Pci Infraprojects Limited IPO

01At a glance

What the company does: engineering, procurement and construction (EPC) of solar, electricity distribution and water supply projects, largely funded by the central government and awarded by state entities and utilities, plus manufacture of electrical cables and conductors at Sitapura, Jaipur (DRHP p.230).

Who pays it: state agencies and utilities such as HAREDA, Madhya Pradesh Urja Vikas Nigam, Tripura Renewable Energy Development Agency, MSEDCL, MAHAGENCO, Rajasthan Renewable Energy Corporation, Kerala State Electricity Board and Jodhpur Vidyut Vitran Nigam (DRHP p.230). The largest customer was 29.21% of FY26 revenue and the top ten 81.81% (DRHP p.28). In EPC, Vindhya Telelinks Limited was 41.48% of FY26 EPC revenue (DRHP p.31).

Why it is raising money: ₹14,000.00 lakh of the fresh issue proceeds for working capital, ₹4,400.00 lakh in FY27 and ₹9,600.00 lakh in FY28, with the rest for general corporate purposes (DRHP p.119).

How fast it has grown: revenue from ₹20,401.81 lakh in FY24 to ₹30,409.06 lakh in FY26, about 22.1% a year, and profit after tax from ₹1,266.84 lakh to ₹2,385.05 lakh, about 37.2% a year (our arithmetic, DRHP p.75). FY26 profit was 3.80% below FY25 (DRHP p.388).

The one thing to understand: the profit is sitting in receivables and borrowed money. Operating cash flow was an outflow of ₹4,694.95 lakh in FY26 as trade receivables rose by ₹8,521.45 lakh (DRHP p.77), receivable days went from 66 in FY24 to 181 in FY26 (DRHP p.40), and borrowings rose from ₹5,889.09 lakh to ₹15,661.62 lakh (DRHP p.392).

02The business, in plain words

The company began as a partnership firm, M/s Power Cable Industries, in July 2006, became PCI Wires Private Limited in November 2021, took its present name in October 2023 and became a public company with a certificate dated August 18, 2026 (DRHP p.3). It has made cables since 2006 and entered water EPC as a sub-contractor in 2022, solar EPC through PM-KUSUM projects in 2023 and electricity transmission and distribution works in 2024 (DRHP p.277).

A state agency or utility tenders a solar pumping, rooftop, feeder solarisation, substation, line or water supply project → the company bids, furnishes bank guarantees, buys modules, inverters, transformers, cables and pipes from suppliers and builds it with sub-contracted labour → it is paid against milestones, certification and retention terms.

The EPC arm has three lines: solar (solar water pumps, ground-mounted and rooftop plants, agriculture feeder solarisation), electrical (33/11 kV substations, distribution lines, transformers, metering) and water (treatment and distribution, including work as a sub-contractor under the State Water and Sanitation Mission) (DRHP p.230, DRHP p.231). Equipment is bought in; the company's own factory makes only cables and conductors, with installed capacity of 13,000 kilometres (DRHP p.133).

Earnings equation: EPC revenue = order book × pace of execution; cable revenue = kilometres sold × price per kilometre. The EPC order book was ₹65,170.62 lakh at August 31, 2026 (DRHP p.232), which the company puts at 3.04 times FY26 EPC revenue (DRHP p.364). Cable production was 6,129.23 km in FY26 (DRHP p.133), which against cable revenue of ₹8,917.91 lakh is about ₹1.45 lakh of revenue per km produced, down from about ₹2.15 lakh in FY25 (our arithmetic, DRHP p.29, DRHP p.133). Production and sales are not the same thing, so this is an average, not a price.

03Where the money comes from

Source: DRHP p.29. EPC was 70.42% of FY26 revenue against 57.43% in FY24 (DRHP p.29).

Source: DRHP p.28, DRHP p.31. Yes, revenue depends on a few customers: ten customers were more than four fifths of revenue in each of the three years (DRHP p.28). By state, Uttar Pradesh was 36.79% of FY26 revenue, Rajasthan 18.09% and Tripura 16.47% (DRHP p.235). The EPC order book at August 31, 2026 was 38.01% solar, 28.00% electrical and 33.99% water, across 15 ongoing projects (DRHP p.232); the same table elsewhere totals 14 projects (DRHP p.363).

04The growth record

Source: DRHP p.73, DRHP p.75, DRHP p.77, DRHP p.133, DRHP p.392.

