Gulf Lloyds (India) Ltd. Share Price

Gulf Lloyds (India) 

• Gulf Lloyds (India) is coming out with an initial public offering (IPO) of 18,19,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share.
• The issue will open on July 20, 2026 and will close on July 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 10 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Suchi Jain.

Profile of the company

Gulf Lloyds (India) operates in the Services Sector, providing third party Inspection, Auditing, Certification, Testing, and Training, services across various industries and regions. It provides Third-Party Inspection, Auditing, Testing, Training and Certification services to public sector undertakings as well as private organizations. It also deploys trained and technically qualified personnel to perform inspection, verification and audit services as per client requirements and applicable standards. It undertakes assignments across multiple sectors, assessing whether the products, works, or processes meet prescribed quality and safety standards, technical specifications, and client requirements. Its services support the organizations of various sizes and industries in maintaining quality and safety compliance, controlling costs and operational efficiency. 

As part of its inspection and certification activities, it evaluates compliance and documents, its findings in detailed reports submitted to clients for review and necessary action. It undertakes Third-Party Inspection assignments in India as well as overseas through contractual arrangements. Through such contracts, it provides inspection, verification services for projects located outside India. By leveraging its network of qualified inspectors and technical professionals, it is capable of executing assignments across multiple countries and supporting clients in meeting international quality, safety, and compliance standards and requirements. This enables it to extend its services globally and effectively cover projects across different regions of the world.

Its registered office is located in Ahmedabad, Gujarat, India. With over a decade of experience, it has executed projects in India and internationally, including USA, UAE, Sudan, South Sudan, China, Burundi, Singapore, Germany, UK, England, Panama, Egypt, Muyinga, Jordan etc. It provides a wide spectrum of customer-oriented Certification and Inspection services. It has served a customer base across sectors such as infrastructure, oil and gas, engineering, manufacturing, irrigation, energy, and industrial equipment. It aims to meet the needs of customers and organization by delivering services wherever required. Its role is to provide business solutions that helps to improve the quality, safety, productivity, and risk management while helping customers operate within regulatory and compliance frameworks. Its independent services support the clients’ efficient operations and long-term business continuity.

Proceed is being used for:

• Capital expenditure for office premises 
• Repayment of unsecured loans 
• Working capital requirement
• General corporate purposes

Industry Overview

The expansion of India’s services sector has been closely linked to the economic reforms of the 1990s. While the sector began to grow in the mid-1980s, it gained significant momentum after India initiated a series of structural reforms in response to a severe balance of payments crisis. Today, the services sector is not only the largest contributor to India’s GDP but also a major driver of employment, foreign investment, and exports. It encompasses a wide range of activities, including trade, hotels and restaurants, transport, storage and communication, finance, insurance, real estate, business services, community and personal services, and services associated with construction. 

To enhance India’s share in the global services market from 3.3% and enable multi-fold growth in GDP, the government has implemented several initiatives to strengthen commercial services exports. As a result, India’s services exports stood at around Rs 20,40,317 crore ($237.55 billion), while imports were Rs 10,20,974 crore ($118.87 billion), highlighting India’s strong position in global trade. The services trade surplus of Rs 10,19,343 crore ($118.68 billion), up from Rs 8,71,698 crore ($101.49 billion) in FY25 (April-October 2024).

India’s services sector has steadily increased its share of Gross Value Added, rising from 50.6% in FY14 to about 55.3% in FY25, with an average growth of 8.3% since FY23. The sector also ranked first in attracting Foreign Direct Investment, according to data from the Department for Promotion of Industry and Internal Trade. India’s unique skills and competitive advantage in knowledge-based services, supported by initiatives such as Smart Cities, Clean India, and Digital India, have created a conducive environment for growth and innovation.

