Nnt Developers Limited IPO

01At a glance

What the company does: executes civil construction and EPC contracts (engineering, procurement and construction, where the contractor builds to the client's design or its own) for government departments, public sector undertakings and institutional clients, in roads, railway infrastructure, river protection and flood control, buildings, water supply, agricultural markets and tourism parks (DRHP p.233, AP p.2).

Who pays it: government customers were 58.00% of FY26 revenue and private customers 42.00%, against 93.06% and 6.94% in FY24 (DRHP p.254). The document does not name its customers; the largest was 22.12% of FY26 revenue and the top ten 85.55% (DRHP p.254).

Why it is raising money: ₹7,500.00 lakh for working capital, ₹2,460.80 lakh for construction machinery and up to ₹2,200.00 lakh to repay working capital loans from ICICI Bank Limited and Bank of Baroda, plus general corporate purposes capped at 25% of gross proceeds (DRHP p.101, DRHP p.110).

How fast it has grown: revenue from ₹14,430.24 lakh in FY24 to ₹22,365.51 lakh in FY26, about 24.5% a year, and profit after tax from ₹943.56 lakh to ₹2,156.56 lakh, about 51.2% a year (our arithmetic, DRHP p.74). Most of the revenue growth came in FY25: revenue rose 43.55% in FY25 and 7.97% in FY26 (DRHP p.108).

The one thing to understand: profit has not been turning into cash. Trade receivables went from ₹2,722.49 lakh to ₹9,327.28 lakh in FY26, receivable days from 48 to 152, and operating cash flow was negative in FY25 and FY26 while profit after tax was over ₹2,000 lakh in each year (DRHP p.72, DRHP p.108, DRHP p.75). The largest single use of the fresh issue is working capital (DRHP p.101).

02The business, in plain words

A government department, say a state water resources or roads department, a railway construction unit or a municipal body, puts a construction job out to tender. The company bids, and if it wins, it mobilises men and machines, buys cement, steel, sand and stone, hires subcontractors for parts of the work, builds, and bills the client as the work is measured and certified (DRHP p.248, DRHP p.249, DRHP p.106).

A state department needs an embankment rebuilt or a school built → it awards the contract by tender → the company executes it with its own and hired equipment, bought materials and subcontractors → it is paid on running bills after measurement, with part of each bill held back as retention money until the defect liability period ends (DRHP p.106).

The company was incorporated in Patna on September 28, 2017 (DRHP p.80). Its completed projects include 7 road, 2 railway, 15 river protection and flood control, 7 building, 1 water supply and 6 agricultural market projects (DRHP p.102). The largest completed project listed is a ₹10,664.60 lakh river Ganga bank protection work in Bihar (DRHP p.243). It works mainly in Bihar and Madhya Pradesh, and since FY25 also in Nepal (DRHP p.253). Water supply pipeline work is done as a subcontractor to principal contractors (DRHP p.240).

It had 62 permanent employees at March 31, 2026, with labour supplied through subcontractors (DRHP p.258). Subcontract work cost ₹8,366.36 lakh in FY26, 37.4% of revenue, up from ₹3,435.37 lakh in FY24 (DRHP p.350, our arithmetic). Its owned fleet, as listed, is about 18 vehicles and machines, including 10 Hywa trucks (DRHP p.256, DRHP p.257).

Earnings equation: Revenue = value of work executed and certified in the year on the contracts in hand. The document gives the order book and the work executed on it (DRHP p.246) but no physical volumes, so the equation is in rupees, not in kilometres or tonnes.

03Where the money comes from

Source: AP p.3. The mix turned over: railway work fell from 42.46% of revenue in FY24 to 6.64% in FY26, and roads rose from 4.82% to 30.73% (AP p.3). By state, Bihar fell from 81.52% of revenue to 44.35% and Madhya Pradesh rose from 14.01% to 47.08%; Nepal was 5.87% of FY26 revenue (DRHP p.253). The main offer document does not carry this project-type split: its own segment table puts 44.45% of FY26 revenue under "Works in Bihar and Jharkhand, project-wise classification pending" (DRHP p.254).

