Technocraft Ventures
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 42.26×
- Big non-institutionalbNII · above ₹10 lakh
- 63.97×
- Small non-institutionalsNII · ₹2–10 lakh
- 66.64×
- Retail individualRII · up to ₹2 lakh
- 24.03×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 14 Aug 2026 | ₹42 | +19.81% | ₹2,200 | ₹254 | ₹2,940 |
| 13 Aug 2026 | ₹42 | +19.81% | ₹2,200 | ₹254 | ₹2,940 |
| 12 Aug 2026 | ₹37 | +17.45% | ₹2,000 | ₹249 | ₹2,590 |
| 11 Aug 2026 | ₹29 | +13.68% | ₹1,500 | ₹241 | ₹2,030 |
| 10 Aug 2026 | ₹30 | +14.15% | ₹1,600 | ₹242 | ₹2,100 |
| 09 Aug 2026 | ₹23 | +10.85% | ₹1,200 | ₹235 | ₹1,610 |
| 08 Aug 2026 | ₹20.50 | +9.67% | ₹1,100 | ₹232.50 | ₹1,435 |
| 07 Aug 2026 | ₹15 | +7.08% | ₹800 | ₹227 | ₹1,050 |
| 06 Aug 2026 | ₹16 | +7.55% | ₹900 | ₹228 | ₹1,120 |
| 05 Aug 2026 | ₹13 | +6.13% | ₹700 | ₹225 | ₹910 |
| 04 Aug 2026 | ₹10 | +4.72% | ₹500 | ₹222 | ₹700 |
| 03 Aug 2026 | ₹10 | +4.72% | ₹500 | ₹222 | ₹700 |
| 02 Aug 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 01 Aug 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 31 Jul 2026 | ₹0 | — | — | — | ₹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.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 23,76,690 | 10,04,39,010 | ₹2,129 Cr | 42.26× |
| Non-institutional | 17,82,150 | 11,59,44,080 | ₹2,458 Cr | 65.06× |
| Big non-institutionalwithin NII | 11,88,100 | 7,60,00,680 | ₹1,611 Cr | 63.97× |
| Small non-institutionalwithin NII | 5,94,050 | 3,99,43,400 | ₹847 Cr | 67.24× |
| Retail individual | 41,58,350 | 10,53,98,790 | ₹2,234 Cr | 25.35× |
| Total | 83,17,190 | 32,17,81,880 | ₹6,822 Cr | 38.69× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 11 Aug, 06:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 07 Aug 2026 – 11 Aug 2026
- Listing date
- 14 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹200 – ₹212
- Issue price
- ₹212 per share
- Lot size
- 70 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹252 Cr
- Fresh issue
- ₹202 Cr 95,05,000 shares
- Offer for sale
- ₹50.37 Cr 23,76,000 shares
- Market cap at offer price
- ₹840 Cr
- Promoter holding
- 100.00% → 70.00% pre-issue → post-issue
- ISIN
- INE1D0W01018
- CIN
- U70101DL1998PLC096763
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Khambatta Securities Ltd.
