Technocraft Ventures

North India focused EPC Player

Technocraft Ventures (TVL) is a multidisciplinary public infrastructure development company executing turnkey EPC contracts. It operate across various infrastructure segments, including water &wastewater infrastructure such as WSSPs, STPs, WWTPs, transmission mains, reservoirs, trenchless µ tunnelling works;roads and highways works;electrical transmission works;urban infrastructure including sector-level planning and execution of residential building projects and O&M of public utilities.

TVL?s business is driven by public infrastructure projects funded under various Central and State Government programs. These include sector-specific schemes such as Atal Mission for Rejuvenation and Urban Transformation (Amrut), Jal Jeevan Mission (JJM), National Mission for Clean Ganga (NMCG), as well as broader infrastructure initiatives like the Pradhan Mantri Gram Sadak Yojana (PMGSY), the Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) and Restructured Accelerated Power Development and Reforms Program (RAPDRP) and electrification schemes by utility agencies such as Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL) and Dakshinanchal Vidyut Vitaran Nigam Limited (DVVNL). These schemes have collectively contributed to a significant portion of its order book across sectors such as wastewater treatment, water supply, sewerage, roads, and power distribution.

TVL execute projects primarily for state governments and government agencies (such as Delhi Jal Board, RUDSICO, RUIDP, Uttar Pradesh Jal Nigam, PVVNL, DVVNL and PWD) across Northern & Central India, including Uttar Pradesh (UP), Uttarakhand, Rajasthan and the National Capital Territory of Delhi. Recently, ithas expanded its footprint in the State of Madhya Pradesh (MP), Bihar and Odisha. In FY27 operation revenue about 63.05% is from Rajasthan, 25.53% from UP, 10.30% from Delhi and 1.12% from MP. Revenue from government sector in FY26 stood at 99.98% and that from private sector was about 0.02%.

TVL as on July 15, 2026 have successfully executed 18 infrastructure projects including WWTPs, WSSPs, roads, and other public utility works across multiple states in northern India over the past 5 years.

TVL, as on July 15, 2026, have laid over 1,200 KMs of sewer pipelines across cities such as Kota, Kotputli, Bikaner, Indore, Ghaziabad, Agra, Udaipur, Etah, Pilakhuwa, Jaunpur and Shahjahanpur out of which approximately 750 KMs had been commissioned.Additionally, it has undertaken integrated water infrastructure projects, including underground reservoirs and water pipelines in Noida, and are currently constructing elevated overhead reservoirs projects across Rajasthan, and laying of large-diameter transmission mains through microtunneling techniques from the Bhagirathi Water Treatment Plant in Delhi.

STP completed as on August 1, 2026, are 56 MLD Ghaziabad STP, 3 MLD Pilkhuwa and 40 MLD Shahjahanpur. Similarly, the STP O&M contracts completed as on Augus 1, 2026, are 56 MLD Ghaziabad, (nine years & 10 months) and three MLD STP at Pilkhuwa (for two years & 11 months). These projects have been delivered under flagship infrastructure schemes such as the UIDSSMT, JNNURM, AMRUT, Namami Gange and Jal Jeevan Mission.

Track record of the company also includes execution of electrification projects under the RAPDRP, RGGVY and various electrification schemes implemented by state utilities such as PVVNL and DVVNL in Uttar Pradesh. Its work has involved construction of 33/11 kV substations, HT/LT line installation, transformer erection.

Holding ?Class A? Electrical Contractor?s Licenses from the Electrical Inspectorate Department of Government of Rajasthan, and the Department of Electrical Safety of Government of Uttarakhand as well as its capability to coordinate with multiple stakeholders, including transmission authorities and distribution licenses, positions the company well for upcoming programs like RDSS and DDUGJY. These certifications authorize the company to independently undertake critical electrical infrastructure works, including substation erection, transformer installation, and HT/LT cable laying. These certifications authorize the company to undertake hightension (HT) and extra high-tension (EHT) electrical infrastructure projects independently.

Unexecuted EPC order book as on July 15, 2026, stood at Rs 1305.445 crore. This is spread across 14 EPC projects across water & wastewater treatment infrastructure work and roads and highways work including 6 AMRUT 2.0 projects. Additionally it is also emerged as L1 bidder for a Delhi Jal Board order under AMRIT 2.0 worth Rs 196.468 crore. Apart from this it also have 5 O&M contract (in addition to O&M works to be done after completion of sewerage works) with a total value of Rs 24.97 crore with unexecuted portion of it as end of July 15, 2026 stand at Rs 15.287 crore.

Moreover as of July 15, 2026, the companywas executing 07 projects under the joint ventures with unexecuted contract value of Rs 917.624 crore out of total order book of Rs 1320.732 crore.

As a part of its long-term strategy to enhance environmental sustainability and operational efficiency, TVL is undertaking the integration of renewable energy solutions, particularly solar power systems, within its infrastructure projects. This initiative is focused on generating power on project sites to support execution activities, reduce dependence on external power grids, and achieve cost savings over the project lifestyle.