Source: DRHP p.30, DRHP p.254, DRHP p.255. Revenue depends on a few customers: five took 65.70% of FY26 revenue and ten took 85.55%. Concentration has come down from FY24, when one customer took 42.30% (DRHP p.254). Read from the filing: the second largest FY26 customer's revenue, ₹2,723.32 lakh, is exactly the FY26 water supply segment total, and the sixth largest, ₹1,485.82 lakh, is exactly the railway total (DRHP p.254, AP p.3). Customers are not named. On the supply side, the top ten suppliers were 28.98% of FY26 purchases (DRHP p.383).

04The growth record

Source: DRHP p.72, DRHP p.74, DRHP p.75, DRHP p.118, converted from ₹ lakh. In rupees, revenue went from ₹144.3 crore in FY24 to ₹223.7 crore in FY26 and profit after tax from ₹9.4 crore to ₹21.6 crore (DRHP p.74).

Our arithmetic over FY24 to FY26: revenue grew about 24.5% a year (our arithmetic, DRHP p.74), EBITDA about 35.9% a year (our arithmetic, DRHP p.118) and profit after tax about 51.2% a year (our arithmetic, DRHP p.74). EBITDA margin moved from 12.36% to 14.72%, up 236 basis points, and PAT margin from 6.54% to 9.64%, up 310 basis points (DRHP p.118). On one decimal, EBITDA margin went from 12.4% to 14.7% (DRHP p.118). Year by year, profit after tax rose 116.22% in FY25 and 5.70% in FY26 (DRHP p.377).

Cash: operating cash flow was an inflow of ₹1,556.94 lakh in FY24 and outflows of ₹467.17 lakh in FY25 and ₹186.04 lakh in FY26, so −₹1.9 crore in FY26 (DRHP p.75). Over the three years profit after tax added up to ₹5,140.31 lakh and operating cash flow to ₹903.73 lakh (our arithmetic, DRHP p.74, DRHP p.75). Trade receivables were ₹9,327.28 lakh at March 31, 2026, ₹93.3 crore (DRHP p.72). Working capital days were 108, 127 and 163 in the three years, so 163 in FY26 (DRHP p.108).

Other income was ₹185.90 lakh in FY26, 6.4% of profit before tax of ₹2,896.75 lakh, mostly interest on fixed deposits (our arithmetic, DRHP p.74). Total borrowings were ₹3,829.66 lakh at March 31, 2026, ₹38.3 crore (DRHP p.384), and debt to equity was 0.39 times, about 0.4× (DRHP p.118). Contingent liabilities were ₹6,234.48 lakh, ₹62.3 crore, almost all of it ₹6,180.12 lakh of bank guarantees given on the company's behalf (DRHP p.77). Trade payables outstanding more than one year were ₹5,712.43 lakh at March 31, 2026, ₹57.1 crore (DRHP p.345).

The year end is March 31 throughout (DRHP p.233). Two KPI tables disagree on returns: return on capital employed is 33.73%, 40.05% and 40.13% in one and 23.02%, 28.97% and 23.72% in the other, under different definitions (DRHP p.118, DRHP p.258).

05What the growth is made of

Revenue rose ₹7,935.27 lakh from FY24 to FY26 (our arithmetic, AP p.3). Roads added ₹6,178.75 lakh, buildings ₹5,781.35 lakh and water supply ₹2,723.32 lakh, while railway work fell ₹4,641.63 lakh and river protection ₹2,080.88 lakh (our arithmetic, AP p.3). By customer type, private customers went from ₹1,002.02 lakh to ₹9,394.00 lakh while revenue from government customers was slightly lower in FY26 than in FY24, ₹12,971.51 lakh against ₹13,428.22 lakh (DRHP p.254).

The company's own explanation: FY25 growth came from Madhya Pradesh building contracts (CM Rise schools and district hospitals) awarded in 2023 and the NH-45 road contract awarded in January 2024 reaching peak execution, and from the start of Nepal work; FY26 growth slowed because several large contracts were 55% to 90% complete and billed on milestones, the railway contracts were at an early stage, and client payments were delayed at the year end (DRHP p.108).

