Safety Controls & Devices Ltd IPO
Power Infrastructure
Price Band
₹75 – ₹80
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹256000
Issue Size
₹48Cr
Opens
2026-04-06
Closes
2026-04-08
Listing
13-04-2026
Subscription Status
Qualified Institutional Buyers
1.31 x
Non-Institutional Investor
2.05 x
Retail Individual Investor
0.71 x
Total
1.23 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE0UMH01018
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Safety Controls & Devices Limited is Lucknow-based and operates in the engineering, procurement, and construction (EPC) segment, with activities spanning power infrastructure, renewable energy, fire protection systems, and civil construction. The company is primarily engaged in the design, engineering, supply, installation, testing, and commissioning of transmission substations, as well as the construction of solar power plants, firefighting systems, and hospital infrastructure projects. Its operations are largely focused on turnkey project execution across sectors such as transmission and distribution, solar energy, and public infrastructure. Initially focused on fire protection systems, the company has diversified over time into high-voltage substation projects, including the construction of substations up to 400 kV. It has completed multiple substation projects for government and private sector clients. The company primarily serves government entities, public utilities, and infrastructure-focused organisations.
Pros
- • The company claims to be experienced in executing projects up to 400 kV AIS substations, which enables it to participate in high-value tenders within the power infrastructure sector.
- • A significant portion of the company’s claimed revenue is derived from government contracts. Its established relationships with public sector undertakings and government entities support continued participation in tender-based projects and provide visibility for future opportunities.
- • The company claims to maintain working relationships with suppliers and original equipment manufacturers (OEMs), facilitating the procurement of quality materials at competitive prices. This supports cost efficiency and enhances its ability to submit competitive bids.
Cons
- • The company derives a significant portion of its revenue from the power sector, particularly solar and substation projects. Solar projects contributed Rs 66.73 crore (65.05%) in FY25, Rs 3.50 crore (7.82%) in FY24, and Rs 13.08 crore (27.31%) in FY23. Substations contributed Rs 23.65 crore (23.05%), Rs 36.48 crore (81.58%), and Rs 23.82 crore (49.75%) in the same periods. Such dependence exposes the company to sector-specific risks, including policy changes and demand fluctuations
- • The company relies heavily on government contracts for its operations. Any delays in approvals, changes in government policies, budgetary constraints, or shifts in administrative priorities may impact project execution and order inflows. Regulatory changes, particularly in sectors such as renewable energy and public infrastructure, may adversely affect revenue visibility and financial performance.
- • The company derives a substantial portion of its revenue from a limited number of customers. The largest customer contributed Rs 66.73 crore (65.07%), Rs 32.18 crore (71.97%), and Rs 13.08 crore (27.31%) to FY25, FY24, and FY23, respectively. The top 3 customers contributed Rs 96.54 crore (94.13%), Rs 39.97 crore (89.41%), and Rs 36.90 crore (77.07%), while the top 10 customers contributed nearly the entire revenue base across these periods. Loss of any key customer or reduction in order volumes from them may materially impact revenue, profitability, and cash flows.
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