Pratham EPC ProjectsShare price, financial results, shareholding and management
- Market cap
- ₹200 cr
- Stock P/E
- 32.5peers 6.8
- Book value
- ₹49.9
- Price to book
- 2.20
- EV / operating profit
- 20.9
- Market cap to sales
- 1.43
- ROCE · FY26
- 10.4%
- ROE · FY26
- 7.4%
- ROE, 3-year average
- 17.6%
- Operating margin · FY26
- 8.1%peers 14.8%
- Sales growth, 3 years
- 41.0%
- Profit growth, 3 years
- -8.3%
- Debt to equity
- 0.51peers 0.42
- Borrowings
- ₹46.6 cr
- Interest cover
- 2.7×
- Cash from business / op. profit
- -156%
- Debtor days
- 102
- Pledged
- 0.00%
- Promoter holding
- 71.16%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,598
- 52-week high / low
- ₹172 / ₹95
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Pratham EPC Projects share price chart
Close on 6 Nov 2026 · +6.80% on the day · Vol 4,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.4%
- 3 months
- -8.3%
- 6 months
- -24.7%
- 1 year
- -35.1%
- Since IPO
- +46.7%
- Traded a day, 20 days
- ₹0.15 cr
- Taken for delivery
- 97%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +18% | -55% |
| 3 years, a year | +41% | -8% |
| Latest half, H2 FY26 | +27% | -80% |
About Pratham EPC Projects: business, products and customers
Pratham EPC Projects lays oil and gas pipelines across the country and inside cities, builds gas filling stations and lays water supply pipelines, mostly for gas companies and government bodies. Its shares trade on NSE Emerge.
Pratham EPC Projects was started in 2008 as a partnership by two mechanical engineers, Pratikkumar Vekariya and Nayankumar Pansuriya, and became a company in 2014. It designs, buys materials for, welds, tests and commissions pipelines: long cross-country lines, city gas networks that run to homes, shops and factories, compressed natural gas stations and water supply networks. It holds 52% of Pipeflow Integrity India and, from June 2024, all of a UAE company set up to bid for cross-country work in the Middle East.
Almost all work is won by tender, where the lowest qualified bidder gets the contract, and a contractor qualifies for bigger jobs by the length of pipeline it has already laid. Revenue is booked only as stages of work are certified by an engineer, so large contracts leave more unbilled work sitting as inventory and cash comes in well after it is spent. In some contracts the client supplies steel and cement, which lowers the revenue booked on that job against one where the company buys its own material.
Read more about the business
Part of the work comes as a subcontractor to a main contractor rather than directly from the pipeline owner, and in the half year to September 2023 a single customer gave most of the revenue. The offer document compares the company with Likhitha Infrastructure, a listed company that also lays oil and gas pipelines and builds city gas networks.
From the offer document (prospectus, March 2024), the annual report for FY24 and Crisil Ratings' notes of December 2024 and March 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 41% a year over three years.
- The promoters own a large part of the company: 71.16%.
To watch
- Progress on the ₹497 cr Sun Petro Chemicals order won in 2024 (Annual report FY24, p.20).
- Whether the cash tied up in working capital falls toward the 180 days Crisil names as a reason to upgrade the rating (Crisil Ratings, rating rationale, 9 March 2026, p.1).
- A first order for the UAE subsidiary set up in June 2024 (Crisil Ratings, rating rationale, 9 March 2026, p.1).
- Its borrowings rose a lot last year: ₹46.6 cr, from ₹11.9 cr.
