IPO closes on 11 Aug'26
Technocraft Ventures Limited
Minimum Investment
₹ 14,840 / 70 shares
Our Verdict:
Neutral
- Technocraft Ventures is a multidisciplinary EPC contractor for government water, wastewater, road and electrical infrastructure projects in northern India; revenue grew from ₹226.10 crore (FY24) to ~₹345 crore (FY26), and PAT grew from ₹19.05 crore to ₹43.32 crore.
- The order book nearly doubled from ~₹769 crore (FY25) to ~₹1,236 crore (FY26), but the business remains heavily dependent on government schemes (AMRUT, JJM, PMGSY) and concentrated in Uttar Pradesh and Rajasthan, with the top 5 customers making up ~80% of FY26 revenue.
- Price Band ₹200–₹212; Issue of ₹251.88 crore (₹201.51 crore Fresh Issue + ₹50.37 crore Offer for Sale); Lot Size 70 shares. Anchor Aug 6, Opens Aug 7, Closes Aug 11, Allotment Aug 12, tentative Listing Aug 14, 2026 on BSE/NSE. GMP ~₹9 (~4%) as of Aug 6.
- The RHP itself discloses that the Company has not fully met past CSR obligations and has been unable to trace certain corporate records and RoC filings — governance gaps worth weighing alongside the pending litigations before forming a long-term view.
- Strong recent growth in revenue, margins and order book support the near-term story, and improving leverage is a plus, but heavy government-scheme dependence, geographic concentration in UP and Rajasthan, and the disclosed compliance gaps make this a smaller, higher-risk infrastructure play; the modest ~4% GMP suggests the market isn't treating it as a hot listing.
About the company
Founded in
1 Jan'98
Managing director
Sanjay Tyagi
- Technocraft Ventures is a multidisciplinary public infrastructure development company engaged in turnkey Engineering, Procurement and Construction (EPC) contracts, primarily executing government-awarded projects across northern India through a tender-based model.
- The Company has evolved from road and residential construction into diversified public utility infrastructure, with Water & Wastewater Infrastructure work as its core segment (85.44% of FY26 revenue), alongside Roads & Highways (12.87%) and Operation & Maintenance work (1.67%).
- Operations are concentrated in Uttar Pradesh, Rajasthan, Uttarakhand, Madhya Pradesh and the NCT of Delhi; the order book grew from ₹752.88 crore (FY24) to ₹1,235.90 crore (FY26) across 18 projects.
- Promoters: Sanjay Tyagi, Rekha Tyagi, Kartikey Tyagi, Kartikey Constructions (Partnership Firm) and Sanjay Tyagi HUF; the Company is led operationally by Managing Director Sanjay Tyagi, supported by Executive Director Rekha Tyagi and Whole-time Director & CFO Kartikey Tyagi.
STRENGTHS
- Diversified EPC Capabilities: A multidisciplinary EPC contractor across water, wastewater, sewerage, electrical and road infrastructure segments, primarily executing government-awarded projects across northern India.
- Revenue and Profit Growth: Revenue grew from ₹226.10 crore (FY24) to ~₹345 crore (FY26); PAT grew from ₹19.05 crore to ₹43.32 crore over the same period.
- Growing Order Book: Order book grew from ₹752.88 crore (FY24) to ₹1,235.90 crore (FY26), spanning 18 projects as of FY26.
- Improving Margins and Returns: EBITDA margin expanded from 15.49% (FY24) to 20.92% (FY26); ROE improved from 20.76% to 26.51% and ROCE from 19.77% to 27.72%, while the Debt-Equity ratio fell from 0.87x to 0.55x.
- Experienced Promoter Leadership: Led by Managing Director Sanjay Tyagi (35+ years in the infrastructure sector), supported by Executive Director Rekha Tyagi and Whole-time Director & CFO Kartikey Tyagi.
RISK FACTORS
- Government and Scheme Dependency: A substantial portion of revenue comes from government-awarded contracts under schemes such as AMRUT, JJM and PMGSY, making the Company vulnerable to changes in public spending, policy priorities and tender delays.
- Customer and Geographic Concentration: The top 5 customers contributed 80.41% of FY26 revenue, and operations remain concentrated in Uttar Pradesh and Rajasthan, exposing the Company to regional slowdowns and policy shifts.
- Governance and Compliance Gaps: The Company has not fully met past CSR expenditure obligations and has been unable to trace certain corporate records and RoC filings, including annual returns and allotment forms.
- High Working Capital Intensity: Operations are working-capital intensive with requirements estimated to rise further; inefficiencies in managing the working capital cycle could lead to execution delays and higher borrowing costs.
- Outstanding Litigations: The Company, its Directors, Promoters, KMPs and Senior Management have pending legal proceedings across various forums, including tax and civil matters; adverse outcomes could affect financial condition.
Financials
All Values are in Cr.
Issue details
Issue type
Main Board
Issue size
₹ ₹251.88 crore
Fresh Issue
₹ ₹201.51 crore
OFS
₹
Price range
₹ 200 - 212
Lot size
70 shares
Issue Objective
Net Proceeds from the Fresh Issue are proposed to be used for: (i) funding working capital requirements of the Company (₹150 crore); and (ii) general corporate purposes (balance amount, capped at 25% of Gross Proceeds). The Company will not receive proceeds from the Offer for Sale.
Dates
Bidding open
7 Aug'26
Bidding close
11 Aug'26
Allotment date
12 Aug'26
Refund date
13 Aug'26
Listing
14 Aug'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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