The issue and object of the offer

The issue comprises of both offer for sale of 2376000 equity shares of Rs 10 faces value and fresh issue of equity shares of upto 9505000 of Rs 10 each. The offer for sale is entirely by Kartikey Constructions, a promoter group company.

Of the net proceeds from fresh issue, Rs 150 crore is for funding the working capital requirementand balance for general corporate purposes.

Strengths

Integrated in-house capabilities span civil project designing, construction, mechanical and electrical integration, and commissioning across core infrastructure sectors. These capabilities enable it to offer comprehensive infrastructure solutions from concept to delivery.

Proven execution expertise of large-scale STPs/SPS projects as it have executed and upgraded STPs ranging from 3 MLD to 56 MLD in capacity.

Lifecylce approach to public infrastructure with its O&M services across WWTP, STP and road projects.

Execution capabilities demonstrated through High-Value Government and Multilateral Projects.

Regulatory-Approved Electrical works Capabilities with Statewide Licenses

Weaknesses

Significantly dependent on contracts awarded by government authorities under government programmes, and any failure or delay in securing, executing or collecting payments under such contracts could materially affect the business operations.

Ability to secure projects is dependent on successful qualification and bidding under government tendering processes.

Project portfolio or revenue mix has historically been concentrated in projects in Uttar Pradesh and Rajasthan.

Business is subject to seasonal fluctuations that could result in delays or disruptions to operations.

Have entered into, and may continue to enter into, related-party transactions. In FY26 and FY25 about 4.76% and 26.64%,respectively,of its cost of revenue from operations is accounted by VVIP Infratech, a group company.

Sanjay Tyagi, current MD of the company served as an Engineer with the Ghaziabad Development Authority (GDA) from January 1990 to March 2007 and Rekha Tyagi (spouse of Sanjay Tyagi) has been a director of the company since its incorporation on October 21, 1998. Thus, there is a potential and perceivable conflict of interest in view of Sanjay Tyagi?s prior employment with GDA particularly in relation to road construction contracts awarded during the year 2003-2004.

Valuation

Consolidated re-stated revenue for the fiscal ending March 2026 stood higher by 23% to Rs 345 crore. With the OPM expanding by 310 bps to 20.2%, the growth of OP was 47% to Rs 69.86 crore. Finally, net profit after MI was up by 54% to Rs 43.32 crore.

On expanded equity, the EPS for FY2026 was Rs 10.9. The issue price (on the upper price band) discounts the FY26 EPS by 19.4 times. The P/BV stood at 2.3 times and EV/Sales stood 2.6 times.

In comparison, EMS and Enviro Infra Engineers who are into water and waste water treatment plants quotes at a PE of and 25.4 times and 20.6 times of their FY26 EPS. Denta Water & Infra Solutions quotes at a PE of 16 times of its FY26 EPS. Va Tech Wabag, a desalination player in water segment quotes at a PE of 33.5 times of its FY2026 consolidated EPS. Welspun Enterprises that is also have presence in large WWTPs quotes at a PE of 21.8 times. Though not comparable on apple-to-apple basis, Thermax and Triveni Engineering Industries, which have presence in water/waste-water treatment projects, quote at PE of 89.3 times and 19.5 times of TTM EPS for period ended Jun 2026.

Technocraft Ventures : Re-stated Consolidated Financials
	2403 (12)	2503 (12)	2603 (12)
Sales	226.10	279.56	345.00
OPM (%)	14.8	17.1	20.2
OP	33.55	47.67	69.86
Other income	1.20	1.44	2.00
PBIDT	34.74	49.11	71.86
Interest	7.93	9.24	11.50
PBDT	26.81	39.87	60.36
Depreciation	1.04	1.82	2.00
PBT	25.78	38.05	58.36
EO Exp	0.00	0.00	0.00
PBT after EO	25.78	38.05	58.36
Tax	7.01	10.36	15.35
PAT from Continuing Biz	18.77	27.68	43.00
Share of Profit from Associates	0.28	0.52	0.31
PAT from Continuing Biz	19.05	28.20	43.32
Minority Interest	0.00	0.00	0.00
Net profit	19.05	28.20	43.32
EPS (Rs)*	4.8	7.1	10.9
* on post IPO fully dillutedequity of Rs 39.61 crore. Face Value: Rs 10
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate database

Technocraft Ventures : Issue Highlights
Fresh Issue (in equity share nos.)	9505000
Offer for sale (in equity share nos.)	2376000
Price band (Rs.) *
Upper	212
Lower	200
Post-issue equity (Rs crore)	39.61
Post-issue promoter (including promoter group) stake (%)	70.00
Minimum Bid (in nos.)	70
Issue Open Date	07-08-2026
Issue Close Date	11-08-2026
Listing	BSE, NSE
Rating	45/100

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