• Revenue CAGR FY24 to FY26: 22.1%, from ₹204.0 crore to ₹304.1 crore (our arithmetic, DRHP p.75).
• EBITDA CAGR FY24 to FY26: 41.5% (our arithmetic, DRHP p.133).
• PAT CAGR FY24 to FY26: 37.2%, from ₹12.7 crore to ₹23.9 crore (our arithmetic, DRHP p.75).
• Margin movement: EBITDA margin up 448 basis points, from 13.1% to 17.6% (DRHP p.133).

FY24 is standalone and FY25 and FY26 are consolidated, after subsidiaries were formed in 2025 (DRHP p.73, DRHP p.277). The concentration behind this record: the largest customer was 29.2% of FY26 revenue, the top five 63.2% and the top ten 81.8% (DRHP p.28), and 41.48% of FY26 EPC revenue came from Vindhya Telelinks (DRHP p.31).

Net debt was ₹14,554.62 lakh at March 31, 2026 against EBITDA of ₹5,350.37 lakh, 2.7 times, and debt to equity was 2.02 times (our arithmetic, DRHP p.133). RoCE for FY26 is 40.0% as rounded from 39.97% (DRHP p.133). FY26 operating cash flow was an outflow of ₹46.9 crore (DRHP p.77), and other income was 10.5% of FY26 profit before tax (our arithmetic, DRHP p.75).

05What the growth is made of

FY24 to FY25: revenue rose ₹7,839.26 lakh, of which cables added ₹4,493.15 lakh on higher execution of cable orders and EPC ₹3,277.37 lakh on new project awards (DRHP p.388). Cable production fell in that year, from 7,761.56 km to 6,128.26 km (DRHP p.133), so the cable increase came with less output; the filing does not separate price from volume.

FY25 to FY26: revenue rose ₹2,167.99 lakh, 7.68%. EPC revenue rose ₹6,420.18 lakh, while cable revenue fell ₹4,241.24 lakh, 32.23%, which the company puts down to lower cable volumes as raw materials ran short (DRHP p.386). Cable production was flat at 6,129.23 km (DRHP p.133), so production and the revenue decline do not line up in the pages read. Within EPC, water revenue has swung from ₹11,332.39 lakh to ₹4,701.90 lakh and back to ₹9,237.39 lakh, and solar has grown from ₹361.06 lakh to ₹7,269.80 lakh (DRHP p.365). The offer document does not give volumes or prices by project type, so EPC growth cannot be split into volume and price.

06Earnings quality

The one to explain is cash. In FY26 the company earned ₹5,423.85 lakh before working capital, then put ₹8,521.45 lakh into receivables and ₹4,402.58 lakh into other assets, ending with an operating outflow of ₹4,694.95 lakh (DRHP p.77). Net borrowings of ₹7,492.23 lakh filled the gap (DRHP p.78). The company attributes the pattern to milestone billing, retention money of 5% to 10% and bank guarantee margins on government-linked contracts (DRHP p.121, DRHP p.122). There were 20 delayed GST payments totalling ₹584.92 lakh in FY26 (DRHP p.53).

07The balance sheet

Source: DRHP p.73, DRHP p.392; term loans are our sum of the two lines (DRHP p.392).

At March 31, 2026 cash was ₹1,107.01 lakh and other bank balances ₹2,792.97 lakh, held as security for guarantees, letters of credit and borrowings (DRHP p.73, DRHP p.366). Lease liabilities were ₹579.20 lakh (our arithmetic, DRHP p.73, DRHP p.74). Assets held for sale were ₹1,824.30 lakh (DRHP p.73). Contingent liabilities were ₹2,550.14 lakh, of which ₹800.00 lakh is a guarantee given by the company and the rest disputed tax demands, and performance bank guarantees issued to customers were a further ₹9,697.00 lakh (DRHP p.79). Total indebtedness including non-fund facilities was ₹26,202.81 lakh against sanctions of ₹34,392.50 lakh (DRHP p.396).

The objects include no debt repayment, and the fresh issue amount is not yet stated, so the balance sheet after the issue cannot be drawn. The working capital plan keeps short-term borrowing at ₹11,608.65 lakh in FY27 and FY28 (DRHP p.124).

08What the money is for

Source: DRHP p.119. The working capital money is scheduled at ₹4,400.00 lakh in FY27 and ₹9,600.00 lakh in FY28 (DRHP p.119). The company's own projections, approved by its board, show net working capital rising from ₹18,208.96 lakh at March 2026 to ₹36,508.62 lakh at March 2028 (DRHP p.123, DRHP p.124); those are the company's figures, not newboard's. The objects have not been appraised by any bank or financial institution (DRHP p.119). A pre-IPO placement of up to 20% of the fresh issue may be made, which would reduce the fresh issue (DRHP p.100).

