DRHP Link: https://www.anandrathiib.com/pdf/documents/DRHPSKPL.pdf

Shreejikrupa Project Limited, an infrastructure development company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) aggregating up to ₹500 crore. The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹410 crore and an Offer for Sale (OFS) aggregating up to ₹90 crore by existing selling shareholders.

Shreejikrupa undertakes a diversified range of infrastructure development and construction activities across academic and healthcare infrastructure, residential and office buildings, infrastructure works and other specialized projects. The Company provides capabilities across the infrastructure construction value chain, including design and engineering, procurement, construction and testing. Its projects are primarily undertaken for government and government-related entities, including public works departments, municipal corporations and public sector undertakings.

As of June 30, 2026, Shreejikrupa had a portfolio of 228 infrastructure projects spread across 11 states and two Union Territories, of which 127 projects had been completed and 101 projects were ongoing. Its ongoing projects span Gujarat, Chhattisgarh, Odisha, Maharashtra, Madhya Pradesh, Andhra Pradesh, Assam, Bihar, Delhi, Jammu & Kashmir, Jharkhand, Rajasthan and Uttar Pradesh. The Company’s order book stood at ₹3,700.80 crore as of June 30, 2026, with academic and healthcare infrastructure accounting for ₹1,960.86 crore or 52.98% of the order book.

As of June 30, 2026, Shreejikrupa was executing 58 projects in this segment across seven states and one Union Territory. The segment contributed 57.58% of the Company’s revenue from operations in FY2026, while accounting for 52.98% of its order book as of June 30, 2026.

The Company has also demonstrated an increase in the scale of projects undertaken over the years. It started with projects having contract values of less than ₹50 lakh, while its largest ongoing project as of June 30, 2026 had a contract value of ₹407.02 crore. Among its ongoing projects are the construction of a new courtroom building at the Madhya Pradesh High Court in Jabalpur, critical care blocks and district integrated public health laboratories in Jammu & Kashmir, a university in Assam, a Government Medical College in Chhattisgarh and other large institutional and residential projects.

According to the CARE Report dated September 28, 2026, Shreejikrupa recorded a 59.79% CAGR in revenue from operations between FY2024 and FY2026. The Company’s revenue from operations increased from ₹542.67 crore in FY2024 to ₹1,385.68 crore in FY2026, while profit for the year increased from ₹39.42 crore to ₹79.34 crore during the same period. EBITDA stood at ₹123.50 crore in FY2026, compared with ₹89.91 crore in FY2025 and ₹54.65 crore in FY2024.

The Company proposes to utilize the net proceeds from the Fresh Issue towards capital expenditure, incremental working capital requirements and general corporate purposes. It plans to deploy ₹51.43 crore towards the purchase and installation of equipment and machinery and scaffolding, including batching plants, concrete pumps, silos, concrete mixers and scaffolding. A further ₹250 crore is proposed to be utilized towards part funding incremental working capital requirements across FY2028 and FY2029.

The Company intends to use the capital expenditure proceeds to expand its owned equipment and machinery base, which it expects will provide greater operational flexibility, enable redeployment of equipment across project sites and support the simultaneous execution of multiple projects.

Anand Rathi Advisors Limited and Intensive Fiscal Services Private Limited are the Book Running Lead Managers to the Offer.