- The promoters' share has come down: 71.16%, from 72.97%.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Pratham EPC Projects revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Pratham EPC Projects half-yearly results
SME companies report every six months · ₹ crore
| H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 31 | 35 | 35 | 62 | 56.93 | 67.97 | 72.25 |
| Expenses | 27 | 28 | 28 | 52 | 49.95 | 59.85 | 68.97 |
| Operating profit | 4 | 7 | 7 | 10 | 6.98 | 8.12 | 3.28 |
| OPM | 12.0% | 21.0% | 20.0% | 17.0% | 12.3% | 11.9% | 4.5% |
| Interest | 1 | 1 | 1 | 1 | 0.63 | 1.41 | 2.95 |
| Depreciation | 0 | 1 | 1 | 1 | 0.79 | 1.02 | 1.81 |
| Profit before tax | 4 | 7 | 6 | 12 | 6.99 | 6.51 | 0.80 |
| Net profit | 3 | 5 | 5 | 8 | 5.23 | 5.14 | 1.02 |
Pratham EPC Projects profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 30.58 | 50 | 50 | 70 | 118.90 | 140.22 |
| Expenses | 28.07 | 44 | 40 | 55 | 101.48 | 128.82 |
| Operating profit | 2.51 | 7 | 10 | 14 | 17.41 | 11.41 |
| OPM | 8.2% | 14.0% | 21.0% | 21.0% | 14.7% | 8.1% |
| Other income | 0.22 | 0 | 1 | 2 | 3.88 | 3.08 |
| Interest | 0.62 | 0 | 1 | 2 | 1.16 | 4.36 |
| Depreciation | 0.60 | 1 | 1 | 1 | 1.57 | 2.83 |
| Exceptional and other items | · | · | 1 | · | · | · |
| Profit before tax | 1.51 | 6 | 10 | 13 | 18.56 | 7.30 |
| Tax rate | 25.2% | 33.3% | 20.0% | 23.1% | 26.5% | 15.6% |
| Net profit | 1.13 | 4 | 8 | 10 | 13.65 | 6.16 |
| EPS ₹ | 13.95 | 54.57 | 94.44 | 5.61 | 7.72 | 3.38 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Pratham EPC Projects profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 8.2% | 14.0% | 21.0% | 21.0% | 14.7% | 8.1% |
| Tax rate | 25.2% | 33.3% | 20.0% | 23.1% | 26.5% | 15.6% |
| ROCE | · | 57.9% | 49.3% | 31.0% | 26.0% | 10.4% |
| ROE | · | 47.8% | 55.9% | 25.4% | 20.1% | 7.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Pratham EPC Projects debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Pratham EPC Projects balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.81 | 0.81 | 0.81 | 18 | 17.76 | 18.21 |
| Reserves | 5.11 | 10 | 17 | 43 | 56.83 | 72.74 |
| Net worth | 5.92 | 10.81 | 17.81 | 61 | 74.59 | 90.95 |
| Borrowings | 1.99 | 2 | 14 | 4 | 11.91 | 46.63 |
| Other liabilities | 12.51 | 16.19 | 17.19 | 15 | 19.27 | 63.55 |
| Total liabilities | 20.42 | 29 | 49 | 80 | 105.77 | 201.13 |
| Fixed assets | 4.44 | 5 | 8 | 12 | 13.23 | 36.20 |
| Capital work in progress | 0 | 0 | 0 | 0 | 4 | 3 |
| Investments | 2.19 | 4 | 4 | 0 | 0.30 | 0.30 |
| Other assets | 13.79 | 20 | 37 | 68 | 88.24 | 161.63 |
| Receivables | · | · | · | · | 30.71 | 39.17 |
| Inventory | · | · | · | · | 37 | 54.19 |
| Cash | · | · | · | · | 9.86 | 8.54 |
| Trade payables | · | · | · | · | 3.87 | 27.23 |
Pratham EPC Projects cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 2.95 | 10 | -7 | -9 | -9.14 | -17.75 |
| Cash from investing | -2.66 | -5 | -3 | -3 | -0.78 | -27.07 |
| Cash from financing | -0.84 | 0 | 5 | 20 | 6.50 | 40.36 |
| Net cash flow | -0.55 | 5 | -5 | 8 | -3.42 | -4.46 |
| Capital spending | · | · | · | · | 7.12 | 25.51 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 122 | 45 | 119 | 85 | 94 | 102 |
| Inventory days | · | · | · | 469 | 222 | 333 |
| Days payable | · | · | · | 151 | 45 | 167 |
| Cash conversion cycle | 122 | 45 | 119 | 403 | 271 | 268 |
| Working capital days | -14 | -40 | 10 | 169 | 160 | 89 |
Pratham EPC Projects peers and competitors
Listed SME companies in the same industryBy sales, Pratham EPC Projects is number 26 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Current Infraprojects | 178 | 12.7 | 160 | 14.1 | 14.5% | 0.41 |
| Leapfrog Engineering Services | 288 | 14.4 | 152 | 20 | 15.0% | 0.44 |
| Oval Projects Engineering | 94 | 6.7 | 150 | 14 | 17.0% | 0.68 |
| V.L.Infraprojects | 37 | 4.4 | 150 | 8.4 | 10.8% | 0.56 |
| Pratham EPC Projects | 200 | 32.5 | 140 | 6.2 | 8.1% | 0.51 |
| Rachana Infrastructure | 60 | 6.0 | 138 | 10.1 | 13.0% | 0.08 |
| Winsol Engineers | 125 | 8.7 | 137 | 14.4 | 18.0% | 1.07 |