Pros and strengths

Comprehensive range of services: It offers a broad and integrated portfolio of services encompassing inspection, verification, auditing, testing, training, and certification across diverse industrial sectors. This multi-disciplinary service capability allows clients to obtain complete quality assurance and compliance solutions through a single, coordinated source. It undertakes assignments covering material inspection, vendor assessment, third-party verification, destructive and non-destructive testing, quality audits, and conformity assessments in line with national and international standards. It also provides technical training and certification programs to improve client understanding of quality, safety, and regulatory requirements. By offering services from inspection and testing to audit and certification, it removes the need for multiple external agencies, improving efficiency, consistency, and control in project execution. This approach builds client confidence, ensures compliance with regulatory frameworks, and establishes it as a service provider in the quality and inspection field.

Nationwide and regional reach: The company manages its operations across several regions in India, with its head office based in Ahmedabad. It supports its activities through head office that are positioned to handle client requirements without delay. It takes up assignments in different states and union territories, including remote project sites, allowing it to remain accessible and responsive to varied operational needs. This spread of locations helps it deploy trained personnel and testing resources quickly, which reduces travel time, limits idle periods, and improves project turnaround. The regional network also gives it a solid operational platform for pursuing new opportunities and enables it to participate in large infrastructure and industrial projects across the country. 

Quality and compliance-driven processes: It maintains a robust Quality Management System (QMS) aligned with ISO 9001 and ISO/IEC 17020 standards. Every inspection, test, and audit follows a defined process for planning, execution, review, and reporting to ensure transparency, accuracy, and traceability. Internal audits, document reviews, and management evaluations are conducted periodically to assess system effectiveness and implement continual improvement measures. The company’s emphasis on quality and procedural compliance ensures that all services meet or exceed client expectations while conforming to statutory and regulatory requirements.

Risks and concerns

Dependence on third-party NABL accredited laboratory: It currently does not hold accreditation from the National Accreditation Board for Testing and Calibration Laboratories (NABL). Certain testing and inspection assignments undertaken by it require testing to be carried out through laboratories accredited by NABL in order to comply with applicable industry standards and client requirements. In order to facilitate such services, the company has entered into a Memorandum of Understanding on February 05, 2025 with Industrial Testing Center, an NABL-accredited laboratory based in Ahmedabad, for conducting Non-Destructive Testing (NDT) on behalf of the company. The arrangement has been entered into for a period of 3 years commencing from February 05, 2025, pursuant to which Industrial Testing Center provides NABL-accredited laboratory testing support for assignments executed by the company. Any disruption in the availability of NABL-accredited laboratory services may affect its ability to execute certain assignments within the stipulated timelines and may lead to delays in project execution, loss of potential business opportunities or reputational risks.

Reliance on key customers for revenue: It derives a significant portion of its revenue from a limited number of key customers. Its customer base includes companies that engage it for third-party inspection, testing, verification and other related services. Due to the nature of its business, certain customers contribute a relatively higher proportion of its revenue in a given financial period depending on the scale, duration and number of assignments awarded to it. Consequently, its revenue may be significantly influenced by the volume of inspection and related service assignments received from these customers during the relevant periods. The top 10 customer accounted for 73.93%, 60.48%, and 93.85% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The loss of any one or more of its key customers, a reduction in the volume of assignments awarded to it by such customers, or the inability to renew or secure new service contracts on commercially acceptable terms could adversely affect its revenue and profitability.

Risk of errors or deficiencies in inspection and testing services: It is engaged in providing third-party inspection, verification and testing services to clients operating across various industries. The services provided by it involve examining materials, equipment, structures, processes or systems and issuing inspection reports, test results or certifications based on its observations and professional assessment. Its clients rely on such reports and test results for quality assurance, regulatory compliance, project approvals, operational decisions and contractual obligations. The accuracy, reliability and credibility of the inspection and testing results issued by it are therefore critical to its business. Any error, omission, deficiency or delay in the inspection reports or test results issued by it, whether due to human error, equipment malfunction, improper calibration of instruments, incorrect interpretation of technical standards, limitations in information provided by clients, or other operational factors, may affect the reliability of such reports. If any inspection report or certification issued by it is found to be inaccurate, incomplete or deficient, it may lead to disputes with clients or other stakeholders who rely on such reports. Such situations may require re-inspection, rectification, or may expose it to claims, contractual disputes, reputational damage or potential legal liabilities. Further, any adverse perception regarding the reliability or quality of it services may lead to loss of existing clients or difficulty in securing new assignments. Any such occurrence may adversely affect its reputation in the market, its relationships with clients and its ability to secure future contracts.