The offer document gives no physical volumes and no margin by contract, so the increase cannot be split into volume and price. That is the finding. A part of the margin change comes from mix: material cost fell from 65.39% of total income in FY24 to 50.36% in FY26, while other expenses, mainly subcontract work, rose (DRHP p.376, DRHP p.350).

06Earnings quality

The item that needs explaining is the balance sheet behind the profit. At March 31, 2026 the company carried ₹8,854.17 lakh of work in progress (executed work not yet billed) and ₹9,327.28 lakh of receivables, together about 0.8 times a year's revenue, financed largely by ₹14,025.23 lakh of trade payables (DRHP p.72, our arithmetic).

The company says FY26 receivables rose because running bills were raised in the last quarter and client budget releases were pending; ₹7,571.79 lakh, 81%, was outstanding for less than six months, and the amount collected since is left blank (DRHP p.109, DRHP p.337). ₹463.43 lakh of receivables was more than three years old, and no provision is booked (DRHP p.337).

Payables are the other side: ₹5,712.43 lakh was owed for more than a year and ₹1,019.54 lakh for more than three years (DRHP p.345). The company says payments to subcontractors and suppliers were deferred because client collections were delayed (DRHP p.109). Interest on delayed payment of taxes was ₹47.67 lakh in FY26, against ₹0.10 lakh in FY25 (DRHP p.348).

07The balance sheet

At March 31, 2026 total assets were ₹28,605.09 lakh: property, plant and equipment ₹1,306.34 lakh, work in progress ₹8,854.17 lakh, trade receivables ₹9,327.28 lakh, other financial assets (retention money, security deposits and earnest money) ₹4,690.56 lakh, other current assets ₹1,995.00 lakh, cash ₹618.89 lakh and other bank balances ₹1,754.95 lakh (DRHP p.72). Against that: trade payables ₹14,025.23 lakh, borrowings ₹3,829.66 lakh and equity ₹9,880.66 lakh (DRHP p.72). There are no lease liabilities (DRHP p.371).

Borrowings at March 31, 2026: secured equipment and vehicle term loans ₹206.01 lakh and working capital overdraft and cash credit ₹2,434.59 lakh from Bank of Baroda and ICICI Bank; unsecured business loans ₹143.10 lakh, channel finance and bill discounting ₹752.78 lakh from Aditya Birla Capital Limited and Receivables Exchange of India Limited, and ₹293.17 lakh of loans from the three promoter directors repayable on demand (DRHP p.384). Bank guarantees outstanding were ₹6,180.12 lakh against ₹11,000.00 lakh sanctioned (DRHP p.384). Income tax demands under contingent liabilities were ₹54.36 lakh, and capital commitments nil (DRHP p.77). The debt service coverage ratio was 5.16 in FY26 (DRHP p.57).

Source: DRHP p.72, DRHP p.110, DRHP p.384, our arithmetic. The after-issue borrowing figure assumes the full ₹2,200.00 lakh is applied to the March 2026 balance and nothing else changes; the facilities are revolving and the company says the repaid limits stay available to draw again (DRHP p.111). Equity after the issue cannot be stated because the price and size are blank (DRHP p.371).

08What the money is for

Source: DRHP p.101, DRHP p.112. The percentages cannot be computed because the fresh issue amount is blank (DRHP p.100).

Working capital, ₹7,500.00 lakh: ₹4,598.72 lakh in fiscal 2027 and ₹2,901.28 lakh in fiscal 2028 (DRHP p.107). The estimate rests on the company's own projection of revenue of ₹30,000.00 lakh in fiscal 2027 and ₹55,000.00 lakh in fiscal 2028; these are the company's figures, not newboard's (DRHP p.108). It also assumes trade payable days fall from 275 to 200, which on the company's own working adds ₹5,105.39 lakh to the requirement in fiscal 2027 (DRHP p.110).

Machinery, ₹2,460.80 lakh: 16 kinds of equipment, about 53 units, including excavators, tippers, self-loading mixers, a paver, rollers and diesel generators, on quotations dated August and September 2026; no orders have been placed (DRHP p.103 to DRHP p.106, DRHP p.41).

