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Technocraft Ventures Ltd IPO
Technocraft Ventures Ltd
₹14,000 /70 sharesMinimum investment
IPO details
Minimum investment
₹14,000
Price range
₹200 - ₹212
Lot size
70
Issue size
251.88 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
7 Aug 2026
IPO open date
11 Aug 2026
IPO close date
12 Aug 2026
Allotment date
12 Aug 2026
Funds unblock or debit
14 Aug 2026
Tentative listing date
About
Founded in
1998
MD/CEO
Mr Sanjay Tyagi
Parent organisation
Technocraft Ventures Ltd
Technocraft Ventures Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company has a diversified presence across water and wastewater infrastructure, roads and highways, electrical transmission, and urban infrastructure. As of July 15, 2026, it had laid over 1,200 km of sewer pipelines, of which approximately 750 km had been commissioned. It has also completed STP projects in Ghaziabad, Pilkhuwa, and Shahjahanpur.
The company has experience executing government and multilateral infrastructure projects. It has executed an ADB-funded sewerage network project in Udaipur, Rajasthan, valued at Rs 82.81 crore, involving design, construction, and commissioning along with a 10-year O&M obligation. As of the date of the Red Herring Prospectus, it was executing 14 government projects and five government O&M projects.
The company claims to have an in-house engineering team of 78 professionals covering civil, mechanical, electrical, instrumentation, and environmental disciplines. It also claims to use micro-tunnelling and trenchless pipeline installation technologies in projects across Delhi, Rajasthan, and Uttar Pradesh, among other locations.
The company holds ‘Class A’ Electrical Contractor’s Licenses from the Electrical Inspectorate Department, Government of Rajasthan, and the Department of Electrical Safety, Government of Uttarakhand. These licenses allow it to undertake high-tension and extra high-tension electrical infrastructure work, including substation erection, transformer installation, and HT/LT cable laying.
The company is led by Managing Director Sanjay Tyagi, who has over 35 years of experience in the infrastructure sector. Before joining the company in 2007, he worked with the Ghaziabad Development Authority for more than 15 years, including on the planning and execution of public infrastructure projects.
The company had an unexecuted order book of Rs 1,305.45 crore as of July 15, 2026, along with five O&M projects valued at Rs 15.29 crore. In addition, its bid for a Delhi Jal Board project under AMRUT 2.0 had received L1 status, with the project valued at Rs 196.47 crore.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 226.10 crore in FY24 to Rs 279.56 crore in FY25 and Rs 345.00 crore in FY26. PAT increased from Rs 19.05 crore in FY24 to Rs 28.20 crore in FY25 and Rs 43.31 crore in FY26. Meanwhile, PAT margin also increased from 8.43% in FY24 to 12.56% in FY26.
The company is significantly dependent on contracts awarded by central and state governments, local authorities, and government-led schemes such as AMRUT, JJM, Namami Gange, and PMGSY. Any reduction in government infrastructure spending, delay in tendering, changes in pre-qualification requirements or cancellation of projects could reduce the company’s project pipeline and adversely affect its business.
The company’s trade receivables consist only of amounts due from government authorities, exposing it to delays in certification and collection of project payments. Trade receivables stood at Rs 117.98 crore, Rs 58.18 crore and Rs 100.18 crore in FY26, FY25 and FY24, respectively, representing 34.20%, 20.81% and 44.31% of revenue from operations. Any prolonged delay in receiving payments from government authorities could increase working capital requirements and costs and adversely affect the company’s liquidity and cash flows.
The company’s order book depends on its ability to qualify for and win government tenders, and its bid conversion has varied across periods. For solo bids, it submitted 56 bids from FY24 till July 15, 2026, of which 36 were net bids, and 13 were awarded, resulting in a conversion rate of 36.11%. As lead partner, it submitted nine bids, of which six were awarded, resulting in a conversion rate of 75%. However, its joint venture bids had a 0% conversion rate during this period. Any failure to qualify for or win tenders, particularly for large or technically complex projects, could adversely affect its order book and financial performance.
The company, its directors, promoters, key managerial personnel, and senior managerial personnel are involved in outstanding legal proceedings. Any adverse judgment or outcome in these matters could result in financial liabilities, reputational impact or disruption to operations and adversely affect the company’s business and financial condition.
The company’s operations and revenue are concentrated in Uttar Pradesh and Rajasthan, resulting in geographic concentration. These two states contributed Rs 305.62 crore (88.58%) of revenue from operations in FY26, Rs 242.18 crore (86.63%) in FY25 and Rs 211.34 crore (93.46%) in FY24. Any adverse political, economic, regulatory, or infrastructure-related developments in these states could materially affect the company’s business and financial performance.
The company is heavily dependent on government-funded infrastructure programmes for its project pipeline and revenue. Revenue from government and government authorities accounted for Rs 344.94 crore (99.98%), Rs 227.45 crore (81.36%) and Rs 174.15 crore (77.02%) of revenue from operations in FY26, FY25 and FY24, respectively. Reduction in government spending, changes in scheme funding or implementation models, or inability to secure projects under these programmes could materially affect the company’s future business and financial performance.
The company’s project execution is exposed to seasonal factors such as heavy rainfall, floods, cyclones, and other extreme weather conditions. Such conditions can restrict construction and water pipeline activities, damage construction sites or equipment, and delay the delivery of materials and project completion. Any prolonged disruption could defer revenue and profit recognition and adversely affect the company’s cash flows and financial performance.
The company has entered into significant related-party transactions with its group company, VVIP Infratech Limited, including purchase and job work arrangements. Such transactions amounted to Rs 11.14 crore (4.76% of cost of revenue from operations) in FY26 and Rs 65.74 crore (26.64%) in FY25. Additionally, revenue from operations from VVIP Infratech stood at Rs 50.79 crore in FY25, representing 18.17% of total revenue. Any adverse change in these relationships or potential conflicts of interest could affect the company’s business and financial performance.
Trade receivables and inventories accounted for 79.50%, 72.93% and 74.59% of the company’s total non-cash current assets as of March 31, 2026, 2025 and 2024, respectively. Their combined value stood at Rs 186.30 crore, Rs 147.12 crore, and Rs 155.93 crore on these dates. Any inability to accurately forecast project requirements or manage receivables and inventory could increase working capital requirements, storage costs, write-offs, or finance costs and adversely affect the company’s liquidity and profitability.
The company has unsecured loans that are repayable on demand, exposing it to potential liquidity and working capital pressures. Such unsecured loans stood at Rs 31.49 crore as of March 31, 2026, and Rs 32.00 crore as of May 31, 2026. Any demand for immediate repayment could reduce available cash, create a working capital shortfall, or require the company to raise funds at higher costs, adversely affecting its financial condition.
The company had total outstanding borrowings of Rs 274.47 crore as of May 31, 2026, including secured and unsecured borrowings. Any inability to service these borrowings or obtain refinancing when required could adversely affect the company’s liquidity and financial condition.
Application details
For Technocraft Ventures IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹200 - ₹212 | Upto ₹2 Lakhs | 70 |
| High Networth Individual | ₹200 - ₹212 | ₹2 - ₹5 Lakhs | 70 |