- Registered office
- S 553/54, Ground Floor, School Block, Shakarpur, New Delhi-110092, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 23,76,690 | 28.58% | 28.58% |
| Anchor investor · within QIB | 35,63,810 | — | 42.85% |
| NII (HNI) | 17,82,150 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 11,88,100 | — | 14.28% |
| sNII < ₹10L · within NII | 5,94,050 | — | 7.14% |
| Retail (RII) | 41,58,350 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 83,17,190 | — | 100.00% |
Net offer to the public of 83,17,190 shares, out of a total issue of 83,17,190. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 70 shares per lot, in multiples, at ₹212
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 70 | ₹14,840 |
| Retail (max) | 13 | 910 | ₹1,92,920 |
| S-HNI (min) | 14 | 980 | ₹2,07,760 |
| S-HNI (max) | 67 | 4,690 | ₹9,94,280 |
| B-HNI (min) | 68 | 4,760 | ₹10,09,120 |
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
₹212 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.39 | 10.94 |
| P/E (×) | 14.73 | 19.38 |
| Price to book (×) | 3.91 | — |
| Market cap | — | ₹840 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 26.51%
- ROCE
- 27.72%
- Debt / equity
- 0.55
- PAT margin
- 12.56%
- EBITDA margin
- 20.92%
- NAV per share
- ₹54.28
- Price to book
- 3.91
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 347 | 281 | 227.3 |
| Revenue from operations | 345 | 279.56 | 226.1 |
| Other income | 2 | 1.44 | 1.2 |
| Total expenses | 288.64 | 242.96 | 201.52 |
| Operating profit | 58.36 | 38.04 | 25.78 |
| Operating margin | 16.82% | 13.54% | 11.34% |
| Profit before tax | 58.67 | 38.56 | 26.06 |
| Profit after tax | 43.31 | 28.2 | 19.05 |
| PAT margin | 12.48% | 10.04% | 8.38% |
| Balance sheet | |||
| Total assets | 354.38 | 269.74 | 258.05 |
| Current assets | 279.44 | 215.77 | 217.76 |
| Current liabilities | 160.48 | 122.31 | 133.84 |
| Total liabilities | 191.01 | 149.75 | 166.27 |
| Net worth | 163.38 | 119.98 | 91.78 |
| Current ratio | 1.74× | 1.76× | 1.63× |
| Return on equity | 26.51% | 23.50% | 20.76% |
| Cash flow | |||
| Operating cash flow | 28.7 | 21.68 | 1.4 |
| Investing cash flow | -7.58 | -12.64 | 0.26 |
| Financing cash flow | -8.52 | -9.66 | -3.26 |
| Net cash flow | 12.59 | -0.61 | -1.59 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of working capital requirements of the Company ₹150 Cr
The company proposes to utilize funds for working capital requirements including funding for inventories, trade receivables, and other current assets. The working capital is required for execution of projects, arranging bank guarantees, and procurement of materials for project execution.
2 General corporate purposes —
The company proposes to utilize funds for strategic initiatives, funding growth opportunities, joint ventures/partnerships, capital expenditure, business development initiatives, and research and development related to treatment of wastewater as approved by the Board.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Kartikey Constructions (Partnership Firm) | Promoter Selling Shareholder | 23,76,000 | ₹2.50 |
1 seller offering 23,76,000 shares.
About Technocraft Ventures
Technocraft Ventures Limited, incorporated in 1998 and originally known as Technocraft Construction Private Limited, operates as an EPC (Engineering, Procurement, and Construction) contractor in India's infrastructure sector. The company executes projects in water and wastewater management, sewerage systems, water supply schemes, road construction, and electrical transmission and distribution networks, primarily serving government authorities and public sector undertakings under schemes such as AMRUT, Jal Jeevan Mission, and PMGSY. The company also provides Operations and Maintenance services for completed infrastructure assets. Revenues are generated from fixed-fee project contracts with government bodies and agencies, with the company maintaining an in-house engineering team and selective joint venture partnerships for larger projects.
Management
Sanjay Tyagi
MD
Rekha Tyagi
Director
Kartikey Tyagi
CFO
Mukesh Kumar Garg
Director
Strengths
As stated in the offer document
Diversified EPC capabilities across Core Infrastructure Sectors
The company operates across various infrastructure segments including Water & Wastewater Infrastructure, Roads and Highways, Electrical Transmission, Urban Infrastructure and O&M services. As of July 15, 2026, the company has laid over 1,200 KMs of sewer pipelines with approximately 750 KMs commissioned.
Execution capabilities demonstrated through High-Value Government and Multilateral Projects, with strong Financial Growth
The company has demonstrated technical and financial capacity to execute complex projects including ADB-funded sewerage network project in Udaipur valued at ₹828.10 million. Revenue from operations increased from ₹2,261.02 million in Fiscal 2024 to ₹3,449.96 million in Fiscal 2026, reflecting a CAGR of approximately 23.52%.
