| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹200 to ₹212 | 70 | 07th Aug, 2026 – 11th Aug, 2026 | ₹252 Cr |
Technocraft Ventures Ltd
Incorporated in 1998, Technocraft Ventures Limited (TVL) is an integrated Engineering, Procurement and Construction (EPC) company engaged in the development of public infrastructure projects across water & wastewater management, roads & highways, electrical transmission and urban infrastructure. The company primarily undertakes turnkey projects for Central and State Government departments, urban local bodies (ULBs) and public sector undertakings (PSUs), managing the entire project lifecycle from design and engineering to procurement, construction, commissioning and long-term operations & maintenance (O&M). Water & wastewater infrastructure is its core business, contributing 85.4% of FY26 revenue, followed by Roads & Highways (12.9%) and O&M services (1.7%). The company has laid over 1,200 km of sewer pipelines and executed Sewage Treatment Plants (STPs) with capacities ranging from 3 MLD to 56 MLD, supported by specialized capabilities in micro-tunneling and trenchless pipeline installation. Operations are backed by an in-house engineering team of 78 professionals across civil, mechanical, electrical and environmental disciplines and a centralized procurement framework that enhances execution efficiency. Over the last five years, TVL has successfully completed 18 projects and is currently executing 19 projects, demonstrating a strong execution track record. The company derives virtually all of its revenue from government infrastructure projects, with Rajasthan, Uttar Pradesh and Delhi contributing 63.1%, 25.5% and 10.3% of FY26 revenue, respectively. Led by promoter Sanjay Tyagi, who has over 35 years of industry experience, Technocraft has established itself as a specialized EPC player catering to India’s growing water, sanitation and urban infrastructure requirements.
Objective of Technocraft Ventures Ltd
The IPO comprises a total issue size of Rs. 252 crores, consisting of a fresh issue of Rs. 202 crores and an offer for sale (OFS) of Rs. 50 crores. The objects of the offer are to:
- Fund working capital requirements of the company (Rs. 150 crores); and
- General corporate purposes (Rs. 52 crores).
Rationale To Technocraft Ventures Ltd
Investment Rationale
Specialized technical expertise strengthens competitive positioning
Technocraft Ventures has established itself as a specialized EPC contractor with deep expertise in water & wastewater infrastructure, which accounted for 85.4% of FY26 revenue, making it a focused player in one of India’s priority infrastructure segments. The company has laid over 1,200 km of sewer pipelines, of which nearly 750 km have been commissioned, and executed Sewage Treatment Plants (STPs) with capacities ranging from 3 MLD to 56 MLD, demonstrating its ability to deliver technically complex projects. Its execution capabilities are supported by an in-house engineering team of 78 professionals across civil, mechanical, electrical and environmental disciplines, along with specialized technologies such as micro-tunneling and trenchless pipeline installation that enable efficient execution in densely populated urban areas. The company also holds Class A Electrical Contractor Licenses, allowing it to undertake high-tension power transmission and distribution projects, thereby expanding its addressable market. Further, its successful execution of projects for government agencies and multilateral institutions such as the Asian Development Bank (ADB) reflects its ability to meet stringent technical and quality standards. Supported by promoter Sanjay Tyagi’s over 35 years of industry experience, these capabilities provide Technocraft with a strong competitive position in India’s public infrastructure EPC sector.
Robust order book, recurring O&M revenue and structural infrastructure tailwinds
Technocraft Ventures is well positioned to benefit from India’s sustained investments in water and urban infrastructure through initiatives such as Jal Jeevan Mission, AMRUT 2.0, Namami Gange and PM Gati Shakti. As of July 15, 2026, the company had an unexecuted order book of Rs. 1,321 crores, comprising 14 EPC projects and 5 O&M contracts, providing strong revenue visibility over the medium term. Long-term O&M contracts, typically spanning 5-15 years, complement the EPC business by generating recurring revenue and enhancing earnings visibility beyond project execution. The company’s execution capabilities continue to translate into new order wins, including its recent L1 status for a Rs. 196 crore Delhi Jal Board project under AMRUT 2.0. Financial performance has strengthened significantly, with revenue and PAT registering CAGRs of 23.5% and 50.8%, respectively, during FY24-FY26, while PAT margin expanded from 8.4% to 12.6%. The company has also expanded its project footprint beyond its core markets of Rajasthan and Uttar Pradesh by securing projects acrossDelhi, Madhya Pradesh, Bihar and Odisha, supporting long-term growth opportunities. Backed by a healthy execution pipeline, improving profitability and favorable policy-driven infrastructure spending, Technocraft is well positioned to deliver sustainable growth over the medium term.