Outlook

Gulf Lloyds (India) operates in the Services Sector, offering inspection, verification, auditing, testing, training, and certification services across various industries and regions. It provides Third-Party Inspection, Auditing, Testing, Training and Certification services to public sector undertakings as well as private organizations. It places emphasis on continuous learning and capability building of its workforce through the implementation of both internal and external training programs. These programs are designed to enhance employees’ technical skills, professional knowledge, safety awareness and overall job performance, enabling them to effectively perform their roles and responsibilities. On the concern side, its business is subject to regulatory and accreditation requirements applicable to third-party inspection and certification service providers, and any failure to obtain, maintain or renew necessary approvals, certifications or accreditations may adversely affect its operations and revenue. Further, the sizable portion of revenue is generated from the state of Gujarat, any adverse development affecting its operations in the state could have an adverse impact on its business, financial condition and results of operations.

The company is coming out with an IPO of 18,19,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share to mobilize Rs 18.19 crore. On performance front, its revenue from operations increased by 0.20% to Rs 3,567.94 lakh for FY 2026 from Rs 3,560.82 lakh for FY 2025. Profit after tax has decreased by 7.82% from Rs 466.80 lakh for FY 2025 to Rs 430.29 lakh for FY 2026.

Meanwhile, it plans to grow its footprint by reaching more sectors and geographical areas where demand for inspection, verification, auditing, testing, training, and certification services is increasing. Right now, it already works in several core sectors-such as infrastructure, power, oil and gas, manufacturing, utilities, transportation, and industrial projects. The goal is to deepen involvement in these sectors while also entering related areas where similar compliance and inspection needs exist. Going forward, it intends to further strengthen its engagement with central and state government departments, statutory authorities, and public sector undertakings, which form a significant part of its client base. These entities undertake large-scale development, procurement, and infrastructure programs that require continuous inspection, verification, auditing, testing, and certification support. It aims to maintain an active presence in these segments by aligning its services with the procedural and compliance requirements applicable to public projects.

A fair growth of 13.17% in the revenue at Rs. 1821.62 millions was reported in the June 2026 quarter as compared to Rs. 1609.58 millions during year-ago period.Net profit stood at Rs. 891.35  millions  compared to Rs. 826.29 millions in the corresponding previous quarter,high by 7.87%.Operating profit surged to 1268.84 millions from the corresponding previous quarter of 1152.78 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	1821.62	1609.58	13.17	1821.62	1609.58	13.17	7047.14	6186.28	13.92
Other Income	375.04	294.85	27.20	375.04	294.85	27.20	1304.25	1127.82	15.64
PBIDT	1268.84	1152.78	10.07	1268.84	1152.78	10.07	5079.61	4433.59	14.57
Interest	0.34	0.26	30.77	0.34	0.26	30.77	1.27	0.72	76.39
PBDT	1268.50	1152.52	10.06	1268.50	1152.52	10.06	5078.34	4432.87	14.56
Depreciation	95.53	57.38	66.49	95.53	57.38	66.49	295.48	211.19	39.91
PBT	1172.97	1095.14	7.11	1172.97	1095.14	7.11	4782.86	4221.68	13.29
TAX	281.62	268.85	4.75	281.62	268.85	4.75	1176.88	1005.52	17.04
Deferred Tax	25.30	7.49	237.78	25.30	7.49	237.78	133.53	54.92	143.14
PAT	891.35	826.29	7.87	891.35	826.29	7.87	3605.98	3216.16	12.12
Equity	400.00	400.00	0.00	400.00	400.00	0.00	400.00	400.00	0.00
PBIDTM(%)	69.65	71.62	-2.74	69.65	71.62	-2.74	72.08	71.67	0.58

