Severeconcentrationpage 47
Extreme revenue dependence on government clients
Revenue from Government 3,449.39 ... % of Revenue from Operations 99.98
ListedMainboardEngineering - ConstructionTECHNOCRAF
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.
₹212
Issue price
₹438
Price now
+106.4%
Since issue price
14 Aug 2026
Listed on
39×Subscribed (final) · all exchanges
38.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 632-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 371 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 42
Revenue concentrated in Uttar Pradesh and Rajasthan
Our project portfolio has historically been concentrated in projects in Uttar Pradesh and Rajasthan
Severefinancialpage 51
Material related-party transactions with promoter entity VVIP Infratech
our related party transactions with VVIP Infratech Limited ... Purchase & Job Work 111.38 [FY26] ... 657.43 [FY25] ... 606.03 [FY24]
Severeregulatorypage 43
Untraceable corporate records and RoC filing errors since 1998
Our Company is unable to trace certain historical corporate records and documents, including certain forms filed with the Registrar of Companies (RoC)
Severeregulatorypage 100
Material GST contingent liabilities and tax disputes
a tax demand of ₹17.18 million (towards CGST, SGST, and IGST), along with an equivalent penalty under Section 74 of the CGST Act, 2017, aggregating to a total demand of approximately ₹ 34.38 million
Severefinancialpage 59
Trade receivables ballooning and working capital lock-up
trade receivables and inventories together form a substantial part of our non-cash current assets, constituting 79.50%, 72.93% and 74.59% of total non-cash current assets
Severepromoterpage 70
Promoter personal guarantees and mortgaged properties on borrowings
Our Promoters, members of our Promoter Group and relatives of our Promoters & Promoter Group have mortgaged their personal properties and provided personal guarantees for our borrowings
Highoperationalpage 55
Joint venture partner exposure across ~69% of order book
Company is executing 07 projects under the joint ventures with unexecuted contract value of ₹ 9,176.24 million, out of our total Order Book of ₹ 13,207.32 million
Highfinancialpage 49
Bank guarantee exposure more than doubled to ₹1,680M
we had issued bank guarantees amounting to ₹ 1,680.33 million ... towards securing our financial / performance obligations under our ongoing projects
Highlitigationpage 41
Material civil litigation aggregating ₹981M plus worker death FIR
Number of Material civil litigation** 08 Aggregate amount involved* (₹ in million) 981.16
Highregulatorypage 63
Onerous government contract terms and unilateral termination risk
the right of the client to suspend or unilaterally terminate the contract, including without assigning any reason or for reasons beyond our control
Highoperationalpage 48
High employee attrition of 26.78% with prior PF/ESI delays
Attrition Rate (%) – (B/(A+C)/2)*100 1.20 26.78
Highregulatorypage 40
Past CSR non-compliance and delayed statutory transfers
such transfers were affected after the timelines prescribed under the Companies Act, 2013
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹10.0 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 5 | 14 | 8 | ₹10.0 Cr |
| Promoters | 3 | 1 | 0 | ₹0.0 Cr |
| Directors | 0 | 0 | 0 | — |
case₹40 Crpage 535
Writ Petition CWJC 4742/2026 by Company vs BUIDCo/State of Bihar (Jehanabad Sewerage, AMRUT 2.0): challenging Additional Performance Guarantee demand initially ~₹397.86M, revised to ~₹282.73M; ₹165.79M bank guarantee furnished per Court order dated May 14, 2026
case₹30 Crpage 534
Writ Petition CWJC 6702/2026 by Company vs BUIDCo/State of Bihar (Siwan Sewerage, AMRUT 2.0): challenging Additional Performance Guarantee demand of ₹301.13M; ₹200.00M bank guarantee furnished per Court order dated May 14, 2026
case₹11 Crpage 533
Arbitration 02/2021 by Company vs State of Rajasthan (Udaipur sewerage scheme, riverbank/lateral networks): cumulative claim of ₹109.20M (price escalation, damages, reimbursement, interest @ 9% p.a. compounded monthly); arbitration currently suspended under Section 29-A Arbitration Act
case₹10.0 Crpage 537
Tax proceedings against Company (as per SEBI table): 3 direct-tax cases (₹7.81M) + 5 indirect-tax cases (₹91.98M) = 8 cases, aggregate ₹99.79M
casepage 538
FIR 393/2023 at PS Kotwali, Jaunpur against Promoter/Director Sanjay Tyagi + 3 others (IPC §§283, 290, 431, 304A – culpable homicide not amounting to murder): fatal sewer-pit collapse killing a labourer; charge sheet filed Mar 19, 2024; case pending before CJM Jaunpur, next hearing Aug 10, 2026
Amounts converted from ₹million to ₹crore (1 crore = 10 million = 100 lakh). Only the tax sub-tables [p537 Company, p539 Promoter] give explicit aggregate amounts (₹99.79M and ₹0.06M respectively, total ₹9.985 crore); civil/criminal matters are listed individually with no aggregate. Company: 5 criminal matters (4 Section 138 NI Act complaints 37/2024, 40/2024, 41/2024, 42/2024 against M/s Rakesh Kumar, plus FIR 0234/2025 against Papton Timbers for ₹1.61M fraudulent misappropriation) — all by Company, 0 against; 8 material civil matters (WP 34903/21, WP 34905/21, Arbitration 02/2021, WP 2463/2026, WP 2359/2026, WP 2464/2026, CWJC 6702/2026, CWJC 4742/2026) — all by Company, 0 against; 8 tax matters against + 6 tax matters by Company = 14 total tax. Promoters: 3 criminal FIRs against (393/2023 fatal, 513/2023, 191/2021 — all Jaunpur sewer-line work); 1 direct-tax demand of ₹0.06M against (Mrs. Rekha Tyagi, AY 2008-09, rectification pending). Directors (other than promoters): all categories Nil — the 3 criminal cases involving Managing Director Sanjay Tyagi are already counted under Promoters. KMP/SMP: no separate proceedings beyond the 3 promoter FIRs referenced. Subsidiaries: none. Group Companies: no material litigation. GST-related writ petitions (WP 10144/2025, 7862/2025, 7962/2025, 11423/2025, 1999/2026) collectively involve ~₹131M + ₹115.83M + ₹104.88M paid through GSTR-3B and ~₹36.98M deposited under protest per petition; specific amount not stated as aggregate.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.