Technocraft Ventures Limited IPO Overview
Incorporated on October 21, 1998, Technocraft Ventures Limited is a multidisciplinary Engineering, Procurement, and Construction (EPC) company. The company executes turnkey infrastructure projects mainly for government agencies in Uttar Pradesh, Uttarakhand, Rajasthan, and Delhi. Its operations cover water and wastewater systems, roads and highways, urban infrastructure, power distribution, and trenchless pipeline projects. The company has commissioned more than 1,000 km of sewerage pipelines and developed sewage treatment plants with capacities of up to 56 MLD.
The Technocraft Ventures IPO is a bookbuilt mainboard issue aggregating up to ₹252 crore, comprising a fresh issue of shares worth up to ₹202 crore and an offer for sale of up to ₹50 crore by promoter selling shareholder Kartikey Constructions. The issue is priced in a band of ₹200 to ₹212 per equity share, with a lot size of 70 shares. The IPO opens on 7 August 2026 and closes on 11 August 2026, with listing expected on 14 August 2026 on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 7 August 2026 |
| IPO Close Date | 11 August 2026 |
| Allotment Date | 12 August 2026 (Expected) |
| Refund Initiation | 13 August 2026 |
| Credit to Demat | 13 August 2026 |
| Listing Date | 14 August 2026 (Tentative) |
| Price Band | ₹200 – ₹212 per share |
| Face Value | ₹10 per share |
| Lot Size | 70 shares |
| Minimum Investment (Retail) | ₹14,840 (1 lot = 70 shares) |
| Issue Size | ₹251.88 crore |
| Fresh Issue | ₹201.51 crore (95,05,000 shares) |
| Offer For Sale (OFS) | ₹50.37 crore (23,76,000 shares) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The ₹251.88 crore issue consists of a fresh issue of ₹201.51 crore (95,05,000 shares) and an offer for sale of ₹50.37 crore (23,76,000 shares) by selling promoter Kartikey Constructions. The company itself will receive only the fresh issue proceeds; OFS proceeds will go entirely to the selling promoter.
Objects of the Issue (Fund Utilization)
The net fresh proceeds are proposed to be utilized as follows: funding working capital requirements of the company — ₹150 crore, and the remainder towards general corporate purposes.
- Working capital requirements — ₹150 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Khambatta Securities Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of the company are Kartikey Constructions (Partnership Firm), Kartikey Tyagi, Rekha Tyagi, Sanjay Tyagi, and Sanjay Tyagi (HUF).
Managing Director Mr. Sanjay Tyagi brings extensive experience in the EPC infrastructure space, having led the company’s growth across multiple government-funded infrastructure verticals over the years.
Company Details
Technocraft Ventures is an EPC company that executes public infrastructure projects involving water and wastewater systems, roads, power distribution networks, urban development, and trenchless pipelines, mainly for government agencies in Uttar Pradesh, Uttarakhand, Rajasthan, and Delhi.
Sectors Served:
- Water & Wastewater Infrastructure (Sewage Treatment Plants, Sewerage Networks)
- Roads & Highways
- Urban Infrastructure & Residential Construction
- Power Distribution & Electrical Transmission
- Trenchless & Micro-tunnelling Pipeline Projects
- Operation & Maintenance (O&M) of Public Utilities
Key Capabilities:
- Over 1,200 km of sewer pipelines laid, with approximately 750 km commissioned as of July 15, 2026.
- Experience executing government-backed projects under major national schemes including AMRUT, JNNURM, Namami Gange, Jal Jeevan Mission (JJM), PMGSY, and Asian Development Bank (ADB)-funded projects meeting stringent technical and environmental standards.
- Unexecuted EPC order book of ₹1,305.45 crore as of July 15, 2026, along with 5 O&M projects worth ₹15.29 crore and an additional L1 award from Delhi Jal Board valued at ₹196.47 crore.
Workforce:
- As of May 31, 2026, the company employed 170 full-time personnel, including 78 engineers, providing an in-house technical base for project execution.
Registered Office: S 553/54, Ground Floor, School Block, Shakarpur, Delhi – 110092
Corporate HQ: Noida, Uttar Pradesh
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹226.10 | ₹19.05 |
| FY25 | ₹281.00 | ₹28.20 |
| FY26 | ₹345.00 | ₹43.32 |
Key Financial Metrics
- Revenue increased by 23% and PAT rose by 54% between FY25 and FY26.
- Revenue rose from ₹226.10 crore in FY24 to ₹345 crore in FY26, and PAT more than doubled from ₹19.05 crore to ₹43.32 crore over the same period.
- ROE: 26.51% | ROCE: 27.72% | FY26 PAT Margin: 12.56% | EBITDA Margin: 20.92%
- Post-IPO P/E valuation: 19.38x — reasonably priced compared to listed EPC peers.
- Outstanding bank guarantees of ₹168.03 crore as of March 31, 2026.
Company Strengths
- Strong earnings growth — FY26 PAT increased approximately 54% to ₹43.32 crore, with healthy return ratios of ROE at 26.51% and ROCE at 27.72%.
- Robust order book of ₹1,305.45 crore in unexecuted EPC projects as of July 2026, providing strong near-term revenue visibility.
- Diversified EPC portfolio spanning water supply, power distribution, roadways, and specialized micro-tunnelling, reducing dependence on any single vertical.
- Track record of executing projects under major government schemes such as AMRUT, Jal Jeevan Mission, Namami Gange, and ADB-funded projects — strengthening credentials for future tenders.
- Reasonable post-IPO valuation at P/E of ~19.38x compared to larger listed EPC peers
- No promoter exit from fresh issue — promoters retain significant stake, with OFS limited to one entity only (Kartikey Constructions)
Key Risks & Challenges
- Heavy geographic concentration: Revenue is primarily derived from projects in Northern India — Uttar Pradesh, Uttarakhand, Rajasthan, and Delhi — making the business vulnerable to regional policy changes or slowdowns in government spending.
- High working capital intensity: The nature of EPC contracts requires significant upfront deployment of capital, leading to stretched working capital cycles and dependence on bank credit lines.
- Bank guarantee risk: Outstanding bank guarantees of ₹168.03 crore as of March 31, 2026 — invocation of these guarantees could significantly affect cash flows.
- Legal proceedings: Aggregate quantifiable legal proceedings by the company worth ₹98.12 crore and against the company worth ₹9.98 crore are outstanding.
- Government dependency: Being almost entirely reliant on government-tendered contracts, any delays in project awards, payment disbursements, or policy changes could materially impact revenue.
- OFS component: Proceeds from the ₹50.37 crore OFS go to the promoter (Kartikey Constructions) and not to the company, reducing the overall capital available for business growth.
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.