The sales surged to Rs. 3407.00 millions, up 33.29% for the June 2026 quarter as against Rs. 2556.00 millions during the corresponding quarter previous year.An average growth of 32.82% was recorded for the quarter ended June 2026 to Rs. 599.00  millions from Rs. 451.00 millions.Operating profit surged to 941.00 millions from the corresponding previous quarter of 688.00 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	3407.00	2556.00	33.29	3407.00	2556.00	33.29	12206.00	10936.00	11.61
Other Income	339.00	321.00	5.61	339.00	321.00	5.61	783.00	904.00	-13.38
PBIDT	941.00	688.00	36.77	941.00	688.00	36.77	3264.00	2709.00	20.49
Interest	27.00	17.00	58.82	27.00	17.00	58.82	87.00	62.00	40.32
PBDT	914.00	671.00	36.21	914.00	671.00	36.21	3177.00	2647.00	20.02
Depreciation	114.00	73.00	56.16	114.00	73.00	56.16	363.00	262.00	38.55
PBT	800.00	598.00	33.78	800.00	598.00	33.78	2814.00	2385.00	17.99
TAX	201.00	147.00	36.73	201.00	147.00	36.73	695.00	572.00	21.50
Deferred Tax	23.00	2.00	1050.00	23.00	2.00	1050.00	-12.00	-58.00	-79.31
PAT	599.00	451.00	32.82	599.00	451.00	32.82	2119.00	1813.00	16.88
Equity	481.00	479.00	0.42	481.00	479.00	0.42	481.00	479.00	0.42
PBIDTM(%)	27.62	26.92	2.61	27.62	26.92	2.61	26.74	24.77	7.95

G V Electricals 

• G V Electricals is coming out with an initial public offering (IPO) of 32,50,000 shares in a price band of Rs 123-130 per equity share.
• The issue will open on July 31, 2026 and will close on August 04, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.30 times of its face value on the lower side and 13.00 times on the higher side.
• Book running lead manager to the issue is Seren Capital.
• Compliance officer for the issue is Aarti Garg.

Profile of the company

G V Electricals is a power distribution infrastructure services provider engaged in providing operation and maintenance (O&M) and allied support services primarily to electricity distribution utilities in India. Its services support such utilities in the operation, maintenance and field-level execution of works relating to their electricity distribution networks (Network(s)) and associated infrastructure, including distribution lines, feeders, substations, poles and cables forming part of electricity distribution systems used for distribution of electricity to consumers. Its operations are broadly organized into three service verticals: i) Network Operation and Maintenance (O&M) Services, ii) Electrical Infrastructure and Network Development Works, and iii) Metering and Meter Management Services. These verticals collectively cover operational and maintenance support for distribution networks, execution of electrical infrastructure works associated with distribution systems, and metering-related field services undertaken for electricity distribution utilities. 

Under its Network O&M Services vertical, it undertakes maintenance and operational support of electrical distribution systems across multiple voltage levels, including 33 kV, 11 kV and low-tension (LT) networks, provide O&M support for 33/11 kV substations and deploy technical manpower for field operations such as line maintenance, network inspection and fault rectification. Under the Electrical Infrastructure and Network Development Works vertical, it undertakes allied electrical and civil works relating to electricity distribution infrastructure, including pole-related works such as erection and shifting of poles, cable-related works including laying, jointing and termination of underground and overhead cables, and civil works such as excavation, foundation works, construction of plinths and other supporting civil structures required for installation, maintenance or restoration of distribution infrastructure. Under the Metering and Meter Management Services vertical, it undertakes metering-related field services for electricity distribution utilities, including installation and replacement of energy meters, meter testing, meter reading and other related metering support activities carried out in accordance with operational requirements specified by the relevant utilities. 

