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Technocraft Ventures

Mainboard · NSE listed
+33.96%
Listing gain
Price Band
₹200 – ₹212
Issue Size
₹252 Cr
1 lot at upper band
₹14,840
Lot Size
70
Open
07 Aug 2026
Close
11 Aug 2026
Allotment
—
Listing
14 Aug 2026

Scheduled dates

  1. Open
    07 Aug 2026
  2. Close
    11 Aug 2026
  3. Refund
    13 Aug 2026
  4. Demat credit
    13 Aug 2026
  5. Listing
    14 Aug 2026

Listing Performance

Listing Price
₹284
Listing Gain
+33.96%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹42 15 sessions

Subscription (times)

Latest per-category subscription · as of 11 Aug, 06:56 pm IST.

QIB 42.26x
NII 65.06x
BHNI 63.97x
SHNI 67.24x
RII 25.35x
Total 38.69x

About Technocraft Ventures

Technocraft Ventures Limited is a multidisciplinary public infrastructure development company engaged in the execution of turnkey Engineering, Procurement and Construction (EPC) contracts. The company operates across various infrastructure segments, including Water & Wastewater Infrastructure such as Water Supply Scheme Projects, Sewerage Networks, Sewerage Treatment Plants, Wastewater Treatment Plants, Transmission mains, Reservoirs, Trenchless & Micro tunnelling Works, Roads and Highways work, Electrical Transmission work, Urban Infrastructure which includes sector-level planning and execution of residential building projects and Operation and Maintenance of public utilities.

www.technocraftventures.com ↗

Strengths

  • 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

  • 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.

Objects of the Issue

  • Funding of working capital requirements of the Company
    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.
    150.00 crores
  • 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.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/2026347.00+23.5%43.31+53.6%354.38163.3828.70
31/03/2025281.00+23.6%28.20+48.0%269.74119.9821.68
31/03/2024227.30—19.05—258.0591.781.40
Units: crores

Issue Details

Face Value
₹10
P/E
14.73
ROCE
27.72%
Shares / Lot
70
Minimum Bid
70 shares
Refund
13 Aug 2026
Credit to Demat
13 Aug 2026
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
RHP ↗DRHP ↗

Management

Sanjay TyagiMD
Rekha TyagiDirector
Kartikey TyagiCFO
Mukesh Kumar GargDirector

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.