GNI Infrastructure IPO
GNI Infrastructure IPO — date, issue size, SEBI status & DRHP details 2026
GNI Infrastructure filed its draft red herring prospectus (DRHP) with SEBI on 16 Jul 2026 for an IPO of a fresh issue of up to 2,10,29,642 shares and an offer for sale of up to 93,88,212 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
GNI Infrastructure builds roads, highways and airport runways in Maharashtra, with over four decades of experience. Its unexecuted order book was Rs 1,021.03 crore as of 31 December 2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the GNI Infrastructure IPO stands
From draft to listing. Today is 23 October 2026.
- DRHP filed 16 Jul 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 16 Jul 2026 |
|---|---|
| SEBI status | Under SEBI review · 8 Oct 2026 |
| Last SEBI communication | 8 Oct 2026 |
| Coordinating lead manager | SMC Capitals Limited |
| RHP, price band & dates | Not announced |
GNI Infrastructure 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 2,10,29,642 shares |
| Offer for sale | Up to 93,88,212 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | SMC Capitals Limited, Marwadi Chandarana Intermediaries Brokers Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Bindra Ravindersingh Khushbirsingh | Promoter | Up to 3,196,918 shares | Rs 0.17 |
| Harvindersingh Basantsingh Bindra | Promoter | Up to 1,498,920 shares | Rs 0.00 |
| Bindra Harpreetsingh H | Promoter | Up to 1,405,239 shares | Rs 0.32 |
| Narindersingh Basantsingh Bindra | Promoter | Up to 1,497,001 shares | Rs 0.00 |
| Prabjyotsingh Harvindersingh Bindra | Promoter | Up to 1,405,239 shares | Rs 0.24 |
| Amandeepsingh Ravindersingh Bindra | Promoter Group | Up to 81,972 shares | Rs 0.00 |
| Chanakya Opportunities Fund I | Investor | Up to 1,81,754 shares | Rs 82.52 |
| RPV Holdings Private Limited | Investor | Up to 1,21,169 shares | Rs 82.52 |
The five promoter sellers acquired their shares at Rs 0.00 to Rs 0.32 per share, while the two investor sellers have a weighted average cost of Rs 82.52 per share.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01The unexecuted order book was Rs 1,021.03 crore as of 31 December 2025, against Rs 229.10 crore at the end of FY2024.
- 02Revenue from operations grew from Rs 182.10 crore in FY2024 to Rs 309.07 crore in FY2025, and profit after tax rose from Rs 46.96 crore to Rs 76.12 crore.
- 03EBITDA margin was 35.15% in FY2025 and 37.81% in the nine months ended 31 December 2025.
- 04The company owns over 320 construction machines and equipment, which supports in-house execution of projects.
- 05Return on equity was 25.25% and return on capital employed was 20.34% in FY2025.
- 06Government projects gave 98.37% of revenue from operations in the nine months ended 31 December 2025, so the clients are public bodies.
- 07Founders Harvindersingh Basantsingh Bindra and Narindersingh Basantsingh Bindra each have over 45 years of experience in civil construction.
Risks · 10
- 01Government projects gave 98.37% of revenue from operations in the nine months ended 31 December 2025, so policy, budget or payment delays hit the business directly.
- 02The top 5 customers gave 87.02% of revenue from operations in the nine months ended 31 December 2025, and the top 10 gave 97.76%.
- 03Operations are concentrated in Maharashtra, where all 18 projects under execution are located.
- 04Operating cash flow was negative at Rs 39.64 crore in FY2025, Rs 8.16 crore in FY2024 and Rs 7.28 crore in FY2023, despite reported profits.
- 05Total borrowings rose from Rs 152.92 crore in FY2023 to Rs 263.24 crore as of 31 December 2025, and net working capital was 817 days of revenue.
- 06Contingent liabilities were Rs 228.86 crore as of 31 December 2025, against a net worth of Rs 436.09 crore.
- 07Road projects make up 99.88% of the unexecuted order book, and the order book may be cancelled, delayed or reduced in scope.
- 08Part of the offer is an offer for sale of up to 9,388,212 shares, and the company receives nothing from it.
- 09Selling promoters have a weighted average cost of acquisition between Rs 0.00 and Rs 0.32 per share.
- 10The company faces 25 tax proceedings and 2 criminal proceedings against it, with Rs 15.056 crore involved in total as far as ascertainable.
