Technocraft Ventures IPO
Technocraft Ventures IPO is a mainboard IPO raising ₹252 Cr at ₹200 – ₹212 a share. It listed on 14 Aug 2026 at ₹284, +34.0% against its issue price of ₹212, and trades at ₹438 today (+106.4% since issue). It was subscribed 39× in total.
38.7 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.
Technocraft Ventures Limited is an Indian public infrastructure EPC (Engineering, Procurement and Construction) contractor that builds water and wastewater systems (sewer networks, sewage/wastewater treatment plants, water supply schemes, transmission mains, reservoirs, trenchless/micro-tunnelling works), roads and highways, electrical transmission and distribution assets, and residential buildings. It works almost entirely for state and central government agencies across Northern and Central India — primarily Uttar Pradesh, Uttarakhand, Rajasthan, Delhi, and recently Madhya Pradesh, Bihar and Odisha — and also runs long-term operation and maintenance (O&M) on the assets it builds. Incorporated in 1998, it started with road and housing work in UP before diversifying into wastewater in 2009.
How it earns
Revenue comes mainly from government-awarded, tender-based turnkey EPC contracts, with a recurring tail from multi-year O&M service contracts on the same assets; in FY26, Revenue from Operations was ₹3,449.96 million (₹344.996 crore), with EBITDA of ₹721.75 million (₹72.175 crore, 20.92% margin) and PAT of ₹433.15 million (₹43.315 crore).
Who buys
100% institutional/government clients — no private customers are disclosed. Named clients include Delhi Jal Board, U.P. Jal Nigam, Nagar Nigam Kota and Bikaner (Rajasthan), Municipal Council Kotputli, Municipal Corporation Indore, Greater Noida Industrial Development Authority, RUDSICO (Rajasthan), PWD Uttar Pradesh, PVVNL and DVVNL, Bihar Urban Infrastructure Development Corporation, WATCO/Bhubaneswar Development Authority, and the Asian Development Bank as a multilateral funder for the Udaipur sewerage project. No single-customer concentration percentage is disclosed in the text.
Scale
FY26 Revenue from Operations ₹3,449.96 million (₹344.996 crore), Net Worth ₹1,633.76 million (₹163.376 crore); 19 ongoing projects (12 in own name, 7 through JVs) plus 18 completed in the last 5 years = 37 projects total, with order-book balance work of ₹13,207.32 million (₹1,320.732 crore) as on 15-Jul-2026; recently won L1 bid from Delhi Jal Board worth ₹1,964.68 million. No plant count or employee count is stated in the supplied text.
What it says sets it apart
- In-house microtunnelling and trenchless technology capability for installing large-diameter underground pipelines (e.g., the Delhi Jal Board Bhagirathi WTP transmission-main project) where open-cut excavation is impractical.
- Long-term O&M obligations of up to 5–15 years are bundled into most EPC contracts, giving a recurring post-construction revenue stream (balance O&M work alone of ₹152.87 million as on 15-Jul-2026).
- Fully integrated in-house execution covering design, civil construction, mechanical/electrical integration, commissioning and O&M — no design or M&E work is outsourced.
- Qualification to bid for multilateral-funded projects requiring stricter technical/environmental standards, demonstrated by an Asian Development Bank-funded sewerage network project in Udaipur (₹828.10 million contract value with 10-year O&M).
- Eligibility across multiple central and state schemes (AMRUT, AMRUT 2.0, Jal Jeevan Mission, Namami Gange, PMGSY, JNNURM, UIDSST, RGGVY, RAPDRP), reducing dependence on any single government programme.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs212 / stated EPS Rs14.39 (FY2025-26 (year ended March 31, 2026) diluted EPS, restated consolidated). 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 (restated consolidated). 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 | ₹345 Cr+23% | ₹43 Cr+54% | 12.6% | ₹163 Cr | ₹90 Cr |
| FY2025 | ₹280 Cr+24% | ₹28 Cr+48% | 10.1% | ₹120 Cr | ₹87 Cr |
| FY2024 | ₹226 Cr | ₹19 Cr | 8.4% | ₹92 Cr | ₹80 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
63 mainboard 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: 65× their allocation. Retail: 25×.
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 could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Khambatta Securities Limited — median +54.4% across the 6 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 22 Sept 2026.
What to watch
- Priced at 14.7× earnings — 35% below the median of the peers the issuer itself names.
- The register's top risk: Extreme revenue dependence on government clients (prospectus page 47).
- Its cohort's record: median +33.9% since issue price, 27% 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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