ATV Projects India Ltd. Share Price

Shilp Gravures has informed that it enclosed a Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026, received from MUFG Intime India, Registrar and Share Transfer Agent of the Company.

The above information is a part of company’s filings submitted to BSE. 

Ravita Engineering Services

• Ravita Engineering Services is coming out with an initial public offering (IPO) of 1,03,62,000 shares in a price band of Rs 105- 112 per equity share.
• The issue will open for subscription on October 13, 2026 and will close on October 15, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 5 and is priced 21.00 times of its face value on the lower side and 22.40 times on the higher side.
• Book running lead manager to the issue is Vivro Financial Services.
• Compliance officer for the issue is Shah Kinjal Nitinkumar.

Profile of the company

Ravita Engineering Services is an engineering solutions company engaged in engineering, procurement, installation and commissioning (EPIC) of heating, ventilation and air-conditioning (HVAC) systems, central air-conditioning solutions, air flow systems, chiller plants, industrial compressors, cooling equipment and other related electromechanical equipment on a turnkey basis for diverse commercial and industrial establishments including offshore rigs, platforms and other installations. It also provides comprehensive operation and maintenance (O&M) services for both projects executed by it and systems installed by third-party solution providers.  

It operates across three primary business segments, namely onshore, offshore, and data centre engineering. Its onshore operations cater to industrial plants, commercial buildings, and utility infrastructure, while offshore operations involve HVAC and mechanical systems for offshore oil and gas platforms and marine assets. In the data centre segment, the company provides precision cooling systems, including Computer Room Air Handler (CRAH)/ Computer Room Air Conditioners (CRAC) units, chillers, and cooling towers, supporting continuous operations.

The company’s service portfolio includes turnkey electro-mechanical project execution, HVAC services, automation and control solutions, operations and maintenance services, and integrated facility management. The company serves multiple end-use industries, including refinery, oil and gas, mining, defence, data centres, and marine. It operates with a workforce of over hundreds of personnel and follows a business model that includes project execution along with long-term O&M contracts.

Proceed is being used for:

• Meeting long-term working capital requirements of the company.
• Funding capital expenditure requirements of the company towards purchase of certain heavy equipment.
• General corporate purposes.

Industry overview

The HVAC EPCIC market in India has demonstrated steady growth over the past few years, supported by expanding infrastructure development, increasing industrial investments, and rising demand for climate control solutions across commercial and industrial sectors. This growth has been primarily driven by rapid expansion in sectors such as commercial real estate, pharmaceuticals, electronics manufacturing, and large industrial facilities, all of which require integrated HVAC project execution capabilities. In addition, the increasing scale and complexity of projects have encouraged project owners to adopt Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contracts that offer a single-point responsibility structure for project delivery. 

Looking ahead, the HVAC EPCIC market is expected to witness strong expansion as infrastructure investments continue to accelerate across multiple sectors of the Indian economy. This growth outlook is supported by increasing investments in data centers, industrial manufacturing facilities, commercial buildings, and energy infrastructure, all of which require sophisticated HVAC systems and integrated project execution capabilities. Additionally, the rising adoption of energy-efficient building standards, increasing demand for precision cooling solutions, and the expansion of high-technology industrial sectors are expected to further strengthen the demand for EPCIC-based HVAC project delivery models in the coming years. 

Meanwhile, India’s data center industry is witnessing strong growth, driven by rapid digitization, rising internet and data consumption, cloud adoption, and increasing demand for secure and reliable digital infrastructure. Development is concentrated in major hubs such as Mumbai, Bengaluru, and NCR due to strong connectivity, power availability, and ecosystem readiness, while emerging locations like Hyderabad, Chennai, Pune, and Kolkata are also gaining traction. Data centers have extensive HVAC infrastructure and require intensive O&M to ensure 24x7 uptime, leading to high-value and long-term maintenance contracts. The sector is supported by improving policy focus, greater enterprise adoption of cloud and AI workloads, and rising investments by both established operators and new entrants, positioning India as a key growth market for data center capacity expansion over the medium term. 

Pros and strengths

Comprehensive electro-mechanical engineering capabilities: It provides comprehensive electro-mechanical engineering solutions through two distinct but complementary service offerings, namely EPIC services and O&M services. Its ability to offer both project execution services and post-installation support enables it to address client requirements across multiple stages of the asset lifecycle and positions the company as an integrated solutions provider in the electro-mechanical segment.

Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts: The company benefits from a balanced revenue mix derived from (i) short-to-medium cycle EPIC projects and (ii) multi-year O&M services contracts across multiple end-user industries and geographies. This mix provides both growth opportunities and revenue stability by allowing it to participate in project-led execution opportunities while also maintaining recurring service income from long-term maintenance engagements.

Large engineering workforce enabling fast deployment, multi-site coverage and manpower scalability: It maintains a large engineering workforce comprising technical and skilled professionals deployed across project sites and O&M services contracts. Size of its in-house workforce is a key operational strength and enables it to mobilise teams rapidly, respond promptly to client requirements and undertake execution projects simultaneously across multiple sites. This also supports better supervision, improved control over execution quality and timelines, and reduced dependence on external manpower for critical project and maintenance activities.

Risks and concerns

Business growth depends on ability to successfully win competitive bids: It provides engineering solution on HVAC systems, temperature control systems and other allied electro-mechanical equipment, at offshore and on-shore sites as well as the data centre industry. A large portion of its contracts are awarded through competitive tendering processes, and its continued growth depends on its ability to successfully bid for and obtain work orders awarded by clients. The competitive dynamics of the industry may exert pressure on profit margins. As a significant number of contracts are awarded through competitive bidding process, there is an inherent risk of not winning bids in a highly competitive environment. Its inability to qualify for, secure, or successfully execute new contracts could have a material adverse effect on its business, financial condition, results of operations, growth prospects and cash flow stability.

Geographical concentration of operations in Western India: The company’s operations are geographically concentrated in the western region of India, particularly in the State of Maharashtra, Gujarat and territorial waters of India, which together contributed to 59.12%, 86.96%, 84.18%, and 100.00% of its revenue from operations for the three-month period ended June 30, 2026, and Fiscals 2026, 2025, and 2024 respectively. Any adverse development in these regions could materially affect its business and growth prospects. 

Dependence on third-party OEMs for critical components: It relies on third-party Original Equipment Manufacturers (OEMs) for supply of critical hardware components and server infrastructure, required for development, deployment and maintenance of its HVAC solutions and project executions. Its ability to procure these components in a timely and cost-effective manner is essential to meet project deadlines and client expectations. Any increase in costs from OEMs or non-availability of such equipment, due to factors such as supply chain disruptions, raw material price volatility, changes in trade policies or currency fluctuations could lead to cost overruns, thereby adversely impacting project margins and overall financial performance. 

Outlook

Ravita Engineering Services is engaged in providing turnkey electro-mechanical engineering services for industrial, offshore, and data center environments. It has developed deep operational expertise in managing HVAC and electro mechanical systems across adverse environments such as offshore oil and gas platforms, defense facilities and data centres. On the concern side, it is dependent on contract labour largely for its onshore and data centre related work orders and any disruption to the supply of such contract labour for its projects or its inability to control the composition and cost of its contract labour could adversely affect its business, results of operations, financial condition and cash flows. Also, it may be subject to labour unrest and increased employee costs, which may adversely impact its business and results of operations.

The company is coming out with a maiden IPO of 1,03,62,000 equity shares of face value of Rs 5 each. The issue has been offered in a price band of Rs 105-112 per equity share. The aggregate size of the offer is around Rs 108.80 crore to Rs 116.05 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 155.62% from Rs 10,861.27 lakh in Fiscal 2025 to Rs 27,763.29 lakh in Fiscal 2026. Profit after tax increased 137.10% from Rs 1,182.70 lakh in Fiscal 2025 to Rs 2,804.16 lakh in Fiscal 2026.

Meanwhile, it intends to expand its business operations by targeting new industry verticals such as luxury hospitality, shipyards, pharmaceuticals, biotechnology, sophisticated manufacturing facilities, airports and data centres, which require advanced and reliable HVAC and electro-mechanical solutions, as well as the importance of timely execution and sustained maintenance support. Going forward, it intends to selectively expand into niche engineering projects and also diversify into allied infrastructure sectors, including electro-mechanical systems, power systems and refrigeration systems, where it identifies favourable demand conditions, technical adjacency and attractive business opportunities.