Into the business: up to 98,25,000 new shares, amount not yet stated (DRHP p.70). To the selling shareholder: up to 16,75,000 existing shares from Ankit Tayal, amount not yet stated (DRHP p.70). The company receives nothing from this part (DRHP p.118).

09Who is selling

Source: DRHP p.71, DRHP p.107; the last column is our arithmetic. The offer is up to 1,15,00,000 shares: a fresh issue of up to 98,25,000 shares and an offer for sale of up to 16,75,000 shares (DRHP p.70), so the sale is 14.6% of the shares offered (our arithmetic, DRHP p.70). Of the fresh issue, ₹14,000.00 lakh is earmarked for working capital (DRHP p.119). Ankit Tayal acquired all shares by gift and bonus, and the auditor-certified average cost of acquisition is nil (DRHP p.112).

10Promoters

The promoters are Ankit Tayal, 40, Chairman and Managing Director, and Mohit Sharma, 49, Whole Time Director (DRHP p.310). Ankit Tayal is a chartered accountant and company secretary with over 15 years in manufacturing and EPC, previously a director of Step Industries Private Limited and Step Cables Private Limited (DRHP p.293, DRHP p.294). Mohit Sharma has over 19 years in the power and cable industry and was earlier whole-time director and CFO of Tacent Projects Limited (DRHP p.294). Both joined the board on July 1, 2023 (DRHP p.293, DRHP p.294).

Change of control: the document says the promoters are not the original promoters. Ankit Tayal became a promoter on March 1, 2025 and Mohit Sharma on January 14, 2026, by acquiring 45,11,850 and 36,09,480 shares from the erstwhile management (DRHP p.310). The capital structure records both as gifts: from Sumit Tayal to Ankit Tayal, and from Devendra Kumar Sharma to Mohit Sharma (DRHP p.103). Sumit Tayal is Ankit Tayal's brother; Ritika Sharma, promoter group, is Mohit Sharma's spouse (DRHP p.312, DRHP p.313).

Pay: related-party tables show remuneration of ₹12.00 lakh, ₹12.00 lakh and ₹60.00 lakh to Ankit Tayal in FY24 to FY26, and ₹14.00 lakh, ₹18.00 lakh and ₹60.00 lakh to Mohit Sharma (DRHP p.82, DRHP p.83), together ₹0.3 crore in FY24 and ₹1.2 crore in FY26 (our arithmetic, DRHP p.82, DRHP p.83). The management chapter gives Mohit Sharma's FY26 pay as ₹57.50 lakh (DRHP p.296). Each is now entitled to ₹60,00,000 a year plus possible variable pay (DRHP p.295).

Guarantees, pledges, cases: both promoters guarantee company borrowings (DRHP p.47); no promoter shares are pledged (DRHP p.105). Against the promoters there are two tax cases for ₹63.78 lakh and one regulatory matter, the audit trail adjudication filed jointly with the company (DRHP p.30, DRHP p.402). In the document's summary: 2 tax cases and 1 regulatory matter (DRHP p.30).

Promoter economics: the 3:1 bonus of August 25, 2026 added 1,23,01,506 shares for Ankit Tayal and 1,11,29,862 for Mohit Sharma at nil cost (DRHP p.102). Between March 31 and August 17, 2026 the two promoters transferred shares to six individuals at ₹85 a share, before the bonus (DRHP p.103).

11Who already owns it

Source: DRHP p.107, DRHP p.114, DRHP p.115; the last row is our arithmetic from the individual holdings (DRHP p.115). There are 3,60,94,800 shares held by 10 shareholders, all individuals (DRHP p.100, DRHP p.114). No fund or company holds shares. Anish Gupta, Neema Gupta, Manju Gupta, Ajit Pershad, Vipul Khanna and Suman Sood acquired their shares from the promoters at ₹85 a share in March and August 2026 (DRHP p.103).

After the issue, if the full fresh issue and offer for sale are made, shares would be 4,59,19,800 and promoter holding would fall from 86.6% to 64.4% (our arithmetic, DRHP p.100, DRHP p.105). A pre-IPO placement, if made, would change that arithmetic (DRHP p.100).

