Shreejikrupa Project IPO
Shreejikrupa Project 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 ₹410 crore and an offer for sale of up to ₹90 crore by six promoters and one promoter group member. In FY26 the company made a profit of ₹79.34 crore on revenue of ₹1,385.68 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
- 5 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Anand Rathi Advisors Limited
- Last SEBI contact
- 28 Oct 2026
- Price band and dates
- Not announced
Where it stands
Shreejikrupa Project IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 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 5 October 2026, 32 days ago, and its last communication on the draft was on 28 October 2026 (day count is our calculation).
DRHP at a glance
Shreejikrupa Project 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. 257) and Risk Factors (p. 26 to 33)Shreejikrupa Project is a construction company that builds academic and healthcare buildings, homes and offices, and infrastructure works. Government bodies and PSUs gave 89.62% of FY26 revenue, and the top 10 customers 66.24%.
Gujarat, Odisha and Chhattisgarh gave 67.62% of FY26 revenue. Its order book was ₹3,690.47 crore on 31 March 2026, and it had 101 ongoing projects on 30 June 2026. It was incorporated in 2006; the registered office is in Rajkot and the corporate office in Ahmedabad.
The offer
DRHP cover page and The Offer (p. 86)| Fresh issue | Up to ₹410 croreMoney goes to the company |
| Offer for sale | Up to ₹90 croreKarsan Bachu Varsani ₹21 crore, Kumanlal Bachubhai Varsani ₹19 crore, Girishbhai Bachubhai Varsani ₹18 crore, Kevin Karsan Varsani ₹9 crore, Sanjay Kumar Varsani ₹9 crore, Vallabhbhai Bachubhai Varsani ₹7.50 crore and Smit Kumanbhai Varsani ₹6.50 crore; average costs nil to ₹1.40 a share |
| Shares before the IPO | 7,64,77,876Face value ₹5 |
| Pre-IPO placement | Up to ₹82 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Anand Rathi Advisors Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Karsan Bachu Varsani, Kevin Karsan Varsani, Sanjay Kumar Varsani, Smit Kumanbhai Varsani, Kumanlal Bachubhai Varsani and Girishbhai Bachubhai Varsani |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 154 to 156)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Equipment and other capital expenditure | 51.43 | 12.5% |
| Working capital | 250.00 | 61.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹410 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 Financial Information (p. 90 to 94) and Basis for the Offer Price, KPIs (p. 172 to 177), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 542.67 | 852.63 | 1,385.68 |
| EBITDA | 54.65 | 89.91 | 123.50 |
| EBITDA margin | 10.07% | 10.54% | 8.91% |
| Profit after tax | 39.42 | 66.47 | 79.34 |
| Diluted EPS (₹) | 5.18 | 8.69 | 10.37 |
| Net worth | 153.77 | 220.15 | 299.01 |
| Cash from operations | 14.82 | -12.06 | -94.69 |
| Return on equity | 25.64% | 30.19% | 26.53% |
| Net debt to equity | 0.24 | 0.32 | 0.67 |
| Working capital (days) | 48 | 63 | 100 |
Restated consolidated figures. Net worth is total equity. Revenue grew about 59.8% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 173 to 174). Peer prices as of 25 Sep 2026 on BSE.The P/E for Shreejikrupa is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Shreejikrupa Project (FY26) | 10.37 | Set with the price band | 30.55% |
| NBCC (India) | 2.67 | 30.92x | 27.02% |
| NCC | 10.76 | 12.35x | 9.53% |
| Ahluwalia Contracts (India) | 39.69 | 14.77x | 13.78% |
| PSP Projects | 14.00 | 58.01x | 4.49% |
| Capacit'e Infraprojects | 22.82 | 8.38x | 10.65% |
| CemIndia Projects | 34.79 | 36.15x | 28.24% |
| Vascon Engineers | 2.15 | 16.15x | 4.36% |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 33)- Government workGovernment bodies and PSUs gave 89.62% of FY26 revenue. (Risk factor 1, p. 26)
- Two segmentsMost revenue comes from academic and healthcare buildings and from homes and offices. (Risk factor 2, p. 28)
- Key customersThe top 10 customers gave 66.24% of FY26 revenue. (Risk factor 3, p. 29)
- Three statesGujarat, Odisha and Chhattisgarh gave 67.62% of FY26 revenue. (Risk factor 4, p. 31)
- Competitive biddingIt won 24.18% of the bids it made in FY26. (Risk factor 5, p. 31)
- Project delaysDelays on its 101 ongoing projects could bring cost overruns and penalties. (Risk factor 6, p. 33)
Documents
Shreejikrupa Project 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
Shreejikrupa Project IPO FAQs
When will the Shreejikrupa Project 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 Shreejikrupa Project 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 Shreejikrupa Project 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 Shreejikrupa Project 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 Shreejikrupa Project IPO?
Anand Rathi Advisors 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 Shreejikrupa Project do with the IPO money?
According to the DRHP, the fresh issue money goes to equipment and other capital expenditure (₹51.43 crore), working capital (₹250.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Shreejikrupa Project do?
Shreejikrupa Project is a construction company that builds academic and healthcare buildings, homes and offices, and infrastructure works. Government bodies and PSUs gave 89.62% of FY26 revenue, and the top 10 customers 66.24%.
Where can I read the Shreejikrupa Project 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 583 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.