About Monarch surveyors Limited

Monarch Surveyors & Engineering Consultants Limited, established in 1992, is a specialized civil engineering consultancy firm with over three decades of industry experience.

The company offers end-to-end consultancy services, including topographic and geospatial surveys, project management consultancy, design and engineering, geotechnical investigations, land acquisition support, GIS-based mapping, and feasibility studies.

Monarch Surveyors has a strong track record of executing infrastructure projects across diverse sectors such as railways, roads, ports, metros, and oil & gas.

Their expertise spans every stage of infrastructure development — from initial surveys and technical investigations to conceptualization, engineering design, and project supervision. The company also plays a vital role in land planning and acquisition, particularly for complex projects involving highways, rail networks, and urban transit systems.

Key Service Offerings:

• Surveying and Mapping

• Geo-technical, Traffic, and Engineering Investigations

• Conceptualization, Design, and Engineering

• GIS-Based Land Planning and Land Acquisition

• Detailed Project Reports (DPR) and Bid Process Management

As of March 31, 2024, the company employs 417 professionals, reflecting its strong execution capability and operational scale.

Who are the Promoters of Monarch surveyors IPO?

Mr. Dattatraya Mohaniraj Karpe, Mr. Sanjay Bhalchandra Vidwans, Mr. Sunil Shrikrishna Bhalerao and Mr. Bhartesh Rajkumar Shah are the promoters of the company. The promoters hold 98.42% of the pre-IPO capital.

What are the Objects of Monarch surveyors IPO?

The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects

*Funding capital expenditure requirement Rs. 32.99 Cr.
*Working Capital requirements Rs. 30 Cr.

Monarch surveyors IPO GMP grey market premium, review, Subscription, allotment, listing estimate

Monarch Surveyors IPO Review by Paresh Gordhandas, CA & Research Analyst.

Monarch Surveyors & Engineering Consultants Limited, incorporated in 1992, is a well-established civil engineering consultancy firm with a proven track record spanning over three decades.

The company provides comprehensive consultancy services across the infrastructure value chain — including topographic and geospatial surveys, project management, engineering design, geotechnical investigations, land acquisition facilitation, GIS-based mapping, and feasibility studies. It has executed projects across key sectors such as railways, highways, ports, metros, and oil & gas.

On the financial front, there is a notable surge in performance just ahead of the IPO. The company’s total revenue jumped significantly from Rs.72.72 crore in FY 2022–23 to Rs.155.66 crore in FY 2024–25. Net profit also saw a sharp rise, increasing from ₹8.59 crore to Rs.34.83 crore over the same period.

However, the sudden and substantial improvement in topline and bottom-line performance raises questions about the sustainability of these numbers, especially in a business driven by project-based revenue. Another point of caution is the company’s trade receivables, which stood at Rs.39.63 crore as of March 31, 2025 — more than three times its average monthly revenue of Rs.12.84 crore. This figure appears elevated and warrants closer scrutiny in terms of collection cycles and client creditworthiness.

Investors should assess whether this growth is backed by long-term execution capability or reflects a pre-IPO performance boost.

Chanakya’s Take: So-So

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