funding growth opportunities; (f) On-going general corporate exigencies. p.128
Issue Structure
- Total Issue
- Up to 20,73,600 Equity Shares of face value of Rs. 10/- each aggregating up to Rs. [●] Lakhs
- Fresh Issue
- Up to 17,13,600 Equity Shares having face value of Rs 10/- each aggregating up to Rs [●] Lakhs
- Offer for Sale
- Up to 3,60,000 Equity Shares having face value of Rs 10/- each aggregating to Rs [●] Lakhs
- Price Band
- [●] (to be determined through book building process)
- Lot Size
- [●] (to be announced)
- Face Value
- Rs. 10/-
Business Model
The Company earns revenue through contract-based infrastructure development projects. It participates in competitive bidding processes and contract tenders for construction projects awarded by government entities, local authorities, municipal bodies and other organizations in Odisha. Revenue is generated from execution of roads, highways, bridges, steel structures, and civil construction services.
Business Segments
Construction of Roads and Highways including Rural, Major District, and Urban roads utilizing Aggregate, Sand, Tar, and Cement
Construction of High-Level Bridges and Steel Structures for bridges and sheds
Civil Construction Services encompassing Foundations and Superstructures to Multi-Storied Structures, Factories, and Industrial Facilities
Provides highway construction, industrial building construction, and facility repair and maintenance services to large corporates, PSUs, and government bodies
Construction and maintenance of roads including rural, major district and urban roads, and bridge construction using materials such as aggregate, sand, tar and cement.
Construction of multi-storied structures for residential and industrial facilities, factories, and industrial structures.
Regular inspection, repairs, and retrofitting for upgradation of existing infrastructure.
Leasing of machinery and equipment and outsourcing of manpower.
Undertakes civil, mechanical, electrical and transportation construction contracts, fabrication and erection work, excavation works, and supervision jobs for government entities, local authorities, statutory corporations, and private parties. The company operates equipment including an Ammann ABC EcoTec Asphalt-Mixing Plant with capacity of 120 tons per hour purchased in 2023.
Purchases, leases, exchanges or acquires interest in immovable properties including residential, industrial, commercial, agricultural and farm lands. Develops and constructs residential houses, flats, apartments, shopping malls, multiplexes, holiday resorts, and business premises for sale or rent to the public on lump sum or installment basis. Also engages in estate agency, decoration, survey, and dealing in construction materials.
Primary revenue source from construction of roads, bridges, buildings, and infrastructure projects
Maintenance services for completed infrastructure projects
Rental of construction machinery and equipment
SWOT Analysis
Strengths
- • Diversified infrastructure services across roads, bridges, and civil construction(p.39)
- • Significant order book providing revenue visibility(p.52)
- • Strong customer retention with no historical customer losses(p.52)
- • Established track record in construction operations(p.71)
- • Growing revenue trajectory with significant Q4 concentration enabling project completion(p.121)
- • Successful working capital management demonstrated through internal accruals(p.72)
- • Strong promoter commitment evidenced by equity contributions(p.109)
- • Established reputation and experienced promoter with 23+ years in construction since 2001(p.184)
- • Experienced workforce with technical expertise in project execution(p.184)
- • Strong backward integration in materials sourcing to control costs and supply(p.184)
- • Diverse project portfolio across roads, bridges, buildings, and industrial structures(p.184)
- • Strong order book with consolidated projects worth Rs. 18,406.95 Lakhs as of February 15, 2026(p.174)
- • Class A PWD contractor registration through wholly-owned subsidiary enabling higher-value tenders(p.163)
- • Modern fleet of 74 construction machinery and equipment(p.185)
- • ISO certifications for quality, environment, and health & safety(p.195)
- • ISO certifications demonstrating quality and safety standards(p.220)
- • PWD Contractors Registration Certificate enabling government tender participation(p.220)
- • Acquisition of modern asphalt-mixing plant with significant capacity(p.220)
- • Promoters' extensive experience in construction and infrastructure sector(p.226)
- • Subsidiary consolidation creating unified corporate structure(p.220)
- • Operational and financial stability with positive net worth across three financial years(p.330)
- • Consistent revenue growth with operating profit increasing from Rs. 215.09 Lakhs to Rs. 1,300.58 Lakhs(p.330)
- • Strong financial position with net worth growing from Rs. 266.67 Lakhs to Rs. 1,590.73 Lakhs(p.330)
