Vishvaraj Environment IPO
Vishvaraj Environment IPO — date, issue size, SEBI status & DRHP details 2025
Vishvaraj Environment filed its draft red herring prospectus (DRHP) with SEBI on 9 Oct 2025 for an IPO of a fresh issue of up to ₹1,250 crore and an offer for sale of up to ₹1,000 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Vishvaraj Environment develops water supply, sewage treatment and industrial water reuse projects for government bodies. Its Order Book stood at Rs 160,113.44 million on 31 March 2025, against Rs 34,534.32 million a year earlier.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Vishvaraj Environment IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 09 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 9 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Vishvaraj Environment 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 ₹1,250 Cr |
| Offer for sale | Up to ₹1,000 Cr |
| Total issue size | ₹2,250 Cr |
| Face value | ₹5 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 | JM Financial Limited, Axis Capital Limited, DAM Capital Advisors Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Premier Financial Services Private Limited | Promoter | Up to Rs 1,000 crore | Rs 1.83 |
The promoter selling shareholder, Premier Financial Services Private Limited, has a weighted average cost of acquisition of Rs 1.83 per share of face value Rs 5, as certified by the auditors.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Order Book was Rs 160,113.44 million on 31 March 2025, against Rs 34,534.32 million on 31 March 2024 and Rs 42,717.33 million on 31 March 2023.
- 02Revenue from operations grew from Rs 6,699.92 million in FY2023 to Rs 12,554.41 million in FY2024 and Rs 17,587.11 million in FY2025.
- 03Restated profit after tax rose from Rs 960.58 million in FY2023 to Rs 2,662.69 million in FY2025.
- 04Net worth increased from Rs 4,301.36 million on 31 March 2023 to Rs 7,821.57 million on 31 March 2025.
- 05The company won 53.13% of bids by number in FY2025, against 42.00% in FY2024 and 31.82% in FY2023.
- 06Assets under management in PPP and HAM projects were Rs 66,779.00 million on 31 March 2025, which gives long-term annuity and O&M income.
- 07The auditors have no qualification that is left out of the restated financials, and there is no criminal case against the company, directors or promoters.
Risks · 10
- 01Government entities gave 99.61% of revenue from operations in FY2025, so a delay in budget releases under Central schemes can hit payments.
- 02The top 10 clients gave 87.67% of revenue from operations in FY2025 (88.95% in FY2024 and 93.16% in FY2023).
- 03Maharashtra, Karnataka and Uttar Pradesh gave 91.94% of revenue from operations in FY2025.
- 04Net cash flow from operating activities was negative Rs 2,818.55 million in FY2025, while profit after tax was Rs 2,662.69 million. Receivables and other assets absorbed the cash.
- 05Total borrowings doubled from Rs 4,901.59 million on 31 March 2024 to Rs 10,009.98 million on 31 March 2025.
- 06Rs 5,450.00 million of the fresh issue is for repaying borrowings of subsidiaries, and the amount for general corporate purposes is not yet fixed (up to 25% of gross proceeds).
- 07Rs 10,000 million of the Rs 22,500 million offer is an offer for sale by the promoter company Premier Financial Services, so that money does not go to the company.
- 08The promoter holds 100.00% before the issue. The company paid Rs 69.98 million interest to Premier Financial Services and bought Rs 195.40 million of material and contract services from a promoter-linked company in FY2025.
- 09The Order Book of Rs 160,113.44 million includes Rs 57,136.54 million from the 300.00 MLD Bhandewadi Phase III project, awarded without a bidding process, and the company says the Order Book may not turn into revenue.
- 10EPC gave 81.34% of revenue from operations in FY2025, and the company has paid liquidated damages for project delays in the past.
Vishvaraj Environment financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Revenue from Operations | 1758.71 | 1255.44 | 669.99 |
| Total Income | 1780.65 | 1291.85 | 693.15 |
| Profit After Tax | 266.27 | 165.79 | 96.06 |
| Net Worth | 782.16 | 555.92 | 430.14 |
| Total Borrowing | 1001.00 | 490.16 | 530.59 |
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
₹960.45 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Vishvaraj Environment
It sets up and operates water treatment plants, sewage treatment plants, industrial water reuse projects and water distribution networks. It works under four business models: public-private partnership (PPP), hybrid annuity model (HAM), engineering, procurement and construction (EPC), and operations and maintenance (O&M). Assets under management were Rs 66,779.00 million on 31 March 2025.