Loan repayment, up to ₹2,200.00 lakh: a ₹1,000 lakh ICICI Bank cash credit and a ₹1,200 lakh Bank of Baroda overdraft, in fiscal 2027; the company expects an annual interest saving of about ₹200 lakh (DRHP p.111, DRHP p.101).

The objects have not been appraised by any bank or agency (DRHP p.85). The company may place up to 20% of the fresh issue size before the red herring prospectus, which would reduce the fresh issue (DRHP p.100).

Into the business up to 1,72,00,000 new shares; the rupee amount is left blank (DRHP p.70). To selling shareholders nothing; there is no offer for sale (DRHP p.70).

09Who is selling

Nobody. The issue is a fresh issue only, of up to 1,72,00,000 shares of ₹10 each, with no offer for sale (DRHP p.70). Its rupee size is left blank (DRHP p.70). The named objects add up to ₹121.6 crore, before general corporate purposes and expenses (our arithmetic, DRHP p.101). The promoters and promoter group will not take part in the issue or receive any of its proceeds (DRHP p.99).

10Promoters

The promoters are Suyash Kumar, Jitendra Singh and Shrawan Singh, who together hold 81.00% (DRHP p.305). The document states that the three are siblings and that Rajendra Singh, who holds a further 9.00%, is the father of each (DRHP p.289, DRHP p.307). All three have been directors since incorporation in 2017: Suyash Kumar, aged 50, is Chairman and Managing Director; Jitendra Singh, aged 44, is Whole-time Director and CEO; Shrawan Singh, aged 56, is Whole-time Director; each is given 17 years of experience in construction (DRHP p.288, DRHP p.289, DRHP p.286). The board formally identified the three as promoters on October 1, 2025 (DRHP p.306).

Pay: director remuneration to the three was ₹48.00 lakh in FY24 and ₹128.00 lakh in FY26, about ₹0.5 crore and ₹1.3 crore (our arithmetic, DRHP p.78). From June 5, 2025, Suyash Kumar is paid ₹6 lakh a month and Jitendra Singh ₹3 lakh a month, inclusive of perquisites (DRHP p.290). The company also paid Suyash Kumar office rent of ₹55.52 lakh in FY26, against ₹15.00 lakh in FY24; the registered office is rented from Suyash Kumar (DRHP p.78, DRHP p.261).

Group entities: NNT Ventures Private Limited, Nalanda Infra Projects Private Limited and New Nalanda Tubewell Boring and Engineering Works are in the promoter group, and Aman Enterprises and Raj Associates are proprietorship firms of a director's spouse (DRHP p.308, DRHP p.360). NNT Ventures Private Limited and Nalanda Infra Projects Private Limited are allowed by their objects to do similar work; the company signed non-compete agreements with both on September 22, 2026 (DRHP p.310). The company owed New Nalanda Tubewell Boring Engg & Works ₹589.28 lakh as a trade payable at March 31, 2026 (DRHP p.362).

Cases: there is 1 tax proceeding against the promoters, a demand on Suyash Kumar for assessment year 2016 with a related penalty proceeding, put at ₹12.07 lakh (DRHP p.393). No criminal, regulatory or civil case against the promoters is listed (DRHP p.392). No pledge of promoter shares is shown (DRHP p.94). None of the directors has been a director of a listed company (DRHP p.53).

Promoter economics: the promoters subscribed at ₹10 a share on incorporation in 2017 and in a July 2018 rights issue, and received 2,43,00,000 bonus shares on November 11, 2025; their average cost is ₹2.50 a share (DRHP p.96, DRHP p.43). There was no promoter acquisition for cash in the last year (AP p.9).

11Who already owns it

Source: DRHP p.95, DRHP p.94, AP p.6; the last row is our arithmetic from the 3,99,99,980 shares outstanding (DRHP p.70). Promoters and promoter group hold 90.00% and the public 10.00%, across 346 shareholders (DRHP p.94). Planify Capital Limited, 2.43%, and Chanakya Opportunities Fund I, 1.33%, are the only funds or companies outside the promoter group with 1% or more (DRHP p.95). The company is a construction contractor, which places it in construction and infrastructure (DRHP p.233).

