Sotefin Bharat Ltd. Share Price

Sotefin Bharat

• Sotefin Bharat is coming out with an initial public offering (IPO) of 48,00,000 shares in a price band of Rs 178- 187 per equity share.
• The issue will open on July 16, 2026 and will close on July 20, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 17.80 times of its face value on the lower side and 18.70 times on the higher side.
• Book running lead manager to the issue is Choice Capital Advisors.
• Compliance officer for the issue is Biswajit Das.

Profile of the company

The company is engaged in the business of providing mechanised and automated parking solutions, delivering comprehensive turnkey services. Its offerings integrate advanced automated parking technologies with the requisite supporting infrastructure to ensure seamless, end-to-end execution for its customers. Its order book reflects a diversified customer base, comprising private real estate developers as well as government bodies across various Indian cities.

The company operates in India with technology support from Sotefin SA, Switzerland, a global innovator in automated parking systems since 1956. Sotefin SA pioneered the trolley-based vehicle transfer system and, since 1959, has held various patents through its subsidiaries and associates in the field of robotic parking systems. They bring over six decades of engineering expertise to complement its business operations in the Indian market. Leveraging this legacy, it provides end-to-end automated parking solutions, including system design, manufacturing, installation, and O&M services. Incorporated in 2012, it addresses India’s growing urban mobility and infrastructure needs through advanced, space-optimized, and reliable parking technologies that adhere to global standards.

The company manufactures key structural components in-house at its manufacturing facility at Bagnan, Howrah enabling greater control over quality, timelines and costs. Its electro-mechanical components are sourced from reputed European vendors including Leuze Electronic and Nord Drivesystems while paints are sourced from Jotun Indian. Its patented robotic solution, the SILOMAT Dolly (Robotic Dolly) is currently sourced from Sotefin SA. Its product portfolio comprises a comprehensive range of automated parking systems customized to maximize efficiency, address space constraints, and cater to the specific requirements of the Indian market through tailored and customised solutions.

Proceed is being used for:

• Funding capital expenditure requirements for setting up a manufacturing facility in Kolkata, West Bengal
• Funding capital expenditure requirements for the proposed new office premises
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

India’s rapid urbanization, growing population, and increasing vehicle ownership are exerting immense pressure on existing parking infrastructure, particularly in metropolitan and Tier-I cities. With limited land availability and high real estate costs, urban planners and developers are now facing the dual challenge of accommodating more vehicles while optimizing land usage. This has led to a growing interest in automated parking systems (APS) as a viable and efficient solution to the country’s parking woes. The surge in automobile sales is a key contributing factor, driven by rising per capita income, increased affordability of vehicles, and a growing preference for personal mobility-especially in the post-pandemic era where health and hygiene concerns have reshaped commuting choices. Cities like Delhi, Mumbai, Bengaluru, and Hyderabad are witnessing a steep rise in private vehicle ownership, which has compounded traffic congestion and led to a scarcity of conventional parking spaces.

By the mid-2020s, the Automated Parking System (APS) market in India transitioned into a robust growth phase, driven by rapid advancements in technology and changing urban mobility needs. The integration of automation, IoT (Internet of Things), and AI-powered smart parking solutions has significantly enhanced the efficiency, scalability, and user experience of APS installations. These technologies enable real-time vehicle tracking, automated ticketing, predictive space allocation, and data analytics, making parking systems smarter and more responsive to user demand. With urban centers becoming more congested and land costs continuing to rise, APS has emerged as a viable solution to optimize limited urban space, reduce parking-related traffic congestion, and enhance convenience in high-density zones.

The India Automated Parking System (APS) market has shown steady growth from USD 586.7 million in CY 2021 to $655.2 million in CY 2024, registering a CAGR of 3.7%. This consistent rise reflects growing urbanization, increased vehicle ownership, and the pressing need to optimize limited parking spaces in Indian cities. The push for smart city initiatives, coupled with advancements in automation, IoT, and AI, is gradually driving adoption. While growth has been moderate, it signals a maturing market with strong potential, especially as developers and municipalities increasingly prioritize space-efficient, tech-enabled parking solutions.

