Monarch Surveyors and Engineering Consultants, a well-established player in the infrastructure consulting space, is coming out with its Initial Public Offering (IPO) on BSE SME from 22 July 2025 to 24 July 2025.
Investors can now tap into India’s growing infrastructure consulting space with Monarch bringing an extensive, technology-driven, and end-to-end consultancy model. With a presence across critical sectors such as roadways, railways, geospatial mapping, land acquisition, water management, and transmission lines, Monarch Surveyors is positioning itself as a one-stop solution provider from “concept to commissioning.” Let’s get into Monarch Surveyors IPO review, business model, financials, strengths, risks, and long-term prospects.
Monarch Surveyors IPO Review: Offer Snapshot
- Price Band: INR 237 – INR 250 per share
- Fresh Issue: 37,50,000 shares (INR 88.88 – INR 93.75 crore)
- Total IPO Size: INR 88.88 – INR 93.75 crore
- Fresh Issue: 37,50,000 shares
- Minimum Bid: 1,200 shares (INR 3,00,000)
- Lot Size: 600 shares (INR 1,50,000)
- Individual Quota: 35%
- Listing: BSE SME
- Listing Date: 29 July 2025
Utilization of Funds
Monarch Surveyors aims to deploy the net proceeds strategically:
- Funding capital expenditure requirement for purchase of machinery – INR 31.99 crore
- Funding the working capital requirement of the company – INR 30 crore
- General Corporate Purposes: Final figures to be updated before filing with RoC (not exceeding 25% of the raised capital)
Business Overview: From Surveying to Commissioning
Founded in 1999 and headquartered in Pune, Monarch Surveyors has evolved into a full-spectrum civil engineering consultancy firm. Its key value proposition lies in its ability to manage the entire lifecycle of infrastructure projects — from detailed surveys and planning to design, supervision, land acquisition, and project management. With over 507 employees as of 31 March 2025 and 68 ongoing projects, Monarch’s execution capacity is well-established.
The company offers services in:
- Surveying & Mapping: LiDAR, DGPS, Drones with thermal sensors, ground-penetrating radar, high-definition 3D scanning.
- Geotechnical Investigations: Subsoil analysis, material inspection, environmental, traffic, hydrological studies.
- Design & Engineering: Resource-efficient and regulatory compliant infrastructure, high-speed rail to highways and bridges.
- GIS-based Land Acquisition: Digital, script-based land ownership analysis using GIS and historical mapping.
- Project Reports & Bid Management: End-to-end assistance from technical documentation to procurement support.
- Project Management & Construction Supervision: Quality, timely delivery and cost optimization through on-site QA/QC, contractor coordination and stakeholder reporting.
Monarch Surveyors IPO Review: Financial Performance
Monarch’s financials reflect a robust and growing enterprise:
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 71.68 | 139.49 | 154.14 |
| Expenses | 61.91 | 100.41 | 108.92 |
| Net income | 8.59 | 30.01 | 34.83 |
| Margin (%) | 11.98 | 21.51 | 22.60 |
| RONW (%) | 19.54 | 40.57 | 32.01 |
| EBITDA (%) | 16.29 | 30.67 | 33.15 |
| ROCE (%) | 22.20 | 48.54 | 39.59 |
| Debt/Equity | 0.19 | 0.18 | 0.13 |
Notably, the Return on Capital Employed (ROCE) and Return on Net Worth (RONW) figures are impressive and outperform most of the industry benchmarks, reflecting efficient capital deployment and profitability. The debt-to-equity ratio stands at just 0.13 in FY 2025, underlining Monarch’s conservative financial management and low leverage.
Valuation Metrics: Relative Attractiveness
At the upper band of INR 250, the implied P/E ratio based on FY 2025 earnings stands between 7.08 and 7.47, which is significantly lower than its listed peers:
| EPS (INR) | P/E Ratio | RONW (%) | Revenue (INR Cr) | |
| Monarch Surveyors | 33.47 | 7.08–7.47 | 32.01% | 154.14 |
| Dhruv Consultancy | 4.14 | 15.90 | 6.67% | 101.96 |
| Rudrabhishek Enterprises | 7.69 | 23.53 | 8.99% | 107.97 |
Monarch offers stronger profitability metrics at a significantly lower valuation — a strong green flag for value-conscious investors.
Revenue Mix: Roads Rule the Roost
In FY 2025, Monarch Surveyors generated INR 154.14 crore in total revenue, with the lion’s share coming from:
- Detailed Project Report (Roads): INR 95.12 crore (60.81%)
- Final Location Survey (Railways): INR 22.16 crore (14.71%)
- Land Acquisition Services: INR 10.31 crore (6.84%)
- GEDO Trolley Services: INR 8.81 crore (5.85%)
This diversified basket with a clear tilt toward road and rail infrastructure showcases Monarch’s alignment with India’s infrastructure push.
Geographic Focus: India-Heavy, Global Potential
Monarch’s operations remain predominantly India-centric:
- India Revenue FY 2025: INR 152.82 crore (99.13%)
- International (Sri Lanka): INR 1.31 crore (0.87%)
Though international presence is limited, the company has hinted at expanding into new geographies using its tech stack and end-to-end service model.
Unique Strengths: What Sets Monarch Apart?
- Comprehensive Service Offering
Monarch covers the entire infrastructure lifecycle — from surveys and studies to execution and supervision. This “single-window” capability reduces coordination complexity and enhances client stickiness. - Technological Leadership
From drones with LiDAR to Aircraft-based mapping systems, Monarch continuously upgrades its tech. Proprietary Python-based GIS workflows and real-time survey updates give it a competitive edge. - Diverse Client Base
Monarch works with the Government of India, several State Governments, municipal bodies, and even multilateral agencies. It is also exploring international markets, notably in South Asia. - Robust Profit Margins & Efficient Execution
EBITDA margins north of 30% and a lean cost structure speak volumes of its operational discipline. High ROCE and low debt levels further de-risk the investment proposition. - Sustainability & Community Focus
Designs incorporating wildlife crossings, reduced tree cutting, and ecological sensitivity reflect a deep commitment to sustainable development, increasingly a differentiator in government tenders.
Monarch Surveyors IPO Review: Risk Factors
- The company’s top 10 clients contributed 84.52%, 86.14%, and 82.99% of revenues in FY25, FY24, and FY23, respectively, indicating high client concentration risk.
- 84.02% of FY25 revenue was generated from Maharashtra alone, exposing the company to regional economic, policy, and competitive vulnerabilities.
- Investing activities resulted in negative cash flows of INR 28.70 cr in FY25 and INR 29.45 cr in FY24, impacting financial flexibility.
- Outstanding litigations of INR 0.19 cr against the company and INR 0.03 cr against directors pose financial and reputational risks.
- Contingent liabilities increased to INR 16.16 cr in FY25 from INR 7.42 cr in FY23 due to performance and security guarantees.
- Net working capital jumped from INR 8.07 cr in FY23 to INR 24.41 cr in FY25, indicating heavy dependence on external funding to run the business.
Verdict: A Value Buy for Long-Term Investors
Monarch Surveyors offers a rare combination of:
- Attractive valuation,
- Technological excellence,
- Solid financial performance,
- Strong order book and pipeline,
- And a wide, diversified service bouquet in a sunrise sector.
Low P/E, high ROCE, and strategic fund deployment plan make it an attractive play for long-term investors who are bullish on India’s infrastructure story. SME IPOs are generally less liquid and more volatile, but Monarch’s fundamentals provide a cushion.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.