EPC is the largest source of revenue. It gave Rs 14,304.66 million, or 81.34% of revenue from operations, in FY2025. EPC contracts from third parties gave Rs 5,912.98 million (33.62%), and O&M inside PPP projects gave Rs 2,595.48 million (14.76%). The company also entered irrigation projects and renewable energy EPC in FY2025. Renewable energy EPC gave Rs 509.22 million of revenue that year.
Almost all customers are government bodies. Government entities and public service undertakings gave 99.61% of revenue from operations in FY2025. Projects are won through competitive bidding under schemes such as Jal Jeevan Mission, Namami Gange, AMRUT Mission 2.0 and Pradhan Mantri Krishi Sinchayee Yojana. In FY2025 the company won 53.13% of the bids it took part in, against 31.82% in FY2023.
Most of the work is in Maharashtra, Karnataka and Uttar Pradesh, which gave 91.94% of revenue from operations in FY2025. The company had 879 permanent employees on 31 March 2025. The promoters are Arun Hanumandas Lakhani, Vandana Arun Lakhani, Sidhaartha Arun Lakhanee, Sarang Arun Lakhanee and Premier Financial Services Private Limited.
The industry
The industry report by CRISIL says Indian water and wastewater treatment market revenues were Rs 3,946 billion in the period FY2020 to FY2024. It expects them to reach Rs 6,310 billion to Rs 6,510 billion in FY2025 to FY2029, which is 1.6 to 1.7 times. The report names demand from municipal and industrial users and stricter effluent rules as the drivers. The report was commissioned and paid for by the company.
Customer concentration: Top 10 clients gave 87.67% of revenue from operations in FY2025 (88.95% in FY2024).
Promoters & management
Premier Financial Services Private Limited, a promoter, holds 100.00% of the 355,000,000 equity shares before the issue, including shares held by nominees.
| Name | Role |
|---|---|
| Arun Hanumandas Lakhani | Chairman and Managing Director |
| Vandana Arun Lakhani | Executive Director |
| Suresh Kumar Agiwal | Non-Executive Director |
| Satyajeet Surendra Raut | Non-Executive Director |
| Anurag Shrivastava | Independent Director |
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.
JM Financial Ltd.
126 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Axis Capital
127 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Dam Capital Advisors Ltd
45 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
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.
Vishvaraj Environment IPO: frequently asked
When will the Vishvaraj Environment IPO open?
The Vishvaraj Environment IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. 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 Vishvaraj Environment 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 ₹5 per share.
How big is the Vishvaraj Environment IPO?
Vishvaraj Environment filed its draft red herring prospectus (DRHP) with SEBI on 9 Oct 2025 for an IPO of a fresh issue of up to ₹1,250 crore and an offer for sale of up to ₹1,000 crore. The DRHP puts the total at about ₹2,250 crore.
Has SEBI approved the Vishvaraj Environment IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Vishvaraj Environment IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Vishvaraj Environment IPO GMP once the RHP and price band are out.
What will Vishvaraj Environment do with the IPO money?
As per the DRHP: Invest in subsidiaries for repayment or prepayment of their borrowings (₹545 crore); Invest in Nagpur Waste Water Management Private Limited to build phase-3 of a 300 MLD UF RO advanced water treatment plant (₹178.5 crore); Invest in Bhusawal Waste Water Management Private Limited for a 60 MLD STP and 80 MLD tertiary treatment RO plant (₹112.77 crore); Build a 30 MW (AC) solar power project under MSKVY 2.0 (PM-KUSUM Component C) (₹124.18 crore).
Who are the lead managers of the Vishvaraj Environment IPO?
The book running lead managers are JM Financial Limited, Axis Capital Limited, DAM Capital Advisors Limited. MUFG Intime India Private Limited is the registrar.
Who owns Vishvaraj Environment?
Premier Financial Services Private Limited, a promoter company, holds 100.00% of the 355,000,000 shares before the issue.
Is Vishvaraj Environment profitable?
Yes. Restated profit after tax was Rs 2,662.69 million in FY2025, Rs 1,657.86 million in FY2024 and Rs 960.58 million in FY2023.
Does Vishvaraj Environment depend on the government?
Yes. Government entities and public service undertakings gave 99.61% of revenue from operations in FY2025.
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 Vishvaraj Environment 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.