Pros and strengths

Swiss engineering excellence adapted for India: The company benefits from its long - standing association with Sotefin SA, Switzerland, a pioneer in automated parking technology since 1956 and the developer of the world’s first patented automatic parking system in 1959. Through this association, it has access to established Swiss engineering expertise, proven system architectures and globally benchmarked designs. These technologies are adapted by its in-house engineering and manufacturing teams at its facility in Bagnan, West Bengal to align with Indian infrastructural conditions, regulatory requirements, and cost considerations.

International quality and safety certifications: The company has achieved ISO 9001:2015 certification (UKAS-accredited) for the design and manufacture of mechanized car parking systems and CE certification (TUV) evidencing compliance with applicable European safety and quality standards. These certifications provide third-party validation of its Quality Management System, structural design processes and safety controls. Such accreditations have enabled it to secure projects with institutional stakeholders such as the Ministry of Transport in New Delhi and large-scale smart infrastructure projects under the Central Vista Redevelopment.

Domain expertise in automated and smart parking solutions: Its management and technical teams possess deep domain expertise spanning automated parking technologies, robotics, urban infrastructure development, and smart mobility solutions. Its Promoter, Arup Choudhuri, has over 25 years of experience in the parking industry supported by a team of 147 permanent employees. These experiences enable the company to address site-specific engineering challenges, optimize space utilization, and implement automation driven, innovative and cost-effective solutions. It continues to upgrade and adopt advanced technologies to enhance system efficiency, reliability, and sustainability aligned with evolving urban mobility requirements.

Risks and concerns

Dependence on critical third-party technology from Sotefin SA: The company’s leverage advanced technology and source critical patented parking robot from Sotefin SA, Switzerland, which are integral to its fully automated robotic parking systems powered by Sotefin’s Silomat shuttle and dolly technology. Any disruption in this supply arrangement, whether due to geopolitical factors, trade restrictions, logistical challenges, or changes in Sotefin’s business operations, could materially adversely affect its business, financial condition, results of operations, and prospects. Its limited registered intellectual property and dependence on third-party proprietary systems reduce its ability to protect its technology and product design from replication.

A significant portion of revenue is derived from top ten customers: Its revenues are dependent on demand from its major customers. Its revenue from operations is highly concentrated, with its top ten customers contributing 91.77%, 84.85% and 87.30% for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. A decline in orders from key customers could also impact its bargaining power, pricing, payment terms and working capital cycle. Any significant reduction or loss of business from one or more of its major customers could therefore materially and adversely affect its business, financial condition, results of operations and prospects.

Dependence on third-party suppliers and product quality risks: The company depends on third-party suppliers for raw materials and components, and any disruption in supply, price volatility, or quality issues could adversely affect its operations. Additionally, any latent defects in its products may increase its after-sales costs or result in losses due to product replacements or recalls. Additionally, the company may not have long-term supply agreements with all key suppliers, which limits its ability to secure assured pricing, quality, delivery schedules or supply volumes. Any of these factors could have a material adverse effect on its business, financial condition, results of operations, cash flows and prospects.

Outlook

Sotefin Bharat is engaged in the design & implementation of automated car parking systems, with expertise in developing solutions of various scales-ranging from small installations to large, high-capacity parking structures capable of accommodating thousands of vehicles. On the concern side, its revenue is generated from projects undertaken with Government agencies. Such project / contracts is awarded on the basis of certain pre-qualification criteria and competitive selection process and are usually in a standard form, restricting its ability to negotiate the terms and conditions. Any change in the Government policies or focus and/or it is unable to recover payments in a timely manner, would adversely affect its business and result of operations.