Its contracts are typically awarded through competitive tender processes conducted by electricity distribution utilities, pursuant to which it enters into rate contracts, outline agreements or annual maintenance contracts (AMC) for defined service areas and contract periods. Under such arrangements, specific purchase orders or work orders are issued from time to time for execution of defined services. In certain cases, particularly for private sector clients, services may also be awarded directly through work orders or purchase orders. In the course of executing such contracts, its operations involve deployment of field personnel, including supervisors, linemen, technicians and helpers, across designated service areas. Its field teams undertake operational and maintenance activities in accordance with the operational requirements specified by the relevant electricity distribution utilities and are supported by operational vehicles, tools and equipment required for carrying out inspection, maintenance and restoration activities across distribution networks. Meanwhile, it has obtained ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and SA 8000:2014 certifications for its management systems covering quality, environmental, occupational health and safety and social accountability aspects of its operations.

Proceed is being used for:

• Repayment of a portion of certain borrowings availed by the company
• Funding of working capital requirements 
• General corporate purpose 

Industry overview

India’s power sector is in a phase of sustained structural expansion, driven by rising electricity demand and large, pre-planned investments across generation, transmission and distribution infrastructure. Power Engineering, Procurement and Construction (Power EPC) plays a central role in executing this build-out, particularly in high voltage transmission systems and distribution network modernisation required to support incremental demand and renewable energy integration. The Indian Power EPC market is estimated at $23.57 billion in 2025 and is projected to reach $60.72 billion by 2030, implying a CAGR of 20.83%. India's gross electricity demand in FY 2024-25 reached approximately 1,694 TWh, up 17% from FY23 levels. Installed generation capacity has crossed 475 GW as of February 2026, with fossil fuels accounting for a little over half of total capacity and non-fossil sources - renewables, hydro and nuclear - forming the balance, reflecting a diversified but coal-dominant generation mix. Central Electricity Authority and the Ministry of Power recognise India as the world's third-largest power generation market by installed capacity and electricity output.

India’s Power T&D, EPC and O&M industry is supported by a quantified, policy-led expansion of grid infrastructure, combined with distribution modernization, renewable energy integration and increasing lifecycle. Under the National Electricity Plan - Transmission (NEP-T) for FY2022-23 to FY2031-32, capital expenditure of approximately Rs 9.12-9.15 lakh crore is envisaged toward inter-state and intra-state transmission lines, substations and HVDC systems. In parallel, the Revamped Distribution Sector Scheme provides an outlay of Rs 3.03 lakh crore through March 2028 for loss reduction, network strengthening and smart metering. Industry activity is further supported by tender pipelines published by the Central Transmission Utility, State Transmission Utilities and the National Infrastructure Pipeline / India Investment Grid, which provide forward visibility across transmission corridors, substations and distribution projects, enabling capacity planning and geographic diversification by EPC contractors while supporting predictable transition of completed assets into O&M portfolios.

The Government of India has implemented targeted policy measures to strengthen power transmission and distribution (T&D) infrastructure, with a dual focus on capacity expansion and operational efficiency These initiatives create sustained demand across EPC activities, which are primarily one-time, capital-expenditure driven, and O&M services, which generate recurring, annuity-linked revenues through lifecycle management of transmission and distribution assets. These policies support grid expansion, loss reduction, renewable evacuation and digitalization of distribution networks, directly benefiting contractors engaged in high-voltage transmission, substations, distribution systems and network operations.

