Z-Tech (India)
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 May 2024 – 31 May 2024
- Listing date
- 05 Jun 2024
- Face value
- ₹10 per share
- Issue price
- ₹110 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹37.30 Cr
- Market cap at offer price
- ₹141 Cr
- Promoter holding
- 82.65% → 60.75% pre-issue → post-issue
- ISIN
- INE0ISZ01012
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Plot 140, Khasra, No.249, Mangla Puri, Gadaipur, New Delhi
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 | 9,64,800 | — | — |
| Market maker | 1,70,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹110
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,32,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,64,000 |
| S-HNI (max) | 7 | 8,400 | ₹9,24,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,56,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.29 | 6.09 |
| P/E (×) | 13.27 | 18.06 |
| Price to book (×) | 4.52 | — |
| Market cap | — | ₹141 Cr |
Key performance indicators
- Return on net worth
- 34.00%
- ROCE
- 44.02%
- Debt / equity
- 0.06
- PAT margin
- 12.00%
- NAV per share
- ₹24.32
- Price to book
- 4.52
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Z-Tech (India)
Z-Tech (India) Limited was incorporated on November 09, 1994 as Z-Tech (India) Private Limited in Delhi and converted into a public limited company (renamed Z-Tech (India) Limited) pursuant to a certificate dated January 11, 2024. Founded around civil construction — designing, supplying and building retaining structures — the company today runs three lines of business: (1) Sustainable Theme Park Development, under which it builds and operates civic theme parks (e.g., Waste to Wonder Park, Bharat Darshan Park and Shaheedi Park in Delhi; UP Darshan Park in Lucknow) by converting scrap from municipal dump yards into artwork and park amenities; (2) Industrial Waste Water Management, built on the GEIST technology acquired from Earl Exim Private Limited in November 2020, which treats chemical-laden effluent and recovers saleable chemicals such as anhydrous sodium sulphate for profitable zero liquid discharge; and (3) Geo Technical Specialised Solutions such as reinforced soil walls, slope stabilisation and ground improvement delivered as EPC/O&M contracts for infrastructure contractors. In FY2024 the company reported consolidated revenue from operations of ₹6,731.82 lakhs and profit after tax of ₹779.15 lakhs, with the newer theme-park business contributing 58.31% of revenue.
Company Analysis
from RHPZ-Tech (India) Limited provides geo-technical specialised solutions for infrastructure and civil construction projects, develops sustainable theme parks out of recycled scrap waste for civic authorities, and delivers industrial wastewater treatment and chemical-recovery solutions using its GEIST technology.
Z-Tech (India) Limited was incorporated on November 09, 1994 as Z-Tech (India) Private Limited in Delhi and converted into a public limited company (renamed Z-Tech (India) Limited) pursuant to a certificate dated January 11, 2024. Founded around civil construction — designing, supplying and building retaining structures — the company today runs three lines of business: (1) Sustainable Theme Park Development, under which it builds and operates civic theme parks (e.g., Waste to Wonder Park, Bharat Darshan Park and Shaheedi Park in Delhi; UP Darshan Park in Lucknow) by converting scrap from municipal dump yards into artwork and park amenities; (2) Industrial Waste Water Management, built on the GEIST technology acquired from Earl Exim Private Limited in November 2020, which treats chemical-laden effluent and recovers saleable chemicals such as anhydrous sodium sulphate for profitable zero liquid discharge; and (3) Geo Technical Specialised Solutions such as reinforced soil walls, slope stabilisation and ground improvement delivered as EPC/O&M contracts for infrastructure contractors. In FY2024 the company reported consolidated revenue from operations of ₹6,731.82 lakhs and profit after tax of ₹779.15 lakhs, with the newer theme-park business contributing 58.31% of revenue.