The company is coming out with a maiden IPO of 48,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 178-187 per equity share. The aggregate size of the offer is around Rs 85.44 crore to Rs 89.76 crore based on lower and upper price band respectively. On performance front, its total income has increased by 25.57% to Rs 11,822.63 lakh in Fiscal 2026 from Rs 9,415.48 lakh in Fiscal 2025. Profit after tax increased by 53.60% from Rs 1,130.79 lakh in Fiscal 2025 to Rs 1,736.86 lakh in Fiscal 2026.

Meanwhile, the company is pursuing a dual-market growth strategy by strengthening its presence in Indian Market while selectively expanding into high-potential international markets. In India, its focus areas include metropolitan cities, smart city initiatives, metro rail infrastructure projects, and public sector contracts with entities such as BMC, CPWD, NBCC, and Delhi Metro. With over 55 projects and 12,000 parking spaces already delivered, its execution track record provides a platform to participate in future urban infrastructure developments. Internationally, it is prioritizing the markets in the Middle East, South-East Asia, North America where demand for automated and high-capacity parking solutions is supported by large-scale urban development initiatives and huge demand for premium mobility solutions. Its strategy is to leverage Swiss-origin technology capabilities together with Indian manufacturing and execution expertise, to serve these fertile markets.

Pursuant to Section 13 (8) of the Companies Act, 2013 and Rules made thereunder read with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 vide Reference No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026, — Alteration of Object Clause of Memorandum of Association, Valplast Technologies has informed that it enclosed the copies of newspaper advertisement published in Financial Express (English) and Jan Satta (Hindi), New Delhi edition on Tuesday 22 September, 2026, regarding the Alteration of Object Clause of Memorandum of Association. The enclosed advertisements are also available on the website of the Company at hittps://valplastech.com/newspaper-publication/.

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

Swastika Infra

• Swastika Infra is coming out with a 100% book building; initial public offering (IPO) of 90,92,857 shares of face value Rs 10 each in a price band Rs 175-185 per equity share.
• Not more than 50% 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 35% for the retail investors.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 17.50 times of its face value on the lower side and 18.50 on the higher side.
• Book running lead managers to the issue are Srujan Alpha Capital Advisors and PhillipCapital (India).
• Compliance officer for the issue is Shipra Gandhi.

Profile of the company

Swastika Infra is an engineering, procurement and construction company, specializing in execution of power T&D infrastructure projects (EPC Power Projects). The company’s scope of services in EPC Power Projects covers a comprehensive range of activities, ensuring execution from procurement to commissioning. It provides complete solutions on a turnkey basis, including the supply, erection, installation, testing, and commissioning of power infrastructure. 

The company’s scope of work extends to (i) underground cabling work, where it handles the laying, installation, and commissioning of high-voltage/low-voltage power cables to enhance efficiency and reduce power losses; (ii) construction of substations (Gas Insulated Substations /Air Insulated Substations/Grid Sub Station), ensuring seamless power distribution through installation of power transformers, circuit breakers, ring main unit, and other essential components; (iii) undertaking rural and urban electrification projects, which involves working towards expanding electricity access in underserved regions by implementing distribution networks, service connections, and feeder lines in compliance with government electrification schemes; (iv) installation of street lighting systems to enhance urban and rural infrastructure; and (v) Renewable energy works.

As of July 31, 2026, the company has a proven track record of 15 years in executing EPC Power Projects, covering a total of 18,579.47 kilometers (KM) of distribution lines. The company’s portfolio includes thirty-six (36) successfully completed power distribution infrastructure projects across six (6) Indian states, with a total contract value of Rs 76,467 lakh. Its order book, as on July 31, 2026, comprises of eighteen (18) ongoing EPC Power Projects across six (6) Indian states, with an aggregate order value of Rs 2,03,665 lakh. This includes an order book worth Rs 91,655 lakh, representing anticipated revenues from the balance portion of existing ongoing contracts (signed agreements where all preconditions, including letters of intent/allotment issued by the client, have been met). The company’s order book-to-revenue from operations ratio stood at 1.41 times as of Fiscal 2026, 1.92 times for Fiscal 2025 and 2.08 times for Fiscal 2024.

