Safety Controls & Devices Ltd

Safety Controls & Devices Ltd IPO

Safety Controls & Devices Ltd

₹2,40,000 /3200 sharesMinimum investment

IPO details

Minimum investment
₹2,40,000
Price range
₹75 - ₹80
Lot size
1,600
Issue size
48 Cr
Face value
10
IPO document

Subscription rate

Data will be available soon

Schedule

6 Apr 2026
IPO open date
8 Apr 2026
IPO close date
9 Apr 2026
Allotment date
9 Apr 2026
Funds unblock or debit
13 Apr 2026
Tentative listing date

About

Safety Controls & Devices Limited is Lucknow-based and operates in the engineering, procurement, and construction (EPC) segment, with activities spanning power infrastructure, renewable energy, fire protection systems, and civil construction. The company is primarily engaged in the design, engineering, supply, installation, testing, and commissioning of transmission substations, as well as the construction of solar power plants, firefighting systems, and hospital infrastructure projects. Its operations are largely focused on turnkey project execution across sectors such as transmission and distribution, solar energy, and public infrastructure. Initially focused on fire protection systems, the company has diversified over time into high-voltage substation projects, including the construction of substations up to 400 kV. It has completed multiple substation projects for government and private sector clients. The company primarily serves government entities, public utilities, and infrastructure-focused organisations.;
Founded in
1997
MD/CEO
Mr. Rajnish Chopra
Parent organisation
Safety Controls & Devices Ltd

Safety Controls & Devices Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
47.8744.71103202320242025

Strengths & Risks

Strengths
Risks
The company claims to be experienced in executing projects up to 400 kV AIS substations, which enables it to participate in high-value tenders within the power infrastructure sector.
A significant portion of the company’s claimed revenue is derived from government contracts. Its established relationships with public sector undertakings and government entities support continued participation in tender-based projects and provide visibility for future opportunities.
The company claims to maintain working relationships with suppliers and original equipment manufacturers (OEMs), facilitating the procurement of quality materials at competitive prices. This supports cost efficiency and enhances its ability to submit competitive bids.
The company claims to follow a centralised decision-making structure across procurement, project execution, and resource allocation. This approach supports faster decision-making, operational consistency, and control over project quality.
The company is ISO 9001:2015 certified and follows defined quality control processes across project execution, supporting consistency in deliverables and compliance with industry standards.
The company operates across multiple segments, including power transmission, renewable energy, fire protection, and infrastructure development. This diversification allows it to participate in varied projects and reduces dependence on a single segment.
The company derives a significant portion of its revenue from the power sector, particularly solar and substation projects. Solar projects contributed Rs 66.73 crore (65.05%) in FY25, Rs 3.50 crore (7.82%) in FY24, and Rs 13.08 crore (27.31%) in FY23. Substations contributed Rs 23.65 crore (23.05%), Rs 36.48 crore (81.58%), and Rs 23.82 crore (49.75%) in the same periods. Such dependence exposes the company to sector-specific risks, including policy changes and demand fluctuations
The company relies heavily on government contracts for its operations. Any delays in approvals, changes in government policies, budgetary constraints, or shifts in administrative priorities may impact project execution and order inflows. Regulatory changes, particularly in sectors such as renewable energy and public infrastructure, may adversely affect revenue visibility and financial performance.
The company derives a substantial portion of its revenue from a limited number of customers. The largest customer contributed Rs 66.73 crore (65.07%), Rs 32.18 crore (71.97%), and Rs 13.08 crore (27.31%) to FY25, FY24, and FY23, respectively. The top 3 customers contributed Rs 96.54 crore (94.13%), Rs 39.97 crore (89.41%), and Rs 36.90 crore (77.07%), while the top 10 customers contributed nearly the entire revenue base across these periods. Loss of any key customer or reduction in order volumes from them may materially impact revenue, profitability, and cash flows.
The company’s contracts are primarily with government entities, which typically involve longer receivable cycles and delayed payments, leading to higher working capital requirements. Additionally, the EPC sector is highly competitive, with aggressive bidding and price sensitivity. This may result in reduced margins, loss of contracts, and pressure from larger competitors employing competitive or predatory pricing strategies.
The company relies significantly on a limited number of suppliers for raw materials. The largest supplier accounted for Rs 49.65 crore (62.74%), Rs 12.74 crore (35.06%), and Rs 6.42 crore (15.05%) of total purchases for FY25, FY24, and FY23, respectively. The top 10 suppliers contributed Rs 65.33 crore (82.55%), Rs 28.66 crore (78.90%), and Rs 21.98 crore (51.50%). Any disruption in supply, pricing changes, or disputes with these suppliers may adversely affect operations and project execution.
The company derives its entire revenue from a limited number of states, primarily Uttar Pradesh and Bihar. Uttar Pradesh alone contributed Rs 101.21 crore (98.68%) in FY25, Rs 40.36 crore (90.28%) in FY24, and Rs 33.63 crore (70.24%) in FY23. Such geographical concentration exposes the company to regional risks, including changes in local demand, regulatory environment, competition, or economic conditions, which may adversely impact revenues and profitability.
The company reported negative cash flow from operating activities of Rs 7.43 crore for FY25, Rs 8.42 crore in FY24, and Rs 13.28 crore in FY23. The company’s negative cash flows from investing activities were Rs 6.42 crore in FY25 and Rs 0.05 crore in FY24. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
As of FY25, the company’s trade receivables were Rs 87.32 crore. Failure to collect these receivables on time or at all can have a negative impact on the business and its financial condition.
As of FY25, the company had outstanding financial indebtedness of Rs 33.84 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.

Application details

For Safety Controls & Devices IPO, eligible investors can apply as Individual investor.

Apply asPrice bandApply rangeLot size
Individual investor₹75 - ₹80₹2 - ₹5 Lakhs1600

Frequently Asked Questions