12What changed just before the IPO

• Revenue and profit: revenue rose from ₹204.0 crore in FY24 to ₹304.1 crore in FY26, and profit from ₹12.7 crore to ₹23.9 crore (DRHP p.75).
• Receivables: receivable days rose from 66 to 181 (DRHP p.40), and FY26 operating cash flow turned to an outflow of ₹46.9 crore (DRHP p.77).
• Borrowings: up from ₹5,889.09 lakh to ₹15,661.62 lakh, or ₹156.6 crore, at March 2026 (DRHP p.392).
• Promoter remuneration: from ₹0.3 crore in FY24 to ₹1.2 crore in FY26 (our arithmetic, DRHP p.82, DRHP p.83).
• Promoters: Ankit Tayal from March 1, 2025 and Mohit Sharma from January 14, 2026 (DRHP p.310).
• Bonus issue: 3 shares for every 1, allotted August 25, 2026, taking shares from 90,23,700 to 3,60,94,800; it is also the last allotment before the IPO (DRHP p.102).
• Pre-IPO placement: none made; up to 20% of the fresh issue may be placed before the IPO (DRHP p.100).
• Auditor change: Abhishek Anand & Co. left on September 16, 2026, for want of a peer review certificate, and Garg Atul and Co. was appointed on September 23, 2026 to fill the casual vacancy (DRHP p.96).
• Public company: converted with a fresh certificate of incorporation dated August 18, 2026 (DRHP p.3).
• Related-party deals in FY26: the company bought shares of Step Industries from Ankit Tayal for ₹924.30 lakh and from Sumit Tayal for ₹900.00 lakh, and sold property to them for ₹900.00 lakh and ₹768.00 lakh (DRHP p.91).
• Associate: 38.71% of Marshall Solar Private Limited bought on August 13, 2026 (DRHP p.395).
• Board: three independent directors joined on August 25, 2026 (DRHP p.296).
• Order book: ₹65,170.62 lakh, or ₹651.7 crore, at August 31, 2026 (DRHP p.232).

13Capacity and expansion

Source: DRHP p.133, DRHP p.230. The Jaipur unit is leased from Gare International, a promoter group firm, at ₹2.75 lakh a month (DRHP p.40, DRHP p.313). The issue funds no capacity; the money is for working capital (DRHP p.119). EPC capacity is not a plant figure; it is the order book, ₹65,170.62 lakh at August 31, 2026 (DRHP p.232).

14Market size and industry structure

As claimed: the industry figures come from a report by CARE Analytics and Advisory, "Infrastructure EPC and Cable Manufacturing Sector", dated September 2026, commissioned and paid for by the company for this issue (DRHP p.6, DRHP p.27). The report expects 185 to 195 GWac of solar EPC additions over FY26 to FY32 (DRHP p.184), and the solar agri-water pumping segment to grow from USD 652.1 million in CY2025 to USD 1,049.9 million in CY2030 (DRHP p.180). Those projections are CARE's, and newboard has not tested them.

The part that is addressable: state-agency solar pumping and feeder solarisation, distribution works, water supply sub-contracts and low-voltage cables for utilities (DRHP p.230). The report notes that most private developers use in-house EPC teams, so third-party contractors depend largely on public-sector projects (DRHP p.184).

What the company is today: FY26 revenue of ₹30,409.06 lakh (DRHP p.75). The document gives no market share. Under PM-KUSUM the centre funds 30% of a solar pump's benchmark cost, states at least 30% and farmers up to 40% (DRHP p.180), so demand here follows scheme budgets.

15Competitive position

Source: DRHP p.136. The company cites a diversified order book, experience with government bodies, an end-to-end bidding and execution process and its promoters (DRHP p.131). Against that, it notes contracts are won by competitive tender, including reverse auctions (DRHP p.365), and that it has a limited operating history in EPC (DRHP p.47). It does not own the trademark and logo it uses (DRHP p.37).

16Peers the company named

Peers named in the offer document: Vikran Engineering Limited, Laser Power and Infra Limited and Lumino Industries Limited (DRHP p.133).

Each is four to eight times the company's FY26 revenue (our arithmetic, DRHP p.136). Debt to equity for the peers was 0.24, 1.14 and 0.53 times against the company's 2.02 times (DRHP p.136). The document prints the peers' P/E at 14.10, 19.88 and 15.56 on September 28, 2026 closing prices, an average of 16.51 (DRHP p.132, DRHP p.133). No P/E for the company is possible until a price band is set.

