Robokidz Eduventures IPO
Robokidz Eduventures IPO is an SME IPO raising ₹31 Cr at ₹100 – ₹106 a share. It listed on 28 Sept 2026 at ₹201, +90.0% against its issue price of ₹106, and trades at ₹140 today (+31.9% since issue). It was subscribed 769× in total.
769.5 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Robokidz Eduventures provides technology-enabled STEM learning solutions for K-12 students in India, covering robotics, AI, coding, electronics and science/technology/engineering/maths. It sells end-to-end educational laboratory setup projects (design, supply and installation of robotics/AI labs) mainly to schools and government bodies, alongside subscription-based Young Engineers Garage (YEG) programmes and add-on services like workshops, boot camps, summer camps, teacher training and manpower deployment. Activities are supported by proprietary digital platforms: a Drag-on.ai coding platform, a Learning Management System, and a Robokidz RC mobile app for Wi-Fi-enabled robotics kits. Operations are India-based, with kits designed in-house and manufactured through third-party vendors.
How it earns
A two-tier revenue model: one-time project revenue from designing, supplying and installing robotics/AI laboratories (largely Atal Tinkering Lab-type government and private school projects), plus recurring revenue from subscription learning programmes and other educational services such as workshops, teacher training and manpower deployment.
Who buys
Top 10 customers accounted for 77.99% of revenue from operations in FY26 (down from 92.95% in FY25 and 96.60% in FY24). The single largest customer contributed 21.11% (Rs 1,967.90 lakh / Rs 19.68 crore) of FY26 revenue, and the top three together accounted for 52.64%. Specific customer names are not disclosed in the prospectus; visible order-book details (as of July 31, 2026) indicate government/semi-government orders, including a Rs 5,812.50 lakh order for setting up 775 Atal Tinkering Labs (ATLs), a Rs 1,460.02 lakh order for 376 Astrophysics Labs in Jammu & Kashmir, an order from Navi Mumbai Municipal Corporation (NMMC) for tinkering labs in 15 schools, and a Rs 860 lakh order for UP ATL kits. Earlier years show higher concentration, with the top customer at 55.30% of FY25 revenue and 57.47% of FY24 revenue.
Scale
FY26 consolidated revenue from operations of Rs 9,322.31 lakh (Rs 93.22 crore), up from Rs 3,816.59 lakh (Rs 38.17 crore) in FY24, a CAGR of ~56.28% over FY24-FY26; order book of Rs 8,280.27 lakh (Rs 82.80 crore) as of July 31, 2026 with Rs 7,528.91 lakh (Rs 75.29 crore) outstanding as of September 3, 2026; 4 Activity Centres in operation (2 directly operated, 2 franchisee-operated under YEA in Malad West Mumbai and Baner Pune); one wholly-owned subsidiary (Robokidz Retails Private Limited); registered office in Pune; revenue generated across 25 Indian states.
What it says sets it apart
- Integrated end-to-end model combining laboratory infrastructure, in-house designed kits, curriculum, teacher training and proprietary digital platforms (Drag-on.ai, LMS, Robokidz RC app), reducing reliance on multiple vendors for schools. (p123, p134)
- Established track record in executing Educational Laboratory Setup Projects, which contributed 84.51% of FY24, 90.63% of FY25 and 77.25% of FY26 revenue, including large government ATL-type deployments. (p125, p135)
- Geographic diversification across India with projects executed in 25+ states; share of Maharashtra in revenue fell from 89.86% (FY24) to 53.04% (FY26 consolidated) as Delhi, Kerala, Gujarat, Uttar Pradesh and others scaled up. (p135-p136)
- Proprietary technology stack (Drag-on.ai coding platform, LMS, Robokidz RC app) developed and customisable by an in-house technical team, integrated with hardware kits and curriculum. (p133-p134)
- Hub-and-spoke / franchise-led activity-centre model under Young Engineers Academy (YEA) via wholly-owned subsidiary Robokidz Retails Private Limited, enabling asset-light expansion; activity centres already set up at Malad (West) Mumbai and Baner, Pune. (p130-p131)
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs106 / stated EPS Rs14.37 (FY ended March 31, 2026 (Consolidated), basic and diluted EPS, post-bonus adjustment (Board resolution March 26, 2026)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Mixed: FY2026 is Consolidated (subsidiary acquired during FY2026); FY2025 and FY2024 are Standalone (no consolidated financials available for those years)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹93 Cr+59% | ₹10 Cr+102% | 10.8% | ₹25 Cr | ₹30 Cr |
| FY2025 | ₹59 Cr+54% | ₹5 Cr+105% | 8.5% | ₹11 Cr | ₹15 Cr |
| FY2024 | ₹38 Cr | ₹2 Cr | 6.3% | ₹4 Cr | ₹14 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 1148× their allocation. QIB: 307×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What happens when
Next: the UPI mandate expires on 4 Nov 2026.
What to watch
- The asking multiple is 7.4× earnings, and the issuer names no listed peers to compare it against.
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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