Technocraft Ventures IPO
Technocraft Ventures Limitedtechnocraftventures.com
- Price band
- ₹200 – ₹212
- Issue size
- ₹252 Cr
- Lot size
- 70 sh
- Bidding
- 7 – 11 Aug
- Grey market
- —
Face value ₹10.00
80% fresh capital
Lists 14 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Technocraft Ventures is a turnkey EPC contractor for Indian state governments; the record's business-model note puts Rs 3,449.39 million of Rs 3,449.96 million of FY26 revenue from operations — 99.98% — with government and government authorities. Revenue was Rs 226.10 Cr in FY24, Rs 279.56 Cr in FY25 (up 23.64%) and Rs 345.00 Cr in FY26 (up 23.41%), while profit after tax ran Rs 19.05 Cr, Rs 28.20 Cr and Rs 43.32 Cr over the same three years. The Rs 251.88 Cr issue was 80.00% fresh (Rs 201.51 Cr) and 20.00% offer for sale (Rs 50.37 Cr), and promoter holding goes from 100% before the issue to 70% after. On day three, 11 August 2026, the book stood at 38.69 times overall; the shares listed at Rs 284 against a band top of Rs 212 and last traded at Rs 482 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Technocraft Ventures, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1998 · New Delhi, India (registered office: S 553/54, Ground Floor, School Block, Shakarpur, New Delhi 110092); corporate office at B-137, Sector-2, Noida, Uttar Pradesh · 170 employees
Technocraft Ventures builds public infrastructure for Indian state governments under turnkey engineering, procurement and construction contracts. Its main line is water and wastewater work — water supply schemes, sewerage networks, sewage and wastewater treatment plants, transmission mains, reservoirs and trenchless micro-tunnelling — alongside roads and highways, electrical transmission, residential building projects, and operation and maintenance of the utilities it builds. Work is won by tender from state agencies, public works departments and urban local bodies, largely in Uttar Pradesh, Uttarakhand, Rajasthan and Delhi, with recent entry into Madhya Pradesh, Bihar and Odisha. Projects run under central schemes including AMRUT, Namami Gange, Jal Jeevan Mission and PMGSY. The company began in 1998 with road and housing work in Uttar Pradesh and moved into wastewater treatment from 2009. It had 170 full-time employees, including 78 engineers, at May 31, 2026.
Revenue is contract income billed against progress on tendered government projects. In FY26, ₹3,449.39 million of ₹3,449.96 million revenue from operations — 99.98% — came from government and government authorities. Cost of revenue from operations was ₹2,340.16 million in FY26, leaving EBITDA of ₹721.75 million, a 20.92% margin against 15.49% in FY24. The structural constraint is cash tied up in government payment cycles: trade receivable days ran 162 in FY24, 76 in FY25 and 125 in FY26, with payment dependent on fund allocation by the authorities. Order book stood at ₹13,207.32 million at July 15, 2026, of which ₹9,176.24 million sits in seven joint ventures.
The company on paper
- Legal name
- Technocraft Ventures Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 21 Oct 1998
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U70101DL1998PLC096763
- Sector
- Industrials · Turnkey EPC contracting for water, wastewater, road and power infrastructure for state governments
- Employees
- 170
- Registered office
- New Delhi, India (registered office: S 553/54, Ground Floor, School Block, Shakarpur, New Delhi 110092); corporate office at B-137, Sector-2, Noida, Uttar Pradesh
- Promoters
- Sanjay Tyagi, Rekha Tyagi, Kartikey Tyagi, Kartikey Constructions (Partnership Firm), Sanjay Tyagi HUF
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 70.0%
- Website
- technocraftventures.com
The numbers
Financial performance
Revenue has compounded at 23.5% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹202 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹50.37 Cr
- Total issue size
- ₹252 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 30.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹212.00
- Listed at
- ₹284.00
- Listing gain
- up 34.0%
- Since listing
- up 63.2%
- Against the issue price
- up 118.6%
Trading at ₹463.40 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 70
- At cut-off price
- ₹212.00
- Amount blocked
- ₹14,840
One lot is 70 shares at ₹14,840. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~4%
chance of one lot, per application
- Retail subscription
- 25.35×
- Applicants per share available
- 25.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹284.00
listed at, 34.0% against the issue price
- Issue price
- ₹212.00
- Premium said
- —
- If allotted 70 shares
- ₹5,040
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin was 15.49% in FY24 (Rs 35.03 Cr on Rs 226.10 Cr) and widened at each subsequent year-end: 17.75% in FY25 (Rs 49.63 Cr on Rs 279.56 Cr) and 20.92% in FY26 (Rs 72.18 Cr on Rs 345.00 Cr).
- Profit after tax grew faster than revenue in both year-on-year comparisons the record carries: up 48.03% in FY25 (Rs 19.05 Cr to Rs 28.20 Cr) against revenue up 23.64%, and up 53.62% in FY26 (Rs 28.20 Cr to Rs 43.32 Cr) against revenue up 23.41%.
- Borrowings against net worth was 0.87x in FY24 (Rs 80.11 Cr against Rs 91.78 Cr) and fell at each subsequent year-end: 0.73x in FY25 (Rs 87.43 Cr against Rs 119.98 Cr) and 0.55x in FY26 (Rs 89.76 Cr against Rs 163.38 Cr). Borrowings themselves rose in both steps, by 9.14% and then 2.66%, while net worth rose 30.73% and then 36.17%.
- The order book was Rs 13,207.32 million (Rs 1,320.73 Cr) at 15 July 2026, 3.83 times FY26 revenue from operations of Rs 345.00 Cr.
What to weigh against it
- Customer concentration is near-total: Rs 3,449.39 million of Rs 3,449.96 million of FY26 revenue from operations, or 99.98%, came from government and government authorities per the record's business-model note.
- Rs 9,176.24 million of the Rs 13,207.32 million order book at 15 July 2026 — 69.48% — sits in seven joint ventures rather than in contracts held directly.
- Trade receivable days do not run in one direction across the three years on record: 162 in FY24, 76 in FY25 and 125 in FY26. The record's business-model note states that payment depends on fund allocation by the authorities.
- The record carries no valuation block, no peer set, no allocation split and no anchor book, so the Rs 200–212 band cannot be tested against earnings multiples or comparables from the record itself.
Easy to miss in the prospectus
- Cash flow from operations and total assets are null for all three years on record, so the Rs 43.32 Cr FY26 profit after tax cannot be reconciled to cash from this record.
- The subscription series holds a single observation — day three, 11 August 2026, at 42.26x QIB, 65.06x NII, 25.35x retail and 38.69x overall — with no day-one or day-two figures and no GMP series recorded.
- The shares listed at Rs 284, closed day one at Rs 311.15 (9.56% above the listing price) and last traded at Rs 482 on 23 October 2026, 69.72% above the listing price and 127.36% above the Rs 212 band top.
Straight from the filing
Read it yourself
The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.
The paperwork
Who is running the issue
- Lead managers
- Khambatta Securities Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Built from 13 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
- Technocraft Ventures — Contact Us (registered and corporate office) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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