Engineering, Procurement & Construction (EPC) Services
Key Projects
Substations, Solar Plants, Firefighting Systems, Hospitals
Sectors
Power T&D, Solar Energy, EV Charging, Fire Protection, Healthcare Infrastructure
Project Capacity
Substations up to 400 KV, Fire Systems up to 765 KV
Total Projects Completed
19 Substations
IPO Type
SME IPO
Issue Size
₹48 Crore
IPO Structure
100% Fresh Issue (No OFS)
IPO Detailed Information
Issue Details
Parameter
Details
IPO Type
Book Built – SME
Listing Exchange
BSE SME
IPO Open Date
06 April 2026
IPO Close Date
08 April 2026
Allotment Date
09 April 2026 (Expected)
Refund Initiation
10 April 2026
Credit to Demat
10 April 2026
Listing Date
13 April 2026 (Tentative)
Price Band
₹75 – ₹80 per share
Face Value
₹10 per share
Lot Size
1,600 shares
Minimum Investment (Retail)
₹2,56,000 (2 lots = 3,200 shares)
Issue Size
₹48 Crore
Fresh Issue
₹48 Crore (60,00,000 shares)
Offer For Sale (OFS)
Nil
Note: This IPO is entirely a fresh issue, which means the funds raised will be utilized by the company for its business expansion and operational needs.
Issue Break-up
Category
Allocation
Qualified Institutional Buyers (QIB)
~50%
Non-Institutional Investors (NII / HNI)
~15%
Retail Individual Investors (RII)
~35%
Market Maker
3,04,000 Shares (Reserved)
OFS / Selling Shareholders
Particulars
Details
Offer For Sale (OFS)
Not Available
IPO Structure
100% Fresh Issue
Total Issue Size
₹48 Crore
Fund Utilization
Entire proceeds will go to the company
Note: There is no OFS component in this IPO. The entire issue consists of fresh shares, meaning all funds raised will be used by the company for its business purposes.
Objects of the Issue (Fund Utilization)
Purpose
Details
Repayment / Prepayment
Repayment or prepayment of certain outstanding borrowings
Working Capital
Funding day-to-day operational and working capital requirements
General Corporate Purposes
Business expansion and other corporate needs
Note: The funds raised through this IPO will be fully utilized by the company for these purposes.
Lead Managers & Registrar:-
Role
Details
Book Running Lead Manager
Sobhagya Capital Options Private Limited
Registrar to the Issue
Maashitla Securities Private Limited
Phone
011-47581432
Email Id
IPO@MAASHITLA.COM
Website
WWW.MAASHITLA.COM
Promoters & Management
Particulars
Details
Promoters
Mr. Rajnish Chopra, Mrs. Anjali Chopra, Mr. Abhishek Chopra
Business Expertise
EPC Engineering, Power Infrastructure, Fire Safety Systems
Note: Promoters have strong experience in EPC and infrastructure-related engineering projects.
Company Details:-
Particulars
Details
Business Type
EPC (Engineering, Procurement & Construction) Company
Core Activities
Substation installation, solar plant construction, firefighting systems, hospital projects
Key Projects
Infrastructure development for Ministry of Ayush hospitals
Sectors Served
Sector
Power Transmission & Distribution
Solar Energy (Utility-Scale Projects)
EV Charging Infrastructure
Fire Protection Systems
Hospital Construction (Ministry of Ayush Projects)
Key Capabilities
Capability
Details
Turnkey EPC Execution
End-to-end project delivery including design, supply, installation, testing & commissioning
Substation Expertise
Transmission substations up to 400 KV
Fire Safety Systems
Firefighting systems for substations up to 765 KV
Expansion Areas
Utility-scale solar projects and EV charging infrastructure
Operational Projects
19 substations successfully completed and operational
Key Clients:-
Client Type
State Government Power Utilities
Central Government Power Utilities
Private Power Companies
Renewable Energy Developers
Note: The company mainly serves both government and private sector clients in the power and infrastructure industry.
Financial Snapshot:-
Period
Revenue (₹ Cr)
PAT (₹ Cr)
FY24
₹45.70
₹4.01
FY25
₹103.50
₹8.99
Performance Summary:-
Particulars
Details
Revenue Growth
₹45.70 Cr → ₹103.50 Cr
Revenue Growth %
Strong increase (More than 100%)
PAT Growth
₹4.01 Cr → ₹8.99 Cr
PAT Growth %
Strong profitability improvement
Overall Trend
Strong growth momentum in revenue & profit
Key Financial Metrics:-
Metric
Details
Revenue Growth (FY24–FY25)
~126% YoY
PAT Growth (FY24–FY25)
~124% YoY
GMP (at IPO Opening)
₹0 (Neutral Market Sentiment)
Special Highlight
First SME IPO of FY 2026–27
Company Strengths:-
Strength
Details
EPC Execution Capability
Proven experience in complex turnkey EPC projects including 400 KV substations and 765 KV fire safety systems
Strong Growth
~126% revenue growth in FY25 indicating strong order execution
Diversified Business
Presence in power, solar, EV, fire safety, and healthcare infrastructure
Government Clients
Strong relationships with central/state utilities and Ministry of Ayush
Growth Expansion
Entry into high-growth sectors like solar energy and EV charging
IPO Structure
100% fresh issue — funds used for business expansion, no promoter exit
Key Risks & Challenges:-
Risk Area
Details
Government Dependency
Heavy reliance on government & PSU clients; exposed to policy changes, budget delays, and approvals
Project-Based Revenue
EPC revenue is non-recurring and lumpy; high growth may not sustain every year
Small Company Size
₹48 crore SME issue indicates micro-cap size with limited financial cushion and lower liquidity
SME Market Sentiment
Weak SME listing trend; ~60% recently listed SME stocks trading below issue price
Geographic Concentration
Operations largely concentrated in Uttar Pradesh (Lucknow region)
Debt Exposure
Existing borrowings; part of IPO proceeds will be used for repayment, indicating leverage
Expansion Risks
Entry into solar & EV sectors brings execution complexity and margin pressure
Disclaimer:-
Notice
This information is for educational and informational purposes only and should not be considered as investment advice. Investors should carefully read the Red Herring Prospectus (RHP) and consult a financial advisor before investing. Market investments are subject to risk.
