Electromech Infraprojects IPO
Electromech Infraprojects Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to ₹326 crore and an offer for sale of up to 18,91,000 shares by its four promoters and investor AIG Direct LLC. In FY26 the company made a profit of ₹36.19 crore on revenue of ₹427.05 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 26 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Arihant Capital Markets Ltd
- Last SEBI contact
- 16 Oct 2026
- Price band and dates
- Not announced
Where it stands
Electromech Infraprojects IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI26 Sep 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 26 September 2026, 41 days ago, and its last communication on the draft was on 16 October 2026 (day count is our calculation).
DRHP at a glance
Electromech Infraprojects DRHP at a glance
Draft red herring prospectus, 23 Sep 2026What 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. 243 to 244) and Risk Factors (p. 32 to 35)Electromech Infraprojects designs, installs, tests and commissions mechanical, electrical and plumbing (MEP) systems, mainly for data centres, AI data centres, Global Capability Centres and commercial and industrial buildings. Data centres gave 60% of FY26 revenue.
Its customers include global hyperscale and colocation data centre operators, multinationals setting up offices in India and Indian companies building plants. The top three clients gave 63.38% of FY26 revenue, and its order book was ₹829.72 crore at the end of FY26. It was incorporated in 2013 and is based in Mumbai.
The offer
DRHP cover page and The Offer (p. 76)| Fresh issue | Up to ₹326 croreMoney goes to the company |
| Offer for sale | Up to 18,91,000 sharesPromoters Paresh Pratap Maniar 8,93,000, Varun Paresh Maniar 3,28,000, Mitesh Pratap Maniar 1,00,000 and Chandrika Paresh Maniar 45,000; AIG Direct LLC 5,25,000 (average cost ₹89.23) |
| Shares before the IPO | 3,66,31,581Face value ₹5. The offer for sale is about 5.2% of them (ours) |
| Pre-IPO placement | Amount not setOptional; up to 20% of the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Arihant Capital Markets Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Paresh Pratap Maniar, Varun Paresh Maniar, Mitesh Pratap Maniar and Chandrika Paresh Maniar |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 130 to 131)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital | 100.00 | 30.7% |
| Investing in subsidiary Jika EPC Services | 76.48 | 23.5% |
| Investing in subsidiary Sinerco Power Systems | 24.16 | 7.4% |
| Investing in subsidiary Electromech Global Holdings | 30.00 | 9.2% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹326 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 of Restated Financial Information (p. 80 to 84) and Basis for Offer Price, KPIs (p. 154 to 157), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 261.95 | 408.51 | 427.05 |
| EBITDA | 20.19 | 38.29 | 46.50 |
| EBITDA margin | 7.64% | 9.32% | 10.80% |
| Profit after tax | 18.43 | 29.48 | 36.19 |
| Diluted EPS (₹) | 6.58 | 10.53 | 11.90 |
| Net worth | 40.33 | 69.80 | 148.72 |
| Cash from operations | -6.47 | 17.84 | 15.91 |
| Return on equity | 45.70% | 42.24% | 24.34% |
| Net debt | 6.85 | -16.37 | -79.04 |
| Order book | 312.60 | 264.65 | 829.72 |
Restated figures; FY26 is consolidated and FY25 and FY24 are standalone. Net worth is total equity. Negative net debt means cash exceeds borrowings. Revenue grew about 27.7% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 155 to 156). Peer prices as of 18 Sep 2026 on BSE.The P/E for Electromech is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Electromech Infraprojects (FY26) | 11.90 | Set with the price band | 24.34% |
| Blue Star | 25.65 | 60.79x | 15.36% |
| Voltas | 11.36 | 99.56x | 5.78% |
| Dynacons Systems and Solutions | 66.64 | 15.21x | 26.90% |
| Black Box | 12.67 | 62.69x | 16.91% |
Risks the draft lists first
DRHP, Risk Factors (p. 32 to 36)- Few clientsThe top three clients gave 63.38% of FY26 revenue and the top five 75.03%. (Risk factor 1, p. 32)
- Data centresData centre work gave 60% of FY26 revenue. (Risk factor 2, p. 33)
- SuppliersIt depends on outside suppliers for raw materials, whose prices can change. (Risk factor 3, p. 34)
- One large projectA 48 MW data centre project in Telangana is 68.05% of the value of its top 10 ongoing projects. (Risk factor 4, p. 35)
- LabourIt depends on contract labour, and shortages or higher costs would hurt. (Risk factor 5, p. 36)
- Order bookActual income may be much lower than the order book suggests. (Risk factor 6, p. 36)
Documents
Electromech Infraprojects 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
Electromech Infraprojects IPO FAQs
When will the Electromech Infraprojects IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 41 days ago (our calculation).
Has SEBI approved the Electromech Infraprojects IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Electromech Infraprojects 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 Electromech Infraprojects 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 Electromech Infraprojects IPO?
Arihant Capital Markets Ltd 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 Electromech Infraprojects do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹100.00 crore), investing in subsidiary Jika EPC Services (₹76.48 crore), investing in subsidiary Sinerco Power Systems (₹24.16 crore), investing in subsidiary Electromech Global Holdings (₹30.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Electromech Infraprojects do?
Electromech Infraprojects designs, installs, tests and commissions mechanical, electrical and plumbing (MEP) systems, mainly for data centres, AI data centres, Global Capability Centres and commercial and industrial buildings. Data centres gave 60% of FY26 revenue.
Where can I read the Electromech Infraprojects DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 23 September 2026 and runs to 518 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 23 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.