Ahmedabad-headquartered Krishna Buildspace, a mid-sized construction and engineering, procurement, and construction (EPC) player, has filed its DRHP with the Securities and Exchange Board of India (SEBI) to launch its IPO.
Krishna Buildspace IPO is being managed by Mefcom Capital Markets as the Book Running Lead Manager (BRLM), while MUFG Intime India serves as the Registrar to the Offer.
Krishna Buildspace IPO: Structure & Use of Funds
Type of Issue: Fresh + OFS
Total Equity Shares: 99,00,000 (Face Value INR 10)
Fresh Issue: 90,00,000 shares
Offer for Sale: 9,00,000 shares
Use of Funds
| Purpose | Amount (INR Crore) |
|---|---|
| Working capital requirements | 80.0 |
| Capital expenditure (machinery/equipment) | 5.2 |
| General corporate purposes | Balance |
The proceeds are intended to strengthen operational liquidity and enable the company to bid for higher-value EPC contracts that require significant bid security and upfront performance guarantees.
Krishna Buildspace IPO: Business Overview
Krishna Buildspace operates across seven major verticals:
Institutional, Industrial, Residential, Commercial, Infrastructure, Waste Management, and Healthcare.
The company provides end-to-end services — from design and architecture to mechanical, electrical, and plumbing (MEP) integration and environmental engineering solutions.
It has executed 82 projects spanning eight states and two union territories, totaling 2.30 million sq. ft. of constructed area worth INR 639.25 crore. As of 15 December 2025, its unexecuted order book stood at INR 524.17 crore, distributed across diversified sectors and clients.
Krishna Buildspace IPO: Financial Performance
| Particulars | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 164.76 | 172.08 | 183.29 | 95.95 |
| EBITDA | 15.65 | 22.52 | 28.41 | 16.89 |
| EBITDA Margin (%) | 9.46 | 13.04 | 15.40 | 17.50 |
| Profit After Tax | 7.49 | 11.30 | 15.10 | 8.86 |
| PAT Margin (%) | 4.53 | 6.54 | 8.18 | 9.18 |
| ROE (%) | 51.18 | 46.65 | 39.81 | – |
| Debt-Equity Ratio | 2.03 | 1.75 | 1.29 | – |
The company has demonstrated steady revenue growth (CAGR 5.47%) and a strong PAT CAGR of 41.95% between FY23 and FY25. Its net worth increased from INR 18.65 crore in FY23 to INR 46.07 crore in FY25, supported by reduced leverage and improved operating margins.
Sectoral Revenue Mix
| Sector | FY25 Revenue (INR Cr) | % Share |
|---|---|---|
| Institutional | 100.40 | 54.78 |
| Industrial | 13.00 | 7.09 |
| Residential | 20.20 | 11.02 |
| Waste Management | 25.74 | 14.04 |
| Commercial | 19.65 | 10.72 |
| Infrastructure | 4.30 | 2.35 |
| Healthcare | – | – |
The institutional and waste management segments drive over two-thirds of the revenue, underscoring the company’s dependence on government and public-sector projects.
Key Projects
Completed Projects:
- CRPF Infrastructure, Uttar Pradesh – INR 62.42 crore
- Milk Product Plant, Bihar – INR 39.21 crore
- Wellness & Rehabilitation Centre, Haryana – INR 43.36 crore
- Khadiya-Bilkha-Manekwada Road Project, Gujarat – INR 86.9 crore
Ongoing Projects:
- 150 TPD Powder Plant, Banaskantha, Gujarat – INR 152.98 crore
- Highline Phase-2, Gujarat – INR 130.75 crore
- Ayurvedic Cancer Hospital, Maharashtra – INR 27.13 crore
- CBSE Regional Offices (Delhi & Bhopal) – INR 71.14 crore combined
- Swachh Bharat Mission II (Goa) – INR 45.95 crore
Competitive Strengths
- Proven execution track record across government and private EPC segments.
- Integrated in-house capabilities covering civil, structural, and MEP works.
- Diversified order book mitigating regional and sectoral risks.
- Strong financial turnaround, reflected in improving margins and deleveraging.
- Experienced promoters and leadership, with sectoral experience of over 25 years.
The company holds Class ‘AA’ contractor registration with the Government of Gujarat and Class I (AA) status with the Central Public Works Department, qualifying it to bid for high-value EPC projects nationwide.
Industry Outlook
According to ICRA, India’s EPC sector was valued at INR 439.1 lakh crore in FY2025 and is expected to reach INR 727.3 lakh crore by FY2030, growing at a CAGR of 10.4%. Key growth catalysts include:
- The National Infrastructure Pipeline (NIP), PM Gati Shakti, and Smart Cities Mission.
- Expanding demand for waste management, renewable energy, and urban infrastructure.
Krishna Buildspace’s presence in institutional, industrial, and environmental infrastructure projects strategically positions it to benefit from these macro trends.
Conclusion
Krishna Buildspace IPO filing marks its transition from a regional EPC contractor to a nationally scaled infrastructure company aiming to leverage India’s infrastructure expansion cycle. With a healthy order book, improving profitability, and strong institutional project credentials, the company enters the public markets with a foundation of operational credibility.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.