Technocraft Ventures

Incorporated in October 1998, Technocraft Ventures Limited undertakes turnkey Engineering, Procurement, and Construction (EPC) projects across core infrastructure segments, with a particular focus on water and wastewater management. Its project portfolio spans sewage treatment plants, sewerage networks, water supply schemes, roads, electrical works, and operations and maintenance of completed infrastructure assets.

The company operates on a tender-based model, executing projects primarily for state governments and public works departments in Northern India, including Uttar Pradesh, Uttarakhand, Rajasthan, and the National Capital Territory of Delhi. Its registered office is in New Delhi, with a corporate headquarters in Noida supporting end-to-end engineering and project execution capabilities.

As on July 15, 2026, the company's order book comprised 14 EPC projects across the water and wastewater treatment infrastructure segment, together with unexecuted contract value from joint ventures, taking total order book value to approximately ₹1,320.73 crore, providing strong near-term revenue visibility. The company is promoted by Sanjay Tyagi, Rekha Tyagi, Kartikey Tyagi, Kartikey Constructions (a partnership firm), and Sanjay Tyagi HUF.

The company's competitive strengths include diversified EPC capabilities spanning core infrastructure sectors, a track record of executing high-value government and multilateral-funded projects, regulatory approvals for electrical EPC work with statewide licenses, and a promoter-led management team with strong execution capabilities. Its dependence on government budgetary allocations and policy priorities, particularly around water and wastewater infrastructure schemes, has historically translated into consistent order inflows supporting revenue growth.

The Technocraft Ventures IPO is a bookbuilt mainboard issue aggregating up to ₹252 crore, comprising a fresh issue of shares worth up to ₹202 crore and an offer for sale of up to ₹50 crore by promoter selling shareholder Kartikey Constructions. The issue is priced in a band of ₹200 to ₹212 per equity share, with a lot size of 70 shares, and opened on August 7, 2026, closing on August 11, 2026, with listing expected on August 14, 2026 on both the BSE and NSE.

Net proceeds from the fresh issue are earmarked primarily for funding working capital requirements, estimated at ₹150 crore, with the remainder allocated to general corporate purposes. The company has delivered strong and consistent financial growth, with revenue rising from ₹226.10 crore in FY24 to ₹345.00 crore in FY26, and profit after tax more than doubling from ₹19.05 crore to ₹43.32 crore over the same period.

At the upper price band, the issue is priced at a post-issue P/E of 19.38 times FY26 earnings, with a Return on Net Worth of 26.51% and a Price to Book Value of 3.91 times, reflecting a moderately full valuation supported by a strong and improving return profile. Key strengths cited include diversified EPC capabilities across water, wastewater, road, and electrical infrastructure, a healthy order book worth over ₹1,300 crore, and consistent revenue and margin expansion over the past three years. Key risks include heavy reliance on government contracts and budgetary allocations, geographic concentration in Northern India, and execution risk tied to timely completion of ongoing wastewater and water supply projects. Investors may find it useful to benchmark this issue against other recently listed EPC and infrastructure-focused mainboard IPOs when evaluating its relative valuation.