PCI Infraprojects IPO
PCI 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, the draft is under SEBI review. The draft proposes a fresh issue of up to 98,25,000 shares and an offer for sale of up to 16,75,000 shares by promoter Ankit Tayal. In FY26 the company made a profit of ₹23.85 crore on revenue of ₹304.09 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Share India Capital Services Private Limited
- Last SEBI contact
- 5 Oct 2026
- Price band and dates
- Not announced
Where it stands
PCI Infraprojects IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 5 October 2026, 32 days ago, and its last communication on the draft was on 5 October 2026 (day count is our calculation).
DRHP at a glance
PCI Infraprojects DRHP at a glance
Draft red herring prospectus, 29 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. 224) and Risk Factors (p. 23 to 26)PCI Infraprojects is an EPC company that builds solar energy projects, electricity distribution and transmission lines and water infrastructure. It has also made electrical cables and conductors since 2006 for power utilities and infrastructure.
Its cable plant is at Sitapura Industrial Area, Jaipur, Rajasthan. Vindhya Telelinks gave 41.48% of its FY26 EPC revenue, and the top 10 customers gave 81.81% of FY26 revenue. The company was incorporated in 2021; the registered office is in Delhi and the corporate office in Noida.
The offer
DRHP cover page, The Offer (p. 65) and Capital Structure (p. 95)| Fresh issue | Up to 98,25,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 16,75,000 sharesBy promoter Ankit Tayal |
| Shares before the IPO | 3,60,94,800The fresh issue equals about 27.2% and the offer for sale about 4.6% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Share India Capital Services Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Ankit Tayal and Mohit Sharma |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 113 to 114)| Object | ₹ crore |
|---|---|
| Working capital | 140.00 |
| 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 promoter, not the company.
Financials
DRHP, Summary of Financial Information (p. 68 to 72) and Basis for Offer Price, KPIs (p. 126 to 128), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 204.02 | 282.41 | 304.09 |
| EBITDA | 26.74 | 51 | 53.50 |
| EBITDA margin | 13.11% | 18.06% | 17.59% |
| Profit after tax | 12.67 | 24.79 | 23.85 |
| Diluted EPS (₹) | 3.51 | 6.87 | 6.61 |
| Net worth | 28.89 | 53.84 | 77.63 |
| Cash from operations | 10.01 | 15.68 | -46.95 |
| Return on equity | 56.16% | 59.93% | 36.29% |
| Debt to equity | 2.04 | 1.52 | 2.02 |
Restated figures; FY24 is standalone and FY25 and FY26 are consolidated. Net worth is total equity. Revenue grew about 22.1% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 127 to 128). Peer prices as of 28 Sep 2026.The P/E for PCI Infraprojects is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| PCI Infraprojects (FY26) | 6.61 | Set with the price band | 30.71% |
| Vikran Engineering | 4.05 | 14.10x | 7.41% |
| Laser Power and Infra | 13.18 | 19.88x | 20.90% |
| Lumino Industries | 6.75 | 15.56x | 21.93% |
Risks the draft lists first
DRHP, Risk Factors (p. 23 to 27)- Customer concentrationThe top 10 customers gave 81.81% of FY26 revenue. (Risk factor 1, p. 23)
- Water EPCWater EPC gave 30.38% of FY26 revenue, and its share swings sharply from year to year. (Risk factor 2, p. 23)
- Legal casesThe company and a promoter director face outstanding legal and regulatory proceedings. (Risk factor 3, p. 25)
- One EPC customerVindhya Telelinks gave 41.48% of FY26 EPC revenue. (Risk factor 4, p. 26)
- Audit trailIt has applied for adjudication over audit trail non-compliance under the Companies Act. (Risk factor 5, p. 26)
- MaterialsIt depends on outside suppliers for materials, components and equipment. (Risk factor 6, p. 27)
Documents
PCI 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
PCI Infraprojects IPO FAQs
When will the PCI 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 32 days ago (our calculation).
Has SEBI approved the PCI Infraprojects IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the PCI 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 PCI 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 PCI Infraprojects IPO?
Share India Capital Services 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 PCI Infraprojects do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹140.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does PCI Infraprojects do?
PCI Infraprojects is an EPC company that builds solar energy projects, electricity distribution and transmission lines and water infrastructure. It has also made electrical cables and conductors since 2006 for power utilities and infrastructure.
Where can I read the PCI Infraprojects DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 29 September 2026 and runs to 504 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 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.