Commtel Networks IPO
Commtel Networks Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 22 January 2026, so the company can open the IPO any time up to 22 January 2027. The draft proposes a fresh issue of up to ₹150 crore and an offer for sale of up to ₹750 crore by promoter Shriprakash R. Pandey and two other shareholders. In FY25 the company made a profit of ₹113.56 crore on revenue of ₹639.25 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued22 Jan 2026
- SEBI received draft
- 8 Oct 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Equirus Capital Private Limited
- Must open by
- 22 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Commtel Networks IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI8 Oct 2025
- SEBI reviewDone
- SEBI observations22 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Commtel Networks DRHP at a glance
Draft red herring prospectus, 29 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 175) and Risk Factors (p. 29 to 33)Commtel Networks designs, builds and runs integrated telecommunication, security and safety systems for critical national infrastructure, mainly in oil and gas and power. It has 26 years of experience and works across the full project lifecycle.
Customers outside India gave 54.74% of FY25 revenue, and many Indian orders come from government customers through tenders. Its order backlog was ₹457.41 crore at the end of FY25. It was incorporated in 1998; the registered office is in Mumbai and the corporate office in Navi Mumbai.
The offer
DRHP cover page and The Offer (p. 69)| Fresh issue | Up to ₹150 croreMoney goes to the company |
| Offer for sale | Up to ₹750 croreShriprakash R. Pandey ₹344 crore (average cost ₹0.80 a share); Satish Pookulangara ₹203 crore (₹2.22); Ramakrishnan Saseendran Kodapully ₹203 crore (₹0.17) |
| Shares before the IPO | 5,09,80,877Face value ₹2 |
| Pre-IPO placement | Up to ₹30 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Equirus Capital Private Limited and DAM Capital Advisors Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Shriprakash R. Pandey and Dinesh Pandey |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 95 to 96)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain borrowings | 109.00 | 72.7% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹150 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary Financial Information (p. 66 to 68) and Basis for Offer Price, KPIs (p. 103 to 108), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 412.27 | 456.94 | 639.25 |
| EBITDA | 71.53 | 67.06 | 134.56 |
| EBITDA margin | 17.35% | 14.68% | 21.05% |
| Profit after tax | 60.11 | 47.50 | 113.56 |
| Diluted EPS (₹) | 11.43 | 9.17 | 21.80 |
| Net worth | 289.95 | 340.46 | 456.01 |
| Cash from operations | 44.19 | 20.96 | 29.35 |
| Return on net worth | 23.29% | 15.60% | 27.51% |
Restated consolidated figures. Net worth is total equity. Return on net worth uses year-end net worth. Revenue grew about 24.5% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 105 to 106). Peer prices as of 16 Sep 2025 on BSE.The DRHP says there are no listed pure-play peers; it compares with four larger engineering and systems companies. The P/E for Commtel is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Commtel Networks (FY25) | 21.80 | Set with the price band | 27.51% |
| ABB India | 88.32 | 60.57x | 26.48% |
| Honeywell Automation India | 592.15 | 62.41x | 12.93% |
| Hitachi Energy India | 90.36 | 220.94x | 9.11% |
| Nelco | 4.18 | 201.70x | 7.46% |
Risks the draft lists first
DRHP, Risk Factors (p. 29 to 33)- Overseas customersCustomers outside India gave 54.74% of FY25 revenue. (Risk factor 1, p. 29)
- End industriesA downturn in oil and gas, power or other end industries would hurt results. (Risk factor 2, p. 30)
- Government tendersMany orders come from Indian government customers through tenders. (Risk factor 3, p. 30)
- MaterialsSupply problems or price swings in materials and equipment could hurt margins. (Risk factor 4, p. 31)
- Key customersA large share of business comes from a few top customers. (Risk factor 5, p. 32)
- Key suppliersIt depends on a few top suppliers for materials and equipment. (Risk factor 6, p. 33)
Documents
Commtel Networks DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Commtel Networks IPO FAQs
When will the Commtel Networks IPO open?
The date is not announced. SEBI issued observations on 22 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 22 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Commtel Networks IPO?
Yes. SEBI issued its final observations on 22 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Commtel Networks IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Commtel Networks IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Commtel Networks IPO?
Equirus Capital Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Commtel Networks do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings (₹109.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Commtel Networks do?
Commtel Networks designs, builds and runs integrated telecommunication, security and safety systems for critical national infrastructure, mainly in oil and gas and power. It has 26 years of experience and works across the full project lifecycle.
Where can I read the Commtel Networks DRHP?
On SEBI's website, where the draft red herring prospectus was published on 8 October 2025. The draft is dated 29 September 2025 and runs to 437 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 29 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.