In-House Engineering Strength with Technological Adaptation
The company's execution model is supported by a dedicated in-house engineering team comprising 78 professionals across civil, mechanical, electrical, instrumentation, and environmental disciplines. The company has successfully deployed micro-tunnelling and trenchless pipeline installation technologies in high-density urban areas.
Consistent Revenue Growth and Strengthening Profitability
The company demonstrated consistent upward growth with revenue from operations growing from ₹2,261.02 million in FY 2024 to ₹3,449.96 million in FY 2026, representing a CAGR of approximately 23.52%. PAT margins improved from 8.43% in FY 2024 to 12.56% in FY 2026.
Regulatory-Approved Electrical works Capabilities with Statewide Licenses
The company holds 'Class A' Electrical Contractor's Licenses from the Electrical Inspectorate Department, Government of Rajasthan, and the Department of Electrical Safety, Government of Uttarakhand. These certifications authorize the company to undertake high-tension (HT) and extra high-tension (EHT) electrical infrastructure projects independently.
Promoter-Led Business with strong execution capabilities
The business is led by Managing Director, Mr. Sanjay Tyagi, who has over 35 years of experience in the infrastructure sector. Prior to joining the company in April 2007, he served with the Ghaziabad Development Authority for over 15 years.
Robust Order Book
As on July 15, 2026, the company has unexecuted order book of ₹13,054.45 million & 5 O&M projects of ₹152.87 million. Apart from this, the bid of the company has also been recently awarded as L1 status by Delhi Jal Board under AMRUT 2.0 valuing ₹1,964.68 million.
Risk factors
As stated in the offer document
Significant Dependence on Government Contracts
The company derives a substantial portion of its revenues from contracts awarded by Central and State Governments under schemes like AMRUT, JJM, and PMGSY. Any reduction in public spending, delays in tender issuance, or cancellation of awarded projects could materially reduce the pipeline of opportunities and adversely affect business operations and financial performance.
Working Capital Intensive Operations
The company's operations are inherently working capital intensive with requirements of ₹1,338.16 million, ₹1,400.09 million and ₹1,280.66 million for FY 2026, 2025 and 2024 respectively. Any shortfall or delay in working capital availability may adversely affect project execution, with estimated requirements of ₹2,909.29 million for FY 2027.
Competitive Bidding Process Dependency
The company's ability to secure projects depends on successful qualification and bidding under government tendering processes. The company achieved conversion rates of 36.11% for solo bids and 75% as lead partner, but failure to qualify or win tenders may adversely affect order book and financial performance.
Geographic Concentration Risk
The company's business is largely concentrated in Uttar Pradesh and Rajasthan, representing 88.58% and 91.89% of revenue in FY 2026 and 2025 respectively. This concentration subjects the company to regional slowdowns, policy changes, and limits diversification opportunities across states.
Outstanding Legal Proceedings and Contingent Liabilities
The company faces various legal proceedings with aggregate quantifiable amounts of ₹981.16 million by the company and ₹99.79 million against the company. Additionally, contingent liabilities of ₹99.79 million as of March 31, 2026, could materialize and affect financial condition if adverse judgments occur.
Bank Guarantee Requirements
The company is required to furnish bank guarantees typically 10-15% of contract value, with outstanding guarantees of ₹1,680.33 million as of March 31, 2026. Inability to arrange such guarantees or their invocation may adversely affect cash flows and limit ability to enter new contracts.
Related Party Transaction Dependencies
The company has significant related party transactions with VVIP Infratech Limited, representing 4.76% and 26.64% of cost of revenue from operations for FY 2026 and 2025 respectively. These transactions may involve potential conflicts of interest and may not always be in the best interests of minority shareholders.
Order Book Reliability and Project Variations
The company's Order Book of ₹13,054.45 million (EPC projects) may not be a reliable indicator of future revenue. The company has experienced instances of early project completion/termination and deductions by government clients, which could materially affect financial performance and cash flows.