Pros and strengths

Presence across electrical infrastructure activities: It operates in the electrical infrastructure sector and provides services across multiple activities relating to electricity distribution networks. Its operations are carried out across three principal service verticals: i) Network Operation and Maintenance (O&M) Services, ii) Electrical Infrastructure and Network Development Works, and iii) Metering and Meter Management Services. Its scope of services includes installation, testing and commissioning of distribution systems across 33 kV, 11 kV, high-tension (HT) and low-tension (LT) networks, as well as system monitoring, fault detection, troubleshooting and repair of distribution networks and substations. Such services are typically executed under annual maintenance contracts, rate contracts or similar arrangements for defined periods. These arrangements involve periodic or recurring billing during the contract tenure, as compared to project-based execution, which provides revenue visibility over the duration of such contracts.

Order book providing revenue visibility: The company has been awarded contracts by electricity distribution utilities, government authorities and other customers for execution of electrical infrastructure projects and provision of operation and maintenance services. As of June 30, 2026, its order book in respect of ongoing projects comprised 34 projects, with an aggregate value of unexecuted work of around Rs 553.70 crore, primarily from electricity distribution utilities. Its order book consists of projects relating to operation and maintenance services, metering services and electrical infrastructure works across multiple locations. Such projects are executed over specified contract periods and involve billing based on milestones, periodic services or work orders, depending on the nature of the contract. The existence of an order book enables planning of deployment of manpower, materials and other resources for execution of such projects. Its order book provides visibility of revenues from ongoing projects over the tenure of such contracts. 

Majority of revenue from repetitive customers: It has received work orders from electricity distribution utilities, government authorities and other customers. A portion of its contracts are executed pursuant to rate contracts, framework arrangements and similar contractual arrangements, under which work orders may be issued from time to time based on customer requirements. For the FY 23-24, FY 24-25, and FY 25-26 the revenue from Repetitive Customers accounts for 99.28%, 97.14%, and 88.29% of total revenue from operations respectively. A portion of its revenues is derived from customers with whom it had prior engagements. Work orders under such arrangements may be issued based on operational requirements of customers. Repeat orders may reduce the time required for mobilization and participation in bidding processes, subject to the terms of such arrangements and continued eligibility. Its ability to continue to receive repeat orders is dependent on various factors, including performance of existing contracts, customer requirements, competitive bidding processes and other external factors.

Risks and concerns

Major portion of revenue derives from power distribution utilities: It is a power distribution infrastructure services provider engaged in providing O&M and allied support services primarily to electricity distribution utilities in India. Accordingly, a significant portion of its business is derived from projects and service assignments undertaken for such utilities. The demand for its services is directly linked to the level of investment in electricity distribution infrastructure, including maintenance, upgradation and expansion of distribution networks and metering initiatives. These investments are influenced by various factors, including capital expenditure programmes of electricity distribution utilities, availability of funding, government policies and reforms in the power sector, and implementation of sectoral schemes such as the Revamped Distribution Sector Scheme (RDSS). Any reduction or delay in capital expenditure, regulatory framework or sectoral priorities, or any constraints affecting the investment capacity of electricity distribution utilities, may reduce the demand for its services.

Substantial revenue dependence on Network O&M services: A substantial portion of Its revenue from operations is derived from Network Operation and Maintenance (O&M) Services. Revenue from this services vertical contributed around 76.90%, 79.26% and 75.81% of its revenue from operations for the financial years March 2026, March 2025 and March 2024 respectively. Its O&M Services involve maintenance and operational support of electricity distribution networks, including distribution lines, feeders and substations, and are typically performed pursuant to contracts awarded for defined service areas and periods. The demand for such services is dependent on the operational requirements, maintenance programmes and budgetary allocations of electricity distribution utilities. Any reduction in the scope of O&M activities, non-renewal or modification of existing service arrangements, or changes in maintenance practices or outsourcing policies of electricity distribution utilities may affect the volume of work available under this service vertical.

