Valplast Technologies
Book Building issueSMEBSE₹28.09 Cr issue
+5.56%
Listing gain over issue price
Issue size
₹28.09 Cr
1 lot at cut-off
₹1,08,000
Lot size
2,000shares
Open
30 Sep 2025
Close
03 Oct 2025
Allotment
06 Oct 2025
Listing
08 Oct 2025
Listing performance
Issue price
₹54
Listed at
₹57
Listing-day close
₹58.63
Latest price
₹39.89
Close on 23 Oct 2026
Listing gain
+5.56%
Return since issue
-26.13%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Sep 2025 – 03 Oct 2025
- Listing date
- 08 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹28.09 Cr
- Market cap at offer price
- ₹106 Cr
- Promoter holding
- 86.65% → 63.68% pre-issue → post-issue
- ISIN
- INE0QP701017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Fintellectual Corporate Advisors Pvt.Ltd.
- Registered office
- 1025 BH, 10th Floor, Puri Business HUB-81, High Street Sector 81, Haryana
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 | 14,70,000 | — | — |
| Market maker | 2,80,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
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.
Shares allocated
14,70,000
Anchor portion
₹7.94 Cr
at ₹54 per share
Valuation and performance
Valuation at offer price
₹54 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.24 | 3.11 |
| P/E (×) | 12.74 | 17.36 |
| Price to book (×) | 2.57 | — |
| Market cap | — | ₹106 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.15%
- ROCE
- 18.82%
- Debt / equity
- 0.74
- PAT margin
- 9.67%
- EBITDA margin
- 20.10%
- NAV per share
- ₹21.03
- Price to book
- 2.57
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Valplast Technologies
Incorporated in 2014 originally as Renesco India Private Limited and later renamed Valplast Technologies Limited, the company is engaged in civil engineering and construction. It provides supply and installation of structural waterproofing systems and injection grouting solutions for various infrastructure projects including underground structures, tunnels, landfills, dams, channels, shafts, canals, reservoirs, and buildings. The company has recently expanded into tunnel construction, pre-cast concrete structures, and mechanical, electrical, and plumbing (MEP) engineering services. It operates primarily on a sub-contracting basis with main contractors who have been allotted projects by principal employers, though it has also undertaken projects directly for private construction companies and government departments. The company has a presence in 9 states across India and has completed more than 40 projects. Its growth strategy focuses on expansion across regions with demand for its services and maintaining a client-centric approach.
Company Analysis
from RHPValplast Technologies Limited is a civil engineering and construction company providing structural waterproofing systems, injection grouting solutions, tunnel construction, and MEP engineering services for infrastructure projects across defense, railway, and civil sectors.
Incorporated in 2014 originally as Renesco India Private Limited and later renamed Valplast Technologies Limited, the company is engaged in civil engineering and construction. It provides supply and installation of structural waterproofing systems and injection grouting solutions for various infrastructure projects including underground structures, tunnels, landfills, dams, channels, shafts, canals, reservoirs, and buildings. The company has recently expanded into tunnel construction, pre-cast concrete structures, and mechanical, electrical, and plumbing (MEP) engineering services. It operates primarily on a sub-contracting basis with main contractors who have been allotted projects by principal employers, though it has also undertaken projects directly for private construction companies and government departments. The company has a presence in 9 states across India and has completed more than 40 projects. Its growth strategy focuses on expansion across regions with demand for its services and maintaining a client-centric approach.