Company Analysis
from PROSPECTUSTechnocraft Ventures Limited is an infrastructure construction and engineering company that designs, builds, and maintains water and wastewater treatment systems, sewerage networks, water supply schemes, roads, and electrical distribution networks across India.
Technocraft Ventures Limited, incorporated in 1998 and originally known as Technocraft Construction Private Limited, operates as an EPC (Engineering, Procurement, and Construction) contractor in India's infrastructure sector. The company executes projects in water and wastewater management, sewerage systems, water supply schemes, road construction, and electrical transmission and distribution networks, primarily serving government authorities and public sector undertakings under schemes such as AMRUT, Jal Jeevan Mission, and PMGSY. The company also provides Operations and Maintenance services for completed infrastructure assets. Revenues are generated from fixed-fee project contracts with government bodies and agencies, with the company maintaining an in-house engineering team and selective joint venture partnerships for larger projects.
Objects of the Issue
- Working Capital Requirements ₹1,500.00 million p.54
- General Corporate Purposes p.54
- Part funding of working capital requirements ₹ 1,500.00 million p.80
- Funding of working capital requirements of our Company ₹1,500.00 million p.140
- General corporate purposes [●] p.140
- Not specified in this document section
- General corporate purposes p.552
Issue Structure
- Total Issue
- Up to 11,881,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] million
- Fresh Issue
- Up to 9,505,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] million
- Offer for Sale
- Up to 2,376,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] million
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹ 10 each, and in multiples of [●] Equity Shares of face value of ₹ 10 each, thereafter
- Face Value
- ₹10 each
Business Model
The company operates on an Engineering, Procurement, and Construction (EPC) contracting model, earning revenues from fixed-fee contracts awarded by government authorities and public sector undertakings for designing, constructing, and commissioning infrastructure projects. Additionally, the company generates recurring revenues from Operations and Maintenance contracts for long-term management of completed assets. Revenues are recognized on a milestone-based billing structure tied to project completion stages and client certification protocols.
Business Segments
SWOT Analysis
- • Successful track record executing diverse infrastructure projects across multiple segments(p.42)
- • Strong in-house engineering and technical capabilities across multiple disciplines(p.48)
- • Significant order book demonstrating market acceptance and future revenue visibility(p.51)
- • Demonstrated ability to win competitive government tenders with reasonable success rates(p.39)
- • Strong government infrastructure investment programs(p.192)
- • Increasing sewage treatment capacity and utilization(p.192)
- • Significant expansion of rural tap water connections(p.192)
- • Growing private sector participation in water management(p.203)
- • Emerging revenue streams from treated wastewater reuse(p.202)
- • Government focus on reducing non-revenue water(p.203)
- • Diversified EPC capabilities across core infrastructure sectors with extensive track record(p.292)
- • Strong execution capabilities on high-value government and multilateral projects(p.292)
- • Consistent revenue growth and improving profitability(p.293)
- • In-house engineering strength with advanced technological capabilities(p.293)
- • Regulatory-approved electrical contractor licenses for independent HT/EHT project execution(p.294)
- • Promoter-led business with strong government sector experience(p.294)
- • Robust order book supporting future revenue visibility(p.294)
- • Experienced independent directors with governance oversight(p.344)
- • Structured board committees for oversight of financial, audit and risk matters(p.345)
- • Strong revenue growth and profitability trajectory(p.375)
- • Improved operational cash generation(p.377)
- • Growing equity base and retained earnings(p.373)
- • Long-standing promoter experience in core business(p.362)
- • Established presence in water and wastewater infrastructure with proven EPC execution capabilities across multiple states(p.489)