Objects of the Issue
- Funding working capital requirements ₹2,375.77 lakhs p.85
- General corporate purposes p.91
- Issue expenses p.91
Issue Structure
- Total Issue
- 33,91,200 Equity Shares of face value Rs. 10/- each aggregating to Rs. [●] Lakhs (to constitute 26.50% of post-issue paid-up capital)
- Fresh Issue
- 33,91,200 Equity Shares (entire issue is a fresh issue; includes 1,70,400 shares reserved for the Market Maker; Net Issue of 32,20,800 shares)
- Offer for Sale
- NIL
- Price Band
- Floor Price of Rs. 104/- per Equity Share to Cap Price of Rs. 110/- per Equity Share (10.40 times and 11.00 times the face value of Rs. 10)
- Lot Size
- 1200 Equity Shares and in multiples of 1200 Equity Shares thereafter
- Face Value
- Rs. 10/- each
Business Model
The company earns contract revenue across its three verticals. Sustainable Theme Parks are executed under three models: Hybrid Annuity Model (park development co-funded with the government, with ticket-sale revenue shared), EPC & O&M (engineering-procurement-construction fees plus recurring operation-and-management fees during the contract period), and Public Private Partnership (Z-Tech invests in development against land and scrap material contributed by the government and receives approximately 90% of ticket revenue for some years, plus income from events at the parks). Industrial Waste Water Management revenue comes from a Design-Build-Operate model (Z-Tech funds, builds and operates plants and monetises chemicals recovered from effluent), EPC & O&M plant contracts, and engineering-and-supervision consultancy. Geo Technical Specialised Solutions revenue is earned through EPC & O&M contracts — designing, supplying and erecting reinforced soil walls, slope protection and related works — secured via tenders and client enquiries. Work is won through government tenders as well as private contracts with infrastructure companies.
Business Segments
SWOT Analysis
- • Experienced and qualified management team(p.162)
- • Well-organized organization structure with strong corporate governance culture(p.162)
- • Efficient business model enabling cost optimization and margin maximization(p.162)
- • Strong execution capabilities backed by two decades of civil construction experience(p.163)
- • Quality assurance and standards generating reputation with zero complaints(p.163)
- • Proprietary, patented GEIST water-treatment technology(p.40)
- • Three distinct business segments lacking synergy stretch resources(p.27)
- • Heavy revenue dependence on newly introduced Sustainable Theme Park segment (58.31% of FY24 revenue)(p.27)
- • Promoters are first-generation entrepreneurs with limited networks(p.28)
- • History of negative cash flows(p.28)
- • High working capital intensity of operations(p.32)
- • Customer concentration - top 10 customers contributed 77.50% of FY24 revenue(p.38)
- • Geographic concentration - Delhi contributed 57.66% of FY24 revenue(p.30)
- • No long-term contracts with suppliers; raw material availability risk(p.33)
- • Geographical expansion strategy into untapped markets (e.g., South India)(p.163)
- • Growing global water and wastewater treatment market (CAGR 7.5% to USD 536.41 billion by 2030)(p.122)
- • Fast-growing India water and wastewater treatment market (CAGR ~11.22% during 2023-28)(p.131)
- • Expanding global geotechnical services market (CAGR 6.5% from 2022 to 2027)(p.125)
- • Rising global municipal solid waste generation supports the waste-to-theme-park model(p.119)
- • Swachh Bharat Abhiyan-driven government tenders for Sustainable Theme Parks(p.31)
- • Internal R&D setup for service innovation and enrichment(p.164)
- • Intense competition in bidding for and winning sustainable theme park tenders(p.31)
- • Stringent environmental laws and regulatory compliance requirements in wastewater management(p.32)
- • Cost escalations on long-duration projects impacting margins and cash flows(p.40)
- • Currency fluctuation risk on international operations(p.43)
- • Changes in Government policy affecting economic conditions and business(p.46)
- • Slowdown in Indian economic growth reducing demand for services(p.46)
- • High inflation raising costs with no assurance of pass-through(p.46)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| M/s Terramaya Enterprises Private Limited | Corporate Promoter | 80.92% | 59.48% |
| Ms. Sanghamitra Borgohain | Promoter | 1.73% | 1.27% |
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.