Civil EngineeringConstructionInfrastructureDefenseRailwayRoad Infrastructure
Objects of the Issue
- Funding the capital expenditure requirements by purchase of Machinery ₹495.00 lakhs p.32
- To meet incremental Working Capital requirements ₹1,400.00 lakhs p.32
- General Corporate Purpose [●] lakhs (to be finalised, not exceeding 25% of amount raised) p.32
- Objects of the Issue will be detailed in the Objects of the Issue chapter p.93
- Funding the capital expenditure requirements by purchase of Plant and Machinery 495.00 lakhs p.134
- To meet incremental Working Capital requirements 1,400.00 lakhs p.136
- General Corporate Purposes p.141
Issue Structure
- Total Issue
- Up to 52,02,000 equity shares of face value of ₹10 each aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 52,02,000 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price ₹51 and Cap Price ₹54 (5.10 times and 5.40 times of face value)
- Lot Size
- 2,000 equity shares (minimum bid lot)
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue primarily through sub-contracting civil engineering and construction services from main contractors. Revenue streams include waterproofing services, injection grouting services, MEP works in tunnels and underground structures, construction of tunnels, slope stabilization and construction of retaining walls, and fabrication and installation of precast concrete elements. The majority of projects are obtained on a sub-contracting basis.
Business Segments
MEP engineering services in tunnels and underground structures
Supply and installation of structural waterproofing systems for various infrastructure projects
Injection grouting solutions for infrastructure projects
Construction of tunnels for infrastructure projects
Slope stabilization and construction of retaining walls
Supply and installation of structural waterproofing systems for various infrastructure projects
Injection grouting solutions for various types of infrastructure projects including underground structures, tunnels, landfills, dams, channels
Construction of precast concrete structures and MEP (Mechanical Engineering and Plumbing) services in tunnels and other underground structures
Provides tunnel construction services involving creating underground passageways through various terrains, such as rock or soil. This complex process includes site preparation, excavation, and the installation of tunnel linings.
Offers comprehensive waterproofing solutions for various structures including underground facilities, tunnels, landfills, dams, channels, shafts, canals, reservoirs, and buildings. Services include supply and installation of advanced waterproofing systems using methods such as liquid membranes, sheet membranes, cementitious coatings, and drainage systems.
Focuses on reinforcing and stabilizing structures by injecting grout into voids or cracks. This technique is commonly used to repair and strengthen foundations, fill soil voids, and consolidate loose ground using different types of grouts.
Provides MEP services covering installation and maintenance of mechanical, electrical, and plumbing systems within buildings and tunnels, including HVAC systems, electrical wiring, lighting, power distribution, water supply and drainage systems.
Prepares structures off-site in a controlled environment before being transported and installed at construction sites. Elements include beams, columns, walls, and slabs. Fabrication involves creating molds and casting concrete mixtures to form components.
Services prevent soil erosion and landslides on inclined terrains. Constructs retaining walls using materials like concrete, masonry, or timber to support and stabilize soil using Geocells and Geoweb technology.
Supply and installation of structural waterproofing systems, injection grouting solutions for underground structures, tunnels, landfills, dams, channels, shafts, canals, reservoirs, and buildings
Recently started construction of Tunnels, Pre-Cast Concrete structures and Mechanical, Electrical & Plumbing (MEP) engineering services in tunnels and underground structures
Civil-engineering & construction company providing structural waterproofing system, injection grouting solutions, Pre-Cast Concrete systems and MEP engineering services for infrastructure projects
Supply and installation of structural waterproofing systems
MEP engineering services in tunnels and underground structures
Injection grouting solutions for infrastructure projects
Construction of slope stabilization and retaining wall structures
Construction of tunnels and associated infrastructure
SWOT Analysis
Strengths
