What the company does
Technocraft provides engineering, procurement and construction services for sewage-treatment plants, sewer networks, water-supply systems, roads, electrical works and micro-tunnelling, with selected long-term operations and maintenance contracts.
Projects are primarily won through competitive government tenders. Scale depends on bid qualification, bank guarantees, working-capital funding, site availability, approvals, subcontractor execution and timely certification of bills.
The final RHP reports a ₹1,235.90 crore closing order book at March 2026, up from ₹768.82 crore a year earlier. Outstanding work reached ₹1,320.73 crore by 15 July, plus a ₹196.47 crore L1 Delhi Jal Board project not yet included.
Seven joint-venture projects represented ₹917.62 crore, or 69.5%, of the 15 July order book. Contract value, execution responsibility and the company's economic share are not always identical, so headline backlog needs project-level adjustment.
Several large wastewater projects had received or were seeking extensions at the RHP date. The order book also includes multi-year O&M work that follows construction, so timing and margin conversion are spread over different phases.
Where the IPO money goes
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT | Net worth | Borrowings | Assets |
|---|---|---|---|---|---|---|
| FY24 | ₹226.1 Cr | ₹33.83 Cr | ₹19.05 Cr | ₹91.78 Cr | ₹80.11 Cr | ₹258.05 Cr |
| FY25 | ₹279.56 Cr | ₹48.19 Cr | ₹28.2 Cr | ₹119.98 Cr | ₹88.04 Cr | ₹269.74 Cr |
| FY26 | ₹345 Cr | ₹70.17 Cr | ₹43.32 Cr | ₹163.38 Cr | ₹89.76 Cr | ₹354.38 Cr |
Restated financial information from IPO source materials; rounding may create small differences.
FY26 revenue growth
23.4%
Revenue increased to ₹345.00 crore from ₹279.56 crore.
FY26 EBITDA margin
20.3%
Derived consistently from PBT, finance cost, depreciation and other income; up from 17.2% in FY25.
FY26 operating cash flow
₹28.70 Cr
Positive but below ₹43.32 crore PAT as working capital absorbed cash.
FY26 order book
₹1,235.90 Cr
3.6× FY26 revenue before the later July update and L1 project.
FY26 receivable days
125 days
Up from 76 days in FY25; trade receivables reached ₹117.98 crore and were entirely from government customers.
JV share of July order book
69.5%
₹917.62 crore of the ₹1,320.73 crore balance was being executed under seven joint ventures.
FY26 bank guarantees
₹168.03 Cr
Performance guarantees are typically 5%–10% of project value and may remain through defect-liability periods of one to five years.
Retention-linked balances
₹100.00 Cr
FY26 current other financial assets were ₹41.06 crore and long-term customer retention was ₹58.94 crore, up from ₹32.96 crore in FY25.
FY27 working-capital funding
₹150 Cr IPO
Against the ₹290.93 crore estimate: ₹150 crore IPO proceeds, ₹30 crore bank/financial-institution funding and ₹110.93 crore internal accruals.
Disputed contingent claims
₹9.98 Cr
The FY26 table covers income-tax, GST and VAT matters and is separate from the much larger performance-guarantee exposure.
FY26 debt/equity
0.55×
Improved from 0.87× in FY24, though project finance, bank guarantees and receivable funding remain important.
Listing-day close vs issue
+46.8%
NSE recorded a ₹284.00 open and ₹311.15 close on 14 August versus the ₹212 issue price.
Upper-band FY26 P/E
14.7×
Based on ₹212 and RHP FY26 EPS of ₹14.39, before fresh-issue dilution.
What stands out
- FY26 revenue rose 23.4%, while EBITDA margin expanded to approximately 20.3% and PAT reached ₹43.32 crore.
- Capabilities across civil, mechanical and electrical works allow the company to bid for integrated water and sewerage projects.
- An O&M component can extend customer relationships after construction, although its share and margin should be tracked separately.
- The ₹150 crore working-capital allocation directly addresses the funding constraint visible in the operating cycle.
