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Pranav Constructions

• Pranav Constructions is coming out with a 100% book building; initial public offering (IPO) of 2,96,02,631 shares of face value Rs 10 each in a price band Rs 118-124 per equity share. 
• Not more than 40% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 45% for the retail investors.
• The issue will open for subscription on September 07, 2026 and will close on September 09, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 11.80 times of its face value on the lower side and 12.40 times on the higher side.
• Book running lead managers to the issue are Centrum Broking and PNB Investment Services.
• Compliance officer for the issue is Ritu Jain. 

Profile of the company

Pranav Constructions (PCPL) had started its redevelopment vertical in 2012 and since then it has established itself as a trusted pure play redeveloper in Mumbai. Pranav Constructions is amongst the top redevelopment companies based out of Mumbai predominantly undertaking redevelopment projects in the Western Suburbs focusing on economical, mid and mass, and aspirational homes. Having analyzed the top developers in the Municipal Corporation of Greater Mumbai (MCGM) Region and Western suburbs across redevelopment projects, it consistently ranks in the top 5 position across project phases (i.e., under construction & completed). It ranks 1st in the MCGM Region for having the highest combined supply in MCGM -Redevelopment projects launched between CY21 and Q1 CY26. 

As a core aspect of its business, it enters into redevelopment agreements with Co-operative Housing Societies, which enables it to conduct business in a capital efficient manner. The company has adopted an integrated redevelopment model, with capabilities and in-house resources to execute redevelopment projects from initiation to completion. It has developed in-house competencies for every stage of the redevelopment process comprising: (i) tendering stage, (ii) pre-construction stage, (iii) construction stage, and (iv) post-construction stage.

Proceed is being used for: 

• Funding costs towards obtaining government and statutory approvals and purchase of additional FSI as per applicable laws and cost towards compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of its Under-construction Redevelopment Projects, and certain of its Upcoming Redevelopment Projects (Funding Redevelopment Expenses)
• Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company
• Funding acquisition of future redevelopment projects and general corporate purposes

Industry overview

The MMR markets have been classified into 9 submarkets. South Mumbai, Central Mumbai, Western Prime, Western Suburbs and Eastern Suburbs together fall under MCGM Limits. Owing to the large size of the city, MMR’s residential market can be divided into 9 submarkets i.e. South Mumbai, Central Mumbai, Eastern Suburbs, Western Prime, Western Suburbs, Western - Extended, Thane, Thane - Extended, Navi Mumbai. Each of the submarkets comprises of distinct market dynamics as well as project categories e.g. South Mumbai comprises of mainly premium and super premium segment housing while markets such as Western and Eastern Suburbs, Thane and Navi Mumbai have typically mid-mass and aspirational housing projects.

Of the total supply of under construction projects which are launched from CY17 till Q1 CY26 in the MCGM region (168,696 units), greenfield developments account for 38% (63,837 units) whereas a large majority of 62% are redevelopment projects (104,859 units). The total redevelopment supply in MCGM region as on Q1 CY26 stood at 104,859 units with Western Suburbs accounting for the largest share at 44% (46,218 units) followed by Eastern Suburbs (25,718 units) and Central Mumbai (20,455 units) with 25% and 20% respectively. South Mumbai and Western Prime together contributed to 11% (12,468 units) of the total redevelopment supply. As on Q1 CY26, it was observed that nearly 32% (33,987 units) of the redevelopment supply pipeline in MCGM region was absorbed. Western Suburbs recorded the highest absorption with 48% of the total sold units in MCGM region followed by Eastern Suburbs and Central Mumbai accounting for 23% & 19% respectively. Whereas South Mumbai and Western Prime contributed to 10% of the total absorption. 

Pros and strengths 

Among leading real estate companies in Western Suburbs with demonstrated growth and strong pipeline: The company is the leading real estate company, based on the supply of units and number of completed and under construction MCGM - Redevelopment projects in the Western Suburbs, with a total of 1,864 units and 34 MCGM – Redevelopment projects (completed and under construction) whereas other developers have 4 to 11 MCGM - Redevelopment projects, each launched between CY17 - Q1 CY26. It ranked 1st in the MCGM Region for having the highest combined supply in MCGM - Redevelopment projects launched between CY21 and Q1 CY26. It ranked 2nd in the MCGM region for having the highest supply in MCGM Redevelopment projects launched between CY 17 and Q1 CY26. In the MCGM Region, it contributed to 23% of the redeveloped units supplied by the top 5 developers with 37 MCGM - Redevelopment projects as compared to developers having around 8-12 MCGM - Redevelopment projects between CY17 and Q1 CY26. In the Western Suburbs, it contributed to 30% of the redeveloped units supplied by the top 5 developers between CY17 and Q1 CY26 with 34 MCGM - Redevelopment projects as compared to developers having around 4-11 MCGM - Redevelopment projects in the same period. In MCGM Region and Western suburbs, the company consistently ranks in the top 5 position for under construction as well as completed MCGM – Redevelopment projects.