If all 1,72,00,000 new shares are issued, the promoters' 81.00% falls to about 56.6% and the promoter group's combined 90.00% to about 62.9% (our arithmetic, DRHP p.70, DRHP p.96). On one decimal, promoter holding goes from 81.0% to 56.6% (our arithmetic, DRHP p.70, DRHP p.96).

When they came in: Planify Capital Limited, Chanakya Opportunities Fund I and eleven others took 9,99,995 shares at ₹150 in a private placement on January 11, 2025, ₹37.50 a share after the bonus (DRHP p.90, DRHP p.122). Chanakya Opportunities Fund I has a share subscription and shareholders' agreement of December 26, 2024, giving it certain rights (DRHP p.282). Planify Capital Limited held 4,66,666 shares, 4.67%, a year before the filing and 9,73,370 shares at filing after a 3:1 bonus (DRHP p.95). No employee stock option scheme exists (DRHP p.92).

12What changed just before the IPO

• Revenue and profit: revenue went from ₹144.3 crore in FY24 to ₹223.7 crore in FY26 and profit after tax from ₹9.4 crore to ₹21.6 crore (DRHP p.74), with growth slowing to 7.97% in FY26 (DRHP p.108).
• Receivables lengthened: receivable days went from 28 in FY24 to 152 in FY26 (DRHP p.108).
• Customers changed: government customers fell from 93.06% of revenue in FY24 to 58.00% in FY26, so government was 58.0% of FY26 revenue (DRHP p.254). The largest customer was 22.1% of FY26 revenue and the top ten 85.6% (DRHP p.254); the top five were 65.7% (DRHP p.30). Bihar's share fell from 81.52% to 44.35% (DRHP p.253).
• A private placement at ₹150: 9,99,995 shares to 13 allottees on January 11, 2025, ₹1,499.99 lakh in all (DRHP p.90). One allottee paid ₹49,99,050 more than due, which the company has taken to the adjudicating authority (DRHP p.386).
• A 3:1 bonus issue: 2,99,99,985 bonus shares allotted on November 11, 2025, the last allotment before the IPO, for no cash (DRHP p.90). Another page dates it November 19, 2025 (DRHP p.122). There has been no share split in the capital history (DRHP p.89, DRHP p.90).
• The company became public: shareholders resolved on October 8, 2024, and the fresh certificate of incorporation as a public company is dated February 28, 2025 (DRHP p.80).
• Two auditor changes: Maheshwari Nikhil & Associates resigned on May 9, 2025, citing pre-occupation; Milind Nyati & Co. was appointed on May 28, 2025 and resigned on July 3, 2026 for professional reasons; Bhatter & Company was appointed on July 29, 2026 (DRHP p.82, DRHP p.83). Bhatter & Company audited the FY24 and FY26 consolidated statements, its FY24 report being dated September 17, 2026 (DRHP p.315).
• Promoter pay and rent rose: director remuneration from ₹48.00 lakh in FY24 to ₹128.00 lakh in FY26, about ₹0.5 crore to ₹1.3 crore (our arithmetic, DRHP p.78), and rent to Suyash Kumar from ₹15.00 lakh to ₹55.52 lakh (DRHP p.78).
• Board built: independent directors were appointed from June 2025; six have served, and three are on the board at filing (DRHP p.360, DRHP p.81). The company had no independent director for about four months after becoming public (DRHP p.387).
• Compliance clean-up: ten applications to the adjudicating authority filed in September 2026 over past company law lapses, including a compounding application for not preparing consolidated statements for FY21 to FY24 (DRHP p.386, DRHP p.387). ESIC contributions for FY24 to FY26 remain unpaid, and the company wrote to ESIC on September 24, 2026 to have them determined (DRHP p.36).
• Credit rating upgraded: Acuité moved the long-term rating from BBB- to BBB (Stable) on December 16, 2025 (DRHP p.33).
• Order book refilled: eight contracts worth ₹42,383.09 lakh were awarded between July and September 2026 (DRHP p.109, DRHP p.247).
• A past debarment: Bharat Coking Coal Limited barred the company from its tenders for two years from May 16, 2022 over an alleged mismatch in tender documents, and lifted the bar on June 14, 2024 (DRHP p.32).