Key concerns
- Government-funded projects dominate the order book, creating tender, budget, approval, land-access, certification and collection risks.
- FY26 trade receivables reached ₹117.98 crore, 34.2% of revenue, and receivable days rose to 125 from 76. Operating cash flow of ₹28.70 crore remained below PAT.
- Projected FY27 working-capital requirement is ₹290.93 crore. The ₹150 crore fresh-proceeds allocation addresses 51.6% of that estimate; the filing assumes ₹30 crore from lenders and ₹110.93 crore from internal accruals for the balance.
- Current other financial assets plus long-term customer retention totalled approximately ₹100.00 crore at March 2026. Retention can remain locked through certification and defect-liability periods, so reported receivables alone understate cash tied to projects.
- Joint-venture projects introduce reliance on partners, shared control, guarantees and potentially different economics from wholly executed work. Seven JVs represented 69.5% of the July order book.
- Order-book size is not revenue: cancellations, scope changes, delays, cost inflation and liquidated damages can reduce conversion and margins.
- Multiple projects had received or were seeking time extensions, including large AMRUT wastewater contracts. Schedule slippage can delay billing and O&M commencement even when the underlying order remains in the backlog.
- The company disclosed missing or untraceable historical corporate records and certain unfiled RoC forms, which is a governance diligence item.
- Promoters and related entities have operational and financial linkages; post-listing related-party transactions should be monitored.
- Bank guarantees outstanding were ₹168.03 crore at March 2026, creating contingent funding exposure alongside project execution obligations.
What to monitor after listing
- Quarterly order inflow, executable order book and conversion rather than headline order-book value alone.
- Receivable ageing, unbilled revenue, current and long-term retention money, inventory and operating cash flow.
- Gross margin by project and provisions for cost overruns, claims or liquidated damages.
- Debt, bank-guarantee utilization and finance costs after the working-capital infusion.
- JV project economics, related-party transactions and contingent liabilities.
- O&M revenue share and cash profitability after EPC projects enter their service phase.
Valuation context
At ₹212, the offer is approximately 14.7× FY26 EPS of ₹14.39 on the pre-offer share count. Including 95.05 lakh fresh shares, the implied post-offer market capitalisation is about ₹839.65 crore and FY26 PAT multiple about 19.4×.
The RHP peer set includes EMS, VA Tech Wabag, Enviro Infra Engineers and Denta Water and Infra Solutions. Differences in scale, order mix, geographic reach, technology, leverage and cash conversion limit simple P/E comparisons.
The valuation case ultimately depends on converting the order book into cash-backed earnings without sacrificing bidding discipline. Receivable ageing and operating cash flow are therefore as important as reported PAT growth.
Technocraft Ventures IPO FAQs
What is the Technocraft Ventures IPO price band?
The stated price band is ₹200–₹212. Offer terms should be checked against the final prospectus and exchange notices.
When does the Technocraft Ventures IPO open and close?
The IPO is scheduled to open on 7 August 2026 and close on 11 August 2026. The stated listing date is 14 August 2026.
What is the Technocraft Ventures IPO issue size?
The stated total issue size is ₹251.88 Cr, comprising ₹201.51 Cr of fresh issue and ₹50.37 Cr of offer for sale.
What is the minimum lot for the Technocraft Ventures IPO?
The stated minimum lot is 70 shares.
What do the latest Technocraft Ventures financials show?
For FY26, the offer documents report revenue of ₹345 Cr, EBITDA of ₹70.17 Cr and PAT of ₹43.32 Cr. Read these figures with the cash-flow, leverage and working-capital analysis on this page.
What is a key risk in the Technocraft Ventures IPO analysis?
Government-funded projects dominate the order book, creating tender, budget, approval, land-access, certification and collection risks.
How is the Technocraft Ventures IPO valued?
At ₹212, the offer is approximately 14.7× FY26 EPS of ₹14.39 on the pre-offer share count. Including 95.05 lakh fresh shares, the implied post-offer market capitalisation is about ₹839.65 crore and FY26 PAT multiple about 19.4×.