Technocraft Ventures Limited is preparing an initial public offering (IPO) of up to 11.881 million equity shares, comprising a fresh issue and an offer for sale by the promoter group. The fresh issue will primarily fund working capital and general corporate purposes, supporting the company’s expanding order book in government-led infrastructure projects.
India’s unlisted and IPO pipeline
India’s unlisted share market has seen rising interest in EPC, infrastructure, and utility-focused companies, driven by government capex, urbanisation, and mission-mode schemes such as Jal Jeevan Mission and AMRUT. For investors, pre-IPO names in core infrastructure are increasingly viewed as a way to ride long-term policy tailwinds rather than purely short-term listing gains.
Why this SEBI filing matters
Technocraft Ventures Limited’s SEBI DRHP addendum reflects a business that is already scaled in northern India’s water and wastewater EPC segment, with a sizeable order book and consistent profitability. The updated risk factors, financials, and order book details give investors a clearer view of the company’s growth, concentration risks, and capital needs ahead of its IPO.
About Technocraft Ventures Limited
Company background and evolution
Technocraft Ventures Limited was originally incorporated in 1998 as Technocraft Construction Private Limited and has since transitioned to a public limited company focused on turnkey EPC solutions. The company operates from its registered office in New Delhi with a corporate office in Noida, serving multiple state and local government clients across northern India.
Business model and segments
Technocraft Ventures Limited positions itself as a multidisciplinary public infrastructure EPC player, executing projects in wastewater treatment plants, sewerage networks, water supply schemes, roads, electrical distribution networks, and operations and maintenance (O&M). The company works largely under government programmes through tender-based EPC contracts, often combining construction with long-term O&M obligations, which creates recurring revenue visibility.
Promoters and key management
The company is led by promoter-directors including Managing Director Sanjay Tyagi, Executive Director Rekha Tyagi and Director Kartikey Tyagi, who also extend personal guarantees and related party funding support. Key managerial personnel and senior management collectively bring EPC, project execution, and government contracting experience, supported by a team of 170 employees, including 67 engineers as of June 30, 2025.
Major milestones and credibility
Over the years, Technocraft Ventures Limited has built a track record of executing STPs up to 56 MLD and extensive sewerage pipeline networks in cities across Uttar Pradesh and Rajasthan. As of June 30, 2025, it had an order book of about ₹6,858.34 million, including EPC and O&M contracts, with several projects executed or underway under marquee government schemes.
Financial Overview
Key financials snapshot
| Metric (₹ mn) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue from operations | 1,786.91 | 2,261.02 | 2,795.64 |
| Profit after tax | 108.06 | 190.54 | 282.04 |
| Net worth | 727.34 | 917.78 | 1,199.83 |
| Net borrowings | 480.89 | 789.89 | 869.17 |
| Basic EPS (₹) | 3.59 | 6.33 | 9.37 |
Revenue has grown from about ₹1.79 billion in FY 2023 to ₹2.80 billion in FY 2025, while PAT has more than doubled in the same period, indicating operating leverage and improved scale. Net worth has risen steadily, though net borrowings have also increased, reflecting the working capital-intensive nature of EPC operations.
Growth and margin trends
Over FY 2023–2025, revenue CAGR is roughly in the mid-20% range, while PAT CAGR is significantly higher, showcasing better utilisation and cost absorption as the order book scales. The company’s earnings per share rose from ₹3.59 to ₹9.37 over three years, signalling improved profitability per unit of equity capital ahead of its IPO.
YoY performance table
| Metric | FY23→FY24 Growth | FY24→FY25 Growth |
|---|---|---|
| Revenue from operations | ~26.5% | ~23.7% |
| PAT | ~76.4% | ~48.0% |
| Net worth | ~26.2% | ~30.7% |
The strong PAT growth outpacing revenue indicates margin expansion driven by operating leverage and scale, though sustainability will depend on project mix and execution discipline.
Balance sheet and leverage
Total assets increased from ₹1,834.89 million in FY 2023 to ₹2,697.37 million in FY 2025, driven by higher inventories, receivables, and financial assets. Bank guarantees outstanding also rose to ₹1,113.16 million as of March 31, 2025, underscoring reliance on non-fund-based limits to support project performance obligations.
