Altman Z″
Needs current assets and current liabilities, reserves, EBIT, net worth and total liabilities.
TECHNOCRAF · Engineering - Construction · INE1D0W01018
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 1998, Technocraft Ventures Limited is a multidisciplinary infrastructure player executing turnkey EPC projects across Northern and Central India, primarily concentrated in Uttar Pradesh and Rajasthan. Its core service offerings span water supply schemes, sewage networks, high-capacity Sewage Treatment Plants (STPs) of up to 56 MLD utilizing SBR and UASB technologies, roads and highways, electrical transmission, and urban planning. The company operates through an in-house engineering team of 78 professionals, bypassing third-party subcontractors for core design-build phases to maintain execution control. Technocraft’s primary customer base comprises central and state government agencies, representing 99.98% of its FY26 operating revenue under major national schemes like AMRUT 2.0, Jal Jeevan Mission, and Namami Gange. Key inputs such as DI pipes and electrical equipment are sourced from established domestic suppliers, with the top 10 suppliers accounting for 47.26% of operations costs. Distinctively, the company transitioned to larger-scale projects via the strategic acquisition of partnership firm M/s Ultratech Engineers, helping build an outstanding order book of ₹12,358.97 million as of FY26.
Strong in-house design-build execution capabilities with proven technical experience in advanced SBR and UASB wastewater treatment systems, combined with pre-qualification credentials for high-capacity (up to 56 MLD) STPs and deep-rooted bidding relationships with state authorities under national flagship schemes.
Technocraft Ventures Limited is an Indian Engineering, Procurement, and Construction (EPC) company specializing in public infrastructure development with a primary focus on water and wastewater treatment systems. The company generates revenue by executing turnkey engineering projects and providing long-term operation and maintenance (O&M) services to government authorities.
Source: RHP Our Business p. 249, 289-292, 307, 391
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Water & Wastewater Infrastructure work | 85.44 | RHP p. 404 |
| Roads and Highways work | 12.87 | RHP p. 404 |
| Operation & Maintenance work | 1.67 | RHP p. 404 |
| Other Operating Revenues / Sale of Material | 0.02 | RHP p. 404 |
India’s infrastructure construction sector is witnessing a rapid expansion driven by national policies, with transport, power, and water supply/sanitation (WSS) representing roughly 80% of the National Infrastructure Pipeline (NIP) outlays. Flagship government initiatives like AMRUT 2.0, with an ₹80,000 million allocation for water security, alongside the Jal Jeevan Mission and Namami Gange, are creating massive demand for high-capacity wastewater treatment and sewerage systems. The EPC model remains the dominant implementation method, accounting for 75% of NIP projects. To reduce regional bidding intensity and capture larger economies of scale, the industry is increasingly favoring multi-disciplinary contractors capable of executing complex, integrated design-build-operate packages.
Growth rate: 1.4x to 1.6x projected investment growth (FY27-31P over FY22-26A)
Market size: ₹37-39 trillion infrastructure investments (FY22-26)
Sector slug: water-and-wastewater-infrastructure
Source: RHP Industry Overview p. 167, 180-183, 341-344
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| VA Tech Wabag Limited | 31.96 | 15.67 | DRHP p. 151, 248 | ||
| Denta Water and Infra Solutions Limited | 14.81 | DRHP p. 151 | |||
| Vishnu Prakash R Punglia Limited | 21.3 | DRHP p. 248 | |||
| Welspun Enterprises Ltd | 15.79 | DRHP p. 248 |
As presented in the offer document. Post-listing figures are in the statements above.
| Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| FY26 | 16.625 | 43.315 | 72.175 | 12.56% | 344.996 | yes | -8.523 |
| FY25 | 67.138 | 28.204 | 49.627 | 10.09% | 279.564 | yes | -9.655 |
| FY24 | 57.914 | 19.054 | 35.025 | 8.43% | 226.102 | yes | -3.256 |
Written before listing, answered from the document itself.
Where is the money going?