13Capacity and expansion

Source: DRHP p.256, DRHP p.257, DRHP p.103 to DRHP p.105, DRHP p.101. The company says capacity and utilisation do not apply because it is not a manufacturer (DRHP p.257). Its capacity, in practice, is its bid capacity, set by formulae of government agencies, and its Class I contractor registration with the Government of Bihar (DRHP p.252, DRHP p.44). The document does not state its bid capacity.

What the issue adds is equipment, in units, not revenue. The order book is the nearer measure: ₹85,603.09 lakh unexecuted across 42 contracts, which the company puts at 3.83 times FY26 revenue (DRHP p.246, DRHP p.109). Of it, 30.23% is railway, 19.96% road and 18.44% building; 73.79% is in Bihar; 52.49% is from government clients and 46.83% from clients the company classifies as private (DRHP p.246). 75.82% is on contracts under way, 14.99% awarded but not started and 9.18% upcoming (DRHP p.246). Several of the ten largest ongoing contracts run on extension-of-time applications still pending approval (DRHP p.245).

14Market size and industry structure

As claimed: the industry report is Marqis Analytics Private Limited's "Indian Infrastructure Sector & ("EPC") Services Industry", dated September 30, 2026, commissioned and paid for by the company for the issue (DRHP p.233). It cites the Union Budget's public capital expenditure of ₹12.2 lakh crore for FY2026-27, against ₹11.21 lakh crore in FY2025-26 (DRHP p.137), and puts the global infrastructure sector at about USD 3,785.96 billion in 2025 (DRHP p.149). It cites ₹8.69 lakh crore of total outlay for the Jal Jeevan Mission, extended to December 2028 (AP p.4).

The part that is addressable: public civil works in the company's states. For Bihar the report cites 59 sanctioned railway projects with an estimated cost of about ₹96,651 crore, of which about ₹29,860 crore had been spent by March 2026, and a FY2026-27 railway allocation of about ₹10,379 crore for projects in Bihar (DRHP p.192). It gives no figure for the market the company actually bids in.

What the company is today: FY26 revenue of ₹22,365.51 lakh (DRHP p.74). The report gives no market share for the company, so its size against the market cannot be stated from the filing.

On structure, the document describes a tender-driven market where price is a significant factor in most awards, competitors may have larger balance sheets and fleets, and joint ventures are used to meet qualification criteria (DRHP p.257, DRHP p.252). Demand depends on government budgets and the timing of payments (DRHP p.28).

15Competitive position

Source: DRHP p.117 to DRHP p.120, converted from ₹ lakh; the peers' RoCE uses a different definition from the company's 33.73% (DRHP p.119, DRHP p.118). The document does not give peer borrowings. The industry report itself says Bondada is a diversified reference "rather than a direct civil-construction comparator", Likhitha a specialised pipeline contractor, and Suyog an asset-owning telecom tower business; it sees the most overlap with EMS (DRHP p.218, DRHP p.219).

What the company puts forward: experience across seven kinds of civil work, river protection and flood control work as a core capability, relationships with government departments, and a Class I contractor registration in Bihar (DRHP p.252, DRHP p.219, DRHP p.44). Against that: an owned fleet of about 18 items, reliance on subcontractors for 37.4% of revenue in cost, customer and state concentration, and a past two-year debarment by a public sector client (DRHP p.256, DRHP p.350, DRHP p.32). The company has received no awards (DRHP p.256).

16Peers the company named

Peers named in the offer document: Likhitha Infrastructure Limited, Bondada Engineering Limited, EMS Limited and Suyog Telematics Limited (DRHP p.117, DRHP p.118).