Industry Position and Market Opportunity
Sector outlook
Technocraft Ventures Limited operates primarily in India’s water and wastewater treatment, water supply, and broader public infrastructure EPC market, which is benefiting from strong government capex and regulatory push. The India water and wastewater treatment market is projected to grow at a CAGR of over 11% during 2025–2030, driven by urbanisation, stricter effluent norms, and central schemes.
Competitive positioning
Within this space, Technocraft Ventures Limited focuses heavily on government tendered EPC works in Uttar Pradesh, Rajasthan, Uttarakhand and Delhi, positioning itself as a regional specialist with deep on-ground execution capability. Its strengths include experience across the full EPC lifecycle, in-house engineering teams, and track record in STPs, sewerage networks, and water supply schemes as well as O&M contracts.
Strengths and differentiators
- Focused presence in water and wastewater, a structurally growing niche within infrastructure.
- Integrated model with EPC plus long-tenure O&M, providing visibility of recurring cash flows.
- Established relationships with state and local agencies, and a proven record of executing projects under schemes such as AMRUT and Jal Jeevan Mission.
These factors support its positioning as a leveraged play on India’s push for urban and semi-urban infrastructure upgrades.
Risks and Challenges
Regulatory and government dependence
The company’s business is significantly dependent on contracts awarded under central and state government programmes; any delay in tendering, policy shifts, or budget cuts can materially impact revenues and cash flows. Government contracts also tend to carry asymmetric terms, including rights of termination, penalties and stringent performance norms, raising contractual risk.
Operational and concentration risks
Operations are working capital-intensive, with high reliance on timely certification and payments from government clients; delays can stress liquidity and require higher bank borrowings. The business is also largely concentrated in Uttar Pradesh and Rajasthan, exposing it to state-level policy, execution, and demand risks, despite gradual geographic diversification.
Legal, compliance and counterparty risks
There are ongoing tax and GST disputes, contingent liabilities of about ₹31.34 million, and a history of some delays in statutory dues and GST return filings, which could lead to penalties or closer scrutiny. The company also has material related-party transactions and joint venture exposures, which may carry governance, execution, or conflict-of-interest risks if not tightly managed.
Investment Insights for Unlisted Investors
Why track Technocraft Ventures Limited
The combination of double-digit revenue growth, rising profitability, and a healthy order book in an underpenetrated niche makes Technocraft Ventures Limited an interesting name for investors exploring investment opportunities in unlisted companies. Its exposure to structural themes—water security, wastewater management, and urban infrastructure—aligns well with medium to long-term policy priorities in India.
Listing gains vs long-term play
Given the company’s dependence on government contracts and working capital, near-term listing gains will likely be influenced by market sentiment on infra/EPC, IPO pricing, and broader liquidity. Over the long term, returns will depend on execution quality, diversification beyond a few states, maintenance of margins in a competitive bidding environment, and disciplined balance sheet management.
Key points for investors
- Order book quality (scheme, state, counterparty, margin profile).
- Working capital cycle, bank guarantee utilisation, and leverage.
- Execution track record across monsoon seasons and multiple states.
- Governance comfort on related-party transactions and joint ventures.
Technocraft Ventures Limited Unlisted Share Price Section
“Technocraft Ventures Limited Unlisted Share Price” – context
At the time of writing, the SEBI filing and DRHP addendum do not disclose any official “Technocraft Ventures Limited Unlisted Share Price”; trading, if any, happens in the informal unlisted market through intermediaries. Prices in the unlisted market can deviate significantly from eventual IPO pricing because they reflect negotiated deals, ticket sizes, and investor expectations rather than exchange-based discovery.
Investment opportunity in Technocraft Ventures Limited unlisted shares
For investors evaluating an investment opportunity in Technocraft Ventures Limited unlisted shares, key considerations include the expected IPO timeline, valuation gap versus likely IPO multiples, and liquidity risk. As with other upcoming unlisted shares in India, investors must be prepared for limited exit options before listing and potential volatility around regulatory or market developments.
