GNI Infrastructure IPO
GNI Infrastructure 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 30 October 2026, so the company can open the IPO any time up to 30 October 2027. The draft proposes a fresh issue of up to 2,10,29,642 shares and an offer for sale of up to 93,88,212 shares by its five promoters, one promoter group member and two investors. In FY25 the company made a profit of ₹76.12 crore on revenue of ₹309.07 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued30 Oct 2026
- SEBI received draft
- 15 Jul 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- SMC Capitals Limited
- Must open by
- 30 Oct 202712 months from observations
- Price band and dates
- Not announced
Where it stands
GNI Infrastructure IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI15 Jul 2026
- SEBI reviewDone
- SEBI observations30 Oct 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
GNI Infrastructure DRHP at a glance
Draft red herring prospectus, 30 Jun 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. 245) and Risk Factors (p. 30 to 36)GNI Infrastructure builds, widens, upgrades and maintains roads and highways, mostly in Maharashtra, on an EPC and item-rate basis, and has done hybrid annuity projects through MCGN Roadways LLP. It has recently added solid waste management through biomining of old dumpsites.
Government bodies gave 87.17% of FY25 revenue. As of 31 December 2025 it had 18 projects under way in Maharashtra and an order book of ₹1,021.03 crore. It began as a partnership firm in November 1980 and is based in Aurangabad, Maharashtra.
Revenue by work, FY25
- Road infrastructure: 87.59%
- Other, including solid waste (ours, the remainder): 12.41%
The offer
DRHP cover page, The Offer (p. 99) and Objects of the Offer (p. 162)| Fresh issue | Up to 2,10,29,642 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 93,88,212 sharesFive promoters sell up to 90,03,317; promoter group member Amandeepsingh Ravindersingh Bindra 81,972; Chanakya Opportunities Fund I 1,81,754 and RPV Holdings 1,21,169 (average cost ₹82.52) |
| Shares before the IPO | 9,99,70,358The offer for sale is about 9.4% of them and the fresh issue about 21.0% (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | SMC Capitals Limited and Marwadi Chandarana Intermediaries Brokers Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Bindra Ravindersingh Khushbirsingh, Harvindersingh Basantsingh Bindra, Bindra Harpreetsingh H, Narindersingh Basantsingh Bindra and Prabjyotsingh Harvindersingh Bindra |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 162 to 163)| Object | ₹ crore |
|---|---|
| Working capital | 155.33 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The fresh issue size in ₹ is set with the price, so each object's share is not shown yet. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Restated Consolidated Financial Information (p. 102 to 106) and Basis for the Offer Price, KPIs (p. 177 to 182), ₹ crore| ₹ crore | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue from operations | 309.93 | 182.10 | 309.07 | 231.81 |
| EBITDA | 110.41 | 63.58 | 108.64 | 87.64 |
| EBITDA margin | 35.62% | 34.91% | 35.15% | 37.81% |
| Profit after tax | 75.41 | 46.96 | 76.12 | 49.66 |
| Diluted EPS (₹) | 7.88 | 4.94 | 7.88 | 4.94 |
| Net worth | 202.63 | 249.73 | 386.19 | 436.09 |
| Cash from operations | -7.28 | -8.16 | -39.64 | 42.38 |
| Return on equity | 48.61% | 21.84% | 25.25% | 12.55% |
| Net debt to EBITDA | 1.18 | 2.54 | 1.86 | 2.40 |
| Order book | 194.40 | 229.10 | 1,086.29 | 1,021.03 |
Restated consolidated figures. 9M FY26 is April to December 2025 and is not annualised. Net worth is total equity. Revenue fell in FY24 and recovered in FY25.
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 177 to 179). Peer prices as of 25 Jun 2026 on NSE.Figures are for FY25. The P/E for GNI is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| GNI Infrastructure (FY25) | 7.88 | Set with the price band | 25.25% |
| SRM Contractors | 23.97 | 21.03x | 30.07% |
| RPP Infra Projects | 14.18 | 4.52x | 13.67% |
| Ceigall India | 17.04 | 22.45x | 21.62% |
Risks the draft lists first
DRHP, Risk Factors (p. 30 to 37)- Government workGovernment projects gave 87.17% of FY25 revenue and 98.37% in the nine months to December 2025. (Risk factor 1, p. 30)
- Client concentrationThe top five clients gave 77.97% of FY25 revenue. (Risk factor 2, p. 31)
- MaharashtraOperations and the order book are concentrated in Maharashtra. (Risk factor 3, p. 34)
- RoadsRoad projects gave 87.59% of FY25 revenue. (Risk factor 4, p. 35)
- Order bookThe ₹1,021.03 crore order book may not turn into revenue as expected. (Risk factor 5, p. 36)
- MaterialsPrice rises or shortages of bitumen, cement, steel, fuel and other materials could hurt margins. (Risk factor 6, p. 37)
Documents
GNI Infrastructure 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
GNI Infrastructure IPO FAQs
When will the GNI Infrastructure IPO open?
The date is not announced. SEBI issued observations on 30 October 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 30 October 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the GNI Infrastructure IPO?
Yes. SEBI issued its final observations on 30 October 2026 (SEBI weekly processing status). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the GNI Infrastructure 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 GNI Infrastructure 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 GNI Infrastructure IPO?
SMC Capitals 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 GNI Infrastructure do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹155.33 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does GNI Infrastructure do?
GNI Infrastructure builds, widens, upgrades and maintains roads and highways, mostly in Maharashtra, on an EPC and item-rate basis, and has done hybrid annuity projects through MCGN Roadways LLP. It has recently added solid waste management through biomining of old dumpsites.
Where can I read the GNI Infrastructure DRHP?
On SEBI's website, where the draft red herring prospectus was published on 16 July 2026. The draft is dated 30 June 2026 and runs to 582 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 30 June 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.