Demonstrated project execution capabilities with in-house functional expertise: The company has adopted an integrated Redevelopment model, with capabilities and in-house resources to supervise and execute its Redevelopment Projects from initiation to completion. It has developed in-house competencies for every stage of the Redevelopment process which comprises: (i) tendering stage which involves the identification of societies for Redevelopment, evaluating them and participation in the bidding process; (ii) pre-construction stage, which involves performance of a detailed title search, execution of the Redevelopment agreement, planning and budgeting and procurement of relevant permits and authorizations; (iii) construction stage which involves planning, estimation and procurement of materials, obtaining registrations and certificates under the applicable laws, taking handover of premises, demolition of the structure, overseeing the construction activities and commencement of Pre-Sales; and (iv) post-construction activities which involves sales, inspection of units by societies and new members and handing over possession of the premises. It combines the expertise of its business development, architecture, and marketing teams to identify, evaluate, and submit bids for projects that suit its business model. Its business development and marketing teams aid it in identifying and bidding for Redevelopment Projects. Its architecture team is involved in conducting preliminary feasibility studies prior to submission of bids and preparing a design for presentation to the members of the Co-operative Housing Society.

Capital efficient business model with high barriers to entry: As a core aspect of its business, it enters into Redevelopment agreements with Co-operative Housing Societies, which enables it to focus on capital efficiency. This helps it in reducing the initial financial outlay compared to acquisition of land. Further, this approach also helps it in reducing lead time which is spent on title clearance, which typically takes longer in land acquisitions. This streamlines the process and gives it benefits of a short project construction cycle. It has adopted a disciplined approach and abide by the financial budgets set for each Redevelopment Projects. It places emphasis on achieving a better return on equity and return on capital employed through maintaining low upfront capital expenditure and reducing its finance costs. Over the years, it has achieved high sales with low capital investments. It generally receives consideration in instalments subject to fulfilment of construction linked milestones with respect to the units sold to its customers. Its business model enables it to simultaneously undertake multiple Redevelopment Projects as its capital is not tied up in expenses associated with land acquisition.

Established a customer-centric brand in the Western Suburbs: Its operations are concentrated on the construction of Economical, Mid and Mass and Aspirational homes. The company has a proven track record of timely completion of its Completed Redevelopment Projects, with strong execution capabilities and has become a trusted and reliable brand in the Western Suburbs, resulting in strong brand recall. Demonstrated track record and brand recall is important to influence customer decisions, especially in the customer segments that it targets. Its Redevelopment Projects located in the Western Suburbs, understanding of the real estate market, knowledge of the regulatory environment and long-standing presence of over a decade in the Redevelopment segment, has helped it establishes the ‘PCPL’ brand in the Western Suburbs. Its customer-centric approach includes comprehensive support to its potential customers and customers from enquiries to possession of units to address any customer grievance during all stages of the purchase cycle.

Risks and concerns

Redevelopment projects are geographically concentrated in the MCGM region: Its Redevelopment activities are geographically concentrated in the MCGM Region, which has accounted for 99.70%, 99.69% and 99.50% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The real estate market in the MCGM Region may be affected by various factors outside its control, including prevailing socio-economic and market conditions, changes in demand for Redevelopment, changes in applicable governmental regulations and related policies, availability of financing for its Redevelopment Projects and applicable interest rates, change in demographic trends, employment and income levels, among other factors. These factors may contribute to fluctuations in real estate prices and adversely impact the demand for, and valuation of, its Under-construction Redevelopment Projects and Upcoming Redevelopment Projects, which may adversely affect its business, financial condition and results of operations.

Dependence on limited number of suppliers for construction materials: The company does not enter into agreements for supply of construction materials for its Redevelopment Projects and depends on a limited number of suppliers for construction materials. As of Fiscal 2026, Fiscal 2025 and Fiscal 2024, its top 10 suppliers contributed to 61.78%, 69.80% and 52.50% of the total material costs, respectively. Any increase in prices or interruption in the availability of construction materials could adversely impact its business, results of operations and financial condition.

Reliance on limited number of third-party contractors: The company avails services of independent contractors for construction of its Redevelopment Projects based on work contracts. It depends on a limited number of third-party contractors to construct its Redevelopment Projects. As of Fiscal 2026, Fiscal 2025 and Fiscal 2024, its top 10 contractors contributed to 47.10%, 56.41% and 46.92% of the total amount paid to contractors, respectively. Any delay or failure on the part of such contractors to adhere to their obligations could adversely affect its business operations and financial condition.

Timely project completion is critical: An inability to complete its Under-construction Redevelopment Projects and Upcoming Redevelopment Projects by their respective expected completion dates or at all could have a material adverse effect on its business, reputation, results of operations and financial condition. As of March 31, 2026, its 20 Under-construction Redevelopment Projects had a combined Total Developable Area of 1.63 million square feet and its 17 Upcoming Redevelopment Projects had a combined Total Developable Area of 1.96 million square feet. As of March 31, 2026, the average time period required by the company for its Completed Redevelopment Projects, i.e., the date of the first commencement certificate to the date of the grant of occupation certificate, was 26 months. Further, any delay in completion of the projects or in achieving milestones as mentioned in the agreement may subject it to RERA mandated penalties, interest payments and cancellation liabilities. Such delays could also lead to customer dissatisfaction, negative publicity, litigation, loss of buyer confidence, revocation of approvals, and failure to realize expected project economics.

