Robokidz Eduventures Limited IPO

01At a glance

What the company does: designs, supplies and installs robotics, artificial intelligence and STEM (science, technology, engineering and mathematics) laboratories in schools, and sells subscription courses, training and workshops built around them (RHP p.123).

Who pays it: schools and educational institutions, government bodies that award Atal Tinkering Lab projects directly or through channel partners, and private companies that serve government schools under tenders (RHP p.124, RHP p.88). The customers are not named; the largest was 21.11% of FY26 revenue and the top ten 77.99% (RHP p.26).

Why it is raising money: ₹2,345.73 lakh for working capital and ₹220.00 lakh to repay loans, with the balance, not yet stated, for general corporate purposes (RHP p.85).

How fast it has grown: revenue from ₹3,816.59 lakh in FY24 to ₹9,322.31 lakh in FY26, about 56.3% a year, and profit after tax from ₹242.35 lakh to ₹1,005.69 lakh, about 103.7% a year (our arithmetic, RHP p.52).

The one thing to understand: none of the ₹1,745.86 lakh of profit reported over FY24 to FY26 arrived as operating cash; operating cash flow was negative every year, a net outflow of ₹1,083.89 lakh (our arithmetic, RHP p.52, RHP p.53). The company says the cash went into receivables and inventory and the gap was funded with borrowings (RHP p.30). Trade receivables stood at ₹7,127.76 lakh at March 2026, against ₹1,429.62 lakh a year earlier (RHP p.51).

02The business, in plain words

Robokidz designs robotics and electronics learning kits in-house, has them manufactured by outside vendors, assembles and packs them at its own facility, and installs them as complete laboratories in schools, with curriculum, teacher training and technical support (RHP p.127, RHP p.132).

It takes on these projects through tenders and work orders under government programmes, including Atal Tinkering Labs, and through direct contracts with private schools and universities (RHP p.126); it won its first Atal Tinkering Lab tender in 2017 (RHP p.157). It also sells Young Engineers Garage subscription programmes and supplies trainers engaged through third-party agencies (RHP p.127, RHP p.130).

There are four activity centres under the Young Engineers Academy brand: two run by franchisees of its subsidiary Robokidz Retails Private Limited, and two run by the company and the subsidiary (RHP p.130).

A school or a government programme needs a robotics or STEM lab → the company designs it, buys the components from vendors and assembles the kits → it installs the lab and trains the teachers → it is paid on project milestones, and then sells subscriptions, training and support to the same school.

The company was incorporated in December 2014, is based in Pune and became a public company in April 2026 (RHP p.2). It had 24 employees on its rolls at March 2026 (RHP p.144). It uses its own coding platform, Drag-on.ai, a learning management system and a mobile application for its kits (RHP p.123).

Earnings equation: Revenue = labs installed × value per lab + subscribers × fee + service engagements. The prospectus discloses none of the counts. In FY26, against revenue of ₹9,322.31 lakh, the company spent ₹4,597.30 lakh on goods bought for resale, ₹1,629.60 lakh on materials, ₹980.76 lakh on direct expenses including ₹420.80 lakh of LMS subscription charges and ₹311.25 lakh of installation charges, and ₹183.66 lakh on employees (RHP p.52, RHP p.206). The company puts its gross margin at 19.46% in FY25 and 22.04% in FY26 (RHP p.252).

03Where the money comes from

Source: RHP p.125. Other educational services are manpower deployment, workshops, camps, teacher training and technical support (RHP p.125).

Source: RHP p.26.

Revenue depends on a few customers: the three largest provided ₹4,906.53 lakh, 52.6% of FY26 revenue (our arithmetic, RHP p.139). In FY24 and FY25 the company sold ₹2,192.81 lakh and ₹3,375.05 lakh to a group entity of its key managerial personnel, about 57% of revenue in each year, and nothing in FY26 (our arithmetic, RHP p.55). By state, Maharashtra provided 89.86%, 87.28% and 53.04% of revenue over FY24 to FY26, and Delhi 19.99% in FY26 (RHP p.24). The company has no binding long-term agreements with most customers (RHP p.25).

04The growth record

Source: RHP p.99, RHP p.53.

Our arithmetic: revenue grew about 56.3% a year from FY24 to FY26, EBITDA about 84.6% and profit about 103.7%; the EBITDA margin rose 501 basis points and the PAT margin 444 basis points (RHP p.99). The prospectus computes EBITDA by adding back interest of ₹258.05 lakh rather than all finance costs of ₹294.82 lakh, includes other income, and states the margin on total income (RHP p.235, RHP p.99).