- • Established presence across multiple states with proven project execution capability(p.31)
- • Diversified service offerings across multiple infrastructure sectors(p.31)
- • Client-centric approach driving sustainable business growth(p.31)
- • Promoter experience in infrastructure projects with strong client relationships(p.68)
- • Stable management team with industry experience across business divisions(p.68)
- • Reduced supplier concentration over time(p.63)
- • No past history of supplier-related losses(p.63)
- • No past tunnel collapse incidents or catastrophic project failures(p.66)
- • Strong, experienced management team with deep industry expertise(p.193)
- • Diversified geographic presence reducing operational and market concentration risk(p.194)
- • Comprehensive service portfolio spanning multiple infrastructure segments(p.176)
- • ISO certifications demonstrating quality, environmental and safety management standards(p.176)
- • Strong EBITDA margins indicating operational efficiency(p.177)
- • Specialized civil engineering services in niche infrastructure areas(p.304)
- • Consistent revenue growth and profitability(p.302)
- • Improved gross profit margin(p.295)
- • Growing return on equity(p.317)
- • Strong promoter ownership and control(p.307)
- • Expanded service capabilities across multiple business segments(p.333)
- • Proven track record of successful project completion(p.333)
- • Geographic diversification and strategic regional expansion(p.333)
- • Strong gross profit margin improvement(p.330)
- • Improving cost management and material efficiency(p.336)
- • Positive net worth and net asset value growth(p.330)
Weaknesses
- • Heavy dependence on few major customers for revenue generation(p.42)
- • Significant contingent liabilities exposure including tax demands(p.41)
- • Substantial outstanding litigation claims with uncertain recovery prospects(p.41)
- • History of regulatory non-compliance and delayed statutory filings(p.44)
- • Majority of business dependent on sub-contracting arrangements(p.42)
- • No long-term supply agreements for raw materials, exposing to price volatility(p.44)
- • Leased business premises with operational dependency on lessor(p.59)
- • Significant working capital requirements for business expansion(p.58)
- • High financial leverage with unsecured loans callable on demand(p.83)
- • Persistent negative operating cash flows despite recent positive periods(p.64)
- • Dependence on promoter personal guarantees and collateral for borrowings(p.65)
- • Limited experience in tunnel construction as core business(p.68)
- • Lack of work completion certificates for most completed private projects(p.67)
- • Significant supplier concentration with top 10 suppliers providing 20-48% of purchases(p.63)
- • Historical compliance violations under Foreign Exchange Management Act(p.64)
- • Reliance on related party transactions without arm's length assurance(p.63)
- • Significant upfront capital requirements for equipment and project initiation(p.195)
- • Long project timelines adversely affecting cash flow and profitability(p.195)
- • High-risk construction environment increasing accident and insurance costs(p.195)
- • Heavy dependence on top customers concentrating revenue risk(p.196)
- • Declining revenue growth in FY2025 despite strong prior year growth(p.177)
- • Significantly increased debt levels(p.317)
- • High contingent liabilities including income tax disputes(p.320)
- • Significant unbilled revenue concentration(p.311)
- • Increased finance costs and interest burden(p.314)
- • Dependent on related parties for significant financing(p.309)
- • Disputed trade receivables and ongoing litigation(p.311)
- • Significant increase in debt obligations and finance costs(p.330)
- • Deteriorating receivables collection(p.330)
- • Weakened debt service coverage capacity(p.330)
- • Revenue decline in traditional service segments(p.336)
- • Declining profitability and return on equity(p.330)
- • Outstanding litigation and tax disputes creating financial uncertainty(p.354)
- • Dependence on few customers(p.345)
Opportunities
- • Expanding road infrastructure development creating market demand(p.31)
- • Strong growth in engineering sector driven by infrastructure investment(p.31)
- • Strategic expansion into high-growth infrastructure sectors(p.31)
- • Growing private sector participation in infrastructure development through PPP model(p.31)
- • Expansion into new service lines including tunnel construction and precast concrete structures(p.68)
- • Growing infrastructure investment demand supporting core civil engineering business(p.71)
- • Expanding tunnel construction focus with new major projects secured(p.194)
