Telge Projects
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 03 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 02 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 01 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹105 | ₹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
- 25 Sept 2025 – 29 Sept 2025
- Listing date
- 03 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹105 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹27.24 Cr
- Market cap at offer price
- ₹103 Cr
- Promoter holding
- 97.28% → 71.50% pre-issue → post-issue
- ISIN
- INE0SRP01014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- Unit No.502A, 5th floor, Om Chambers, Plot No.T-29, 30, 31, T Block, Bhosari I.E., 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 | 7,33,200 | — | — |
| Market maker | 1,30,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,08,000 |
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
₹105 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.48 | 5.50 |
| P/E (×) | 14.04 | 19.09 |
| Price to book (×) | 6.56 | — |
| Market cap | — | ₹103 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 47.46%
- ROCE
- 56.22%
- Debt / equity
- 0.83
- PAT margin
- 21.45%
- EBITDA margin
- 32.97%
- NAV per share
- ₹16
- Price to book
- 6.56
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Telge Projects
Incorporated on January 16, 2018, and converted to a public limited company on January 2, 2024, Telge Projects Limited is engaged in comprehensive engineering design services emphasizing modern methodologies over traditional approaches. The company serves EPC (Engineering, Procurement, and Construction) firms, fabricators, and contractors by delivering accurate, cost-effective engineering services including Building Information Modeling (BIM), structural engineering design, material take-offs (MTO), 2D drafting and architectural design. The company has developed presence in Maharashtra and Odisha in India and successfully exports services to over eleven countries including Australia, Canada, Ireland, Latvia, Malaysia, New Zealand, Poland, Singapore, Sweden, UK and USA. As of March 31, 2025, the company has 166 employees including 148 trained and skilled engineers.
Company Analysis
from RHPTelge Projects Limited provides comprehensive engineering design services including Building Information Modeling (BIM), structural engineering design, material take-offs, 2D drafting, and architectural design to EPC firms, fabricators, and contractors across commercial, industrial, infrastructure, institutional and residential sectors in India and 11 international markets.
Incorporated on January 16, 2018, and converted to a public limited company on January 2, 2024, Telge Projects Limited is engaged in comprehensive engineering design services emphasizing modern methodologies over traditional approaches. The company serves EPC (Engineering, Procurement, and Construction) firms, fabricators, and contractors by delivering accurate, cost-effective engineering services including Building Information Modeling (BIM), structural engineering design, material take-offs (MTO), 2D drafting and architectural design. The company has developed presence in Maharashtra and Odisha in India and successfully exports services to over eleven countries including Australia, Canada, Ireland, Latvia, Malaysia, New Zealand, Poland, Singapore, Sweden, UK and USA. As of March 31, 2025, the company has 166 employees including 148 trained and skilled engineers.
Objects of the Issue
- Funding of Capital expenditure towards purchase of additional office premises at Pune, Maharashtra ₹872.94 Lakhs p.29
- Funding of capital expenditure requirements towards Purchase of computers, laptops, other related accessories and Purchase of software subscriptions ₹243.69 Lakhs p.29
- Hiring of Manpower in our Company ₹417.96 Lakhs p.29
- Investment in subsidiary for hiring Manpower in Telge Projects Inc ₹485.50 Lakhs p.29
- General corporate purposes p.29
- Funding of capital expenditure towards purchase of additional office premises at Pune, Maharashtra ₹872.94 Lakhs p.91
- Funding of capital expenditure requirements towards Purchase of computers, laptops, other related accessories and Purchase of software subscriptions ₹243.69 Lakhs p.91
- Hiring of Manpower in our Company ₹417.96 Lakhs p.91
- Investment in subsidiary for hiring Manpower in Telge Projects Inc ₹485.50 Lakhs p.91
- General Corporate Purpose p.91
- Strategic Infrastructure Investment in Pune, Maharashtra - To develop a new office premise at Pune to build the Company's owned office/infrastructure and create additional space for business expansion p.139
- Hiring of additional skilled workforce for expansion of business p.139
- —
Issue Structure
- Total Issue
- Up to 25,94,400 Equity Shares of face value of ₹10/- each aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 25,94,400 Equity Shares of face value of ₹10/- each for cash at a price of ₹ [●] per Equity Share aggregating to ₹ [●] Lakhs
- Offer for Sale
- N.A. (Entire issue constitutes fresh issue of equity shares)
- Price Band
- [●] (Price band to be determined)
- Lot Size
- [●] (To be determined)
- Face Value
- ₹10/- each
Business Model
The company operates on a project-based model, providing engineering design services to clients including EPC firms, fabricators, and contractors. Revenue is generated through Building Information Modeling services (83.91% of revenue in FY2025), which involves using industry-recognized software tools for design, modeling, and detailing. The company receives project orders on a per-project basis rather than through long-term contracts, with revenue concentrated in export markets (USA 69.65%, UK 11.74%, Australia 8.92% in FY2025).
