PES Installations IPO
PES Installations 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 57,94,480 shares and an offer for sale of up to 24,83,360 shares by its three promoters. In FY26 the company made a profit of ₹23.12 crore on revenue of ₹110.56 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
- 3 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Turnaround Corporate Advisors Private Limited
- Last SEBI contact
- 16 Oct 2026
- Price band and dates
- Not announced
Where it stands
PES Installations IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI3 Oct 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 3 October 2026, 34 days ago, and its last communication on the draft was on 16 October 2026 (day count is our calculation).
DRHP at a glance
PES Installations DRHP at a glance
Draft red herring prospectus, 30 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. 181) and Risk Factors (p. 23 to 26)PES Installations provides hospital infrastructure solutions to healthcare facilities across India. Its work is won mainly through tenders and contracts.
Its outstanding order book was ₹156.24 crore at the end of FY26, and a few regions of India give most of its revenue.
The offer
DRHP cover page and The Offer (p. 68)| Fresh issue | Up to 57,94,480 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 24,83,360 sharesRaghunandan Paul Chadha 11,11,200 (average cost ₹1.80), Pankaj Chadha 6,86,080 (₹2.60) and Gaurav Chadha 6,86,080 (₹2.43) |
| Shares before the IPO | 2,73,16,656The fresh issue equals about 21.2% and the offer for sale about 9.1% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Turnaround Corporate Advisors Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Raghunandan Paul Chadha, Pankaj Chadha and Gaurav Chadha |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 105 to 106)| Object | ₹ crore |
|---|---|
| Working capital | 63.00 |
| 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 promoters, not the company.
Financials
DRHP, Summary of Restated Financial Information (p. 71 to 75) and Basis for Offer Price, KPIs (p. 115 to 118), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 97.24 | 80.32 | 110.56 |
| EBITDA | 20 | 19.67 | 33.07 |
| EBITDA margin | 20.57% | 24.49% | 29.91% |
| Profit after tax | 13.44 | 13.10 | 23.12 |
| Diluted EPS (₹) | 4.92 | 4.80 | 8.46 |
| Total equity | 38.82 | 51.90 | 74.77 |
| Cash from operations | 0.73 | 0.29 | 2.88 |
| Order book (closing) | 140.90 | 143.43 | 156.24 |
Restated figures. Revenue grew about 6.6% a year from FY24 to FY26 (our calculation), after a dip in FY25.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 116).The DRHP names one listed peer. The P/E for PES Installations is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| PES Installations (FY26) | 8.46 | Set with the price band | 36.50% |
| Aparmeya Engineering | 2.68 | 44.78x | 7.45% |
Risks the draft lists first
DRHP, Risk Factors (p. 23 to 26)- Key customersLosing key customers would hurt the business. (Risk factor 1, p. 23)
- Order bookThe order book may not turn into revenue on time, or at all. (Risk factor 2, p. 24)
- Few regionsA large part of revenue comes from a few regions of India. (Risk factor 3, p. 24)
- TendersWork is won through tenders and contracts, which it may not win. (Risk factor 4, p. 25)
- Project delaysDelays could bring liquidated damages, penalties or cancelled contracts. (Risk factor 5, p. 26)
- Working capitalThe business needs a lot of working capital. (Risk factor 6, p. 26)
Documents
PES Installations 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
PES Installations IPO FAQs
When will the PES Installations 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 34 days ago (our calculation).
Has SEBI approved the PES Installations 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 PES Installations 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 PES Installations 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 PES Installations IPO?
Turnaround Corporate Advisors 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 PES Installations do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹63.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does PES Installations do?
PES Installations provides hospital infrastructure solutions to healthcare facilities across India. Its work is won mainly through tenders and contracts.
Where can I read the PES Installations DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 30 September 2026 and runs to 417 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 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.