Out of the Fresh Issue proceeds, the company has earmarked ₹1,500.00 million for funding its long-term working capital requirements for Fiscal 2027 to execute its unexecuted projects and support active bids. The balance is allocated for general corporate purposes and offer expenses.
RHP p. 136, 237
How concentrated is the customer base?
The customer base is heavily concentrated. The top 10 customers contributed 95.68% of operating revenue in FY26 (₹3,300.85 million), 97.60% in FY25 (₹2,728.64 million), and 99.55% in FY24 (₹2,250.78 million), with Customer-1 representing 24.57% of total FY26 revenue.
RHP p. 299
Is it profitable and growing?
Yes. Revenue from operations grew from ₹2,261.02 million in FY24 to ₹3,449.96 million in FY26 (a CAGR of 23.52%). PAT grew from ₹190.54 million in FY24 to ₹433.15 million in FY26, with EBITDA margin expanding from 15.49% to 20.92% over the same period.
RHP p. 150, 269, 270
What sits in the footnotes / contingent liabilities?
The company has massive outstanding bank guarantees of ₹1,680.33 million as of March 31, 2026. Disputed tax demands challenge ₹99.79 million (₹7.81 million direct tax, ₹91.98 million indirect tax). Unsecured demand loans from related parties stand at ₹311.34 million. Additionally, criminal proceedings exist against promoters under IPC Sections 283, 290, and 431 regarding a worker excavation fatality.
RHP p. 96, 98, 405, 409, 534, 536
What the issue priced at, on the figures in the document.
Ceo: Sanjay Tyagi (Managing Director)
Against Company: 8 tax proceedings involving an aggregate amount of ₹99.79 million (₹7.81 million direct tax, ₹91.98 million indirect tax). Against Promoters: 3 criminal proceedings (including FIR No. 393/2023 regarding a worker fatality during excavation) and 1 direct tax proceeding involving ₹0.06 million.
Promoters and Promoter Group collectively hold 100% (30,101,200 Equity Shares) of the pre-Offer paid-up equity share capital. None of the promoter shares are pledged or encumbered. The Offer includes an Offer for Sale of up to 2,376,000 Equity Shares by Kartikey Constructions (Partnership Firm).
Statutory auditors Rishi Kapoor & Company issued an unmodified examination report on the Restated Consolidated Financial Information. However, notes to accounts disclose an accounting adjustment for ₹0.14 million of incorrectly recorded interest on delayed payments to MSMEs in FY25. Significant related party transactions exist with Group Company VVIP Infratech Limited, comprising purchases and job work of ₹111.38 million in FY26 and ₹657.43 million in FY25.
Source: RHP p. 1, 38, 96, 113, 120, 365, 391, 393, 394, 534, 536
A change between the two filings is a disclosure in itself.
| Field | Rhp value | Drhp value | Note | Source |
|---|---|---|---|---|
| Financial Information Period | Restated consolidated financial information for Fiscals 2026, 2025, and 2024 | Restated consolidated financial statements for Fiscals 2025, 2024, and 2023 | The restated consolidated financial information was rolled forward to cover full Fiscal 2026, dropping the oldest reporting year (Fiscal 2023) from the statements. | DRHP p. 22, 85; RHP p. 28, 90 |
| Use of Proceeds (Working Capital Allocation) | ₹1,500.00 million | ₹1,380.00 million | The estimated deployment of Fresh Issue proceeds allocated for the company's long-term working capital requirements was increased by ₹120.00 million. | DRHP p. 72, 82; RHP p. 77, 91 |
| Outstanding Litigations (Tax Proceedings against Company) | 8 tax proceedings involving an aggregate amount of ₹99.79 million | 6 tax proceedings involving an aggregate amount of ₹31.34 million | Outstanding tax claims and disputes pending against the company grew in both case count (by 2 cases) and total disputed value (increasing by ₹68.45 million). | DRHP p. 31, 85; RHP p. 38, 96 |
| Company Secretary and Compliance Officer | Shefali Kesarwani | Saket Surolia | The company appointed Shefali Kesarwani as the new Company Secretary and Compliance Officer, replacing Saket Surolia prior to the RHP filing. | DRHP p. 338, 563; RHP p. 371, 620 |
| Designated Stock Exchange | BSE Limited | [●] | BSE Limited was formally designated as the Designated Stock Exchange for the purposes of the public offering in the RHP. | DRHP p. 7; RHP p. 329 |
| Industry Report (CRISIL Report) Date | July 2026 (pursuant to engagement letter read with corrigendum dated March 07, 2026) | August 05, 2025 | The third-party assessment report by CRISIL Intelligence was revised and updated to a July 2026 edition to capture rolled-forward industry metrics. | DRHP p. 8, 24, 64; RHP p. 30, 69, 345 |
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Borrowings rose 63% over 3 years, but only about 26% of the new debt shows up as productive assets — worth understanding what the rest funded.
