Commtel Networks IPO
Commtel Networks IPO — date, issue size, SEBI status & DRHP details 2025
Commtel Networks filed its draft red herring prospectus (DRHP) with SEBI on 8 Oct 2025 for an IPO of a fresh issue of up to ₹150 crore and an offer for sale of up to ₹750 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Commtel Networks designs and builds integrated telecom, security and safety systems for oil and gas and power facilities. Revenue from operations was Rs 639.25 crore in FY2025 and profit after tax was Rs 113.56 crore.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Commtel Networks IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 08 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 8 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Commtel Networks IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹150 Cr |
| Offer for sale | Up to ₹750 Cr |
| Total issue size | ₹900 Cr |
| Pre-IPO placement | Up to ₹30 Cr (reduces the fresh issue) |
| Face value | ₹2 per share |
| Employee reservation | Yes, amount not yet fixed |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Equirus Capital Private Limited, DAM Capital Advisors Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Shriprakash R. Pandey | Promoter | Up to Rs 344.00 crore | Rs 0.80 |
| Satish Pookulangara | Investor | Up to Rs 203.00 crore | Rs 2.22 |
| Ramakrishnan Saseendran Kodapully | Investor | Up to Rs 203.00 crore | Rs 0.17 |
The selling shareholders' weighted average cost of acquisition is Rs 0.80, Rs 2.22 and Rs 0.17 per share, against a face value of Rs 2.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Revenue from operations rose from Rs 412.27 crore in FY2023 to Rs 639.25 crore in FY2025.
- 02EBITDA margin was 21.05% in FY2025 against 14.68% in FY2024.
- 03Profit after tax was Rs 113.56 crore in FY2025, with a PAT margin of 17.27%.
- 04ROE was 24.90% and ROCE was 21.41% in FY2025.
- 05The company has completed 600 projects in 19 countries and served over 400 customers.
- 06Operating cash flow was positive in all three years, at Rs 29.35 crore in FY2025, Rs 20.96 crore in FY2024 and Rs 44.19 crore in FY2023.
Risks · 9
- 01Top 5 customers gave 53.89% of FY2025 revenue and top 10 customers gave 68.90%.
- 02Customers outside India gave 54.74% of FY2025 revenue, against 33.72% in FY2024.
- 03Oil and gas gave 85.15% of FY2025 revenue, so the business depends on that sector's spending cycle.
- 04Order backlog fell to Rs 457.41 crore on 31 March 2025 from Rs 672.98 crore a year earlier.
- 05Of the Rs 900 crore offer, Rs 750 crore is an offer for sale, so most of the money goes to the selling shareholders and not to the company.
- 06Only Rs 109 crore of the Rs 150 crore fresh issue is earmarked for debt repayment. The rest is general corporate purposes, which are not specified.
- 07Operating cash flow of Rs 29.35 crore in FY2025 was much lower than profit after tax of Rs 113.56 crore, and the business is working capital intensive.
- 08Bank guarantees for contract performance were Rs 107.89 crore as of 31 March 2025.
- 09Many contracts are with government customers that award work by tender, and the top 5 suppliers accounted for 24.68% of expenses in FY2025.
Commtel Networks financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Revenue from Operations | 639.25 | 456.94 | 412.27 |
| Total Income | 657.54 | 467.01 | 418.68 |
| EBITDA | 134.56 | 67.06 | 71.53 |
| Profit After Tax | 113.56 | 47.50 | 60.11 |
| Net Worth | 412.78 | 304.52 | 258.11 |
| Total Borrowing | 127.86 | 128.40 | 65.45 |
| Total Assets | 762.24 | 660.02 | 487.78 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹109 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Commtel Networks
As of 31 March 2025, the company had experience in integrating 44 distinct technology systems. It has completed 600 projects across 19 countries and served over 400 customers. The company was incorporated in 1998 as Commtel Dedicated Network Solutions (India) Private Limited and became a public limited company in 2025.
Most revenue comes from turnkey projects and products, which gave Rs 604.80 crore in FY2025. Engineering and maintenance services gave Rs 34.46 crore. By customer industry, oil and gas contributed 85.15% of FY2025 revenue and power contributed 14.85%.
The business is spread across India and abroad. In FY2025, India gave Rs 289.31 crore of revenue and customers outside India gave Rs 349.94 crore. The company has subsidiaries in the United Arab Emirates and the United States, and it runs an integration and delivery facility in the Sharjah Airport International Free Zone. The company had 418 employees on a consolidated basis as of 31 March 2025.
The order backlog was Rs 457.41 crore as of 31 March 2025, against Rs 672.98 crore a year earlier. Orders received in FY2025 were Rs 421.60 crore. The registered office is in Chembur, Mumbai, and the corporate office is in Navi Mumbai.
The industry
The industry report by F&S says the global iTSS market was $19,702.7 million in Fiscal 2025 and is expected to grow at a CAGR of 8.4% to $29,544.2 million in Fiscal 2030. The India iTSS market is expected to grow at an estimated CAGR of 10.9% from Fiscal 2025 to 2030.
Customer concentration: Top 5 customers gave 53.89% of FY2025 revenue (53.60% in FY2024) and the top customer gave 20.55%.
Promoters & management
Promoter Shriprakash R. Pandey holds 76.82% before the issue, and the other promoter and promoter group members hold negligible stakes.
| Name | Role |
|---|---|
| Shriprakash R. Pandey | Chairman and Managing Director |
| Dinesh Pandey | Whole-Time Director |
| Satish Pookulangara | Non-Executive Director |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Equirus Capital Pvt.Ltd.
35 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
Dam Capital Advisors Ltd
45 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Commtel Networks IPO: frequently asked
When will the Commtel Networks IPO open?
The Commtel Networks IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Commtel Networks IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹2 per share.
How big is the Commtel Networks IPO?
Commtel Networks filed its draft red herring prospectus (DRHP) with SEBI on 8 Oct 2025 for an IPO of a fresh issue of up to ₹150 crore and an offer for sale of up to ₹750 crore. The DRHP puts the total at about ₹900 crore.
Has SEBI approved the Commtel Networks IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Commtel Networks IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Commtel Networks IPO GMP once the RHP and price band are out.
What will Commtel Networks do with the IPO money?
As per the DRHP: Repay or prepay certain outstanding borrowings of the company (₹109 crore); General corporate purposes.
Who are the lead managers of the Commtel Networks IPO?
The book running lead managers are Equirus Capital Private Limited, DAM Capital Advisors Limited. MUFG Intime India Private Limited is the registrar.
Is Commtel Networks profitable?
Yes. Profit after tax was Rs 113.56 crore in FY2025, Rs 47.50 crore in FY2024 and Rs 60.11 crore in FY2023.
Who owns Commtel Networks?
Promoter Shriprakash R. Pandey holds 76.82% before the issue. Satish Pookulangara holds 17.25% and Ramakrishnan Saseendran Kodapully holds 5.93%.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Commtel Networks files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