Proceed is being used for: 

• Funding incremental working capital requirements of the company
• General corporate purposes

Industry overview

India’s power EPC (Engineering, Procurement, and Construction) market is characterized by rapid growth due to increasing energy demand, government-led initiatives, and private sector participation. However, the market is also highly competitive and capital-intensive, presenting significant barriers for new entrants. These entry barriers stem from high investment requirements, operational complexities, regulatory challenges, and the dominance of well-established players. The Indian power EPC market offers immense growth potential, but the barriers to entry are formidable. From high capital requirements and regulatory complexities to intense competition and technical challenges, new entrants must navigate a complex landscape to establish themselves. Success in this market requires robust financial backing, technological innovation, strategic partnerships, and a deep understanding of regulatory frameworks. By leveraging niche opportunities, adopting advanced technologies, and building strong client relationships, new players can position themselves for long-term success in this dynamic and competitive market.

The power EPC market in India has witnessed significant growth in recent years, and one of the key driving forces behind this growth is the rising electricity demand and electricity generation. Several factors, including economic growth, urbanization, industrialization, and government policies, influence India's rising electricity demand and generation. According to the Ministry of Finance, India is on track to become the third-largest economy with a GDP of $5 trillion by 2028. India’s growing economy requires an increased power supply to support expanding and setting up new industries, businesses, manufacturing hubs, and services.

In India, increasing population growth, which aligns with higher disposable incomes, has led to greater electricity consumption in city households. Rapid urbanization is also increasing the demand for electricity in residential and commercial areas. Expanding infrastructure, such as housing, transportation, and communication networks, requires substantial power demand. These all contribute to one of the prime factors driving the power EPC market in India: the rising power demand and electricity generation. This surge in electricity demand has created a compelling market for distribution grids, which play a pivotal role in facilitating the safe and efficient transmission of electrical energy from power plants to end-users.

Pros and strengths 

Established EPC execution capability: With fifteen years in the Power EPC sector, the company has developed expertise in power distribution project management and execution, ensuring timely completion while maintaining quality standards. Presently, it is focused on EPC Power Projects and has successfully completed 36 projects and as of July 31, 2026 it was executing 18 projects. Its track record in the power distribution sector has allowed it to secure necessary pre-qualifications for undertaking large EPC power projects. As of July 31, 2026, it has laid 18,579.47 KM of distribution lines.

Growing order book and execution scale: In the EPC industry, the Order Book serves as a key measure of business sustainability, representing the contract value of unexecuted portions of awarded projects. It provides visibility into future revenue streams, operational commitments, and resource planning, enabling it to manage cash flows efficiently and optimize execution strategies. Its growing Order Book is a reflection of its ability to secure contracts, maintain financial stability, and expand its market presence. Since 2012, it has systematically expanded its execution capabilities, allowing it to take on projects of increasing scale and complexity. Its first project, awarded by the RIICO, was for conversion of overhead lines to underground cable line system at Rajasthan, India, with a contract value of Rs 60.00 lakh. Over the years, it has enhanced its technical expertise, operational efficiency, and financial strength, enabling it to bid for and execute larger projects across multiple states.

Asset-light business model: The company operates under an asset-light model, allowing it to execute an increasing number of projects while maintaining a relatively low investment in fixed assets. Instead of owning heavy machinery and equipment, it leases project specific assets from third-party lessors across multiple states. This approach optimizes costs, enhances logistical efficiency, and reduces fixed expenses, ensuring lean operations and improved financial flexibility.

Strong promoter experience and leadership: The company’s business is driven by the leadership of its Promoters, Vinay Gupta, Ruchira Gupta, Manoj Modi, Biren Parnami, and Vatsalya Gupta, who collectively bring over 50 years of experience in the EPC industry. Their deep industry knowledge, strategic foresight, and hands-on involvement in business operations have been pivotal in shaping its growth, expanding its market presence, and strengthening its execution capabilities.