Why this reading: Kept at caution rather than flagged: the disproportion is real but not extreme, and part of the borrowing may fund working capital or intangibles that this view doesn't capture.
New borrowing ₹43 cr against an asset build of ₹11 cr. Some gap is normal (working capital, dividends); a persistent or widening gap is where it becomes a concern.
Net margin improved from 8.4% to 11.8% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 11.8% vs 8.4% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹23 cr, negative in 2 of 4 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities, reserves, EBIT, net worth and total liabilities.
Needs more balance-sheet detail (only 2 of 9 signals testable).
Needs trade receivables, total assets, current assets, net block, other expenses, borrowings, operating cash flow.
Free cash flow negative in 2 of 4 years.
cumulative operating cash flow ÷ cumulative net profit
₹11 cr ÷ ₹27 cr, over 4 years
0.41×
Below 1.0 and persistent means profit is being recognised before the cash arrives.EBIT ÷ finance cost
₹71 cr ÷ ₹12 cr
5.92×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 0 of 6 flags testable).
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 70.00% to 70.00% across these quarters.
FII held steady from 6.49% to 6.49% across these quarters.
Other held steady from 23.51% to 23.51% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 232 | 277 | 238 | 104 | 162 |
| Inventory days
How long stock sits before it sells | 44 | 60 | 60 | 114 | 111 |
| Payable days
How long the company takes to pay suppliers | 140 | 107 | 69 | 69 | 45 |
| Cash conversion cycle
Debtor + inventory − payable days | 135 | 229 | 229 | 149 | 227 |
| Working capital days | 193 | 203 | 208 | 57 | 104 |
| ROCE %
Return on capital employed | — | 10.0% | 12.0% | 16.0% | 20.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 129 | 91 | 121 | 179 | 226 | 345 |
| Other income | 1 | 2 | 3 | 2 | 1 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 |
| Finance cost | 5 | 6 | 8 | 8 | 8 | 12 |
| Profit before tax | 8 | 6 | 8 | 15 | 26 | 59 |
| Net profit (owners) | 6 | 4 | 6 | 11 | 19 | 43 |
| EPS (₹) | 8.07 | 5.40 | 8.19 | 14.72 | 25.74 | 14.39 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 91 | 140 | 93 |
| Other Income | 0 | 1 | 1 |
| Expenses | 75 | 105 | 75 |
| Depreciation | 0 | 1 | 0 |
| Finance cost | 3 | 4 | 4 |
| Profit before tax | 12 | 32 | 14 |
| Net Profit | 9 | 24 | 11 |
| EPS | 3.10 | 7.83 | 3.55 |
| Item | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 | 8 |
| Reserves | 45 | 49 | 55 | 66 | 85 |
| Borrowings | 50 | 68 | 82 | 67 | 111 |
| Net block | 0 | 0 | 0 | 9 | 12 |
| CWIP | 0 | 1 | 1 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 155 | 164 | 179 | 188 | 262 |
| Line | FY2020 | FY2021 | FY2022 | FY2023 |
|---|---|---|---|---|
| Cash from operations | 0 | -5 | -8 | 24 |
| Cash from investing | 0 | 1 | -2 | 1 |
| Cash from financing | 0 | 12 | 6 | -28 |
| Free cash flow | 0 | -6 | -10 | 23 |
| Net change in cash | 0 | 8 | -4 | -3 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.