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Mahendra Realtors IPO
Mahendra Realtors & Infrastructure Ltd
₹1,20,000 /1600 sharesMinimum Investment
Mahendra Realtors IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹85.00 | ₹68.00 | -₹17.00 (20.00%) |
Mahendra Realtors IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 12 Aug ‘25 - 14 Aug ‘25 | ₹2,40,000 | 1,600 | ₹75 - ₹85 |
| Issue Size | IPO Doc |
|---|---|
| 49.45Cr | RHP PDF |
Subscription rate
As of 14 Aug'25, 04:01 PM
| Qualified Institutional Buyers | 43.57x |
| Non-Institutional Investor | 26.16x |
| Retail Individual Investor | 24.03x |
| Total | 24.01x |
About Mahendra Realtors
Founded in
2007
Managing director
Mr. Hemanshu Shah
Parent organisation
Mahendra Realtors & Infrastructure Ltd
Strengths & Financials of Mahendra Realtors
Strengths
Risks
The company is ISO 14001:2015 certified for environmental management systems, ISO 9001:2015 for quality management systems, and ISO 45001:2018 certified for occupational health and safety management systems.
The company claims to be an expert in handling procurement procedures, ensuring compliance with regulations, managing project-related risks, maintaining budget control, and meeting strict timelines and quality requirements.
The company claims that it has developed solid relationships with government bodies and industry partners, which help in securing contracts, accessing market insights, navigating procurement systems, and collaborating with other organisations.
Over the past few years, the company observed a consistent growth in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 63.02 crore in FY23 to Rs 101.49 crore in FY24 to Rs 124.77 crore in FY25. PAT increased from Rs 4.04 crore in FY23 to Rs 11.58 crore in FY24 and Rs 14.87 crore in FY25.
The top 10 customers accounted for Rs 101.42 crore (81.29 percent) of the company’s total revenue in FY25, Rs 71.69 crore (70.65 percent) in FY24, and Rs 54.58 crore (86.62 percent) in FY23. The company works on a work-order basis with its customers and does not have any long-term agreements binding them to the company. Any loss of any of these customers or a decrease in demand from them could adversely affect the company’s operations and finances.
The company’s revenue depends on winning projects that are awarded through a competitive bidding process. Therefore, any rejection of the company’s bids or the company accepting any bids at a lower rate could adversely affect the company’s operations and financial performance.
The company has experienced a significant level of employee attrition in the past three financial years, with attrition rates of 35.06 percent in FY25, 43.24 percent in FY24, and 54.17 percent in FY23. High employee turnover can lead to higher recruitment and training costs and disruption in operations, impacting overall productivity. Continued high attrition rates may affect employee morale, which could have a negative impact on business operations and financial performance.
The company’s operations are vulnerable to extreme weather conditions such as heavy rainfall.
The company derives a significant portion of its revenue from Maharashtra. The state accounted for Rs 120.47 crore (96.55 percent) of the company’s total revenue in FY25, Rs 89.46 crore (88 percent) in FY24, and Rs 47.69 crore (76 percent) in FY23. Any adverse political, economic, or social developments in Maharashtra could hurt the company’s operations and financial condition.
The top 10 suppliers accounted for 42.94 percent of the company’s total purchases in FY25, 39.03 percent in FY24, and 41.01 percent in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company takes on contracts either independently or, when necessary, through project-specific joint ventures with other construction and infrastructure firms to meet eligibility criteria for larger projects. However, delays or poor performance by joint venture partners can negatively affect project timelines, adversely impacting the company’s business and financial standing.
The company procures the majority of its raw material from Maharashtra. The state accounted for Rs 13.12 crore (84.00 percent) of the total raw materials procured in FY25, Rs 14.54 crore (79.91 percent) in FY24, and Rs 27.81 crore (88.42 percent) in FY23. This heavy concentration in one state could prove to be a risk in case of any disruption in the region.
The company has observed a sharp increase in its trade receivables. It increased to Rs 40.41 crore in FY25 from Rs 13.68 crore in FY24 and Rs 13.10 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company, its promoters, and directors are involved in certain legal proceedings, including some civil and criminal cases. Any adverse judgment in any of the cases could be detrimental to the company’s business prospects.
As of FY25, the company’s total indebtedness amounted to Rs 15.40 crore. Investors should see if these debtors pay their dues on time or result in bad debts.
Mahendra Realtors Financials
*All values are in Rs. Cr
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Application Details of Mahendra Realtors IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹75 - 85 | ₹2 - 5 Lakh |
| High Networth Individual | ₹75 - 85 | ₹2 - 5 Lakh |
For Mahendra Realtors IPO, eligible investors can apply as Regular.