- • Strong execution track record with government and government-backed schemes including AMRUT, JJM, and other central/state initiatives(p.493)
- • Revenue growth trajectory with increasing profitability (PAT grew from ₹190.54 million in FY2024 to ₹433.15 million in FY2026)(p.436)
- • Integrated in-house capabilities spanning civil construction, mechanical and electrical integration enabling comprehensive solutions(p.490)
- • Experienced leadership with Managing Director having 17+ years of government infrastructure experience and prior government agency employment(p.490)
- • Healthy debt-to-equity ratio improvement (declined from 0.87 in FY2024 to 0.55 in FY2026) indicating strong balance sheet(p.472)
- • Strong DSCR of 4.09x in FY2026 demonstrating robust ability to service debt obligations(p.472)
- • Business heavily concentrated in two states limiting geographic diversification(p.42)
- • High dependency on a few government schemes and clients for revenue(p.37)
- • Significant trade receivables representing delayed government payments(p.37)
- • Historical compliance lapses in statutory filings and corporate governance(p.43)
- • Unspent CSR obligations remaining unfulfilled creating regulatory risk(p.40)
- • High attrition rate impacting workforce continuity(p.48)
- • Contingent liabilities from tax and GST disputes(p.56)
- • Significant reliance on O&M equipment and machinery; breakdown risks may impact service delivery(p.59)
- • Trade receivables and inventories form 79.50% of non-cash current assets; forecasting/management failures could harm business(p.60)
- • ₹314.93 million in unsecured loans repayable on demand create liquidity risk(p.60)
- • High cost of revenue (74.76% of operations in FY2026) exposes company to input/labour cost inflation(p.60)
- • Fixed-price contracts with limited escalation clauses expose company to cost overrun risk(p.60)
- • Bid-stage cost assumptions may deviate materially from actual execution costs, causing margin erosion(p.60)
- • Government contracts contain onerous terms heavily favourable to clients with limited negotiation ability(p.62)
- • Government contracts transfer significant execution risks to company without corresponding client obligations(p.63)
- • Promoters and director educational certificates untraceable; non-disclosure of qualifications(p.64)
- • Potential conflict of interest: promoter's prior employment with Ghaziabad Development Authority during company operation period(p.64)
- • Multiple instances of delayed statutory filing (GST, EPF) from FY2018 to FY2026(p.65)
- • Promoters have mortgaged personal properties and provided personal guarantees for company borrowings(p.70)
- • Trademark application remains objected; no assurance of successful registration(p.71)
- • Borrowings contain restrictive covenants limiting operational flexibility on ownership, capital structure, and new ventures(p.72)
- • Insufficient sewage collection infrastructure in many areas(p.193)
- • Low metering coverage of water supply systems(p.204)
- • Inadequate institutional capacity of ULBs(p.203)
- • High operational costs relative to treatment revenue(p.204)
- • Significant gap between water treatment capacity and actual utilization(p.192)
- • Geographical concentration risk in northern India(p.305)
- • 100% dependence on government and public sector undertakings(p.305)
- • High working capital requirements for large-scale EPC projects(p.305)
- • Exposure to raw material price fluctuations and subcontractor risks(p.305)
- • Limited brand recognition outside government sector(p.306)
- • High reliance on government contracts with concentration risk(p.381)
- • Significant working capital requirements tied up in receivables and inventory(p.373)
- • Material leverage with significant debt obligations(p.373)
- • Promoter shareholding concentration creating governance risk(p.359)
- • Significant geographic concentration with 88.58% of FY2026 revenue from Uttar Pradesh and Rajasthan, creating regional risk exposure(p.492)
- • High working capital intensity with requirements of ₹1,338.16 million in FY2026 and estimated ₹2,909.29 million for FY2027(p.491)
- • Heavy dependence on raw material costs with CORO representing 74.76% of revenue in FY2026 (₹2,579.36 million)(p.491)
- • Vulnerability to related-party lending with ₹320.04 million in unsecured loans from directors and relatives (11.6% of total debt)(p.478)
- • Multiple contingent liabilities and tax disputes totaling ₹99.79 million including GST and Income Tax assessments(p.441)