FY26 net worth of ₹2,066.61 lakh leaves out a capital reserve of ₹435.03 lakh that arose on buying the subsidiary; shareholders' funds including it were ₹2,501.64 lakh (RHP p.125, RHP p.198, RHP p.51). Earnings per share fell from ₹24.55 in FY25 to ₹14.37 in FY26 while profit doubled, because the weighted share count went from 20,27,396 to 70,00,000 after the March 2025 loan conversion and the March 2026 bonus (RHP p.235).

Other income of ₹49.31 lakh was 3.6% of the ₹1,363.50 lakh profit before tax in FY26 (our arithmetic, RHP p.52).

05What the growth is made of

Revenue rose by ₹3,447.03 lakh in FY26: laboratory projects added ₹1,877.06 lakh, subscriptions ₹983.67 lakh and other services ₹586.30 lakh (our arithmetic, RHP p.125). By state, Delhi went from ₹60.91 lakh to ₹1,863.62 lakh and Kerala from ₹34.76 lakh to ₹630.82 lakh, while Maharashtra fell from ₹5,128.18 lakh to ₹4,944.88 lakh (RHP p.24). The prospectus does not disclose the number of laboratories installed, schools served or subscribers, so the increase cannot be separated into volume and price. The company says increases in revenue are “by and large linked to increases in volume of business” and depend on price realisation (RHP p.255).

Read from the filing: the subsidiary joined on March 30, 2026 and contributed a loss of ₹5.89 lakh to FY26 consolidated profit (RHP p.225), so FY26 revenue and profit are almost entirely the company's own; the subsidiary's own FY26 revenue of ₹4,163.72 lakh (RHP p.159) is not in the FY26 revenue line, though its assets and liabilities are in the March 2026 balance sheet.

06Earnings quality

Receivables are the item that needs explaining. The company says many projects were completed and invoiced in the fourth quarter of FY26 and remained unpaid at March 31, 2026 (RHP p.28). The fourth quarter brought ₹6,112.98 lakh, 65.6% of FY26 revenue (our arithmetic, RHP p.33). Of the ₹7,127.76 lakh of receivables, ₹7,081.77 lakh were less than six months old (RHP p.217).

The working-capital tables use ₹5,175.95 lakh of receivables for March 2026 on a standalone basis (RHP p.23, RHP p.87). Read from the filing: the other ₹1,951.81 lakh of the consolidated figure sits in the newly acquired subsidiary (our arithmetic, RHP p.51). Stock reported to the bank at March 2025 was ₹880.86 lakh against ₹1,191.11 lakh in the books, which the company puts down to provisional figures (RHP p.230).

07The balance sheet

At March 2026 borrowings were ₹2,980.33 lakh: cash credit of ₹2,326.89 lakh from HDFC Bank and Punjab National Bank, purchase financing of ₹79.33 lakh, a vehicle loan of ₹22.55 lakh, unsecured term and working-capital loans of ₹510.31 lakh, and ₹41.25 lakh from a director (RHP p.238, RHP p.240, RHP p.241). Most unsecured loans carry 16% to 18% interest, including ₹100.00 lakh from SRI GBK Resources Private Limited at 18%, payable on August 1, 2026 (RHP p.208, RHP p.209). Directors have guaranteed ₹2,326.89 lakh of the loans (RHP p.241).

Cash and bank balances were ₹86.93 lakh, and fixed deposits maturing after more than a year another ₹514.48 lakh (RHP p.51, RHP p.203). Other current liabilities included ₹517.14 lakh still owed for the subsidiary's shares, and short-term provisions included ₹704.16 lakh of tax not yet paid (RHP p.201). Contingent liabilities and capital commitments were nil (RHP p.54). The registered office is leased at ₹1,93,725 a month (RHP p.145).

After the issue: the proceeds cannot be computed because the price is blank. The ₹220.00 lakh set aside for loan repayment would take March 2026 borrowings to about ₹2,760.33 lakh before any new borrowing (our arithmetic, RHP p.85, RHP p.99), and the company plans ₹1,253.00 lakh of new borrowing to fund FY27 working capital (RHP p.85).

08What the money is for

Source: RHP p.85.

The company estimates it will need ₹6,291.52 lakh of working capital in FY27, to be met with ₹2,345.73 lakh from the issue, ₹2,692.79 lakh from internal accruals and ₹1,253.00 lakh of borrowing; it assumes receivable days of 136 and inventory days of 50 (RHP p.85, RHP p.87). The loans named for repayment total ₹259.24 lakh outstanding at August 31, 2026, from eight lenders at 16.00% to 18.00% interest (RHP p.90, RHP p.93). General corporate purposes are capped at 15% of the gross proceeds or ₹1,000 lakh, whichever is less (RHP p.85). All the money is scheduled for use in FY27 (RHP p.86). Issue expenses are left blank (RHP p.94).

