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Fabtech Technologies IPO
Fabtech Technologies Ltd
₹13,575 /75 sharesMinimum Investment
Fabtech Technologies IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 29 Sep ‘25 - 1 Oct ‘25 | ₹13,575 | 75 | ₹181 - ₹191 |
| Issue Size | IPO Doc |
|---|---|
| 230.35Cr | RHP PDF |
Subscription rate
As of 29 Sep'25, 03:01 PM
| Qualified Institutional Buyers | 0.68x |
| Non-Institutional Investor | 0.24x |
| Retail Individual Investor | 0.47x |
| Employees | 0.39x |
| Total | 0.54x |
About Fabtech Technologies
Founded in
2018
Managing director
Mr Naushad Alimohmed Panjwani
Parent organisation
Fabtech Technologies Ltd
Fabtech Technologies Ltd IPO
https://www.youtube.com/watch?v=UdzqY6H02ws
Strengths & Financials of Fabtech Technologies
Strengths
Risks
Fabtech Technologies claims to be positioned as a key turnkey engineering solution provider in the pharmaceutical capital expenditure space, offering end-to-end services from disease profiling, design, and engineering to equipment supply, project management, installation, testing, and certification. Since its incorporation, the company has completed 51 projects across countries such as Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka, and the UAE. As of July 31, 2025, Fabtech reported an order book of Rs 904.42 crore.
Fabtech Technologies claims to operate on an asset-light model, sourcing most of its equipment from related entities and third-party suppliers, which reduces the need for heavy capital investment in manufacturing infrastructure. This approach allows the company to focus on project execution, design, quality control, logistics, and sales while leveraging supplier networks for timely and cost-effective equipment delivery. Through its integrated in-house teams and partnerships, Fabtech claims to capture a larger share of the value chain, maintain quality standards, and scale resources flexibly across diverse projects.
Fabtech Technologies claims to have developed an in-house project management system called ‘FabAssure,’ designed to oversee the complete lifecycle of its turnkey engineering projects. The software connects all project activities to a central IT network, enabling real-time monitoring, tracking, and resolution of execution challenges. The company claims this system enhances transparency, improves coordination across teams, and supports timely project delivery while maintaining operational control.
The company claims to have executed projects across diverse regions, including several emerging economies such as Bangladesh, Ethiopia, Nigeria, and Tanzania. It claims to mitigate challenges like political instability, supply chain disruptions, and workforce shortages through comprehensive risk assessments and strategic planning. By leveraging local presence and knowledge, the company claims to adapt to regional requirements, enhance project execution, and support long-term sustainability.
Fabtech Technologies claims to have an organised lead-funnelling process that identifies, validates, and converts potential opportunities into confirmed projects. Its dedicated sales and marketing teams engage with clients through multiple channels and follow a structured classification of leads to maximise order conversion. This approach is claimed to help maintain a steady and growing order book despite the long timelines and capital-intensive nature of its projects.
Fabtech Technologies claims to have executed pharmaceutical projects spanning liquids, solids, and semisolid dosage forms, including tablets, capsules, injectables, ointments, and inhalers. Its expertise covers a wide range of products, from oncology drugs to over-the-counter medications. This experience is claimed to enable the company to manage complex projects efficiently while maintaining quality standards across diverse manufacturing requirements.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 193.80 crore in FY23 to Rs 226.14 crore in FY24 and Rs 326.67 crore in FY25. PAT increased from Rs 21.73 crore in FY23 to Rs 27.22 crore in FY24 and Rs 46.45 crore in FY25.
The company’s value of orders received accounted for Rs 476.23 crore (10.24 percent) of the company’s total value of proposals submitted in FY25, Rs 403.50 crore (8.98 percent) in FY24, and Rs 288.94 crore (7.79 percent) in FY23. Any failure to consistently generate leads and convert them into orders for a prolonged period could adversely affect the company’s business, financial condition, results of operations, prospects, and cash flows.
Fabtech Technologies commenced its business operations as a standalone entity in 2021, following the transfer of the turnkey engineering solutions business from Fabtech Technologies International Pvt Ltd (FTIPL). While the promoters and FTIPL have over three decades of experience, the company’s limited operating history may make it difficult for investors to evaluate its business, future prospects, and viability.
The top customer alone accounted for Rs 77.45 crore (10.17 percent) of the company’s total order book in FY25, Rs 75.34 crore (12.29 percent) in FY24, and Rs 74.84 crore (17.62 percent) in FY23. If the company fails to retain this key customer, expand the customer base, or losses business from this client, it can adversely affect the company’s business and financial standing.
Fabtech Technologies procures a significant portion of its equipment and materials from its associate, promoter group entities, and group companies. Expenditure incurred towards the purchase of equipment through related entities accounted for Rs 54.45 crore (25.68 percent) of the company’s total procurement cost in FY25, Rs 42.25 crore (34.89 percent) in FY24, and Rs 37.69 crore (36.82 percent) in FY23. Any conflicts of interest arising from dealings with these related entities, or any delays or failure in supply, could negatively impact the company’s business, results of operations, and prospects.
