Monomark Engineering India IPO

Strengths · 6

• 01Revenue from operations grew from Rs 315.33 crore in FY2023 to Rs 475.03 crore in FY2025, with growth of 21.85% in FY2025.
• 02Profit after tax rose from Rs 5.29 crore in FY2023 to Rs 18.21 crore in FY2025, and EBITDA margin moved from 5.46% to 8.27%.
• 03The unexecuted order book was Rs 1,095.35 crore as on 28 February 2026, against FY2025 revenue of Rs 475.03 crore.
• 04Repeat clients gave 93.41% of business in FY2025, and 90.51% in the six months to 30 September 2025.
• 05ROE was 27.31% and ROCE was 21.95% in FY2025.
• 06The company has its own fabrication facility at Kapasan, and the segment gross margin for O&M was 13.30% in FY2025.

Risks · 10

• 01The largest customer gave 35.74% of FY2025 revenue and the top 10 customers gave 87.67%.
• 02Metal and cement clients gave 90.84% of FY2025 revenue, so a downturn in these sectors would hit the company directly.
• 03O&M services gave 65.86% of FY2025 revenue and 77.39% in the six months to 30 September 2025.
• 04Employee benefit expenses were 68.95% of total expenses in FY2025, and attrition among project-specific employees was 90.93%.
• 05Cash flow from operations was negative Rs 2.01 crore in the six months to 30 September 2025, and net working capital days rose to 37 from 12 in FY2025.
• 06Total borrowings were Rs 90.40 crore at 30 September 2025, against net worth of Rs 107.59 crore.
• 07Contingent liabilities were Rs 65.24 crore at 30 September 2025, which is 60.63% of net worth.
• 08The document mentions workplace accidents, including fatalities in the past, as a risk.
• 09The fresh issue amount is not yet stated, and the balance after working capital is for general corporate purposes with no amount fixed.
• 10Proceeds go mainly to funding working capital of Rs 111.00 crore, which is not capacity or debt reduction.

Monomark Engineering (India) Limited is based in Chittorgarh, Rajasthan. It provides Industrial Operations and Maintenance (O&M) services, metal fabrication solutions and industrial project execution services. Its customers are industrial clients in metals, cement, ports and engineering or OEM businesses.

O&M is the largest segment. It gave 77.39% of revenue from operations in the six months to 30 September 2025 and 65.86% in FY2025. The company serves 42 customers and says 90.51% of its business came from repeat clients in the six months to 30 September 2025.

The company works across 7 states in India, including Dadra Nagar and Haveli and Daman and Diu. It runs project offices in Rajasthan, Maharashtra, Madhya Pradesh, Gujarat and Goa. Its fabrication facility is at Samrathpura, Kapasan, near Chittorgarh. It has also set up a subsidiary in the UAE, Monomark Engineering FZE, to explore overseas work.

This is a people-heavy business. The company had 7,210 employees at 30 September 2025 and 7,348 at 31 March 2025. It undertook 41 projects in FY2025. As on 28 February 2026 its unexecuted order book was Rs 1,095.35 crore.

The founder, Narendra Chordia, began in 1987 with Monomark Engineering Works, which did fabrication and erection. He incorporated Monomark Engineering (India) Private Limited in 2005 and added O&M services in 2013. The four promoters are Narendra Chordia, Meena Chordia, Nitesh Chordia and Gaurav Chordia.

The industry

The company works in the industrial services space: O&M, EPC or project execution, and metal fabrication. The document says India's GDP is projected to grow about 6.2% in CY2026. It names infrastructure spending, rising manufacturing activity, ageing assets and stricter regulation as the demand drivers for industrial O&M. The summary does not give a rupee market size for these services.

Customer concentration: Top 5 customers gave 75.08% of FY2025 revenue (75.44% in FY2024), and the largest customer alone gave 35.74% in FY2025.