Krishna Buildspace IPO
Krishna Buildspace IPO — date, issue size, SEBI status & DRHP details 2026
Krishna Buildspace filed its draft red herring prospectus (DRHP) with SEBI on 2 Jan 2026 for an IPO of a fresh issue of up to 90,00,000 shares and an offer for sale of up to 9,00,000 shares. SEBI has issued its observations on 26 May 2026, which clears the IPO for launch within 12 months. The price band, lot size and IPO dates are not announced yet.
Krishna Buildspace is an Ahmedabad-based construction company, set up in 1995, that builds institutional, industrial, residential and waste management projects. Its order book stood at Rs 524.17 crore on 15 December 2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Krishna Buildspace IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 02 Jan 2026
- SEBI observations 26 May 2026
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 2 Jan 2026 |
|---|---|
| SEBI status | SEBI approved · 26 May 2026 |
| Approval valid until | 26 May 2027 |
| RHP, price band & dates | Not announced |
Krishna Buildspace 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 90,00,000 shares |
| Offer for sale | Up to 9,00,000 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 | Mefcom Capital Markets Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Mohanbhai Chanabhai Sorathiya | Promoter | Up to 6,00,000 shares | Rs 0.34 |
| Jayantibhai Chanabhai Sorathiya | Promoter | Up to 3,00,000 shares | Rs 0.34 |
Both selling promoters acquired their shares at a weighted average cost of Rs 0.34 per share, as certified by the statutory auditors.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Revenue from operations grew from Rs 164.76 crore in FY2023 to Rs 183.29 crore in FY2025.
- 02Profit after tax rose from Rs 7.49 crore in FY2023 to Rs 15.10 crore in FY2025, and EBITDA margin moved from 9.46% to 15.40% in the same period.
- 03The order book was Rs 524.17 crore on 15 December 2025, against Rs 308.62 crore on 31 March 2025.
- 04Return on equity was 39.81% and return on capital employed was 28.64% in FY2025.
- 05The debt to equity ratio came down from 2.03 times in FY2023 to 1.29 times in FY2025.
- 06Promoters and promoter group hold 95.24% before the issue, and the two selling promoters offer only 9,00,000 shares.
Risks · 10
- 01The top 10 customers gave 92.87% of revenue from operations in FY2025, and the top 3 gave 61.82%.
- 02Public sector undertakings gave 73.17% of FY2025 revenue, so delays in tenders or policy changes can hurt the business.
- 03Operating cash flow was negative at Rs 10.67 crore in FY2024 and Rs 10.16 crore in the six months to 30 September 2025, though profit was positive.
- 04Net working capital days rose from 66 in FY2023 to 171 in the six months to 30 September 2025.
- 05Trade receivables were Rs 54.38 crore on 30 September 2025, and 27.93% of them were overdue by more than six months.
- 06The Gujarat government placed the company's AA class contractor registration for road and building works in abeyance after a show cause notice.
- 07Gujarat gave 35.70% of FY2025 revenue, so a slowdown in one state matters.
- 08Of the fresh issue money, Rs 80.00 crore goes to working capital and the general corporate purposes amount is not yet fixed.
- 09Contingent liabilities were Rs 38.34 crore on 30 September 2025, mostly bank guarantees of Rs 37.58 crore.
- 10The company is a first-time issuer, and the order book may change if projects are cancelled, modified or delayed.
Krishna Buildspace financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 95.95 | 183.29 | 172.08 | 164.76 |
| Total Income | 96.48 | 184.53 | 172.76 | 165.42 |
| EBITDA | 16.89 | 28.41 | 22.52 | 15.65 |
| Profit After Tax | 8.86 | 15.10 | 11.30 | 7.49 |
| Net Worth | 54.45 | 46.07 | 29.80 | 18.65 |
| Total Borrowing | 69.27 | 59.46 | 52.17 | 37.79 |
| Total Assets | 159.78 | 149.04 | 125.59 | 91.71 |
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
₹85.2 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Krishna Buildspace
Its projects fall in institutional, industrial, residential, waste management, healthcare and commercial segments. In FY2025, institutional projects gave 54.78% of revenue from operations, waste management gave 14.04% and residential gave 11.02%. In the six months to 30 September 2025, institutional work gave 41.02% and industrial work gave 23.15%.
