Trenzet Infra IPO
Trenzet Infra 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 1,05,00,000 shares and an offer for sale of up to 18,00,000 shares by promoters Kishan Kumar Thotakura and Murali Mohan Cherukuri. In FY25 the company made a profit of ₹26.95 crore on revenue of ₹333.41 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 23 Mar 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Unistone Capital Limited
- Last SEBI contact
- 30 Apr 2026
- Price band and dates
- Not announced
Where it stands
Trenzet Infra IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI23 Mar 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 23 March 2026, 228 days ago, and its last communication on the draft was on 30 April 2026 (day count is our calculation).
DRHP at a glance
Trenzet Infra DRHP at a glance
Draft red herring prospectus, 20 Mar 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. 169 to 171) and Risk Factors (p. 25)Trenzet Infra is a railway-focused EPC company. It builds road over and under bridges, girder bridges, viaducts, flyovers, culverts, earthworks, piling and tunnel works, railway track, and some electrification and signalling work, mainly for railway and highway authorities.
As of 31 January 2026 it had completed 40 projects across 7 states, worth ₹1,497.03 crore in all, and government bodies made up 67.98% of its order book. It works mainly under EPC and bill of quantities contracts. It was incorporated in 2014 and is based in Vijayawada, Andhra Pradesh.
The offer
DRHP cover page and The Offer (p. 68)| Fresh issue | Up to 1,05,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 18,00,000 sharesKishan Kumar Thotakura 10,80,000 (average cost ₹3.80) and Murali Mohan Cherukuri 7,20,000 (average cost ₹4.00) |
| Shares before the IPO | 3,50,00,000The offer for sale is about 5.1% of them and the fresh issue 30.0% (ours) |
| Pre-IPO placement | Up to ₹10 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Unistone Capital Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Kishan Kumar Thotakura and Murali Mohan Cherukuri |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 95 to 96)| Object | ₹ crore |
|---|---|
| Working capital | 41.60 |
| Construction equipment | 17.61 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹59.21 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Statements (p. 71 to 73) and Basis for Offer Price, KPIs (p. 111 to 114), ₹ crore| ₹ crore | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from operations | 269.47 | 308.36 | 333.41 | 151.12 |
| Operating EBITDA | 22.20 | 25.20 | 35.53 | 19.37 |
| EBITDA margin | 8.24% | 8.17% | 10.66% | 12.82% |
| Profit after tax | 12.78 | 15.90 | 26.95 | 10.58 |
| Diluted EPS (₹) | 3.68 | 4.59 | 7.70 | 3.02 |
| Net worth | 45.77 | 61.67 | 88.64 | 99.22 |
| Cash from operations | 17.07 | -0.35 | -14.69 | 18.38 |
| Return on equity | 31.64% | 28.98% | 35.57% | 11.26% |
| Debt to equity | 0.16 | 0.56 | 0.55 | 0.39 |
| Order book | 602.86 | 505.15 | 852.23 | 1,566.27 |
Restated figures. H1 FY26 is April to September 2025 and is not annualised. Profit includes the share of profit from joint ventures. EPS is adjusted for the bonus issue. Net worth is total equity.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 112 to 113). Peer prices as of 18 Mar 2026 on NSE.The P/E for Trenzet is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Trenzet Infra (FY25) | 7.70 | Set with the price band | 30.41% |
| A B Infrabuild | 3.03 | 5.72x | 14.61% |
| GPT Infraprojects | 5.86 | 18.30x | 15.29% |
| H.G. Infra Engineering | 77.55 | 6.51x | 17.14% |
Risks the draft lists first
DRHP, Risk Factors (p. 25 to 29)- Government contractsGovernment bodies made up 67.98% of the order book on 31 January 2026. (Risk factor 1, p. 25)
- Competitive biddingWork is won through bids, which it may not win. (Risk factor 2, p. 26)
- Contract modelsMost revenue comes from bill of quantities and EPC contracts. (Risk factor 3, p. 27)
- Few customersThe top 10 customers gave 89.25% of FY25 revenue and 99.15% in H1 FY26. (Risk factor 4, p. 27)
- Working capitalThe business needs a lot of working capital and access to loans. (Risk factor 5, p. 28)
- Negative cash flowIt has had negative cash flows in the past and may again. (Risk factor 6, p. 29)
Documents
Trenzet Infra 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
Trenzet Infra IPO FAQs
When will the Trenzet Infra 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 228 days ago (our calculation).
Has SEBI approved the Trenzet Infra 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 Trenzet Infra 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 Trenzet Infra 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 Trenzet Infra IPO?
Unistone Capital 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 Trenzet Infra do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹41.60 crore), construction equipment (₹17.61 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Trenzet Infra do?
Trenzet Infra is a railway-focused EPC company. It builds road over and under bridges, girder bridges, viaducts, flyovers, culverts, earthworks, piling and tunnel works, railway track, and some electrification and signalling work, mainly for railway and highway authorities.
Where can I read the Trenzet Infra DRHP?
On SEBI's website, where the draft red herring prospectus was published on 25 March 2026. The draft is dated 20 March 2026 and runs to 416 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 20 March 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.