IPO Overview
Safety Controls and Devices Limited, founded in 2015, offers complete engineering project services. The firm offers complete EPC (Engineering, Procurement, and Construction) services for substations, solar plants, firefighting equipment, and hospitals for the Ministry of Ayush.
Headquartered in Lucknow, the company functions as a specialized engineering firm. Their expertise spans a range of turnkey projects, including work in transmission and distribution, solar energy solutions, EV charging infrastructure, fire protection systems, and hospital development. Safety Controls has successfully commissioned transmission substations up to 400 KV and firefighting systems for substations up to 765 KV. To date, the company has operationalized 19 substations for both public and private utilities.
This IPO makes Safety Controls & Devices the first SME issue of the financial year 2026–27 (FY27). The ₹48 crore issue is exclusively a fresh issuance with no OFS component.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 06 April 2026 |
| IPO Close Date | 08 April 2026 |
| Allotment Date | 09 April 2026 (Expected) |
| Refund Initiation | 10 April 2026 |
| Credit to Demat | 10 April 2026 |
| Listing Date | 13 April 2026 (Tentative) |
| Price Band | ₹75 – ₹80 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,56,000 (2 lots = 3,200 shares) |
| Issue Size | ₹48 crore |
| Fresh Issue | ₹48 crore (60,00,000 shares) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue, meaning all proceeds will go directly to the company for business purposes.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 3,04,000 shares (reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The ₹48 crore initial share sale is exclusively a fresh issuance — all proceeds will go directly to the company.
Objects of the Issue (Fund Utilization)
The fresh issue proceeds will be used for repayment of certain outstanding borrowings, funding working capital requirements, and general corporate purposes.
- Repayment / prepayment of outstanding borrowings
- Working capital requirements
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Sobhagya Capital Options Private Limited
- Registrar to the Issue: Maashitla Securities Private Limited
- Phone: 011-47581432
- Email: [email protected]
- Website: www.maashitla.com
Promoters & Management
The promoters of the company are Mr. Rajnish Chopra, Mrs. Anjali Chopra, and Mr. Abhishek Chopra.
The promoters bring domain expertise in the EPC engineering, power infrastructure, and fire safety systems space, having built the company since its founding in 2015.
Registered Office: Safety Controls & Devices Limited, C-43/28/1, Nawal Kishore Road, Hazratganj, Lucknow – 226001, Uttar Pradesh
Company Details
Safety Controls & Devices operates as an EPC business, emphasizing projects like substation installations, solar plant construction, firefighting systems setup, and hospital projects for the Ministry of Ayush.
Sectors Served:
- Power Transmission & Distribution
- Solar Energy (utility-scale projects)
- EV Charging Infrastructure
- Fire Protection Systems
- Hospital Construction (Ministry of Ayush projects)
Key Capabilities:
- End-to-end execution of turnkey projects — from design, supply, installation, testing, to commissioning of transmission substations up to 400 KV and firefighting systems for substations up to 765 KV.
- Currently expanding into utility-scale solar power projects and electric vehicle charging stations.
- 19 substations successfully operationalized for both public and private utilities
Key Clients: The firm mainly works with government and private entities, including state and central government power utilities, private power entities, and renewable energy developers.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹45.70 | ₹4.01 |
| FY25 | ₹103.50 | ₹8.99 |
Revenue more than doubled from ₹45.70 crore in FY24 to ₹103.50 crore in FY25, while PAT grew from ₹4.01 crore to ₹8.99 crore — reflecting strong growth momentum.
Key Financial Metrics
- Revenue Growth (FY24–FY25): ~126% YoY
- PAT Growth (FY24–FY25): ~124% YoY
- GMP as of IPO opening: ₹0 (neutral market sentiment)
- Issue is first SME IPO of FY2026–27
Company Strengths
- Proven experience in executing complex turnkey EPC projects including high-voltage substations up to 400 KV and firefighting systems for substations up to 765 KV.
- Exceptional revenue growth of ~126% in FY25 — reflects strong order intake and project execution capability.
- Diversified sectoral presence — power, solar, EV, fire safety, and healthcare infrastructure.
- Strong government client relationships — including Ministry of Ayush and state/central power utilities.
- Expanding into high-growth segments: utility-scale solar and EV charging infrastructure.
- Entire IPO is a fresh issue — all funds go to business growth with no promoter exit.
Key Risks & Challenges
- Heavy government dependency: A large portion of revenue comes from government and PSU clients, making the business vulnerable to policy changes, budget allocation delays, and bureaucratic slowdowns.
- Project-based revenue: EPC businesses have lumpy, non-recurring revenue — high FY25 growth may not be sustained consistently every year.
- Very small company: At ₹48 crore issue size, this is a micro-cap SME with limited financial cushion and lower liquidity post-listing.
- SME market sentiment: As of early 2026, approximately 60% of recently listed SME companies are trading below their issue prices, reflecting weak secondary market performance for SME listings.
- Concentration risk: Operations are regionally concentrated in Lucknow / UP, limiting geographic diversification.
- Debt on books: The company carries outstanding secured borrowings which the IPO proceeds are partly intended to repay — indicating current financial leverage.
- New-age sector risks: Expansion into solar and EV charging adds execution complexity and capital requirements in competitive, margin-sensitive markets.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