| Mahendra Realtors & Infrastructure | 125 | 6.9 | 136 | 18 | 15.0% | 0.11 |
| H.M. Electro Mech | 68 | 6.8 | 132 | 10 | 11.0% | 0.20 |
| Rudra Gas Enterprise | 58 | 6.5 | 124 | 9 | 14.0% | 1.41 |
| Desco Infratech | 138 | 8.6 | 119 | 16 | 20.0% | 0.21 |
| Median of the 10 others | 110 | 6.9 | 137 | 14 | 14.8% | 0.42 |
Pratham EPC Projects shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Pratham EPC Projects shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Sep 24 | Mar 25 | Apr 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 72.97% | 72.97% | 72.97% | 71.16% | 71.16% | 71.16% | 71.16% |
| Foreign investors (FIIs) | 8.11% | 1.17% | 0.04% | 0.04% | 0.01% | 0.01% | 0.01% |
| Indian institutions (DIIs) | 0.14% | 0.06% | 0.04% | 0.04% | - | - | - |
| HNIs (over ₹2 lakh each) | 7.45% | 10.22% | 10.65% | 11.63% | 13.13% | 14.02% | 12.87% |
| Small holders (up to ₹2 lakh) | 8.91% | 13.11% | 13.31% | 12.98% | 13.56% | 12.61% | 12.86% |
| Companies and others | 2.42% | 2.47% | 2.99% | 4.15% | 2.14% | 2.20% | 3.10% |
| Number of shareholders | 810 | 1,062 | 1,566 | 1,568 | 1,682 | 1,668 | 1,598 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Pratham EPC Projects study: the business from its own documents
Read from 4 of the company's own documentsPratham EPC Projects so far
From the company's own record
- 18 March 2024Listed on NSE Emerge at ₹75
- 30 Sept 2026Promoters at 71.16%
- 27 May 2024Highest close since listing, ₹412.95
Pratham EPC Projects key facts from the filings
Each figure with the document it comes from
- Unexecuted orders
- ₹722 cr
- Work in hand at December 2025, several times the company's yearly sales.Crisil Ratings, rating rationale, 9 March 2026, p.1
- Sun Petro Chemicals order
- ₹497 cr
- City gas pipeline order won in 2024, excluding GST; ₹482.5 cr of it was still to be done in November 2024.Annual report FY24, p.20; Crisil Ratings, rating rationale, 9 December 2024, p.1
- Pipeline laid
- 1,150+ km
- Cross-country pipeline completed by the FY24 annual report; length laid is what qualifies a contractor for larger tenders.Annual report FY24, p.5; Offer document, p.274
- Largest customer
- 76.56%
- Share of revenue from one customer in the half year to September 2023; the top three gave 99.47%.Offer document, p.124
- Government clients
- 76.65%
- Share of revenue from government customers in the half year to September 2023, against 33.86% in FY23.Offer document, p.123
Show 5 more facts
- Recurring work
- 0.09%
- Operations and maintenance as a share of revenue in the half year to September 2023; nearly all income is one-off project work.Offer document, p.123
- Cash tied up
- 248 days
- Gross current assets at March 2025, driven by money owed by clients and unbilled work.Crisil Ratings, rating rationale, 9 March 2026, p.1
- Credit rating
- Crisil BBB-/Stable
- Reaffirmed in March 2026 on ₹50 cr of bank facilities, with Crisil A3 for short-term limits.Crisil Ratings, rating rationale, 9 March 2026, p.1
- Public issue
- ₹36.0 cr
- Raised in March 2024 by issuing 48 lakh shares at ₹75 each.Annual report FY24, p.32 to 33
- Overseas arm
- UAE, June 2024
- A wholly owned company set up to take cross-country orders in the UAE, Saudi Arabia and the wider Middle East and North Africa.Crisil Ratings, rating rationale, 9 March 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
Crisil Ratings reports, from the company, unexecuted orders of ₹722 cr at December 2025, against ₹651.8 cr in November 2024. The company has said it intends to win more orders outside Gujarat, and it set up a UAE subsidiary to bid for cross-country pipelines in the Middle East. It has not given sales or profit guidance in the documents read.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Pratham EPC Projects earns the gap between the price it bids for a pipeline job and what it spends on pipe, machines, fuel and labour to finish it.
Its weak spots are a very small number of customers at any time, prices set by open tenders, and a lot of cash waiting in unfinished and unpaid work.
