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BVG India ₹485 ▲ 2.1% 1M
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IPO announced

BVG India is heading for an IPO

An IPO has been announced. Issue details are on the IPO page.

Status
Awaiting dates
Live price starts on listing day
View BVG India IPO

BVG India Unlisted Shares

Facility Management Services Integrated facility management IPO: SEBI review completed

BVG India is an integrated facility management company based in Pune. It had over 85,000 employees across 2,218 active operating sites as of 31 March 2025 and revenue from operations of ₹33,017.97 million in FY25.

Read the full company profile
Indicative price
As of 23 Oct 2026
₹485 ▲ 2.11% in 1 month
Dealer quotes: ₹485 – ₹495 across 2 dealers
Key facts

BVG India share details

Lot size
100 shares
Min. investment
₹48,500
Face value
₹2
Implied market cap
₹6,235 Cr
Shares outstanding
128,551,940
Founded
2002
Headquarters
Pune, Maharashtra
Website
bvgindia.com
ISIN
INE257H01021
CIN
U74999PN2002PLC016834
Lock-in after IPO
6 months
Price history

BVG India share price chart

1Y change
+25.97%
High
₹795
Low
₹385

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

IPO journey

BVG India IPO status: SEBI review completed

BVG India has completed SEBI's review of its draft offer document. The next step is a red herring prospectus with the issue dates.

  1. 10 Oct 2025
    DRHP filed with SEBI
DRHP details & financials
About

About BVG India

BVG India Limited provides integrated facility management (IFM) services. In simple words, it cleans, maintains and runs large buildings and public spaces for other organisations. Its services cover soft services, hard services and specialised services. It also runs emergency response services for medical and police emergencies, and environment and sustainability services. The company describes itself as the largest IFM services provider in India, citing the Frost & Sullivan report in its DRHP. The scale is large. As of 31 March 2025 BVG India had over 85,000 employees deployed across 2,218 active operating sites. Its clients are in industrial and commercial, transport infrastructure, healthcare and education, and government establishments, plus BFSI, residential and retail sites. In FY25, IFM brought in ₹23,113.37 million, or 70.00% of revenue from operations. Healthcare and education was the biggest IFM client sector at ₹8,102.95 million. On a restated consolidated basis, revenue from operations grew from ₹23,148.78 million in FY23 to ₹33,017.97 million in FY25, a compounded growth of 19.43% a year. Profit after tax was ₹2,072.09 million in FY25, against ₹1,662.25 million in FY24. EBITDA from continuing operations was ₹3,641.41 million, a margin of 11.03%. All figures here are consolidated and come from the DRHP. The company was incorporated as Bharat Vikas Utility Services Limited on 20 March 2002 in Pune. Hanmantrao Gaikwad is the sole promoter and Chairman and Managing Director. The promoter holds 69,680,560 equity shares, which is 54.87% of the fully diluted share capital, as per the DRHP. Strategic Investments FM (Mauritius) entities are among the selling shareholders. BVG India filed its DRHP with SEBI on 10 October 2025 and the IPO stage on IPO Guru is SEBI review completed. The proposed offer is a fresh issue of up to ₹3,000.00 million and an offer for sale of up to 28,548,007 equity shares. The price and dates are not announced. Unlisted shares of a company like this trade off-market through dealers, so the price we show of ₹485 per share, with a lot of 100 shares, is indicative only and not an exchange price.

Strengths

  • Revenue from operations grew from ₹23,148.78 million in FY23 to ₹33,017.97 million in FY25, a compounded annual growth of 19.43%.
  • Profit after tax rose from ₹1,251.29 million in FY23 to ₹2,072.09 million in FY25 on a consolidated basis.
  • Net cash flow from operating activities was ₹2,179.99 million in FY25, up from ₹868.38 million in FY23, so cash generation improved with profit.
  • Debt is moderate for its size. Net debt to equity improved from 0.41 in FY23 to 0.23 in FY25, and total borrowings were ₹4,832.18 million in FY25.
  • Trade receivable days came down from 152 in FY23 to 114 in FY25, which means it collected from clients faster.
  • The business is spread across sectors. Healthcare and education gave 24.54% of revenue from operations in FY25 and transport infrastructure gave 16.88%.
  • Net worth rose to ₹13,652.33 million in FY25 from ₹10,206.57 million in FY23, with return on equity from continuing operations at 17.44% in FY25.

Risks

  • EBITDA margin from continuing operations slipped from 12.64% in FY23 to 11.03% in FY25, so profit grew slower than revenue at the operating level.
  • Client concentration: the top 10 clients contributed 39.95% of revenue from operations in FY25 and the top 5 contributed 28.07%.
  • Collections are slow. Trade receivables were ₹10,330.27 million at 31 March 2025, about 114 days of revenue, which ties up cash.
  • Government establishments gave 5.80% of revenue in FY25. The DRHP flags delayed payments and tender qualification risks in public-sector contracts.
  • The business depends on a large workforce of over 85,000 people. Wage inflation, hiring and labour-law compliance can hurt margins.
  • Debt agreements carry restrictive covenants, and total borrowings were ₹4,832.18 million in FY25.
  • Related-party transactions exist with companies linked to key managerial personnel, such as BVG Life Sciences Limited and Satara Mega Food Park Private Limited.
  • The promoter holds 54.87% and the DRHP lists outstanding litigation against the company, subsidiaries, promoter and directors.
  • The IPO has no final price or date yet, and the DRHP figures are only up to 31 March 2025, so the page does not show FY26 numbers.
  • Unlisted share prices are indicative and set by dealers. The shares have limited liquidity until listing.
Financials

BVG India financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY25Latest FY24 FY23
Revenue (₹ Cr) 3,302 2,839 2,315
EBITDA (₹ Cr) 364 347 293
PAT (₹ Cr) 207 166 125
EBITDA Margin (%) 11.03 12.22 12.64
PAT Margin (%) 6.28 5.85 5.41
RoNW (%) 15.18 14.16 12.26
EPS (₹) 15.96 12.81 9.64
Book Value (₹) 102.48 88.12 76.61
Debt / Equity 0.35 0.39 0.47
Total Assets (₹ Cr) 2,434 2,082 1,920
Net Worth (₹ Cr) 1,365 1,174 1,021

Swipe the table sideways for earlier years →

Leadership

Management team

Hanmantrao Gaikwad
Chairman and Managing Director
Promoter of the company.
Manoj Jain
Chief Financial Officer
Signed the DRHP tax benefits statement for the company.
Niklank Jain
Company Secretary and Compliance Officer
Contact person for the IPO.
Swapnali Dattatraya Gaikwad
Non-executive Director
Non-executive director on the board.
Pankaj Dhingra
Non-executive Director
Non-executive director on the board.
Corporate events

Events & announcements

Event Date File
DRHP filed with SEBI IPO filing
10 Oct 2025

BVG India filed its draft red herring prospectus with SEBI, the first public step towards an IPO.

10 Oct 2025
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BVG India unlisted shares: common questions

Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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