- • Positive free cash flow to equity in at least 2 out of 3 financial years(p.330)
- • 100% underwritten public offer providing certainty of capital raising(p.349)
- • Clear regulatory compliance with no material adverse actions or litigation(p.331)
Weaknesses
- • Extreme geographic concentration—100% of revenue from Odisha projects(p.51)
- • High customer concentration—top customer represents 46.58% of revenue(p.52)
- • Supplier concentration—top 10 suppliers represent over 40% of purchases(p.54)
- • Heavy reliance on promoter knowledge and relationships(p.54)
- • Related party transactions pose risk of non-arm's length dealings(p.53)
- • History of delays in statutory payments (GST, EPF, ESI)(p.62)
- • Regulatory non-compliance history including defective statutory filings(p.56)
- • Missing loan sanction letters for secured and unsecured facilities(p.66)
- • Contingent liabilities including tax demands and bank guarantees(p.68)
- • Significant unsecured loan exposure subject to immediate recall(p.73)
- • Misalignment between legal loan ownership and accounting recognition creating compliance risks(p.70)
- • Promoter litigation history involving fatal workplace accident(p.68)
- • Inadequate insurance coverage for operational risks including no cybercrime or key-man insurance(p.69)
- • High employee attrition rate indicating workforce retention challenges(p.72)
- • Substantial total indebtedness of Rs. 1716.61 lakhs with debt servicing obligations(p.73)
- • Promoter control concentration post-IPO limiting minority shareholder influence(p.74)
- • Transition challenges from establishing wholly-owned subsidiary and restructuring(p.184)
- • Limited geographic presence, primarily concentrated in Odisha state(p.184)
- • High dependence on a few major customers, with top 2 customers representing 46.58% and 17.27% of revenue in stub period(p.192)
- • Negative operating cash flow of Rs. (58.00) lakhs in stub period and Rs. (1,378.76) lakhs in FY 2024-25(p.137)
- • Declining bid-to-win ratio from 0.94 in FY 2022-23 to 0.50 in stub period(p.137)
- • Dependence on related party proprietorship firm for significant revenue(p.250)
- • High reliance on unsecured borrowings from promoters(p.250)
- • Short operating history with incorporation only in 2020(p.219)
- • Limited diversification with single line of business (construction)(p.219)
- • No significant financial or strategic partnerships(p.220)
- • High dependence on government contracts and few key customers(p.304)
- • Significant working capital requirements for operations(p.285)
- • Concentration of assets in subsidiary with Class A PWD license in separate entity(p.284)
- • Potential litigation regarding land acquisition affecting registered office location(p.317)
- • High debt levels requiring substantial working capital credit facilities(p.313)
- • Recent incorporation with limited operational history since September 2020(p.330)
- • Negative operating cash flow in FY 2025 indicating working capital management challenges(p.330)
- • High interest expense burden increasing from Rs. 4.13 Lakhs to Rs. 154.39 Lakhs(p.330)
- • Significant capital expenditure requirements with Rs. 55.90 Lakhs capex in FY 2025(p.330)
- • Dependence on debt financing with substantial borrowings added in FY 2025(p.330)
Opportunities
- • Infrastructure sector positioned as key driver of Indian economic growth(p.39)
- • Expansion beyond Odisha to other states for geographic diversification(p.51)
- • Growth through strategic alliances for larger construction projects(p.68)
- • Diversification of customer base to reduce concentration risk(p.52)
- • Expansion of business operations through working capital infusion(p.119)
- • Enhanced market visibility and credibility through public listing(p.118)
- • Increased eligibility for larger infrastructure and construction projects(p.127)
- • Growth in revenue from operations expected in FY 2025-26 and 2026-27(p.123)
- • Debt reduction improving financial metrics for future financing and project qualification(p.127)
- • Government infrastructure development boom with increased capital expenditure allocations(p.156)
- • Strong road construction momentum with government targeting 13,000+ km annually(p.154)
- • Expansion of national highway network and Bharatmala projects creating substantial tender opportunities(p.160)
- • Strategic expansion opportunities beyond Odisha to access new markets(p.185)
- • Technological integration opportunities in construction practices and equipment(p.184)
- • Customer base expansion opportunities with 10 clients in FY 2023-24 and growth trajectory(p.185)
- • Government infrastructure development initiatives in Odisha state(p.219)
- • Real estate and housing sector development(p.219)
- • Expansion into road construction and asphalt operations(p.220)
- • Consolidation of proprietorship business into company structure(p.247)
- • Expansion of infrastructure development projects in India(p.285)