WatchCan it set its own prices?No: most jobs go to the lowest qualified bidder, so the price is set by the tender.
AverageHow strong is it against rivals?Its record of pipeline laid lets it bid for larger jobs than a newcomer can, but many contractors with the same record compete for each tender.
WatchWho are its customers?Large gas and oil companies and government bodies, but only a few at a time, and one can dominate a year.
WatchDoes it need a lot of money?Yes: it must carry unbilled work and wait for clients to pay, so bank limits are used heavily.
StrongCan it keep finding new work?Work in hand covers several years of sales, led by one large city gas order.
WatchDo good and bad years swing a lot?Sales depend on which tenders it wins and when engineers certify work, so a year can rise or fall sharply.
Who runs Pratham EPC Projects?
Promoters, directors and officers; tap a name for the background
PMPratikkumar Maganlal VekariyaPromoter, Chairman and Managing Director · holds 35.58%
Holds a diploma in mechanical engineering from Government Polytechnic, Amreli, with more than 17 years in oil, gas and water irrigation project management; earlier worked at Jai-Hind Projects, Punj Lloyd and NCC. Oversees all operations.
Offer document, p.121 and p.161; Annual report FY24, p.16; Shareholding pattern, March 2026NMNayankumar Manubhai PansuriyaPromoter and Whole Time Director · holds 35.58%
Holds a Bachelor of Engineering in mechanical engineering from Saurashtra University, with more than 16 years in oil, gas and water irrigation project management; earlier worked at NCC. Runs business development, procurement and project execution.
Offer document, p.121 and p.161; Annual report FY24, p.16; Shareholding pattern, March 2026MNMehul Nanjibhai ThummarNon-Executive Director
Holds a Master of Computer Application from Ganpat University with more than nine years in supply chain, manufacturing, finance and healthcare. The offer document records Mehul Nanjibhai Thummar as the brother-in-law of Pratikkumar Maganlal Vekariya.
Offer document, p.161YVYogesh Vasantbhai JoglekarChief Financial Officer
Holds a Bachelor of Commerce from Gujarat University with more than 15 years in accounting, audit and taxation; earlier with Shree Infracon. Chief Financial Officer since June 2023.
Offer document, p.168ASAbhayapada SarangiIndependent Director
Holds a diploma and a bachelor's degree in civil engineering, with more than 15 years as a project management professional in irrigation, water supply and sewerage projects.
Offer document, p.162; Annual report FY24, p.16Pratham EPC Projects latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹72.3 cr (+27%), net profit ₹1 cr (-80%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 71.16%.
Pratham EPC Projects announcements
68 on record, latest first; each opens the filing on the exchange
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingvoting results of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Disclosure of material issuePratham EPC Projects Limited has informed regarding Disclosure of material issuePDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of to be held on September 30, 2026PDF ↗
- Change in Managementchange in ManagementPDF ↗
- AppointmentOf Ms VIRAL as Other of the company w.e.f. September 05, 2026PDF ↗
- Outcome of Board MeetingPRATHAM EPC PROJECTS LIMITED HAS INFORMED THE EXCHNAGE ABOUT THE AMENDMENT IN MOAPDF ↗
- Outcome of Board Meetingoutcome of its Board Meeting held on September 5, 2026.GPDF ↗
- General UpdatesSDD CompliancePDF ↗
Pratham EPC Projects annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Pratham EPC Projects share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Pratham EPC Projects' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,82,12,489 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹94.44) and FY24 (₹5.61) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Pratham EPC Projects
What does Pratham EPC Projects do?
Pratham EPC Projects lays oil and gas pipelines across the country and inside cities, builds gas filling stations and lays water supply pipelines, mostly for gas companies and government bodies. Its shares trade on NSE Emerge.
What is the share price of Pratham EPC Projects?
₹110 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Pratham EPC Projects?
₹200 cr at the close on 6 Nov 2026, on 1,82,12,489 shares.
What is the P/E of Pratham EPC Projects?
32.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Pratham EPC Projects' revenue and profit?
Revenue ₹140 cr and profit after tax ₹6 cr in FY26.
Who are the promoters of Pratham EPC Projects?
Pratikkumar Maganlal Vekariya, Nayankumar Manubhai Pansuriya; promoters held 71.16% at 30 Sept 2026.
What was the IPO price of Pratham EPC Projects?
₹75 a share; it listed on 18 March 2024.
What is Pratham EPC Projects' website?
www.prathamepc.com
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Built from 2 credit rating notes, 1 offer document, 1 annual report, 68 exchange announcements, 7 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.