Headquartered in New Delhi, the company is an integrated Engineering, Procurement, and Construction (EPC) firm with a growing footprint across 11 Indian states including Uttar Pradesh, Haryana, Delhi, Maharashtra, Andhra Pradesh, Karnataka, Gujarat, Chhattisgarh, Rajasthan, Uttarakhand, and Himachal Pradesh.

It is actively engaged in the execution and construction of a wide range of infrastructure and non-infrastructure projects. These include:

• Transport & Logistics: Railway infrastructure, railway bridges, and elevated terminals

• Social & Commercial: Educational institutions, hospitals, and airport terminals

• Non-Infrastructure: Commercial office spaces and housing developments

While the company initially built its reputation in railway infrastructure and institutional buildings, it has successfully diversified into more specialized and large-scale projects. In addition to construction, it is also involved in the trading of TMT steel, adding a revenue stream beyond core EPC operations.

IPO Snapshot

• Issue Size: Very small, offering limited float

• Financial Performance: Of the past three financial years, FY 2023–24 stands out with a notable surge in net profit, drawing investor interest.

• Market Sentiment: Given the crowded IPO pipeline, the chances of huge oversubscription are low, despite strong recent performance.

Verdict

This IPO may appeal to investors looking for a niche EPC player with strong recent momentum, especially in infrastructure diversification. However, the small issue size and high IPO activity in the market may limit listing gains.