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Informist, Wednesday, Sept. 30, 2026

NEW DELHI – Shreejikrupa Project Ltd. has filed a draft red-herring prospectus with the Securities Exchange Board of India for an initial public offering of shares. The offer comprises a fresh issue of shares worth INR 4.10 billion and an offer for sale worth INR 900 million. As part of the offer for sale, seven promoter selling shareholders will sell stake.

Shreejikrupa Project is an infrastructure development company that offers a range of construction and other specialised work across segments like academic and healthcare infrastructure, residential and office buildings. The company takes up infrastructure projects primarily for both central and state governments, public works departments, and municipal corporations, according to the draft prospectus. 

The company has proposed to utilise INR 3.01 billion of the fresh issue proceeds, from which INR 514.29 million will be utilised for purchase and installation of machinery and scaffolding. The remaining INR 2.5 billion will be used for working capital requirements of the company, it said in the draft document. As of Jul. 31, the company's outstanding debt was INR 4.51 billion. 

Shreejikrupa Project had reported a consolidated net profit of INR 793 million on revenue of INR 13.86 billion for the financial year 2025-26 (Apr-Mar). The earnings before interest, tax, depreciation, and amortisation of the company during FY26 were INR 1.23 billion with an EBITDA margin of 8.91%. 

The company's business depends on projects awarded by the government with an aggregate revenue contribution of INR 12.42 billion for FY26. As of Jun. 30, government projects constituted 84.44% of the total order book, the company said. Inability to garner new contracts, or termination of existing contracts from these entities, would materially and adversely affect the company's business.

Shreejikrupa's top 10 customers accounted for 66.24%, 71.62%, and 78.45% of its revenue from operations for FY26, FY25, and FY24, respectively. Loss of any top customer or reduction in business or demand from such customers may have an adverse impact on its business operations, it said. 

The public offer, to be made through the book-building process, is being managed by Anand Rathi Advisors Ltd. and Intensive Fiscal Services Private Ltd. The registrar for the offer is MUFG Intime India Pvt. Ltd. Not more than 50% of the net issue will be allocated to qualified institutional buyers, of which 5% will be reserved for mutual funds only. Further, at least 15% of the net issue will be reserved for non-institutional investors, and not less than 35% will be allocated to retail investors. (Pratyush Kumar)  End

Edited by Himanshi Gupta

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