- • Growing government investment in infrastructure creating demand tailwinds(p.166)
- • Expanding geographic footprint across India's growing construction market(p.195)
- • Large order book with significant future revenue visibility(p.137)
- • Increasing adoption of modern construction technologies and mechanization(p.195)
- • Infrastructure project diversification(p.304)
- • Expansion through specialized MEP engineering services(p.304)
- • Market consolidation in niche waterproofing solutions(p.304)
- • Geographic expansion potential(p.304)
- • Growth in tunnel and precast concrete construction market(p.336)
- • Infrastructure development across defense, railway, and civil sectors(p.333)
- • Expansion into new geographic markets(p.333)
- • Growing demand for specialized MEP and waterproofing services(p.336)
- • Revenue diversification through new project categories(p.336)
Threats
- • Risk of contract termination or non-renewal by major clients(p.42)
- • Exposure to regulatory changes and statutory compliance risks(p.44)
- • Economic cycles and infrastructure project delays affecting revenue(p.29)
- • Fluctuations in raw material costs and supply chain disruptions(p.44)
- • Intensifying competition in construction and infrastructure sectors(p.29)
- • Risk of client insolvency or non-payment of outstanding dues(p.42)
- • Environmental, safety, and labor regulatory compliance risks(p.29)
- • Seasonal business highly dependent on weather conditions causing work stoppages(p.67)
- • Project implementation risks including delays, modifications and cancellations(p.67)
- • Third-party logistics dependency for transportation of materials and precast elements(p.66)
- • Economic slowdown in India negatively impacts construction demand(p.89)
- • Customer payment delays and default risks creating receivables pressure(p.69)
- • Labour-intensive industry exposed to labour unrest and wage inflation(p.69)
- • Currency fluctuation risks affecting raw material costs and financing(p.89)
- • Regulatory and compliance uncertainties under evolving Indian legal regime(p.89)
- • Evolving regulatory and environmental compliance requirements increasing operational complexity(p.195)
- • Intense competition from established and new market entrants(p.195)
- • Seasonal factors and monsoons causing project delays and cost increases(p.195)
- • Global economic slowdown and trade tensions impacting infrastructure investment(p.158)
- • Complex regulatory and approval frameworks causing project delays and cost overruns(p.172)
- • Regulatory and tax disputes impacting operations(p.320)
- • Increased interest rate environment affecting borrowing costs(p.326)
- • Project execution and payment collection risks(p.311)
- • Dependence on infrastructure project pipeline(p.304)
- • Raw material cost volatility(p.313)
- • Seasonality and project cycle volatility in construction(p.345)
- • Competitive conditions in construction and infrastructure sectors(p.345)
- • Material cost fluctuations affecting margins(p.331)
- • Project completion delays and pending litigations with clients(p.355)
- • GST compliance risk and indirect tax exposure(p.354)
- • Litigation and regulatory actions from multiple parties(p.358)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sanjay Kumar | Promoter | 51.99% | 38.21% |
| Rajeev Tyagi | Promoter | 34.66% | 25.47% |
| Madhunita | Promoter | — | — |
| Sanjay Kumar | Promoter | 51.99% | 38.21% |
| Rajeev Tyagi | Promoter | 34.66% | 25.47% |
| Madhunita | Promoter | — | — |
| Sanjay Kumar | Promoter | — | 14.09% |
| Rajeev Tyagi | Promoter | — | 7.72% |
| Sanjay Kumar | Promoter/Managing Director | 51.99% | — |
| Rajeev Tyagi | Promoter/Whole-time Director | 34.66% | — |
| Madhunita | Promoter/Non-Executive Director | 0% | — |
| Sanjay Kumar | Promoter | 51.99% | — |
| Rajeev Tyagi | Promoter | 34.66% | — |
| Sanjay Kumar | Promoter | — | — |
| Rajeev Tyagi | Promoter | — | — |
Leadership
Sanjay Kumar · Managing Director
Rajeev Tyagi · Whole-time Director and Company Secretary & Compliance Officer
Devendra Singh · Chief Financial Officer and Whole-time Director
Madhunita · Non-Executive Director
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.
Valplast Technologies IPO FAQs
What is the lot size of Valplast Technologies IPO?
The minimum lot size of Valplast Technologies IPO is 2,000 shares. One lot costs ₹1,08,000 at the cut-off price.
When does Valplast Technologies IPO open and close?
Valplast Technologies IPO opened for subscription on 30 Sep 2025 and closed on 03 Oct 2025.
What is the listing date of Valplast Technologies IPO?
Valplast Technologies IPO listed on 08 Oct 2025.