Pragyawan Technologies IPO

Strengths · 6

• 01Revenue from operations grew from Rs 67.30 crore in FY2023 to Rs 359.37 crore in FY2025, and the document states a CAGR of 131.07% over this period.
• 02The Order Book was Rs 1,648.31 crore on 31 December 2025, which is 2.12 times the revenue of the nine months then ended.
• 03EBITDA margin was 15.93% and PAT margin was 11.05% in FY2025, with ROCE at 46.05%.
• 04Total borrowings were Rs 64.30 crore against a net worth of Rs 189.63 crore on 31 December 2025, a debt to equity ratio of 0.34.
• 05The company has worked in 29 states and union territories, and its state presence rose from 2 in FY2024 to 24 in the nine months ended 31 December 2025.
• 06Promoters Puneet Jain and Shefali Jain hold 51.00% and 47.54% before the issue, so the promoters hold almost all of the company.

Risks · 10

• 01The top ten customers gave 99.99% of revenue from operations in the nine months ended 31 December 2025, and the top five gave 99.43%. Losing one large customer would hurt badly.
• 02Cash flow from operating activities was negative at Rs 7.84 crore in FY2025 while PAT was Rs 39.88 crore, so profit is not yet turning into cash.
• 03Trade receivables rose from Rs 16.10 crore on 31 March 2023 to Rs 306.73 crore on 31 December 2025, which raises the risk of delayed or missed collections.
• 04The whole fresh issue money of Rs 304.16 crore is for working capital, so none of it goes to new capacity, and the rest is general corporate purposes of up to 25% of gross proceeds.
• 05The offer includes a sale of up to 1,50,00,000 shares by the two promoters, and that money goes to them and not to the company.
• 06Revenue split between the two verticals swings sharply, from 30.58% Skill Development in FY2024 to 45.16% in FY2025 and 75.58% in the nine months to December 2025.
• 07Gujarat, Karnataka and Uttar Pradesh gave 23.87%, 14.88% and 12.76% of revenue in the nine months ended 31 December 2025.
• 08The company has not signed long-term supply agreements with most of its suppliers, so input price rises or delays can hit execution.
• 09Outstanding litigation against the company is 5 tax proceedings and 1 statutory or regulatory proceeding, with Rs 4.91 crore involved, and 1 criminal proceeding is pending against a key managerial person.
• 10The statutory auditors have made certain emphasis of matter remarks in the restated financial information, as the document discloses in its risk factors.

Pragyawan Technologies Limited is a Noida-based company that supplies skill development and training products, delivers utility solutions and provides operations and maintenance (O&M) services. Its model combines procurement, contract manufacturing, system integration, project execution and lifecycle support. Projects are specification-driven and are executed across India.

The company runs two business verticals. Skill Development focuses on training products and capacity building solutions. Utility Solutions covers execution and O&M services across power, water, renewable energy and allied infrastructure. In the nine months ended 31 December 2025, Skill Development gave Rs 587.29 crore (75.58%) of revenue from operations and Utility Solutions gave Rs 189.79 crore (24.42%). In FY2025 the split was 45.16% and 54.84%.

Customers are Central and State Government bodies, public sector undertakings and private sector customers. The company says it has undertaken projects across 29 states and union territories. Its presence in states grew from 2 in FY2024 to 8 in FY2025 and 24 in the nine months ended 31 December 2025. The Order Book stood at Rs 1,648.31 crore on 31 December 2025, against Rs 1,058.97 crore on 31 March 2025.

The registered office is in Laxmi Nagar, Delhi and the corporate office is in Sector 65, Noida. The company runs certain warehouses, one manufacturing facility and office premises on lease. The promoters are Puneet Jain, who is Chairman, Managing Director and CEO, and Shefali Jain. The company describes its model as asset light, and it plans to add selective in-house manufacturing.

The industry

The industry report (Frost & Sullivan) says the PM Vishwakarma Scheme was inaugurated on 17 September 2023 with an allocation of Rs 13,000 crore for FY2024 to FY2028, to upskill traditional artisans. It also says India's technology spending in the education sector is projected to rise from Rs 637.50 billion in FY2025 to Rs 2,550.00 billion by FY2030, a CAGR of 31.95%. The report adds that programmes such as Jal Jeevan Mission and RDSS are building a growing base of operational assets that need O&M services. The company says it is one of the largest suppliers of customized toolkits for multiple trades under PMVY as on 31 December 2025.

Customer concentration: Top 5 customers gave 99.43% of revenue from operations in the nine months ended 31 December 2025 (97.90% in FY2025).