The Sanghvi Housing IPO is now on paper. Sanghvi Housing and Infrastructure, a Mumbai Metropolitan Region real estate developer, has filed its draft red herring prospectus with SEBI for a fresh issue of up to 60 lakh equity shares of ₹10 face value. There is no offer for sale, so every rupee raised goes to the company. The filing became public on 30 September 2026.
One number is missing, and it is the one you probably want. The draft does not fix the issue size. It gives the share count only, so the rupee value arrives later, when the price band is set in the red herring prospectus. The DRHP is the draft prospectus a company files with SEBI before an IPO, and SEBI has to review it first.
What the company builds
Sanghvi Housing develops residential and commercial property across the MMR, with its portfolio concentrated in Mumbai's Western Suburbs, and it also works in Thane district. The focus is redevelopment: taking old residential buildings and housing societies, rehousing the existing tenants and rebuilding. It takes up selective greenfield projects alongside that.
As of Fiscal 2026 it had 11 projects under development, with 9,67,430 square feet of developable area and 3,42,493 square feet of saleable area. During the year it started work on 3,76,000 square feet of developable area, and it had 172 units available for sale.
Where the money is meant to go
₹164.77 crore of the proceeds is earmarked for investment in subsidiaries, to part-finance development and construction on three ongoing projects: Sanghvi Horizon, Sanghvi Boulevard and Sanghvi Sapphire. The rest goes towards acquiring future projects and general corporate purposes. The draft caps each of those two at 25 per cent of gross proceeds, and the two together at 35 per cent. The exact rupee amounts follow the issue price.
The financials, and the one line that does not fit
Revenue and profit both grew in Fiscal 2026, and the balance sheet got lighter. Operating cash flow went the other way.
| Figure | FY26 | FY25 |
|---|---|---|
| Revenue from operations | ₹101.84 crore | ₹75.59 crore |
| EBITDA | ₹35.87 crore | ₹29.57 crore |
| Profit for the year | ₹26.26 crore | ₹20.81 crore |
| Debt to equity | 1.61 | 2.30 |
| Operating cash flow | -₹37.26 crore | -₹24.43 crore |
Revenue rose 34.73 per cent. Debt to equity has come down three years running, from 3.75 in Fiscal 2024 to 2.30 and then 1.61.
Operating cash flow went the other way and got more negative. For a developer that is common. Money goes into land and construction long before flats are handed over and revenue is booked. It still means the profit on the page is not cash in the bank yet.
The company lists negative operating cash flow among its own risk factors. So are geographic concentration in one region, redevelopment delays, unsold inventory and borrowings. As of 31 March 2026 it had 56 unsold units in completed projects and 434 in ongoing ones.
What happens next
SEBI now reviews the draft, which usually takes one to three months and ends in observations, the clearance a company needs before it can launch. Only after that do the price band, lot size and dates appear. By our tracker's count, 34 companies have filed draft papers with SEBI so far this month, so Sanghvi Housing joins a crowded queue for the same investor money. We listed last week's batch in our weekly roundup of DRHP filings.
Until the price band is out there is no issue size, no minimum investment and no grey market quote to read. When SEBI clears it, the dates will show on our upcoming mainboard IPO page, and the issue itself will appear with the rest of the year's offers on our mainboard IPO list. The company's figures above come from the draft as reported by Kotak Securities' news desk; SEBI had not posted the filing page at the time of writing.