Business Segments
SWOT Analysis
- • Established BIM services provider with significant revenue concentration(p.42)
- • Growing revenue and expanding international presence across 11+ countries(p.29)
- • Strong profitability growth with increasing net worth and PAT(p.31)
- • Qualified and certified workforce with technical expertise(p.44)
- • ISO 9001:2015 accreditation for quality management(p.51)
- • Diversified service offerings in engineering design across multiple sectors(p.94)
- • Strong international revenue base providing market diversification(p.99)
- • Revenue growth trajectory with expanding profitability(p.68)
- • Established subsidiary presence in the United States for market access(p.99)
- • Deep domain expertise with software capabilities and skilled workforce(p.136)
- • Long-standing customer relationships with repeated business(p.136)
- • Strong profitability metrics and operational efficiency(p.104)
- • Global presence across 11+ countries with export-driven revenue model(p.127)
- • Two-shift operational model maximizing software investment ROI(p.138)
- • Strategic acquisitions strengthening North American market presence(p.138)
- • Diversified service portfolio across multiple construction sectors(p.137)
- • Experienced promoter with 9 years industry experience and active involvement(p.137)
- • Established presence in high-value AEC markets with modern BIM methodology(p.165)
- • Strong revenue growth and profitability trajectory(p.197)
- • Diversified geographic revenue base reducing concentration risk(p.206)
- • Strategic international expansion through acquisitions(p.168)
- • ISO 9001:2015 certification demonstrating quality standards(p.165)
- • Severe customer concentration with top 10 customers representing 63.37% of FY2025 revenue(p.37)
- • Heavy dependence on single software vendor (Tekla Structures) for 85.75% of revenue(p.39)
- • No long-term contracts with customers, creating revenue volatility(p.46)
- • Negative cash flows from investing and financing activities(p.45)
- • High employee benefit expense representing 35.62% of FY2025 revenue(p.47)
- • Outstanding litigation against a Director with criminal proceedings pending(p.44)
- • History of delays and non-compliance with statutory filings and regulatory requirements(p.40)
- • Excessive dependence on single financial institution (IDFC Bank Limited)(p.51)
- • Trade receivables exposure with bad debts of ₹37.41 lakhs in FY2025(p.50)
- • Unregistered intellectual property marks creating infringement risk(p.50)
- • Substantial secured indebtedness creating debt service obligations(p.52)
- • High employee attrition rate indicating workforce instability(p.97)
- • Directors lack experience managing a public listed company(p.56)
- • Inadequate insurance coverage relative to asset base(p.54)
- • Reliance on leased properties without assured renewal terms(p.54)
- • No dividend history and limited visibility on future dividend payments(p.57)
- • Promoter dependence on personal guarantees for debt facilities(p.55)
- • High customer concentration with top customer representing 39.25% of revenue(p.144)
- • Moderate debt-equity ratio increasing over time(p.104)
- • High employee attrition rate around 15-16%(p.146)
- • Declining ROE and ROCE despite revenue growth(p.104)
- • Limited domestic market presence with 98.96% revenue from exports(p.139)
- • High concentration of revenue from international markets with FX exposure(p.206)
- • Significant subordinated debt from promoter and related parties(p.213)
- • High leverage with recent expansion capital requirements(p.196)
- • Significant goodwill and intangible assets from acquisitions(p.221)
- • Heavy reliance on recently acquired subsidiary performance for growth(p.199)
- • Significant growth in India's BIM market driven by technological transformation(p.29)
- • Expanding domestic market presence beyond current Maharashtra and Odisha operations(p.29)
- • Green building standards adoption creating demand for environmental compliance services(p.29)
- • Strategic expansion into adjacent service segments beyond BIM(p.43)
- • Planned hiring of manpower using IPO proceeds to support growth(p.30)
- • Expansion through acquisition of additional office premises to support workforce growth(p.93)
