Technocraft Ventures IPO review: Brokerages split; GMP stands at 6%
Technocraft Ventures IPO review: Brokerages have shared mixed views. While SBI Securities has assigned a 'Neutral' rating, Anand Rathi and Swastika have recommended 'Subscribe'.
 "Technocraft Ventures IPO review: Brokerages split; GMP stands at 6%")
Technocraft Ventures IPO review: Technocraft Ventures Ltd, an engineering, procurement and construction (EPC) company, will launch its initial public offering (IPO) on August 7 (Friday) to raise ₹252 crore through a combination of a fresh issue and an offer for sale. The three-day subscription window will end on August 11 (Tuesday).
The Noida-based company has fixed a price band of ₹200-212 per share for its IPO.
The IPO 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.
Technocraft Ventures IPO review
Meanwhile, brokerages have shared mixed views on the Technocraft Ventures IPO. While SBI Securities has assigned a 'Neutral' rating, Anand Rathi and Swastika have recommended 'Subscribe'.
SBI Securities: 'Neutral'
SBI Securities said that Technocraft Ventures has demonstrated a strong execution track record and healthy earnings growth over FY24-26, with revenue, Ebitda and PAT registering a CAGR of 24 per cent, 44 per cent and 51 per cent, respectively.
As of July 15, 2026, the company's order book stood at ₹1,320.73 crore, comprising 19 projects.
At the upper price band of ₹212, the issue is valued at a P/E multiple of 19.4x FY26 earnings on a post-issue basis, which appears in line with peers.
However, customer concentration, dependence on government contracts and a stretched working capital cycle raise concerns around the quality and durability of earnings. "We therefore assign a Neutral rating to IPO and would prefer to monitor cash-flow generation and execution consistency post listing," the brokerage said.
Anand Rathi: 'Subscribe'
Anand Rathi has recommended 'Subscribe - Long term' on Technocraft Ventures' IPO, saying the company's diversified order book, expanding geographical presence and integrated EPC capabilities provide visibility for long-term growth. Considering the proposed valuation relative to listed peers, the IPO appears fairly valued.
It noted that the company has established a strong presence across northern and central India, supported by its integrated execution capabilities, long-standing relationships with government authorities and proven track record in executing complex public infrastructure projects.
Swastika: 'Subscribe'
At a P/E of 14.73x, Swastika said that the IPO is available at a discount to most listed peers, making the valuation attractive.
With increasing government focus on water and infrastructure development, the company is well placed to benefit from future projects.
"The IPO looks attractive for both minor listing gains and long-term investment, supported by fair valuation, healthy financial performance, and positive sector outlook," the brokerage said.
Technocraft Ventures IPO GMP today
Technocraft Ventures shares trade with a moderate premium in the unlisted markets, according to various websites tracking grey market activities. As of 2:45 PM, Technocraft Ventures shares traded at ₹225, reflecting a premium of ₹13 or 6 per cent over the upper price band.
Technocraft Ventures' revenue from operations rose to ₹344.99 crore in FY26 from ₹279.56 crore in the preceding financial year. Its profit increased to ₹43.32 crore from ₹28.20 crore during the same period.
Of the fresh issue proceeds, Technocraft Ventures has said that ₹150 crore will be used to fund the company's working capital requirements, while the remaining amount will be utilised for general corporate purposes and offer-related expenses.
Incorporated in 1998, Technocraft Ventures is engaged in public infrastructure projects. Its operations span water and wastewater infrastructure, roads and highways, electrical transmission, urban infrastructure, and operation and maintenance of public utilities.
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Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.