Competitive tendering central to revenue generation: Its business is substantially dependent on securing contracts through competitive tendering processes conducted by electricity distribution utilities, although in certain cases work orders may be awarded directly through purchase orders based on operational requirements. Such tenders typically require bidders to meet prescribed technical qualifications, financial eligibility criteria and other conditions, and contracts are generally awarded based on evaluation of technical capability and commercial bids. Its ability to secure contracts depends on its ability to meet the eligibility requirements specified in tender documents, including criteria relating to prior experience, financial capacity, technical qualifications, availability of manpower and statutory registrations. These eligibility criteria may vary depending on the size, scope and complexity of the project and may become more stringent over time. Any failure to secure contracts through competitive tendering processes, inability to meet eligibility requirements, or sustained pressure on pricing or margins may adversely affect its business, results of operations, financial condition and cash flows.

Outlook

G V Electricals is engaged in the business of electrical infrastructure projects, operation and maintenance (O&M) services and meter and metering related services. A portion of its revenues is derived from customers with whom it had prior engagements. Work orders under such arrangements may be issued based on operational requirements of customers. Repeat orders may reduce the time required for mobilization and participation in bidding processes, subject to the terms of such arrangements and continued eligibility. On the concern side, a significant portion of its revenue from operations is derived from a limited number of customers, primarily comprising electricity distribution utilities engaged in development and maintenance of electrical distribution infrastructure. The contribution of its top 10 customers accounted for 94.76%, 97.74% and 98.82% of its revenue from operations for the fiscal years 2026, 2025 and 2024, respectively. Accordingly, its revenue from operations is concentrated among a limited number of customers.

The company is coming out with a maiden IPO of 32,50,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 123-130 per equity share. The aggregate size of the offer is around Rs 39.98 crore to Rs 42.25 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 15,641.29 lakh as against Rs 13,123.56 lakh for FY24-25, an increase of 19.18%. Profit after tax for the FY25-26 was at Rs 1,046.57 lakh against profit after tax of Rs 466.08 lakh in FY24-25, a surge of 124.55%.

Meanwhile, it proposes to focus on expanding its Electrical Infrastructure and Network Development Works vertical as part of its business operations. Revenue from this segment constituted 14.66%, 7.67% and 13.53% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Under this vertical, it undertakes execution of electrical infrastructure projects involving installation and development of distribution systems and associated infrastructure. Going forward, it intends to expand its geographical presence by increasing participation in projects across additional states and regions, while continuing operations in markets where it has prior execution experience. This includes bidding for infrastructure projects in regions witnessing investment in power distribution strengthening, subject to availability of suitable tender opportunities.

A minor change in the total revenue was seen in the June 2026 quarter. The total revenue for the quarter stood at Rs. 27393.60 millions against Rs. 26404.20 millions during year ago period.Net profit declined -2.10% to Rs. 242.90 millions from Rs. 248.10 millions.Operating profit surged to 379.70 millions from the corresponding previous quarter of 362.70 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	27393.60	26404.20	3.75	27393.60	26404.20	3.75	107362.50	102362.90	4.88
Other Income	217.20	125.20	73.48	217.20	125.20	73.48	745.20	565.50	31.78
PBIDT	379.70	362.70	4.69	379.70	362.70	4.69	1569.20	1455.70	7.80
Interest	26.60	23.10	15.15	26.60	23.10	15.15	94.10	113.20	-16.87
PBDT	353.10	339.60	3.98	353.10	339.60	3.98	1383.50	1342.50	3.05
Depreciation	102.80	93.90	9.48	102.80	93.90	9.48	403.20	370.50	8.83
PBT	250.30	245.70	1.87	250.30	245.70	1.87	980.30	972.00	0.85
TAX	7.40	-2.40	-408.33	7.40	-2.40	-408.33	8.00	11.00	-27.27
Deferred Tax	0.60	-5.30	-111.32	0.60	-5.30	-111.32	-1.60	-4.80	-66.67
PAT	242.90	248.10	-2.10	242.90	248.10	-2.10	972.30	961.00	1.18
Equity	167.70	167.70	0.00	167.70	167.70	0.00	167.70	167.70	0.00
PBIDTM(%)	1.39	1.37	0.90	1.39	1.37	0.91	1.46	1.42	2.78