- • Limited diversification away from government contracts with 99.98% of FY2026 revenue from government (concentration risk on single customer segment)(p.494)
- • Expansion through growing government infrastructure spending on water and wastewater sectors(p.46)
- • Geographic expansion beyond current concentration in Uttar Pradesh and Rajasthan(p.42)
- • Growing market opportunity in sewerage and water supply infrastructure(p.46)
- • Long-term recurring revenue opportunity through O&M contracts(p.49)
- • Government spending on water reuse and wastewater treatment is driven by environmental protection policies and regulations(p.68)
- • Strategic expansion into Hybrid Annuity Model (HAM) projects in water and wastewater treatment segment(p.75)
- • Scaling up to higher capacity wastewater treatment projects attracts lower competition and improves economies of scale(p.70)
- • Large-scale AMRUT 2.0 sewerage projects across 500 cities(p.211)
- • Expansion of water infrastructure through Jal Jeevan Mission(p.207)
- • Mandatory reuse and circular economy of water initiatives(p.201)
- • Growth in Namami Gange Programme infrastructure projects(p.213)
- • Increasing focus on 24x7 water supply in urban areas(p.203)
- • Technology deployment in water and wastewater systems(p.203)
- • Expansion of hybrid annuity model (HAM) projects(p.195)
- • Increased government spending on urban and rural infrastructure through major schemes(p.306)
- • Strategic expansion into high-capacity water treatment plants and CEPTs(p.295)
- • Geographic expansion into high-growth states with significant water infrastructure demand(p.295)
- • Renewable energy integration and cost reduction through solar installations(p.298)
- • Diversification into high-growth sectors aligned with national infrastructure goals(p.299)
- • Scale growth through EPC infrastructure projects in core sectors(p.381)
- • Public equity market access to fund growth and reduce debt burden(p.344)
- • Operational leverage from increased project scale and execution(p.377)
- • Significant government infrastructure spending through AMRUT 2.0 with recent L1 award from Delhi Jal Board valuing ₹1,964.68 million(p.494)
- • Expanding geographic footprint with recent entry into Madhya Pradesh, Bihar, and Odisha representing market diversification opportunity(p.490)
- • Growing national focus on water and wastewater infrastructure under Jal Jeevan Mission and other central schemes providing large pipeline of opportunities(p.490)
- • Capability to participate in ADB-funded projects requiring rigorous compliance providing access to larger, more complex infrastructure projects(p.490)
- • Organic growth opportunity through O&M services expansion across existing water/wastewater and road assets providing recurring revenue streams(p.490)
- • Dependency on government budget allocations and policy changes for project flow(p.37)
- • Seasonal weather disruptions affecting construction timelines(p.47)
- • Government project delays and early termination affecting revenue(p.52)
- • Intense competition in tender bidding reducing win rates and project opportunities(p.38)
- • Regulatory changes and compliance requirements in project execution(p.46)
- • Supply chain disruptions affecting material and equipment availability(p.55)
- • Institutional capacity constraints at government agencies delay inspections, certifications and approvals, deferring project billing(p.61)
- • Evolving regulatory standards for water quality and discharge norms may require plant design modifications and re-approvals(p.61)
- • Rapid technological change in water treatment requires continuous adaptation; failure risks disqualification and loss of competitiveness(p.61)
- • Government may suspend or unilaterally terminate contracts without assigning reason or providing full compensation(p.63)
- • Delays in land acquisition, utility shifting and statutory approvals by client may disrupt project execution(p.63)
- • Factors outside company control including delays in site handover, design approvals, payments, and seasonal disruptions cause project delays(p.68)
- • Geographic diversification introduces region-specific challenges: topography, climate, labour availability, and regulatory variations(p.69)
- • Intense price-based competition from large established competitors with greater financial resources and operational capacity(p.71)
- • Slowdown in Indian economy, volatility in interest rates, and reduced government infrastructure spending could impair project awards(p.83)
