Technocraft Ventures ₹252Cr IPO Opens Aug 7: Revenue Up 23%, Order Book at ₹1,321Cr

For investors, Technocraft Ventures brings a classic infrastructure play: a growing order book, improved profitability, and a government-driven revenue pipeline. The ₹252 crore IPO comes at a time when public capex continues to drive EPC sector growth. With a price band of ₹200-212, the pre-listing valuation and peer comparison will be key to judging listing gains and long-term potential.

Technocraft Ventures Ltd, a Noida-based engineering, procurement and construction (EPC) company focused on public infrastructure, is set to launch its initial public offering (IPO) on August 7, 2026, aiming to raise approximately ₹252 crore. The company has fixed a price band of ₹200 to ₹212 per share, with the issue closing on August 11 and anchor investor bidding a day earlier on August 6. The offering comprises a fresh issue of up to 95.05 lakh equity shares and an offer for sale (OFS) of up to 23.76 lakh shares by promoter selling shareholder Kartikey Constructions. At the upper band, the total issue size works out to about ₹251.88 crore. This IPO comes at a time when India’s infrastructure sector is receiving strong policy tailwinds from government capital expenditure, and investors are increasingly looking at mid-sized EPC firms that have demonstrated growth and a healthy order book.

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More impressively, profit after tax (PAT) surged to ₹43.32 crore from ₹28.20 crore, a jump of nearly 54%, indicating improving operational efficiencies and better margins.

The company, incorporated in 1998, has established itself as a contractor executing projects for state governments and agencies across water and wastewater infrastructure, roads and highways, electrical transmission, urban infrastructure, and operation and maintenance of public utilities. Its geographic footprint spans Uttar Pradesh, Uttarakhand, Rajasthan, Delhi, and it has recently expanded to Madhya Pradesh, Bihar, and Odisha. This diversification reduces dependence on a single state and positions the firm to capture a larger share of public spending in infrastructure.

Financial performance has shown robust improvement. Revenue from operations climbed to ₹344.99 crore in FY2026 (presumably the fiscal year ending March 2026, though the article states FY26 which is slightly ambiguous but likely year ending March 2026 given the August announcement timing) from ₹279.56 crore in the previous fiscal, a growth of about 23%. More impressively, profit after tax (PAT) surged to ₹43.32 crore from ₹28.20 crore, a jump of nearly 54%, indicating improving operational efficiencies and better margins. The company’s order book as of July 15, 2026 stood at ₹1,320.73 crore, comprising 19 projects. This provides revenue visibility of nearly 3.8x its FY2026 top line, a strong indicator of sustainable growth in the near to medium term.

Of the fresh issue proceeds, ₹150 crore is earmarked for working capital requirements—a common need for EPC companies that have to manage cash flows between project execution and payment cycles from government clients. The remaining funds will be used for general corporate purposes and offer-related expenses. The heavy allocation to working capital suggests management’s focus on scaling operations and reducing reliance on external financing for day-to-day project funding, which could improve profitability further.

The IPO pricing at ₹200-212 per share implies a valuation that investors will need to evaluate against peers in the listed EPC space. Based on the post-issue fully diluted equity (details not provided), the price-to-earnings multiple would have to be estimated; however, given a PAT of ₹43.32 crore, even a conservative market cap might place the company at a reasonable valuation if the industry average P/E is considered. The order book strength and recent profit growth offer support. However, the OFS by Promoter Kartikey Constructions indicates some existing shareholders are cashing out, which could be interpreted as a loss of confidence by some, though it is common for promoters to partially liquidate holdings during an IPO.