Bondada is about 12.7 times the company's FY26 revenue, EMS about 3.3 times, Likhitha about 2.0 times and Suyog about the same size (our arithmetic, DRHP p.117, DRHP p.118). Suyog's PAT margin of 28.43% and EBITDA margin of 73.99% reflect a tower-leasing business, not contracting (DRHP p.120). The document prints peer P/E multiples of 27.1 for Likhitha, 14.4 for Bondada, 29.9 for EMS and 13.3 for Suyog, on September 23, 2026 closing prices, with an average of 21.60 (DRHP p.117, DRHP p.118). The company's FY26 basic EPS is ₹5.39 (DRHP p.117). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Collections: receivables were ₹9,327.28 lakh at March 2026, 41.70% of revenue (DRHP p.45) → operating cash flow was negative in FY25 and FY26 (DRHP p.75) → receivable days went from 28 to 152 in two years (DRHP p.108).

Payables and subcontractors: trade payables were ₹14,025.23 lakh, of which ₹5,712.43 lakh was over a year old (DRHP p.345) → the company says it deferred payments because clients paid late (DRHP p.109) → its own plan uses issue money to bring payable days down to 200 (DRHP p.110).

Customers and states: five customers were 65.70% of FY26 revenue (DRHP p.30) → loss of one large contract would show quickly in revenue → Bihar and Madhya Pradesh together were 91.43% of FY26 revenue (DRHP p.253).

Government counterparties: government customers were 58.00% of FY26 revenue (DRHP p.254) → payment and award timing depend on budgets and approvals (DRHP p.28) → the company was barred from one public sector client's tenders for two years from 2022 (DRHP p.32).

Bank guarantees: ₹6,180.12 lakh of guarantees were outstanding (DRHP p.384) → a guarantee can be invoked if a contract goes wrong (DRHP p.43) → that is about 63% of equity (our arithmetic, DRHP p.77, DRHP p.72).

Compliance record: 29 late company law filings, GST returns late in 14 instances in FY26, and ESIC contributions unpaid for three years (DRHP p.35, DRHP p.36) → ten applications are pending before the adjudicating authority (DRHP p.386, DRHP p.387) → the amount of any penalty is not stated.

Issue-specific: the promoters' average cost is ₹2.50 a share (DRHP p.43) → shares were placed at ₹150, ₹37.50 after the bonus, in January 2025 (DRHP p.122) → the issue size, general corporate purposes amount and expenses are blank, and a pre-IPO placement of up to 20% of the fresh issue may be made (DRHP p.100, DRHP p.112).

18Litigation and regulatory matters

Criminal: none by or against the company, promoters, directors or group companies (DRHP p.386, DRHP p.392, DRHP p.393). Civil: the one material case is the company's 2022 writ in the High Court of Jharkhand challenging Bharat Coking Coal Limited's cancellation of a tender and forfeiture of its ₹50 lakh earnest money deposit; BCCL's counter-affidavit says documents the company submitted were found not authentic, and the company says it was given no hearing (DRHP p.387, DRHP p.388). The matter is at admission with no next date (DRHP p.388).

Tax: the company's direct tax amount includes a ₹34.32 lakh demand for assessment year 2024-25 under appeal before CIT(Appeals), with a related penalty proceeding for alleged under-reporting, and a ₹20.04 lakh demand for assessment year 2022 confirmed by the assessing officer (DRHP p.389, DRHP p.390, DRHP p.391). A GST audit for April 2019 to March 2024 is open, during which the company has made voluntary payments (DRHP p.391, DRHP p.392). Group company Nalanda Infra Projects Private Limited has one tax matter of ₹0.02 lakh and unanswered GST scrutiny notices (DRHP p.395, DRHP p.396). Regulatory: no SEBI or stock exchange action against the promoters (DRHP p.37).

19Related-party transactions

Source: DRHP p.78, DRHP p.361. Loans from the three promoters stood at ₹293.17 lakh at March 31, 2026, and interest of ₹5.47 lakh was paid to Shrawan Singh in FY26 (DRHP p.362, DRHP p.361). Suyash Kumar's loan balance was ₹423.61 lakh at March 2024, after ₹382.08 lakh was repaid in FY25 (DRHP p.362, DRHP p.361). Jaago Bharat Uddeshya Aatmanirbhar Foundation, a group entity, received donations of ₹19.00 lakh in FY24 and ₹22.28 lakh in FY25 (DRHP p.361). Small subcontract and purchase amounts went to Sima Kumari, Aman Enterprises, Raj Associates and Prince Singh (DRHP p.361).