- • Rising inflation in India could increase expenses; company may not fully pass cost increases to customers(p.84)
- • Downgrades to India's sovereign debt rating could impair company's ability to raise financing at favourable terms(p.84)
- • Natural disasters, terrorist attacks, civil unrest and epidemics could disrupt operations and damage Indian market sentiment(p.81)
- • Political instability and changes in government policies could disrupt infrastructure spending and project approvals(p.84)
- • Severe water stress across India(p.192)
- • High contamination of water bodies from industrial and municipal waste(p.192)
- • Gap in treatment capacity versus sewage generation(p.192)
- • Lack of adequate regulatory standards for ambient water quality(p.204)
- • Technological challenges in treating emerging contaminants(p.204)
- • Structural coordination challenges between government agencies(p.193)
- • Policy and regulatory uncertainty affecting project scope and timelines(p.306)
- • Intensifying competition from large conglomerates and niche players(p.306)
- • Climate-related and environmental risks impacting project execution(p.307)
- • Execution delays and manpower challenges in high-risk construction zones(p.307)
- • Technological obsolescence risk from rapid digitization of infrastructure(p.307)
- • Cyclicality and volatility in infrastructure project awards and government spending(p.388)
- • Dependence on customer payment cycles creating liquidity risk(p.373)
- • Exposure to input price inflation and material cost volatility(p.375)
- • Rising interest rates and financing costs(p.375)
- • Susceptibility to monsoon and seasonal weather disruptions affecting project execution timelines and revenue recognition(p.491)
- • Government funding and policy changes could reduce project pipeline with potential shift from EPC to PPP/HAM models(p.493)
- • Price volatility and supply constraints of critical raw materials including steel, cement, pipes, and electrical components affecting project economics(p.491)
- • Intense competition from established national infrastructure companies constraining ability to compete for large complex projects(p.492)
- • Regulatory changes in environmental, labor, and safety standards requiring ongoing compliance investments and operational adjustments(p.491)
- • Regional political, economic and policy changes in concentration states (UP, Rajasthan) could adversely impact project awards and execution(p.492)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sanjay Tyagi | Promoter | — | — |
| Rekha Tyagi | Promoter | — | — |
| Kartikey Tyagi | Promoter | — | — |
| Kartikey Constructions (Partnership Firm) | Promoter Selling Shareholder | — | — |
| Sanjay Tyagi HUF | Promoter | — | — |
| Sanjay Tyagi | Promoter | — | — |
| Rekha Tyagi | Promoter | — | — |
| Kartikey Constructions (Partnership Firm) | Promoter Selling Shareholder | — | — |
| Sanjay Tyagi | Promoter | 4.03% | [●] |
| Rekha Tyagi | Promoter | 1.31% | [●] |
| Kartikey Tyagi | Promoter | 1.99% | [●] |
| Kartikey Constructions (Partnership Firm) | Promoter | 83.02% | [●] |
| Sanjay Tyagi HUF | Promoter | 7.02% | [●] |
| Vartika Tyagi | Promoter Group | 1.43% | [●] |
| Technocraft Developers Private Limited | Promoter Group | 1.20% | [●] |
| Sanjay Tyagi | Promoter/Managing Director | — | — |
| Sanjay Tyagi | Individual Promoter | 4.03% | — |
| Rekha Tyagi | Individual Promoter | 1.31% | — |
| Kartikey Tyagi | Individual Promoter | 1.99% | — |
| Kartikey Constructions (Partnership Firm) | Promoter Group | — | — |
| Sanjay Tyagi | Promoter | 4.03% | — |
| Rekha Tyagi | Promoter | 1.31% | — |
| Kartikey Tyagi | Promoter | 1.99% | — |
| Kartikey Constructions | Promoter Group | 83.02% | — |
| Sanjay Tyagi HUF | Promoter Group | 7.02% | — |
| Kartikey Constructions | Promoter Selling Shareholder | — | — |
| Kartikey Constructions (Partnership Firm) | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS 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 PROSPECTUS before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Technocraft Ventures Limited THIS ISSUE | 14.39 | 54.28 | 19.38, computed at the offer price | 3.91, computed at the offer price | 26.51% |
| 16.30 | 190.57 | 24.30 | 2.08 | 8.62% | |
| 59.51 | 415.11 | 31.96 | 3.50 | 14.37% | |
| 10.42 | 7.05 | 20.76 | 31.71 | 15.22% | |
| 22.81 | 171.91 | 14.81 | 1.67 | 13.27% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.