Pranav Constructions
- Issue price
- ₹ 124
- Issue size
- ₹ 351.03 Cr.
- Min. investment
- ₹ 14,880
- Listing price
- ₹ 165
- Subscribed
- 121x
- Lot size
- 120 shares
- P/E
- 19.59
- RoNW
- 33.78%
- RoCE
- 24.34%
- Debt / Equity
- 1.08
- PAT margin
- 9.37%
- EBITDA margin
- 17.18%
- RoE
- 33.78%
- EPS
- ₹ 6.33
- NAV
- ₹ 28.30
- Promoter stake
- 48.54%
About
Pranav Constructions Limited was started in July 2003 and became a public limited company in July 2024. It is a real estate company that works only on redevelopment projects in the Municipal Corporation of Greater Mumbai region, with most of its work in the Western Suburbs. Redevelopment means pulling down an old housing society building and constructing a new one in its place. The society members get new flats, and the developer earns from the extra flats it is allowed to build and sell. The company signs redevelopment agreements directly with co-operative housing societies, which means it does not have to buy expensive land first. It builds homes in three segments, which it calls Economical, Mid and Mass, and Aspirational. As on 31 March 2026 its portfolio had 65 redevelopment projects across the Greater Mumbai region, made up of 28 completed projects, 20 under construction and 17 upcoming, adding up to a total developable area of about 5.01 million square feet. It handles the work in house across the stages of a project, covering tendering, pre-construction, construction and post-construction. It has been doing redevelopment work since 2012. As on 31 March 2026 it had 198 permanent employees.
Timeline
- doneOpens7 Sep
- doneCloses9 Sep
- doneAllotment10 Sep
- doneRefunds11 Sep
- doneDemat credit11 Sep
- doneListing15 Sep
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 50 on 12 Sep 2026
- Lowest
- ₹ 23 on 1 Sep 2026
- First quoted
- ₹ 23 on 1 Sep 2026
Subscription
How many times each investor group bid for its share, as of 14 Sep 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 120 | ₹ 14,880 |
| Retail (Max) | 13 | 1,560 | ₹ 1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹ 2,08,320 |
| B-HNI (Min) | 68 | 8,160 | ₹ 10,11,840 |
Company overview
Financials
| Assets | 1,799.19 | 1,246.29 | 966.8 |
| Total Income | 763.93 | 638.24 | 449.75 |
| Profit After Tax | 71.32 | 62.25 | 39.62 |
| EBITDA | 130.83 | 98.54 | 59.73 |
| NET Worth | 246.7 | 175.59 | 88.37 |
| Reserves and Surplus | 159.52 | 88.41 | 84.7 |
| Total Borrowing | 258.44 | 196.5 | 99.34 |
Strengths
- Profit has grown every year, from Rs 39.62 crore in FY2024 to Rs 62.25 crore in FY2025 and Rs 71.32 crore in FY2026.
- Sales have grown strongly, from Rs 449.75 crore in FY2024 to Rs 638.24 crore in FY2025 and Rs 763.93 crore in FY2026.
- EBITDA has more than doubled in two years, from Rs 59.73 crore in FY2024 to Rs 130.83 crore in FY2026.
- Return on net worth is high at 47.17%, with RoCE of 24.83% and a PAT margin of 9.78%.
- The issue is priced moderately at about 19.59 times earnings on an EPS of Rs 6.33.
- The redevelopment model is capital efficient. The company signs agreements with housing societies instead of buying costly Mumbai land upfront.
- The project pipeline is large and visible, with 65 projects covering about 5.01 million square feet, of which 20 are under construction and 17 upcoming.
- It has a long record, having been set up in 2003 and doing redevelopment work since 2012, and handles tendering through to post-construction with its own teams.
- Net worth grew from Rs 88.37 crore in FY2024 to Rs 246.70 crore in FY2026, and Rs 91.50 crore of the issue money will repay borrowings.
Risks
- Borrowing has risen steadily and is now higher than the own funds. It went from Rs 99.34 crore in FY2024 to Rs 196.50 crore in FY2025 and Rs 258.44 crore in FY2026, against a net worth of Rs 246.70 crore.
- Profit is growing slower than sales. In FY2026 income rose 20% but profit after tax rose only 15%, so the margin has come down a little.
- Redevelopment depends on many approvals. Government and statutory clearances, extra FSI and the consent of society members can each hold up a project for a long time.
- The company has to pay society members for alternate accommodation and hardship while the new building comes up. Rs 145.72 crore of the issue money is set aside for redevelopment expenses of this kind, which is cash going out well before any flat is sold.
- The whole business is in one market, the Greater Mumbai region with a focus on the Western Suburbs. Any slowdown, policy change or rule change in that one market affects everything.
- A part of the money is for acquiring future redevelopment projects along with general corporate purposes, and no specific project has been named.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- Promoter holding falls from 63.35% to 48.54% after the issue, which leaves the promoters below a half share.
- Real estate demand moves with interest rates. A rise in home loan rates slows bookings and delays cash coming in.
What the money is for
| Funding costs towards obtaining government and statutory approvals and purchase of additional FSI and cost towards Compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of the Under-construction Redevelopment Projects, and certain of the Upcoming Redevelopment Projects (Funding Redevelopment Expenses | 145.72 |
| Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company | 91.5 |
| Funding acquisition of future redevelopment projects and general corporate purposes. | — |
Promoters
- Pranav Kiran Ashar
- Ravi Ramalingam
Anchor investors
14 anchors put in ₹ 84.24 Cr., including 7 mutual funds.
| GOLDMAN SACHS INVESTMENTS (MAURITIUS) I LTD. | 20,16,120 | 25 | 29.67% |
| ITI MID CAP FUND | 8,06,400 | 10 | 11.87% |
| ITI BHARAT CONSUMPTION FUND | 1,61,280 | 2 | 2.37% |
| TAURUS FLEXI CAP FUND | 4,83,840 | 6 | 7.12% |
| TAURUS MID CAP FUND | 2,82,240 | 3.5 | 4.15% |
| TAURUS ELSS TAX SAVER FUND | 1,41,120 | 1.75 | 2.08% |
| TAURUS LARGE CAP FUND | 80,640 | 1 | 1.19% |
| TAURUS INFRASTRUCTURE FUND | 20,160 | 0.25 | 0.3% |
| ABUNDANTIA CAPITAL VCC-ABUNDANTIA CAPITAL III | 4,03,320 | 5 | 5.94% |
| ASAS GLOBAL FUND INCORPORATED VCC SUB FUND | 4,03,320 | 5 | 5.94% |
| ASHIKA INDIA SELECT FUND | 4,03,320 | 5 | 5.94% |
| ASIO FUND VCC,THE-SUB FUND 4 | 6,04,920 | 7.5 | 8.9% |
| RIGEL GLOBAL FUND | 4,03,320 | 5 | 5.94% |
| SAINT CAPITAL FUND | 5,84,034 | 7.24 | 8.6% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 10 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- Centrum Capital Ltd., Pnb Investment Services Ltd
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.