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Matrix Geo Solutions IPO
Matrix Geo Solutions Ltd
₹1,17,600 /1200 sharesMinimum Investment
Matrix Geo Solutions IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 23 Sep ‘25 - 25 Sep ‘25 | ₹2,35,200 | 1,200 | ₹98 - ₹104 |
| Issue Size | IPO Doc |
|---|---|
| 40.20Cr | RHP PDF |
About Matrix Geo Solutions
Founded in
2008
Managing director
Mr. Rahul Jain
Parent organisation
Matrix Geo Solutions Ltd
Strengths & Financials of Matrix Geo Solutions
Strengths
Risks
The company states that it has expanded into drone training and education and is recognised as a DGCA-authorised Remote Pilot Training Organisation (RPTO), offering certified pilot training programs.
The company claims to deliver complete in-house technology solutions, managing every stage of service – from planning and design to execution and final delivery.
The company states that it maintains strong, long-term relationships with its clients, which the company has built by providing consistent service quality and timely project completion.
The company states that it owns and operates the key technologies and equipment used in its services, including photogrammetry software, light detection and ranging (LiDAR) scanners, hydrographic survey equipment such as echo sounders, differential global positioning system (DGPS), cameras, and Meta Quest virtual reality (VR) headsets.
The company has worked on a wide range of projects, including the Indian Railways High-Speed Rail Corridor, Bharatmala Road Project, Hemkund Sahib Ropeway Project, the Statue of Unity Area Development, topographical surveys of the Chenab River, multiple solar projects, and planning for the Kumbh Mela, among others.
The company observed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 6.66 crore in FY23 to Rs 13.69 crore in FY24 and Rs 22.09 crore in FY25. PAT increased from Rs 1.09 crore in FY23 to Rs 3.35 crore in FY24 and Rs 5.86 crore in FY25.
The company derives a major portion of its revenue from DaaS (Drone-as-a-Service). This segment accounted for Rs 15.79 crore (71.48 percent) of the company’s total revenue in FY25, Rs 9.54 crore (69.74 percent) in FY24, and Rs 4.95 crore (74.35 percent) in FY23. Any adverse developments in this particular segment, a decline in the sale of the service, or the company’s inability to diversify into other business segments could adversely affect the company’s operations and finances.
The company’s top 5 customers accounted for Rs 13.13 crore (59.44 percent) of the company’s total revenue in FY25, Rs 7.54 crore (55.12 percent) in FY24, and Rs 2.99 crore (44.90 percent) in FY23. Any loss of any of these customers or a decline in demand for services from them could adversely affect the company’s finances and operations.
The company’s top 5 suppliers accounted for Rs 6.54 crore (89.99 percent) of its total purchases in FY25, Rs 2.84 crore (79.09 percent) in FY24, and Rs 0.40 crore (35.49 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 generates a major portion of its revenue from four states – Delhi, Uttar Pradesh, Telangana, and Rajasthan. Combined, these 4 states accounted for Rs 16.21 crore (73.38 percent) of the company’s total revenue in FY25, Rs 3.56 crore (26.04 percent) in FY24, and Rs 2.49 crore (37.41 percent) in FY23. Any adverse political, social, or economic changes or regulatory restrictions in these states could hurt the company’s operations and financial performance.
The company reported negative cash flows from investing activities amounting to Rs 1.33 crore in FY25, Rs 1.41 crore in FY24, and Rs 1.64 crore in FY23. Furthermore, negative cash flows from financing activities amounted to Rs 0.18 crore in FY24. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company has observed an increase in its trade receivables. It increased from Rs 6.93 crore in FY23 to Rs 8.09 crore in FY24 and Rs 11.97 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 generates a major portion of its revenue from government-based clients. They accounted for Rs 7.06 crore (31.94 percent) of the company’s total revenue in FY25, Rs 9.93 crore (72.52 percent) in FY24, and Rs 4.12 crore (61.87 percent) in FY23. Any changes in government policies at either the central or state levels could delay, restrict, or stop projects, which could negatively impact revenue and overall financial performance.
The company’s drone training operations are heavily regulated and require a DGCA license, which comes with specific conditions. Any failure to follow government rules or the terms of this license could harm its business and financial stability.
The company’s drones cannot operate during the monsoon season because of the higher risk of equipment damage and safety issues. Prolonged or heavy monsoons can therefore reduce operational revenue.
The company has faced fluctuating employee attrition rates over the past three years. The rates were 47.06 percent in FY23, 36.26 percent in FY24, and 46.91 percent in FY25. The company states that high turnover is common in the drone and geospatial industry and creates challenges in workforce management. If employee satisfaction and retention are not effectively addressed, it could lower operational efficiency, reduce client satisfaction, and affect long-term growth and profitability.
The company, its promoter, and its directors are involved in certain tax-related ongoing legal proceedings. Any adverse judgment in any of these cases could adversely affect the company’s business prospects.
As of FY25, the company had a total indebtedness of Rs 1.68 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Matrix Geo Solutions Financials
*All values are in Rs. Cr
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Application Details of Matrix Geo Solutions IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Individual investor | ₹98 - 104 | ₹2 - 5 Lakh |
For Matrix Geo Solutions IPO, eligible investors can apply as Individual investor.