- • Planned hiring of 65 additional employees across sales, operations, and R&D functions(p.98)
- • Investment in advanced software infrastructure (Tekla Structures) to enhance service capabilities(p.96)
- • Strengthening international subsidiary to capture offshore market opportunities(p.99)
- • Strategic infrastructure investment in Pune to build company-owned office space(p.139)
- • Expansion of geographical footprint into new countries(p.139)
- • Continued investment in technology and software capabilities for operational excellence(p.139)
- • Professional organization development and talent attraction(p.139)
- • Global engineering services market growth at 5.3% CAGR with $2.0 trillion market size(p.122)
- • India's BIM market projected to grow at 11.50% CAGR during 2025-2033(p.123)
- • Strong domestic economy growth enabling infrastructure investment(p.121)
- • Expansion of BIM adoption in AEC industry replacing traditional methods(p.165)
- • Capacity to serve EPC firms, fabricators, and contractors globally(p.165)
- • Geographic expansion in underserved markets(p.206)
- • Potential for enhanced service delivery through digital infrastructure(p.166)
- • Geographic revenue concentration with USA, UK and Australia accounting for over 80% of revenues(p.38)
- • Foreign exchange fluctuation risks from USD-dominated revenue streams(p.27)
- • Project execution delays from design changes, site conditions and client factors(p.27)
- • Intense competition from global and low-cost regional BIM service providers(p.43)
- • Regulatory compliance challenges under evolving foreign exchange control frameworks(p.49)
- • Wage inflation and competition for skilled engineers in India affecting cost structure(p.48)
- • Potential non-compliance issues with foreign contractual obligations governed by foreign laws(p.49)
- • Property acquisition risk with unsatisfied charge records not updated in registry(p.46)
- • Reliance on third-party software vulnerabilities and potential technical failures(p.44)
- • Cybersecurity and IT system failure risks affecting business continuity(p.51)
- • Risk of regulatory non-compliance from delayed permits and license renewals(p.52)
- • Regulatory uncertainty regarding future tax law changes and convergence to accounting standards(p.59)
- • Global economic volatility and financial market instability affecting Indian operations(p.59)
- • Exposure to natural disasters, pandemics, and geopolitical conflicts(p.60)
- • Inflation pressures limiting ability to pass cost increases to clients(p.61)
- • Currency exchange rate fluctuations impacting international revenue streams(p.62)
- • Competition law enforcement and regulatory scrutiny of business practices(p.61)
- • Global trade tensions and policy uncertainty impacting growth outlook(p.114)
- • Global growth projected to decline from 3.3% in 2024 to 2.8% in 2025(p.119)
- • Rising long-term interest rates affecting global investments(p.117)
- • Global trade growth slowdown to 1.7% in 2025(p.119)
- • Financial market volatility and equity market correction risks(p.114)
- • Competitive market with both organized and unorganized players(p.143)
- • Client concentration risk with top 5 customers representing 54.35% of revenue(p.144)
- • Exposure to foreign exchange volatility affecting profitability(p.237)
- • Dependence on few large customers and projects(p.227)
- • Intense competition from established global design service providers(p.165)
- • Integration risks from multiple recent acquisitions(p.165)
- • Global economic slowdown and construction industry cyclicality(p.190)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ms. Shraddha Shailesh Telge | Promoter | 97.28% | 71.50% |
| Ms. Shraddha Shailesh Telge | Promoter | 97.28% | 71.50% |
| Ms. Shraddha Shailesh Telge | Promoter | — | — |
| Ms. Shraddha Shailesh Telge | Promoter | 97.28% | 71.50% |
| Shraddha Shailesh Telge | Managing Director & CEO / Promoter | — | — |
| Shailesh Uttam Telge | Relative of KMP / Director (till May 2024) / Promoter Group | — | — |
| Vishal Uttam Telge | Non-Executive Director / Promoter | — | — |
| Shraddha Shailesh Telge | 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.