The top five projects accounted for Rs 183.14 crore (56.06 percent) of the company’s revenue in FY25, Rs 142.84 crore (63.17 percent) in FY24, and Rs 145.30 crore (74.98 percent) in FY23. Any loss, reduction in scope, delay, or cancellation of one or more large projects could negatively impact the company’s results of operations and cash flows. Additionally, failure to comply with contractual obligations or unforeseen events such as regulatory changes or shifts in product demand could adversely affect profitability and project execution.
The company derives a substantial portion of its revenue from turnkey engineering solutions. It accounted for Rs 243.50 crore (75.51 percent) of the company’s revenue in FY25, Rs 195.60 crore (87.43 percent) in FY24, and Rs 174.45 crore (91.67 percent) in FY23. If the company is unable to win additional turnkey projects or diversify its service portfolio, its financial conditions and results of operations could be adversely affected.
The top five suppliers accounted for Rs 61.45 crore (28.99 percent) of the company’s total purchases in FY25, Rs 44.08 crore (36.40 percent) in FY24, and Rs 35.03 crore (34.22 percent) in FY23. Furthermore, these vendors are associated with the company through purchase orders, and the company does not enter into definite-term agreements with them. Any disruption in supplies from one or more of these vendors could adversely affect the company’s business and finances.
The cost of equipment and material accounted for Rs 212.00 crore (64.90 percent) of the company’s total revenue in FY25, Rs 121.10 crore (53.55 percent) in FY24, and Rs 102.37 crore (52.83 percent) in FY23. Any sudden increase in the price of such materials could adversely affect the company’s financial condition and cash flow.
Fabtech Technologies faces risks related to delayed collection or default of receivables from its customers. As of FY25, the company had trade receivables of Rs 123.26 crore, an increase from Rs 94.08 crore in FY24 and Rs 99.41 crore in FY23. Furthermore, Rs 84.90 crore (55.62 percent) of the company’s total trade receivables in FY25 have been outstanding for more than six months, Rs 44.16 crore (43.88 percent) in FY24, and Rs 50.59 crore (48.80 percent) in FY23. The company has previously written off bad debts, including Rs 8.54 crore in FY22, due to non-payment by a customer of its group company, FTIPL. Any failure to collect receivables on time, or at all, may adversely impact the company’s cash flows and financial condition, necessitating costly arbitration or legal proceedings, potentially straining customer relationships and delaying project execution.
The company reported negative cash flow from operating activities amounting to Rs 36.14 crore in FY25 and Rs 13.89 crore in FY23. This was primarily due to funds being blocked in the working capital cycle and increased working capital requirements. Additionally, negative cash flow from investing activities amounted to Rs 20.05 crore in FY25 and Rs 30 crore in FY24, arising from the purchase of new property, investments in subsidiaries and mutual funds, and an increase in goodwill on account of acquisitions. The company also reported negative cash flow from financing activities amounting to Rs 11.96 crore in FY24. This was mainly due to repayment of cash credit and packaging credit facilities, payment of lease liabilities, and financial costs. Any continuation of such negative cash flows could adversely affect the company’s ability to fund operations, meet obligations, and support growth initiatives.
Fabtech Technologies’ international operations expose the company to complex project management, legal, tax, and economic risks, and exchange rate fluctuations. The Gulf Cooperation Council (GCC) accounted for Rs 162.52 crore (49.75 percent) of the company’s total revenue in FY25, Rs 72.08 crore (31.88 percent) in FY24, and Rs 78.21 crore (40.36 percent) in FY23. Any adverse political, social, or economic developments in this region could negatively impact the company’s operations, cash flows, and future prospects.
The company derives a substantial portion of its revenue from the pharmaceuticals, biotechnology, and healthcare industries. They accounted for Rs 238.49 crore (73.96 percent) of the company’s total revenue in FY25, Rs 211.67 crore (94.35 percent) in FY24, and Rs 180.06 crore (94.60 percent) in FY23. Any significant downturn in these sectors can reduce the demand for the company’s products, adversely affecting its business and financial condition.
The company, its directors, promoters, group companies, and subsidiaries are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
As of FY25, the company had contingent liabilities of Rs 32.56 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of July 31, 2025, the company had financial indebtedness of Rs 60.54 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Fabtech Technologies Financials
*All values are in Rs. Cr
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Application Details of Fabtech Technologies IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹181 - 191 | Upto ₹2 Lakh |
| Employee | ₹172 - 182 | Upto ₹2 Lakh |
| High Networth Individual | ₹181 - 191 | ₹2 - 5 Lakh |
For Fabtech Technologies IPO, eligible investors can apply as Regular & Employee.