Outlook

Pranav Constructions is primarily engaged in the business of redevelopment projects in Mumbai. Its operations are concentrated on the construction of economical, mid and mass and aspirational homes. It has developed in-house competencies for every stage of the redevelopment process comprising: (i) tendering stage, (ii) pre-construction stage, (iii) construction stage, and (iv) post-construction stage. On the concern side, it faces competition from various real estate developers. Its inability to compete successfully with its competitors, may adversely affect its business prospects and financial condition. Further, a significant portion of its working capital needs are funded by Pre-Sales. Any cancellation of sales or change in the laws or regulations governing the use of Pre-Sales may affect its working capital and financial position.

The issue has been offering 2,96,02,631 shares in a price band of Rs 118-124 per equity share. The aggregate size of the offer is around Rs 349.31 crore to Rs 367.07 crore based on lower and upper price band respectively. Minimum application is to be made for 120 shares and in multiples thereof thereafter. On performance front, its total income increased by 19.69% to Rs 7,639.25 million in Fiscal 2026 from Rs 6,382.43 million in Fiscal 2025. Its profit after tax for the period increased by 14.57% to Rs 713.24 million in Fiscal 2026 from Rs 622.54 million in Fiscal 2025.

Meanwhile, it intends to leverage its existing market position and understanding of customer preferences to deepen its penetration in the Redevelopment market of other MCGM Regions. It has identified the geographical regions where it does not have a presence and is undertaking Redevelopment Projects in these regions to grow its market share. Its understanding of the Western Suburbs, its ability to manage stakeholders and ensure a quick turnaround timeline positions it well to quickly identify Redevelopment Projects, and it can harness its existing skill set and infrastructure for its expansion plans. It expects that expanding its Redevelopment Projects in other MCGM Region such as western prime and central Mumbai, will enable it to benefit from greater exposure to potential customers, thereby positioning itself to grow its market share in the MCGM Region Redevelopment sector.

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing and Obligations and Disclosures Requirements) Regulations, 2015 (‘Listing Regulations’) as amended from time to time; GCCL Construction & Realities has informed that a meeting of Board of Directors of the company at its meeting held today, Friday, 04th September, 2026, at the registered office of the Company, considered and approved the following transactions: 1. Took note of the Secretarial Audit Report of the company for the Financial Year 2025-26; 2. Considered and approved the Director’s Report along with all the annexures forming part thereof for the financial year ended on 31st March, 2026; 3. Considered and approved the draft notice for convening the 32nd Annual General Meeting of the Company to be held on Wednesday, 30th September, 2026 at 11:30 am at the registered office of the company; 4. Register of Members & Share Transfer Books of the Company will remain close from 24th September, 2026 to 30th September, 2026 for the purpose of Annual General Meeting; 5. Considered and approved the re-appointment of Devang Kirtibhai Jhaveri (DIN: 02372402) as Whole Time Director of the company for a period of five years, subject to the approval of shareholders at the ensuing Annual General Meeting; 6. Considered and approved the continuation of directorship of Bahubali Shantilal Shah (DIN: 00347465) as a Non-Executive Director of the company post attaining the age of 75 years, subject to the approval of shareholders of the Company; 7. Considered and approved the appointment of Priyank Shrirajbhai Jhaveri (DIN: 02626740) as an Additional Non - Executive Independent Director of the Company; 8. Considered and approved the appointment of Mukesh J. & Associates, Practicing Company Secretary, Ahmedabad as the Scrutinizer, to scrutinize the entire voting process for the 32nd Annual General Meeting. Moreover, details as required for appointments as stated in point no. 5 & 7 under Regulation 30 of SEBI Listing Regulations read with HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated 30th January, 2026, are enclosed as Annexure - I to this letter. The meeting of the Board of Directors commenced at 01:00 pm and concluded at 01:30 pm.

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

Pursuant to Regulation 42 and all other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Ishaan Infrastructures and Shelters has informed that Register of Members and Share Transfer books of the Company will remain closed from 22nd September, 2026 to 28th September, 2026 for the purpose of 31st Annual General Meeting of the Company to be held on Monday, 28th September, 2026 at 03:30 PM through Video Conferencing/ Other Audio-Visual Means. Further, the company has informed that pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 and Regulation 44 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, the Company is providing e-voting facility to its shareholders to exercise the right to vote at the AGM. The remote e-voting will commence on Friday, 25th September, 2026 at 09:00 AM and ends on Sunday, 27th September, 2026 at 05:00 PM. The cut-off date for the purpose of determining the members eligible for remote voting is fixed as 21st September, 2026.

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