Risks and concerns

Significant reliance on government contracts: The company’s business is primarily dependent on projects awarded by government utilities i.e. state electricity distribution companies (DISCOM), which comprises of power distribution infrastructure projects on turnkey basis. It derives majority of its revenues from contracts with a limited number of government utilities. As on July 31, 2026, 100% of its order book consist of projects awarded by government utilities. Any adverse changes in the government policies may lead to its contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on its business and results of operations.

Credit rating downgrade may increase borrowing costs: The company’s credit rating issued in Fiscal 2022 by CARE Rating was downgraded from CARE BB; Stable (August 2021) to CARE BB-; Stable (March 8, 2022) by CARE Rating Limited. The company’s latest credit rating review by CRISIL and rational provide dated April 02, 2026 has upgraded the company’s rating at CRISIL BBB+/Stable. Although, post Fiscal 2022, its rating has not been downgraded by the credit rating agencies, it cannot assure that in future its credit rating would not be downgraded. Any future downgrade of its credit ratings may increase interest rates for refinancing its borrowings, which would increase its cost of borrowings, and may have an adverse effect on its future issuances of debt and its ability to borrow on a competitive basis.

Project execution subject to seasonal variations: The company’s project work is subject to seasonal variations. For example, it typically experiences, slower work progress in monsoon season as compared to rest of the year. Due to these factors, comparisons of revenue and operating results between the same periods within a single year, or between different periods in different fiscals, are not necessarily meaningful and should not be relied on as indicators of its performance. It accounts for this seasonality in work progress and cash flow projections. However, it cannot assure, that in future, it will always be able to accurately forecast its project schedule. If its estimates materially differ from actual work progress, it may experience either delay or halt in project completion, which in turn could adversely affect its business, results of operations, financial condition and prospects.

Significant working capital requirements: The company's business requires a high amount of working capital. It is customary in the industry in which it operates to provide earnest money deposit and performance security deposit in the form of bank guarantees in favour of customers to secure obligations under contracts. In addition, letters of credit are often required to satisfy payment obligations to suppliers. Majority of the working capital funds of the company are required for providing margin money for bank guarantee, performance deposit and security deposit, letter of credit. If it experiences insufficient cash flows to enable it to make required payments on its debt or fund working capital requirements, there may be an adverse effect on its results of operations.

Outlook

Swastika Infra is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects. The company has Scalable business model supported by a strong order book. It has proven execution track record across multiple Indian states. On the concern side, the company’s revenue is majorly concentrated from projects undertaken or awarded by government utilities. Any adverse changes in the government policies may lead to its contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on its business and results of operations. Moreover, the company’s present orderbook consists large-scale projects. Any delay or impediment to such projects may have adverse impact on its financial position.

The issue has been offering 90,92,857 shares in a price band of Rs 175-185 per equity share. The aggregate size of the offer is around Rs 159.12 crore to Rs 168.22 crore based on lower and upper price band respectively. Minimum application is to be made for 81 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 43.57% to Rs 50,357.32 lakh for Fiscal ended 2026 from Rs 35,075.82 lakh for Fiscal ended 2025. This increase was primarily due to an increase in revenue from Sale of Services. Moreover, profit after tax increased by 50.95% from Rs 2,744.55 lakh in Fiscal 2025 to Rs 4,142.80 lakh in Fiscal 2026.

Meanwhile, the company is strategically focused on executing EPC projects in the power distribution sector, aligning with India’s increasing electricity demand and government-led infrastructure initiatives. It intends to expand its participation in key government initiatives and strengthening its project execution capabilities. By focusing on efficient execution, scalable operations, and technology integration, it aims to increase market share while ensuring the delivery of sustainable and reliable projects. Its growth strategy is built on leveraging its core competencies in power infrastructure development, including underground cabling, substation installations, rural electrification, and street lighting systems and Renewable energy works. With timely completion and adherence to quality standards, it aims to enhance its ability to secure contracts from government utilities, public sector enterprises, and multilateral institution-backed projects.