Srinibas Pradhan Constructions Ltd IPO

Infrastructure Developers & Operators

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Price Band

₹91 – ₹98

Lot Size

1200

Minimum Bid Quantity

2400

Minimum Investment

₹235200

Issue Size

₹20.32Cr

Opens

2026-03-06

Closes

2026-03-10

Listing

13-03-2026

Subscription Status

Qualified Institutional Buyers

1.12 x

Non-Institutional Investor

1.5 x

Retail Individual Investor

0.62 x

Total

1.08 x

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

1

ISIN

INE0TPJ01019

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Srinibas Pradhan Construction is engaged in infrastructure development in the State of Odisha, with a primary focus on roads and highways, including rural roads, major district roads, and urban road projects. The company also undertakes the construction of bridges, high-level bridges, and steel structures used in bridge works and industrial sheds. Its civil construction activities cover foundations, superstructures, multi-storied buildings, factories, industrial facilities, irrigation works, and canal-related projects. The company executes projects primarily through participation in competitive bidding processes floated by government departments, state and central public sector undertakings, and other public authorities. It uses materials such as aggregate, sand, tar, cement, and steel to deliver infrastructure works as per project specifications and contractual requirements. The company operates with a P.W.D. Contractors Registration Certificate as a ‘B’ Class contractor in Odisha. Its wholly owned subsidiary, Srinibas Pradhan Infra Private Limited, holds an ‘A’ Class contractor registration, enabling participation in higher-value tenders. Together, they undertake projects across roads, bridges, civil, irrigation, and industrial construction segments within the state.

Pros

  • • The company claims to benefit from the industry experience of its promoters, particularly Mr. Srinibas Pradhan, who has been associated with construction and infrastructure projects since 2001, along with Ramakanta Pradhan. Their experience is stated to contribute to project execution capability, tender participation, and operational oversight within the Odisha infrastructure sector.
  • • The company claims to have a team of engineers with technical and on-site execution experience in civil and infrastructure projects. The presence of technically qualified personnel is stated to support supervision of works, adherence to specifications, and timely completion of projects.
  • • The company claims to maintain backward linkages for sourcing key construction materials such as bricks, sand, and other supplies. This approach is stated to provide greater control over procurement timelines, cost management, and continuity of supply during project execution.

Cons

  • • The company derives 100% of its revenue from projects executed in Odisha, amounting to Rs 45.59 crore for the period ended September 30, 2025; Rs 89.68 crore in FY25; Rs 35.27 crore in FY24; and Rs 26.35 crore in FY23. Such complete regional concentration exposes the business to state-specific risks, including policy changes, a reduction in infrastructure spending, administrative delays, economic slowdown, and regional competition. Any adverse developments in Odisha, including changes in tendering norms or government priorities, may materially affect order inflow, execution capability, and financial performance.
  • • A substantial portion of revenue is derived from a limited number of customers. The top 10 customers contributed Rs 44.88 crore (98.45%) for the period ended September 30, 2025; Rs 87.65 crore (97.73%) in FY25; Rs 34.09 crore (96.66%) in FY24; and Rs 26.35 crore (100.00%) in FY23. Dependence on a small client base increases exposure to risks such as non-renewal of contracts, pricing pressure, delayed payments, or reduction in project allocation, which could materially impact revenue stability and cash flows.
  • • The company may face liabilities arising from construction defects, quality claims, or project execution delays. Rectification of defects could lead to additional costs, deployment of extra resources, penalties, or reputational damage. In extreme cases, disputes or adverse findings could impact future tender eligibility, contractor registrations, or lead to blacklisting, which may adversely affect business continuity and financial results.

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