Technocraft Ventures IPO

Strengths · 5

• 01The company does EPC work in many areas - water, roads, urban infrastructure and power. So it does not depend on any one sector.
• 02It has completed high-value projects for government bodies and for ADB-funded schemes, which shows good execution ability.
• 03It has its own in-house engineering team and adopts new technology such as trenchless and micro-tunnelling work.
• 04Revenue and profit have grown steadily for three years in a row, and profitability is getting better.
• 05It holds electrical works licences that are valid across states, which many competitors do not have.

Risks · 8

• 01Almost all the work comes from state governments and government agencies. If order flow slows down or payments get delayed, the business will suffer.
• 02The work is concentrated in a few states, mainly Uttar Pradesh, Uttarakhand, Rajasthan and Delhi. Any policy change in these states will affect the company.
• 03EPC work needs a lot of working capital. That is why Rs 150 crore of the issue money is going into working capital and not into new capacity.
• 04Orders are won through bidding. To win work the company may have to quote low prices, which can pull down margins.
• 05The company is small, with revenue of Rs 347 crore in FY2026. A delay in even one or two big projects can change the full year results.
• 06Borrowings were Rs 89.76 crore in FY2026 and none of the issue money is being used to repay loans.
• 07The lead manager, Khambatta Securities, is a small merchant banker. Its past IPO track record should be checked before applying.
• 08Rs 50.37 crore of the issue is offer for sale by promoter firm Kartikey Constructions. This money goes to the promoter and not to the company.

Technocraft Ventures Limited was started in October 1998. It is an infrastructure company that takes up turnkey Engineering, Procurement and Construction (EPC) projects. Most of its work is for state governments and government agencies in north India, mainly in Uttar Pradesh, Uttarakhand, Rajasthan and Delhi.

The company works in these areas:

Water and waste water work - it designs and builds water supply schemes, sewer lines, sewage and waste water treatment plants, transmission mains and reservoirs. It also runs and maintains them for long periods.

Roads and highways - it builds roads and national highway projects.

Urban infrastructure - it does sector level planning and builds residential buildings.

Power distribution - it carries out electrification schemes, builds substations and lays transmission lines.

Trenchless and micro-tunnelling work - it lays pipelines in crowded areas without digging up the surface.

The company has done projects under government schemes such as AMRUT, JNNURM, UIDSST, Namami Gange, Jal Jeevan Mission and PMGSY. It has also handled ADB-funded projects, which have strict technical and environmental standards. As on 31 May 2026, it had 170 full-time employees, including 78 engineers.

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