Valuation of Technocraft Ventures Ltd
Technocraft Ventures Limited (TVL) is a niche EPC player with established capabilities in water & wastewater infrastructure, supported by a strong execution track record across government-funded projects. The company is well positioned to benefit from India’s increasing investments in water, sanitation and urban infrastructure, while its specialized technical expertise and long-standing relationships with government agencies strengthen its competitive positioning. The company’s operational execution has translated into a healthy financial performance over the last two years. Revenue, EBITDA and PAT registered CAGRs of 23.5%, 43.6% and 50.8%, respectively, during FY24-FY26, while EBITDA margin expanded to 20.9% from 15.5% and PAT margin improved to 12.6% from 8.4%. The improvement has been driven by a favorable project mix, higher-margin turnkey contracts, disciplined cost management and improved execution efficiency. The company also reported an industry-leading RoNW of 26.5%, highlighting efficient capital allocation and strong earnings quality. Growth visibility remains healthy, supported by an unexecuted order book of Rs. 1,321 crores as of July 15, 2026, equivalent to nearly 3.8x FY26 revenue. The order book comprises 14 EPC projects and five long-term O&M contracts, with the latter providing recurring revenue streams that partially offset the inherently lumpy nature of EPC execution. Continued order inflows, including the recent Rs. 196 crore Delhi Jal Board project under AMRUT 2.0, reinforce management’s execution capabilities and support future revenue growth. There are few inherent risks associated with the business model. The company derives virtually all of its revenue from government authorities, exposing it to project award cycles, budgetary allocations and delays in approvals. In addition, the EPC business remains working-capital intensive, reflected in trade receivables equivalent to 34.2% of FY26 revenue, while regional concentration and dependence on public infrastructure spending continue to remain key monitorable factors. However, these risks are partly mitigated by the company’s established execution track record, specialized technical capabilities, healthy order pipeline and improving profitability profile. At the upper price band of Rs. 212, the issue is valued at 14.7x FY26 earnings, compared with the listed peer average of approximately 23x. While the company operates at a relatively smaller scale than larger listed EPC players, it delivers superior return ratios, stronger profitability and robust earnings growth, supported by a healthy execution pipeline. We believe the company offers exposure to a niche infrastructure company with improving financials and strong order visibility. Hence, we recommend a “SUBSCRIBE” rating for the issue with a long-term investment horizon.
What is the Technocraft Ventures Ltd IPO?
The initial public offer (IPO) of Technocraft Ventures Ltd an early investment opportunity in. A stock market investor can buy Technocraft Ventures Ltd IPO shares by applying in IPO before All Technocraft Ventures Ltd shares get listed at the stock exchanges. An investor could invest in Technocraft Ventures Ltd for short term listing gain or a long term.
How to apply for the Technocraft Ventures Ltd IPO through StoxBox?
To apply for the Technocraft Ventures Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Technocraft Ventures Ltd IPO open?
Technocraft Ventures Ltd IPO is opening on 07th Aug 2026. Apply Now
What is the lot size of the Technocraft Ventures Ltd IPO?
The Lot Size of Technocraft Ventures Ltd 70 equity shares. Login to your account now.
When is the Technocraft Ventures Ltd IPO allotment date?
The allotment Date for Technocraft Ventures Ltd IPO is 12th Aug 2026. Login to your account now.
When is the Technocraft Ventures Ltd IPO listing date?
The listing Date for Technocraft Ventures Ltd is 14th Aug 2026. Login to your account now
What is the minimum investment required for the Technocraft Ventures Ltd IPO?
In the Retail segment the minimum investment required is Rs 14,840 Login to your account now
What is the maximum investment allowed for Technocraft Ventures Ltd IPO?
In the Retail segment the maximum investment requirement Rs 1,92,920 Login to your account now
What are the risks associated with investing in the Technocraft Ventures Ltd IPO?
- Trade receivables analysis, a key monitorable for a government focused EPC player: Trade receivables remain a key monitorable for Technocraft Ventures, reflecting the working capital-intensive nature of its government-focused EPC business. Trade receivables stood at Rs. 118 crores in FY26 (34.2% of revenue), compared with Rs. 58 crores (20.8%) in FY25 and Rs. 100 crores (44.3%) in FY24, while debtor days improved to 125 from 162 over the same period. The elevated receivable cycle is primarily due to milestone-based billing and lengthy certification procedures, with 56% of FY26 revenue billed in H2 and nearly 40% in Q4. Encouragingly, 95.9% of receivables were less than six months old. The company plans to utilize Rs. 150 crores from the IPO proceeds towards incremental working capital requirements, which should improve liquidity and support future growth.
- Our view: While elevated receivables are characteristic of government-focused EPC companies, sustained improvement in debtor days, operating cash flows and working capital efficiency will remain key monitorables going forward.
- High dependence on government contracts – Government departments and PSUs contributed 99.98% of FY26 revenue. Any slowdown in government spending, tender awards or project approvals could impact growth.
- Geographic concentration risk – Rajasthan (63.1%), Uttar Pradesh (25.5%) and Delhi (10.3%) contributed nearly 99% of FY26 revenue, exposing the company to regional execution and policy risks.
When will the Technocraft Ventures Ltd IPO shares be credited to my Demat account?
The Technocraft Ventures Ltd will be credited to the account on allotment date which is 12th Aug 2026. Login to your account now
Where can I find the Technocraft Ventures Ltd IPO prospectus?
The prospectus of Technocraft Ventures Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE
