Here are the full details of the Mahendra Realtors & Infrastructure Limited IPO, which is currently open for subscription.
Mahendra Realtors & Infrastructure Limited IPO is a SME platform listing, offering a combination of fresh equity and promoter stake sale, with a clear focus on strengthening working capital and operational capability.
It showcases the company’s established operational track record, diversified project portfolio, and strong recent financial growth.
IPO Dates
| Event | Date |
|---|---|
| Anchor Investor Bidding | August 11, 2025 |
| IPO Opens | August 12, 2025 |
| IPO Closes | August 14, 2025 |
| Basis of Allotment Finalized | August 18, 2025 |
| Refund Initiation / Demat Credit | August 19, 2025 |
| Listing on NSE SME | August 20, 2025 |
IPO Details
- Face Value: ₹10 per share
- Price Band: ₹75 to ₹85 per share
- Lot Size / Minimum Investment: 1,600 shares, amounting to ₹136,000 minimum
- Total Issue Size: 58,17,600 shares
- Offer for Sale: 10,91,200 shares of ₹10
- Issue Type: Bookbuilding IPO
- Listing At: NSE SME
- Share Holding Pre Issue: 1,73,77,500 shares
- Share Holding Post Issue: 2,21,03,900 shares
GMP of Mahendra Realtors & Infrastructure IPO
Here’s the current status of the Grey Market Premium (GMP) for Mahendra Realtors & Infrastructure Limited IPO:
- The Economic Times reports that market observers estimate the GMP at around 7%.
- IPOCentral lists an SME IPO GMP of ₹5, which equates to about 5.9% over the upper price band (₹85) of the issue.
Summary
- Estimated GMP: approximately 7% over issue price.
Promoters of Mahendra Realtors & Infrastructure
Here are the promoters of Mahendra Realtors & Infrastructure Limited, along with details about their roles and backgrounds:
1. Mr. Hemanshu Shah
- Role: Promoter & Managing Director
- Education & Experience: Holds a Diploma in Civil Engineering, with over 18 years of experience in infrastructure, redevelopment, and BOT (Build–Operate–Transfer) projects. He has been with the company in June 2007.
2. Mr. Bhavesh Mahendrakumar Shah
- Role: Promoter & Whole-Time Director
- Experience: Over 17 years in BOT and redevelopment projects; oversees financial planning, budgeting, and investment strategy.
3. Ms. Chandrika Mahendra Shah
- Role: Promoter (Non-executive capacity)
4. Ms. Hetal Bhavesh Shah
- Role: Promoter & Non-Executive Director
- Background: Completed secondary education with administrative and office-management expertise; instrumental in operational coordination.
5. Ms. Varsha Hemanshu Shah
- Role: Promoter
Summary Table
| Promoter | Role | Relevant Details |
|---|---|---|
| Hemanshu Shah | Promoter & Managing Director | Diploma in Civil Engineering; 18+ years in infrastructure |
| Bhavesh Mahendrakumar Shah | Promoter & Whole-Time Director | 17+ years; handles finance & strategic planning |
| Chandrika Mahendra Shah | Promoter | Non-executive involvement in company governance |
| Hetal Bhavesh Shah | Promoter & Non-Executive Director | Administrative and coordination expertise |
| Varsha Hemanshu Shah | Promoter | Part of the promoter ownership group |
Mahendra Realtors & Infrastructure Limited IPO Lot Size
Here is the lot size information for the Mahendra Realtors & Infrastructure Limited IPO, presented clearly in a table.
| IPO Open Date | Tue, Aug 12, 2025 |
| IPO Close Date | Thu, Aug 14, 2025 |
| Tentative Allotment | Mon, Aug 18, 2025 |
| Initiation of Refunds | Tue, Aug 19, 2025 |
| Credit of Shares to Demat | Tue, Aug 19, 2025 |
| Tentative Listing Date | Wed, Aug 20, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 14, 2025 |
Notes:
- The lot size is 1,600 shares, which means each application must be in multiples of 1,600 shares.
- Based on the upper price band of ₹85, the minimum investment works out to ₹136,000 (i.e., 1,600 × ₹85).
- A few sources (like Moneycontrol) also mention a retail maximum of 2 lots (i.e., up to 3,200 shares).
Mahendra Realtors & Infrastructure Limited IPO Promoter Holding
Here’s the information on the promoter holding of Mahendra Realtors & Infrastructure Ltd in its IPO:
| Stage | Promoter Holding |
|---|---|
| Pre-IPO | 100% (entire equity held by promoters) |
| Post-IPO | Not disclosed explicitly; however, with ~26.32% of equity offered to the public, promoters likely retain ~73.68% control |
Notes & Insights
- Pre-IPO Holding: The company states that promoters hold 100% of the equity prior to the IPO.
- Post-IPO Holding: While exact figures weren’t disclosed in the available sources, the IPO issuance amounts to approximately 26.32% of the post-issue paid-up capital. This implies that after listing, promoters are expected to hold around 73.68% of the company’s outstanding shares.
About Mahendra Realtors & Infrastructure Limited
- Services: Specializes in structural repairs, rehabilitation, retrofitting, waterproofing, corporate interiors, BOT projects, and infrastructure restoration.
- Track Record: Over 200 projects executed across multiple states including Maharashtra, Gujarat, Goa, Andhra Pradesh, Tamil Nadu, and Delhi. Notable projects include structural upgrades at Vashi & Belapur railway stations, retrofitting at Ghatkopar (certified by IIT Bombay), and interiors for IIT Bombay, SVP Hospital Ahmedabad, among others.
Core Business Verticals:
- Structural repairs, rehabilitation, and retrofitting
- Waterproofing
- Corporate interiors and turnkey solutions
- BOT (Build-Operate-Transfer) projects
- Facility maintenance, general construction, and infrastructure restoration
Clientele & Projects:
Impressive track record with over 200 projects completed for 50+ clients, spanning prominent government and institutional clients such as:
- CIDCO (Vashi & Belapur railway stations)
- IIT Bombay
- Airport Authority of India
- SVP Hospital, Ahmedabad
- VVIP Circuit House, Pune
Delivery across multiple states: Maharashtra, Gujarat, Delhi, Tamil Nadu, Andhra Pradesh, and Goa.
Summary
Mahendra Realtors & Infrastructure Limited stands out as a seasoned infrastructure services firm with proven technical strengths, solid financial footing, and a track record across public and institutional sectors.
Its reliance on government projects and client concentration are important considerations, but its efficiency, leadership, and positive workplace help position it well in a growing infrastructure landscape.
Mahendra Realtors & Infrastructure Limitd Financial Information
Here’s a detailed look at Mahendra Realtors & Infrastructure Limited financials (all figures in ₹ crores), covering the latest fiscal year and recent performance indicators:
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹137.54 Crore | ₹93.01 Crore | ₹98.21 Crore |
| Total Income | ₹128.69 Crore | ₹105.11 Crore | ₹66.07 Crore |
| Profit After Tax | ₹14.87 Crore | ₹11.58 Crore | ₹4.04 Crore |
| EBITDA | ₹21.90 Crore | ₹17.00 Crore | ₹9.04 Crore |
| Net Worth | ₹70.89 Crore | ₹56.02 Crore | ₹44.44 Crore |
| Reserves and Surplus | ₹53.51 Crore | ₹38.65 Crore | ₹43.20 Crore |
| Total Borrowing | ₹27.81 Crore | ₹16.13 Crore | ₹43.64 Crore |
- Revenue: ₹90.26 crores
- EBITDA: ₹16.40 crores (Margin ~16.75%)
- PAT: ₹11.36 crores (Margin ~12.59%)
- Total Debt: ₹21.94 crores
- Net Worth: ₹61.70 crores
Key Performance Indicator (KPI)
Sure! Here are the Key Performance Indicators (KPIs) for Mahendra Realtors & Infrastructure Limited, presented clearly in a table for quick reference:
| KPI | Values |
|---|---|
| ROE | 23.43% |
| ROCE | 30.56 % |
| Debt/Equity | 0.22 |
| RoNW | 23.43% |
| PAT Margin | 11.91% |
| EBITDA Margin | 17.55% |
| Price to Book Value | 2.08 |
Highlights & Interpretation
- ROE (~23%): Indicates robust profitability relative to shareholders’ equity—well above the generally sought-after benchmark of 15%.
- ROCE (~30.6%): Signifies exceptionally efficient use of both equity and debt capital—especially impressive in a capital-intensive sector like infrastructure.
- Healthy Margin Profile: Strong EBITDA margin (~17.6%) and PAT margin (~11.9%) reflect effectively controlled operations and profitability.
- Low Leverage: A debt-to-equity ratio as low as 0.09× pre-IPO and even 0.22× post-IPO highlights conservative leverage and financial stability.
- Valuation Context: An approximate P/E of 16.55× and a Price-to-Book value of 2.64× suggest moderately priced equity, with respectable earnings valuation and tangible asset backing.
- EPS Adjustment: The pre-IPO EPS stood at ₹6.66 per share, adjusting to ₹5.14 on a diluted basis post-IPO, due to the increase in the number of shares.
These KPIs reflect a financially sound company with strong returns, efficient use of capital, robust margins, and conservative leverage—making it an interesting case in the SME infrastructure segment.
Strengths of Mahendra Realtors & Infrastructure Limited IPO
- Comprehensive Service Portfolio: The company provides an extensive range of services—from structural repairs and waterproofing to interiors, BOT projects, and infrastructure restoration—enabling versatile delivery across multiple sectors.
- Technical Execution Excellence: Known for handling complex civil engineering tasks using advanced methods like steel jacketing and polymer-modified mortar, with some work certified by IIT Bombay.
- Strong Public Sector Track Record: Completed 200+ projects for over 50 clients, including prominent institutions and government bodies such as CIDCO, IIT Bombay, Airport Authority of India, SVP Hospital, and more.
- Polished Processes & Management Discipline: ISO-aligned operations, effective procurement, risk control, and on-time delivery foster project reliability and trust.
- Financial Strength: Strong financial indicators—high Return on Equity (~23%), ROCE (~30%), healthy margins, and low debt-to-equity ratio—suggest financial stability and efficient capital usage.
Risks of Mahendra Realtors & Infrastructure Limited IPO
- Customer Concentration: Over 50% of revenue stems from just the top 10 clients, making the business vulnerable if any major client reduces or withdraws orders.
- Bid & Project Dependency: Revenue relies heavily on winning government tenders; failure to secure projects or the necessity to underbid could adversely affect performance.
- Geographical & Sector Concentration: Operations are concentrated regionally and primarily within government assignments, limiting diversification and exposing the company to policy or regional disruptions.
- Execution & Operational Risks: Projects being work-order based without long-term contracts, dependency on manpower availability, and potential delays or cancellations pose operational uncertainties.
- Supply Chain Dependencies: Significant reliance on a limited number of suppliers means disruptions could negatively impact profitability.
- Regulatory & Legal Exposure: The company faces legal risks, such as pending GST show-cause notices and incomplete transfer deeds (e.g., for gifted shares), and any future litigation could affect finances or operations.
- Tender-Based Revenue Instability: Government project delays, cancellations, or inadequate working capital may affect cash flow and project delivery.
At a Glance
| Strengths | Risks |
|---|---|
| Diverse, value-added service offerings & technical depth | High client concentration & narrow customer base |
| Strong public sector credentials & delivery record | Revenue depends heavily on government contract wins |
| Well-structured processes & experienced leadership | Geographical & sectoral dependency |
| Financial robustness (ROE, ROCE, margins, low leverage) | No long-term contracts; execution & manpower risks |
| Quality management and low-risk supply chain execution | Legal & regulatory uncertainties |
Mahendra Realtors & Infrastructure Limited Contact Details
Here are the contact details for Mahendra Realtors & Infrastructure Limited, as sourced from the IPO prospectus and verified directories:
Company (Registered Office)
- Address:
603, Quantum Tower, Ram Baug, Opp Dal Mill, Off S.V. Road, Malad (West), Mumbai – 400064, Maharashtra, India - Phone: +91 90828 50343
- Email: info@mripl.net
- Website: https://www.mripl.net/
IPO Registrar – Link Intime India Pvt. Ltd.
- Phone: +91 810 811 4949
- Email: mahendrarealtors.ipo@linkintime.co.in
- Office Address:
C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083
Summary Table
| Entity | Contact Details |
|---|---|
| Company | 603, Quantum Tower, Ram Baug, Opp Dal Mill, Off S.V. Road, Malad (West), Mumbai – 400064 Phone: +91 90828 50343 Email: info@mripl.net Website: https://www.mripl.net/ |
| IPO Registrar | Link Intime India Pvt. Ltd., C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083 Phone: +91 810 811 4949 Email: mahendrarealtors.ipo@linkintime.co.in |
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