Current unlisted market trends
Recent unlisted market activity in India shows strong demand for IPO-bound names in exchanges, financial services, and select infra companies, though valuations have become more discerning post-2022. Infrastructure and utility-linked unlisted shares tend to attract investors looking for policy-backed growth and relatively predictable project pipelines compared to more cyclical sectors.
FAQs – Technocraft Ventures Limited Unlisted & IPO
1. What is Technocraft Ventures Limited’s unlisted share price today?
There is no official exchange-quoted Technocraft Ventures Limited Unlisted Share Price; quotes, if available, come from unlisted brokers and can change frequently based on demand, deal size and proximity to IPO. Investors should obtain live quotes from multiple SEBI-registered or reputed intermediaries and factor in illiquidity before committing capital.
2. How to buy Technocraft Ventures Limited unlisted shares?
Investors typically access upcoming unlisted shares in India via unlisted share platforms, specialised dealers, or private placements routed through demat transfers. It is important to verify counterparty credentials, check transfer documentation, and understand lock-in, settlement, and KYC requirements before buying Technocraft Ventures Limited unlisted shares.
3. Is Technocraft Ventures Limited a good investment before IPO?
Technocraft Ventures Limited offers exposure to water, wastewater and public infrastructure EPC with a growing order book and improving profitability, which may appeal to long-term investors. However, its dependence on government projects, working capital intensity, state concentration and regulatory risks mean pre-IPO investors should treat it as a higher-risk, higher-return opportunity within a diversified portfolio.
4. When will Technocraft Ventures Limited IPO launch?
The addendum specifies that the company has filed a Draft Red Herring Prospectus and subsequent updates, but the exact IPO dates will be finalised closer to launch, along with the price band and lot size. Investors should watch for announcements on SEBI, stock exchange and company websites for the Bid/Offer opening and closing dates once approvals and market conditions align.
5. What are the main risks of investing in Technocraft Ventures Limited unlisted shares?
Key risks include high dependence on government tenders, working capital pressures, project execution risks, state concentration, tax and GST disputes, and governance concerns around related-party transactions and joint ventures. As unlisted shares, there is also liquidity risk, pricing opacity and the possibility that IPO timelines get delayed or valuations reset due to market conditions.
6. Which brokers deal in Technocraft Ventures Limited unlisted shares?
Multiple unlisted share brokers and platforms in India deal in investment opportunities in unlisted companies, including IPO-bound names, though availability of Technocraft Ventures Limited shares will vary over time. Investors should prioritise SEBI-registered intermediaries or reputed firms, evaluate transaction charges and settlement practices, and avoid informal off-market deals without proper documentation.
7. What could be the IPO lot size for Technocraft Ventures Limited?
The addendum notes that the price band and minimum bid will be decided in consultation with the book running lead manager and published at least two working days before the offer opens. Until the final Red Herring Prospectus is filed, any specific lot size or price assumptions are speculative and should not be treated as investment advice.
8. How does Technocraft Ventures Limited compare with other EPC and infrastructure peers?
Compared with larger listed EPC players, Technocraft Ventures Limited is smaller, more regionally focused and more concentrated in water and wastewater projects, but shows healthy growth and profitability trends. Investors should compare metrics such as revenue growth, order book-to-revenue ratio, EBITDA margins, and leverage with listed water/wastewater EPC peers to gauge relative attractiveness.
9. What is the company’s order book position and visibility?
As of June 30, 2025, the order book for ongoing projects was about ₹6,858.34 million, including EPC and O&M contracts, with around ₹3,838.64 million under joint ventures. While this provides multi-year revenue visibility, the company itself cautions that the order book is not a guaranteed indicator of future revenue or profitability due to potential delays, modifications or cancellations.
10. Where can investors track updates on Technocraft Ventures Limited’s IPO?
Investors can track updates through SEBI’s website, the stock exchange websites, the company’s own site and communications from the book running lead manager. Platforms like Unlisted Radar and other specialised portals focused on upcoming unlisted shares in India can also help investors stay informed about Technocraft Ventures Limited Unlisted Share Price indications and IPO milestones.