- • Growth driven by increased demand for transportation infrastructure(p.285)
- • Capability to handle larger projects through strategic partnerships(p.285)
- • Revenue growth from direct contracts with improved market participation(p.292)
- • Expansion of wholly-owned subsidiary with Class A PWD license enabling higher-value tender eligibility(p.284)
- • SME exchange listing enabling future migration to main board of NSE(p.350)
- • Compulsory market-making for three years providing liquidity and price support(p.352)
- • Access to public capital markets for future growth financing(p.351)
- • Enhanced credibility and visibility from public company status post-IPO listing(p.349)
Threats
- • State-level economic and policy changes specific to Odisha(p.51)
- • Risk of project delays, cancellations, or scope modifications beyond our control(p.52)
- • Customer payment defaults and disputes despite contract terms(p.52)
- • Intense price competition from fragmented competitors(p.58)
- • Volatility in raw material costs not fully recoverable through escalation clauses(p.59)
- • Labor cost inflation and stringent Indian labor legislation(p.59)
- • Equipment obsolescence, breakdown, or destruction risks(p.60)
- • Exposure to strikes, work stoppages, and labor disputes(p.60)
- • Subcontractor performance failures and default risks(p.60)
- • Environmental, health, and safety regulatory compliance risks(p.66)
- • Operational risks from accidents and fatalities beyond management control(p.68)
- • High volatility in Indian financial markets affecting share performance(p.78)
- • Regulatory changes in labor laws increasing operational costs(p.71)
- • Economic downturn and global financial instability impacting India's economy(p.77)
- • Changes in tax laws potentially increasing overall tax burden(p.75)
- • Natural disasters and man-made calamities disrupting operations(p.78)
- • Delays in license and permit renewals affecting operational continuity(p.72)
- • Limited working capital availability constraining business expansion(p.72)
- • Economic downturn risk impacting construction budgets and service demand(p.184)
- • Supply chain disruptions affecting raw material availability and costs(p.173)
- • Highly competitive and fragmented market with numerous small and medium-sized companies(p.190)
- • Price competition as decisive factor in most cases despite quality and technical ability(p.190)
- • Geopolitical tensions and trade disruptions affecting global and domestic supply chains(p.148)
- • Regulatory changes in real estate and construction standards(p.207)
- • Environmental compliance requirements for construction operations(p.211)
- • Regulatory requirements for water and air pollution control(p.211)
- • Hazardous waste management compliance obligations(p.211)
- • Labour law compliance requirements and penalties(p.213)
- • Multiple tax legislation compliance obligations(p.217)
- • Highly competitive road construction industry with price-based tender awards(p.285)
- • Exposure to weather and seasonal disruptions(p.285)
- • Dependence on government policies and macroeconomic environment(p.285)
- • Significant operational uncertainties including skilled manpower and material availability(p.285)
- • Man-made and natural disasters causing business disruption(p.286)
- • Risk of order cancellation and payment delays affecting cash flow(p.285)
- • SME platform concentration with limited trading liquidity compared to main board(p.334)
- • Regulatory risks including potential changes to securities laws and SEBI regulations(p.352)
- • Market risks with SME IPO performance showing significant post-listing volatility(p.339)
- • Pricing pressure with many SME IPOs trading at discount post-listing(p.341)
- • Minimum allottee requirement risk affecting offer completion(p.349)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ramakanta Pradhan | Promoter | 39.86% | 28.88% |
| Mr. Srinibas Pradhan | Promoter | 45.41% | 33.22% |
| Mrs. Jyotshna Pradhan | Promoter | 0.00% | — |
| Ramakanta Pradhan | Promoter | 39.86% | 62.10% (collectively with other promoters) |
| Srinibas Pradhan | Promoter | 45.41% | 62.10% (collectively with other promoters) |
| Srinibas Pradhan | Promoter | — | — |
| Ramakanta Pradhan | Promoter | — | — |
| Ramakanta Pradhan | Promoter | 39.86% | — |
| Srinibas Pradhan | Promoter | 45.41% | — |
| Jyotshna Pradhan | Promoter | — | — |
| Srinibas Pradhan | Promoter | 45.41% | — |
| Ramakanta Pradhan | Promoter | 39.86% | — |
| Ananda Kumar Sahu | Promoter | 0.00% | — |
| Srinibas Pradhan | Promoter/Selling Shareholder | — | — |
| Ramakanta Pradhan | Promoter/Selling Shareholder | — | — |
Leadership
Mr. Ramakanta Pradhan · Chairman and Whole-Time Director
Mr. Srinibas Pradhan · Managing Director
Mr. Durga Dutta Tripathy · Chief Financial Officer
Ms. Surbhi Agrawal · Company Secretary and Compliance 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.