GNI Infrastructure financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Dec 2025 (9 months) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 231.81 | 309.07 | 182.10 | 309.93 |
| Total Income | 250.15 | 338.37 | 211.03 | 323.48 |
| EBITDA | 87.64 | 108.64 | 63.58 | 110.41 |
| Profit After Tax | 49.66 | 76.12 | 46.96 | 75.41 |
| Net Worth | 436.09 | 386.19 | 249.73 | 202.63 |
| Total Borrowing | 263.24 | 235.01 | 182.96 | 152.92 |
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
₹155.33 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About GNI Infrastructure
The company builds, widens, upgrades, repairs and maintains roads, highways, service roads, access roads and airport runways. It mostly works on an EPC basis and under item-rate contracts. It has also done Hybrid Annuity Model projects through a subsidiary and project-specific joint ventures.
It has two business verticals. Road infrastructure gave 87.08% of revenue from operations in the nine months ended 31 December 2025 and 87.59% in FY2025. Solid waste management, which is biomining of legacy waste at old dumpsites, gave 12.84% and 11.65% in the same periods. This vertical had no revenue in FY2024 and FY2023.
Customers are mainly government departments, public sector undertakings, municipal corporations and road development authorities. Operations are concentrated in Maharashtra. As of 31 December 2025 the company had 18 projects under execution there, 17 of them road projects and 1 solid waste project.
The company owns over 320 construction machines and equipment. These include batching plants, crushers, hot mix plants, slipform pavers, transit mixers, motor graders and hydraulic excavators.
The industry
The industry report says the construction sector contributed about 9.1% of India's Gross Value Added in FY2025. Sector GVA is expected to reach Rs 20.7 trillion by FY2030, a CAGR of about 5.8% between FY2025 and FY2030. India's road network spans about 6.67 million kilometres, the second largest in the world. Government programmes such as PM Gati Shakti and Bharatmala Pariyojana are named as drivers of road spending.
Customer concentration: Top 5 customers gave 87.02% of revenue from operations in the nine months ended 31 December 2025 (77.97% in FY2025).
Promoters & management
Promoters hold 89.12% and the promoter group holds 3.61% before the issue.
| Name | Role |
|---|---|
| Bindra Ravindersingh Khushbirsingh | Chairman and Managing Director |
| Harvindersingh Basantsingh Bindra | Executive Director and Chief Executive Officer |
| Bindra Harpreetsingh H | Whole-Time Director |
| Hemant Manohar Patankar | Chief Financial Officer |
| Akash Kishor Sikchi | Company Secretary and Compliance Officer |
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.
Marwadi Chandarana Intermediaries Pvt.Ltd.
4 issues handledBest listing: Vahh Chemicals (+16.7%). Weakest: PAN HR Solutions (+0.4%).
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.
GNI Infrastructure IPO: frequently asked
When will the GNI Infrastructure IPO open?
The GNI Infrastructure IPO dates are not announced yet. The draft is under SEBI review. 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 GNI Infrastructure 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 ₹10 per share.
How big is the GNI Infrastructure IPO?
GNI Infrastructure filed its draft red herring prospectus (DRHP) with SEBI on 16 Jul 2026 for an IPO of a fresh issue of up to 2,10,29,642 shares and an offer for sale of up to 93,88,212 shares. The final size in rupees depends on the price band.
Has SEBI approved the GNI Infrastructure IPO?
The draft is under SEBI review. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the GNI Infrastructure IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the GNI Infrastructure IPO GMP once the RHP and price band are out.
What will GNI Infrastructure do with the IPO money?
As per the DRHP: Fund long term working capital requirement (₹155.33 crore); General corporate purposes.
Who are the lead managers of the GNI Infrastructure IPO?
The book running lead managers are SMC Capitals Limited, Marwadi Chandarana Intermediaries Brokers Private Limited. KFin Technologies Limited is the registrar.
Is GNI Infrastructure profitable?
Yes. Profit after tax was Rs 76.12 crore in FY2025 and Rs 49.66 crore in the nine months ended 31 December 2025, though operating cash flow was negative at Rs 39.64 crore in FY2025.
Who owns GNI Infrastructure?
Five promoters hold 89.12% and the promoter group holds 3.61% before the issue. Bloomfield AIF Cat II Trust holds 1.88%.
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 GNI Infrastructure 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.
