Technocraft Ventures — a multidisciplinary public infrastructure development company — has filed draft prospectus with the Securities and Exchange Board of India (SEBI), paving the way for its maiden public offering. With a strong presence across wastewater management, water supply schemes, electrical works, and road infrastructure, the company is positioning itself as a diversified EPC player in the northern Indian market.
Technocraft Ventures IPO Structure
Technocraft Ventures IPO is a mix of fresh issue of up to 95.1 lakh equity shares and an offer for Sale (OFS) of 23.8 lakh shares by promoter entity Kartikey Constructions. The IPO proceeds of INR 138 crore will be to fund working capital requirements, and the balance will be used for general corporate purposes.
The book-running lead manager for the issue is Khambatta Securities, while Bigshare Services is acting as registrar.
Promoter and Shareholding Structure
The company is promoted by Sanjay Tyagi, Rekha Tyagi, Kartikey Tyagi, and entities including Kartikey Constructions (Partnership Firm) and Sanjay Tyagi HUF. Kartikey Constructions holds a dominant 83.02% stake, making it the largest shareholder. Other major individual shareholders include Sanjay Tyagi (4.03%), Sanjay Tyagi HUF (7.02%), and Rekha Tyagi (1.31%).
Business Overview
Founded in 1998, Technocraft Ventures started with residential and road projects in Uttar Pradesh before expanding into wastewater treatment, water supply infrastructure, and power distribution. At present, it operates across Uttar Pradesh, Rajasthan, Delhi, and Uttarakhand, with projects under schemes like AMRUT, JNNURM, Namami Gange, Jal Jeevan Mission, and PMGSY.
The company’s integrated capabilities span civil, mechanical, and electrical integration, and long-term O&M services, enabling end-to-end delivery from concept to commissioning.
Order Book Strength
As of 30 June 2025, Technocraft Ventures boasts an impressive INR 1,210.45 crore order book, including:
- Sewerage Works: INR 1,017.34 crore (11 projects)
- Road Works: INR 66.58 crore
- Electrical Works: INR 41.74 crore
- Water Supply: INR 59.92 crore
- O&M Contracts: INR 24.87 crore
Notably, INR 383.86 crore worth of projects are being executed under joint ventures, underscoring the company’s collaborative approach to securing large contracts.
Financial Performance
The company has demonstrated consistent top-line growth:
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 178.69 | 226.10 | 279.56 |
| PAT | 10.81 | 19.05 | 28.20 |
| PAT Margin | 6.05% | 8.43% | 10.09% |
| EBITDA Margin | 12.25% | 14.96% | 17.24% |
This performance reflects both volume expansion and improved profitability, supported by a steady order inflow.
Revenue Mix
Segment-wise (FY25):
- Sewerage Construction: 74.37%
- Electrical Works: 7.52%
- Building Construction: 8.88%
- Water Supply: 5.85%
- O&M Services: 0.84%
- Road Works: 0.77%
- Others (Material Sales): 1.77%
State-wise (FY25):
- Rajasthan: 59.58%
- Uttar Pradesh: 27.05%
- Delhi: 5.85%
- Uttarakhand: 7.52%
The shift in revenue concentration from Uttar Pradesh (96% in FY23) to Rajasthan and other states indicates geographic diversification.
Competitive Edge
Technocraft Ventures’ key differentiators include:
- Proven execution under multilaterally funded projects (e.g., ADB-funded sewerage network in Udaipur).
- Expertise in microtunneling and trenchless technology for minimal disruption in urban infrastructure.
- Integration of renewable energy solutions (solar PV) in wastewater treatment projects.
- Long-term O&M capabilities enhance asset sustainability.
Bid Success Rates
The company’s bid conversion rates reveal a mixed performance:
- Solo bids: 45.45% success in FY25 (up from 16.66% in FY24).
- Lead partner in JVs: 100% success in FY24.
- JV partner: 100% success in FY23.
These figures underscore the advantage of collaborative bidding in securing contracts.
Key Risks to Consider
- Order book concentration in government contracts makes revenue susceptible to policy changes and tender delays.
- Working capital-intensive operations may require substantial funding to sustain growth.
- Execution risks in large-scale EPC projects can affect timelines and profitability.
Conclusion
With a robust order pipeline, proven track record, and expanding geographic footprint, Technocraft Ventures is stepping into the capital markets at a time when infrastructure spending is a government priority. Its entry into newer segments like electrical distribution, renewable energy integration, and advanced microtunneling could help it capture a larger market share in the coming years.
If the IPO garners healthy investor interest, Technocraft Ventures could emerge as a notable mid-cap infrastructure stock in the post-listing phase — backed by steady earnings growth and sector tailwinds.
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