Technocraft Ventures IPO

Its order book, or the value of projects yet to be completed, grew from ₹752.88 crore in FY24 to ₹1,235.9 crore in FY26, which is 3.6x of its FY26 revenue. This healthy pipeline gives the company good revenue visibility and keeps its project teams engaged for the coming years.

Profit after tax increased from ₹19.05 crore in FY24 to ₹43.32 crore in FY26. Since profits grew faster than revenue, its profit margin improved from 8.43% to 12.56%. This shows the company is becoming more efficient at managing costs as it expands.

In FY26, the company reported a Return on Equity (ROE), which measures how well it generates profit from shareholders' money, of 26.51%, and a Return on Capital Employed (ROCE), which shows how efficiently it uses its overall capital, of 27.72%. These strong numbers indicate that the company is using both investor funds and borrowings effectively to generate profits.

In FY26, the company won 5 out of 17 projects it bid for on its own, giving it a conversion rate of 29.41%. When bidding as the lead partner in a consortium (a group of companies working together), its success rate rose to an impressive 75.00%. This strong track record helps it secure large and valuable government contracts on a regular basis.

The company's revenue grew from ₹226.10 crore in FY24 to ₹345 crore in FY26, delivering a strong compound annual growth rate (CAGR), or average yearly growth, of 23.52%. This steady rise reflects strong project execution and growing demand for its public infrastructure services.

The cost of executing projects has reduced as a share of revenue. Direct expenses fell from 81.38% of revenue in FY24 to 74.76% in FY26, amounting to ₹257.94 crore. This suggests the company is benefiting from better project execution and a more profitable mix of contracts.

A large part of the company's business comes from just a few states. In FY26, Rajasthan alone contributed ₹217.53 crore, or 63.05% of total operating revenue. Any slowdown or policy change in the state could affect the company's overall performance.

In FY26, government contracts contributed 99.98% of the company's total revenue, amounting to ₹344.94 crore. If government spending slows, budgets are reduced, or project priorities change, it could directly affect the company's order pipeline and future revenue.

The company's business requires substantial upfront spending before it receives payments from government authorities. Its working capital requirement for FY27 is estimated at ₹290.93 crore. Any delay in payment approvals from government clients could put pressure on its cash flow and day-to-day operations.

The company's business is heavily concentrated in Uttar Pradesh. Out of the 18 projects it has completed, 16 are in the state, and 8 of its 19 ongoing projects are also located there. This means any economic slowdown, policy change, or political shift in Uttar Pradesh could have a significant impact on its business and profitability.

As of March 31, 2026, the company had outstanding bank guarantees of ₹168.03 crore to support its project commitments. A bank guarantee is a financial promise that the bank will compensate the client if the company fails to meet its contractual obligations. If these guarantees are invoked because of project delays or disputes, the company could face a significant financial burden.

As of May 31, 2026, the company had unsecured loans of ₹32.00 crore that lenders can ask to be repaid at any time. If these loans are recalled on short notice, it could create a cash crunch and disrupt project execution.