Technocraft Ventures IPO opens August 7: Price band ₹200-₹212, issue size ₹252 crore

Summary: Technocraft Ventures IPO opens on August 7, 2026, and closes on August 11. The price band is ₹200 to ₹212 per share, the lot size is 70 shares, and the minimum retail investment at the upper band is ₹14,840. Total issue size is ₹251.88 crore, with a fresh issue of ₹201.51 crore and an OFS of ₹50.37 crore. The listing is tentatively set for August 14 on NSE and BSE.

Introduction

Technocraft Ventures is a Delhi-based EPC contractor executing turnkey infrastructure projects for state governments across northern India. Revenue has grown consistently over three years, and the company is profitable. The working capital intensity and the valuation at roughly 29.8x post-issue P/E are the things worth examining carefully before applying.

Technocraft Ventures IPO: Key highlights

Technocraft Ventures IPO dates and timeline

SEBI approved the IPO on November 25, 2025. The issue opens August 7 and closes August 11. Allotment on August 12, shares credited before listing on August 14.

Technocraft Ventures IPO price band, lot size & minimum investment

The price band is ₹200 to ₹212. One lot is 70 shares. Minimum retail investment at the upper band is ₹14,840. Retail investors can go up to 13 lots. QIBs get up to 50% of the issue, retail up to 35%, and HNIs at least 15%. Applications go through UPI or ASBA.

Technocraft Ventures IPO issue size and offer structure

The total issue is ₹251.88 crore. The fresh issue of ₹201.51 crore is the larger component, because proceeds go into the business. The OFS of ₹50.37 crore goes to existing promoter shareholders exiting their stake. Post-issue shares outstanding will be 3,96,06,200, compared to the pre-issue count of 3,01,01,200. Pre-IPO market cap at the upper band of ₹212 is ₹839.65 crore.

Objectives of the IPO

The fresh issue proceeds have one primary stated use.

₹138 crore out of ₹201.51 crore fresh issue going to working capital is the dominant use. For an EPC business with ₹281 crore in FY25 revenue, this reflects the long payment cycles typical of state government contracts. Receivables tied up in work-in-progress and pending government payments require continuous capital. Investors should check the working capital days in the RHP before applying.

About Technocraft Ventures Limited

Technocraft Ventures, incorporated October 21, 1998, is a public infrastructure development company executing turnkey EPC projects for state governments and government agencies across Uttar Pradesh, Uttarakhand, Rajasthan, and Delhi NCT. Headquartered at Shakarpur, New Delhi.

The company works across water and wastewater infrastructure, roads and highways, urban infrastructure, power distribution, and trenchless and micro-tunnelling works. Water infrastructure is the core, designing and building water supply schemes, sewerage networks, sewage treatment plants, transmission mains, and reservoirs, including long-term operation and maintenance contracts after construction.

As of June 30, 2025, the company had 170 full-time employees, including 76 engineers. All revenue comes from government clients, which provides order book visibility but introduces payment cycle risk typical of state government contracts.

Financial performance

Three consecutive years of revenue, PAT, and EBITDA growth with no reversals.

Revenue grew from ₹180.54 crore in FY23 to ₹281 crore in FY25. PAT nearly tripled over the same period. An EBITDA margin of 17.24% and a PAT margin of 10.09% are reasonable for an EPC contractor. ROE and ROCE are both above 22%. Debt-to-equity of 0.73 is manageable but not negligible.

IPO valuation analysis

At ₹212 per share and post-issue EPS based on FY25 PAT of ₹28.20 crore across 3,96,06,200 post-issue shares, EPS works out to approximately ₹7.12. Post-issue P/E at the upper band comes to roughly 29.8x. Pre-IPO market cap is ₹839.65 crore.

Recent mainboard comparables in the civil construction and EPC space: Om Power Transmission is listed at 21.13x P/E, GK Energy at 20.29x, and M&B Engineering at 24.98x. At 29.8x, Technocraft Ventures is priced above most recent sector peers. That's defensible given the consistent three-year growth, but it leaves limited room for earnings disappointment.

Key strengths of Technocraft Ventures

• Three consecutive years of revenue, PAT, and EBITDA growth with no reversals
• Diversified EPC capabilities across water, roads, power, and urban infrastructure
• Government and multilateral project execution track record in high-value contracts
• In-house engineering team of 76 engineers provides project control
• Long-term operation and maintenance contracts on water infrastructure add recurring revenue alongside project-based work
• State electrical works licences across multiple states enable power distribution work without external contractors

Risks investors should consider

• ₹138 crore of fresh proceeds going to working capital signals long receivables cycles with state government clients
• Revenue is entirely from government contracts, so any slowdown in state capex directly affects order inflows
• 100% promoter holding pre-IPO means no prior institutional validation at market price
• A debt-to-equity ratio of 0.73 adds interest cost pressure if government payments are delayed
• Recent sector comparables show mixed results. Solarworld Energy and Vikran Engineering both listed below issue price and trade well below it today
• Khambatta Securities as sole lead manager is a smaller setup than multi-manager arrangements typical of larger mainboard issues

Should you track the Technocraft Ventures IPO?

The business is real, and the financial trajectory is clean. Three years of uninterrupted growth in a government EPC business in an active infrastructure market is a genuine positive. Northern India's water and urban infrastructure pipeline remains active, and the company has demonstrated execution capability across high-value government projects.

The working capital question is the central concern. ₹138 crore toward working capital in a company with ₹281 crore in revenue suggests the receivables cycle is long and the business is capital-hungry relative to its current size. That's common in government EPC but means the company could need to raise capital again if the cycle doesn't improve post-listing.

At 29.8x post-issue P/E, the stock is priced above most recent sector peers. Read the RHP carefully before applying, because the receivables days and order book pipeline sections are the most important.

Latest Technocraft Ventures IPO updates

• IPO opens August 7 and closes August 11, 2026
• Price band ₹200 to ₹212; lot size 70 shares; minimum retail investment ₹14,840
• Total issue size: ₹251.88 crore, with fresh issue ₹201.51 crore, OFS ₹50.37 crore
• Allotment August 12, listing tentatively August 14 on NSE and BSE
• Lead manager Khambatta Securities; registrar Bigshare Services
• Allotment status can be checked at ipo.bigshareonline.com using PAN or application number from August 12

Conclusion

Technocraft Ventures is a growing EPC contractor with a clean three-year financial track record and government infrastructure tailwinds behind it. The working capital intensity, the sector's comparable track record, and the P/E of 29.8x on FY25 earnings are the three things to sit with before applying. Read the RHP once available, check the receivables position, and verify the final dates before placing a bid.