17Risks, in plain words

• Customers: one customer was 29.21% of FY26 revenue and the top ten 81.81% (DRHP p.28) → a delayed or lost project moves revenue sharply → the largest customer's share has swung between 17.52% and 55.06% in three years (DRHP p.28).
• Collections: receivable days reached 181 in FY26 (DRHP p.40) → cash comes in late from government-linked clients → FY26 operating cash flow was an outflow of ₹4,694.95 lakh (DRHP p.77).
• Debt: borrowings of ₹15,661.62 lakh at March 2026 (DRHP p.392) → finance costs rose to ₹2,273.18 lakh, 7.48% of revenue (DRHP p.366) → debt service coverage fell from 3.45 to 2.17 times (DRHP p.133).
• Guarantees: performance bank guarantees of ₹9,697.00 lakh were outstanding (DRHP p.79) → an invoked guarantee is a direct cash call.
• Tax: a GST show cause notice proposes penalties of ₹246.34 lakh and ₹1,759.46 lakh for FY24 and FY25 (DRHP p.403) → the amounts are disputed and pending.
• Suppliers: advances to suppliers were ₹4,794.18 lakh (DRHP p.33) → cash is paid out before materials arrive.
• Compliance: audit trail lapses in FY24 and FY25 are before the Registrar of Companies (DRHP p.31); GST payments were delayed 20 times in FY26 (DRHP p.53).

18Litigation and regulatory matters

The document's summary table gives the company's total as ₹1,884.60 lakh, which is not the sum of the two tax lines it lists (DRHP p.402). The largest item is an income tax assessment for AY 2024-25 that added ₹1,132.70 lakh to income, treating contract payments and cash withdrawals as unexplained expenditure, with a demand of ₹1,127.80 lakh now under appeal (DRHP p.402).

A GST order of April 7, 2026 confirmed ₹463.58 lakh on input tax credit from a supplier the department calls non-existent; the company has appealed (DRHP p.403). A separate show cause notice alleges irregular input tax credit of ₹1,009.19 lakh; the company has replied and deposited ₹102.07 lakh without admitting liability (DRHP p.403).

19Related-party transactions

The related-party tables for FY24 to FY26 run to ten pages (DRHP p.80 to DRHP p.91). The larger items:

• Purchases: from Step Cable Private Limited ₹177.98 lakh and Step Industries Private Limited ₹153.15 lakh in FY26; from Tacent Industries ₹448.00 lakh and Link Polychem ₹350.00 lakh in FY25 (DRHP p.80).
• Sales: to Link Polychem ₹1,273.00 lakh in FY25 and to Tacent Industries ₹1,401.97 lakh in FY24 (DRHP p.81).
• Services availed in FY26: Payal Enterprises ₹385.16 lakh and Tacent Industries ₹356.95 lakh (DRHP p.81).
• Amounts received and paid in FY26: from Tacent Industries ₹4,727.64 lakh received and ₹3,624.64 lakh paid; from Step Cable ₹2,110.52 lakh each way; from Step Industries ₹1,524.00 lakh received and ₹811.94 lakh paid (DRHP p.86, DRHP p.87, DRHP p.89, DRHP p.91).
• Interest paid in FY26: ₹48.70 lakh to Nayan Sharma, Mohit Sharma's mother as the promoter group list records (DRHP p.84, DRHP p.313).
• Share and property deals: listed in section 11 (DRHP p.91).

New in FY26: services from Payal Enterprises and Tacent Industries, and the large receipts and payments with Tacent Industries, Step Cable, Step Industries, Orion Corporation and Surya International, none of which appear in FY25 (DRHP p.81, DRHP p.86, DRHP p.89).

20What the offer document does not say

• The fresh issue amount and price band, normal at DRHP stage (DRHP p.70).
• The nature of the FY26 "amount received" and "amount paid" rows with Tacent Industries, Step Cable and others, in the pages read.
• Why cable revenue fell 32.23% while production was flat, in the pages read (DRHP p.133, DRHP p.386).
• Margins by EPC line, solar, electrical and water.
• Customer names behind the top-ten figures, other than Vindhya Telelinks.
• Ageing of receivables and how much is retention money.
• Why the tax total of ₹1,884.60 lakh differs from its parts (DRHP p.402).
• Figures after March 31, 2026, other than the order book.

21Five questions for management

1. How much of the ₹15,274.05 lakh of receivables at March 2026 is overdue, and how much is retention?
2. What were the FY26 receipts of ₹4,727.64 lakh from and payments of ₹3,624.64 lakh to Tacent Industries?
3. What margin does each EPC line earn, and how did it move between FY25 and FY26?
4. What share of the ₹65,170.62 lakh order book is with Vindhya Telelinks?
5. At what price per kilometre were cables sold in FY25 and FY26?

1Sources and cited facts

This study was read from 1 document the company filed. The 136 figures it cites are listed under the document each came from, with the page and the sentence as printed.