What appeared or changed in the two years before filing: the promoters' pay rose about 2.7 times (our arithmetic, DRHP p.78); rent to Suyash Kumar rose about 3.7 times, with a new lease of the registered office from March 2026 (our arithmetic, DRHP p.78, DRHP p.261); Shrawan Singh lent ₹132.50 lakh in FY26 (DRHP p.361); NNT Ventures Private Limited did subcontract work for the first time in FY26 (DRHP p.361); and non-compete agreements with two group companies were signed in September 2026 (DRHP p.310). Rajendra Singh resigned as a director on July 15, 2024 (DRHP p.360).

20What the offer document does not say

Customer names are not given for any year. Contract-wise margins, physical volumes and bid capacity are not disclosed. How much of the March 2026 receivables has been collected since is left blank (DRHP p.109). The ESIC amount owed is not quantified (DRHP p.36). The issue size, general corporate purposes amount, issue expenses and the lender-wise June 2026 loan figures are blank (DRHP p.100, DRHP p.111). The 44.45% of FY26 revenue in "classification pending" is not split by project type in the main document (DRHP p.254). Expenses capitalised are not disclosed in the pages read.

Some inconsistencies are recorded as document matters, not business ones: the risk factor heading calls 85.55%, 98.21% and 97.93% the top customer, top five and top ten, when they are the top ten for FY26, FY25 and FY24 (DRHP p.30); the order book of ₹85,603.09 lakh is dated August 31, 2025, August 31, 2026 and March 31, 2026 in three places

and the "March 31, 2026" table includes contracts awarded in fiscal 2027 (DRHP p.102, DRHP p.109, DRHP p.246, DRHP p.247); incorporation is given as September 28, 2017, April 17, 2017 and June 2017 (DRHP p.80, DRHP p.233, DRHP p.102); Rajendra Singh holds 35,98,800 shares in one table and 35,99,100 in another and three promoter group members 400 or 300 shares each (DRHP p.95, DRHP p.96, AP p.6);

Planify Capital Limited's stake is 2.43% in the DRHP and 2.80% in the abridged prospectus (DRHP p.95, AP p.6); FY25 Nepal revenue is ₹362.52 lakh in one place and ₹579.85 lakh in another (DRHP p.253, DRHP p.347); bank guarantees outstanding are ₹6,180.12 lakh and ₹2,158.43 lakh (DRHP p.384, DRHP p.111); the tipper quotation of 10 units at ₹47.00 lakh is totalled at ₹398.30 lakh (DRHP p.103);

the printed peer P/E multiples do not equal closing price divided by EPS for any of the four peers (our arithmetic, DRHP p.117, DRHP p.118); the material creditors note says some creditors exceed the threshold while the table shows none (DRHP p.396, DRHP p.397); Rahul Kumar is shown as a promoter group shareholder but is not in the promoter group list (DRHP p.96, DRHP p.307);

and the abridged prospectus says no shareholder has special rights while Chanakya Opportunities Fund I has an agreement granting certain rights (AP p.9, DRHP p.282).

21Five questions for management

1. How much of the ₹9,327.28 lakh of March 2026 receivables had been collected by the filing date, and from which clients?
2. Which clients and contracts make up the ₹5,712.43 lakh of payables more than a year old, and are any of them in dispute?
3. What is the gross margin on subcontracted work against work done with the company's own resources, and how did the mix move between FY24 and FY26?
4. Which contracts make up the 46.83% of the order book classified as private, and who are the principal contractors behind them?
5. What is the company's current bid capacity under the government formulae, and how much of it is used by the present order book?

2Sources and cited facts

This study was read from 2 documents the company filed. The 155 figures it cites are listed under the document each came from, with the page and the sentence as printed.