A large part of the business comes from public sector undertakings. They gave 73.17% of revenue from operations in FY2025, up from 49.86% in FY2023. Gujarat is the largest state, with 35.70% of FY2025 revenue. Most projects are won through competitive bidding.
The order book was Rs 308.62 crore on 31 March 2025 and Rs 464.96 crore on 30 September 2025. By 15 December 2025 it was Rs 524.17 crore. The company had 152 permanent employees and 189 contract labourers on 15 December 2025.
The company works with a few large customers. Wapcos Limited and National Projects Construction Corporation Limited are among its top 10 customers in FY2025. The promoters are Sandip Mohanbhai Sorathia, Harsukhbhai Oghadbhai Bhanderi, Pankajbhai Haribhai Bhanderi, Pravinbhai Chanabhai Sorathia, Mohanbhai Chanabhai Sorathiya and Jayantibhai Chanabhai Sorathia. Sandip Sorathia is the Chairman and Managing Director.
The industry
The draft offer document cites an ICRA report that says the construction market in India grew at a CAGR of 15.6% during FY2021 to FY2025. It expects growth of 7.9% CAGR during FY2026 to FY2030. The report names power, oil and gas, transportation, water resources, institutional construction and urban development as the key areas for engineering, procurement and construction work.
Customer concentration: Top 5 customers gave 75.03% of FY2025 revenue (74.47% in FY2024) and the top 10 gave 92.87%.
Promoters & management
Six promoters hold about 15.87% each (Pankajbhai Bhanderi holds 15.59%) and one promoter group member holds 0.29%, which makes 95.24% before the issue.
| Name | Role |
|---|---|
| Sandip Mohanbhai Sorathia | Chairman and Managing Director |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Krishna Buildspace IPO: frequently asked
When will the Krishna Buildspace IPO open?
The Krishna Buildspace IPO dates are not announced yet. SEBI has issued its observations on 26 May 2026, which clears the IPO for launch within 12 months. 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 Krishna Buildspace 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 Krishna Buildspace IPO?
Krishna Buildspace filed its draft red herring prospectus (DRHP) with SEBI on 2 Jan 2026 for an IPO of a fresh issue of up to 90,00,000 shares and an offer for sale of up to 9,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Krishna Buildspace IPO?
SEBI has issued its observations on 26 May 2026, which clears the IPO for launch within 12 months. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Krishna Buildspace IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Krishna Buildspace IPO GMP once the RHP and price band are out.
What will Krishna Buildspace do with the IPO money?
As per the DRHP: Fund working capital requirements of the company (₹80 crore); Purchase of equipment and machinery (₹5.2 crore); General corporate purposes.
Who are the lead managers of the Krishna Buildspace IPO?
The book running lead managers are Mefcom Capital Markets Limited. MUFG Intime India Private Limited is the registrar.
Who are the main customers of Krishna Buildspace?
Public sector undertakings gave 73.17% of FY2025 revenue from operations, and the top 10 customers gave 92.87%. Wapcos Limited and National Projects Construction Corporation Limited are among them.
Is Krishna Buildspace profitable?
Yes. Profit after tax was Rs 15.10 crore in FY2025, Rs 11.30 crore in FY2024 and Rs 7.49 crore in FY2023.
How will Krishna Buildspace use the IPO money?
Rs 80.00 crore is for working capital and Rs 5.20 crore is for equipment and machinery. The rest of the fresh issue goes to general corporate purposes, capped at 25% of gross proceeds. The 9,00,000 share offer for sale money goes to the two selling promoters.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Krishna Buildspace 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.