Into the business: up to 29,32,800 new shares; the rupee amount is blank until the price is set (RHP p.1). To selling shareholders: nothing; there is no offer for sale (RHP p.1).

Of the 29,32,800 shares, 1,62,000 are reserved for the market maker, B.N. Rathi Securities; of the remaining 27,70,800, up to 13,81,200 go to qualified institutions (including up to 8,28,000 for anchor investors), at least 4,17,600 to non-institutional investors and at least 9,72,000 to individual investors (RHP p.48, RHP p.66). The issue would be 27.01% of the enlarged share capital (RHP p.2).

GYR Capital Advisors is the sole book-running lead manager and underwrites the whole issue (RHP p.2, RHP p.66). The prospectus's timetable, marked indicative, put anchor bidding on September 18, 2026, public bidding from September 21 to 23, 2026 and listing on or about September 28, 2026; the price band and lot size were to be advertised at least two working days before bidding opens (RHP p.64, RHP p.2).

09Who is selling

No one in the issue; it is entirely new shares issued by the company (RHP p.1). Separately, before the prospectus was filed, the promoter sold 1,53,100 shares at ₹100 each (before the bonus) in March 2026 and 7,38,050 shares at ₹77.50 and ₹80 on September 10 and 11, 2026, the latter for ₹572.77 lakh (our arithmetic, RHP p.101, RHP p.102). The promoter and the promoter group will not bid in the issue (RHP p.83).

10Promoters

The sole promoter is Sagar Lalit Sanghvi, the managing director and chairman, aged 39, who has been associated with the company since 2015 and has over ten years of experience in education and business development according to the prospectus (RHP p.173, RHP p.163). Sagar Lalit Sanghvi held no shares before January 30, 2025, when Deenal Sagar Shah, the majority shareholder since incorporation, transferred all 4,24,999 shares at the face value of ₹10 (RHP p.34).

Sagar Lalit Sanghvi was disqualified as a director from November 1, 2016 to October 31, 2021 over a struck-off company's missed filings, and served as a director of Robokidz from October 19, 2020 to March 19, 2021 during that period; the prospectus says no proceeding is pending (RHP p.25). Other ventures are Bharat Gyan Vigyan Foundation, Insaneistic Digital Private Limited, Technomedi Enterprise and Kahaan Impex (RHP p.173). The promoter's shares are not pledged (RHP p.84).

Promoter economics: the promoter acquired 4,24,999 shares at ₹10 in January 2025, 12,50,000 at ₹10 by converting a loan in March 2025, 45,65,697 bonus shares in March 2026 and 3,43,750 shares at ₹80 in April 2026 (RHP p.78, RHP p.79). The prospectus does not state the promoter's average cost per share.

The weighted average cost of primary issues in the last 18 months is ₹10.30 a share and of the promoter's secondary sales ₹53.75 (RHP p.101, RHP p.102). The company paid Sagar Lalit Sanghvi ₹48.00 lakh in FY26 and the subsidiary ₹30.00 lakh (RHP p.165); the approved ceiling is ₹250 lakh a year, with increments of up to 75% a year (RHP p.164).

The promoter has given personal guarantees, mortgaged residential property for the company's loans and lent it money (RHP p.174).

11Who already owns it

Source: RHP p.77, RHP p.70, RHP p.72, RHP p.73.

The promoter and the promoter group, which includes the promoter's sister Urmi Jain as the prospectus lists, hold 57,33,296 of the 79,26,653 shares, or 72.33% (RHP p.78, RHP p.175). In April 2026 three investors paid ₹450.00 lakh for optionally convertible debentures, which were converted on September 5, 2026 into 5,82,900 shares at ₹77.20, allotted to five holders (RHP p.72, RHP p.101). If the whole issue is allotted, the promoter and group would hold about 52.8% of 1,08,59,453 shares (our arithmetic, RHP p.48, RHP p.78). The company had 42 shareholders at the date of the prospectus (RHP p.80).

12What changed just before the IPO

• January 30, 2025: control passed to Sagar Lalit Sanghvi through the transfer of 4,24,999 shares at ₹10 (RHP p.34).
• March 30, 2025: a loan from the promoter was converted into 12,50,000 shares at ₹10; the filing wrongly reported it as a rights issue, and a compounding application is pending (RHP p.70, RHP p.32).
• September 2025 to March 2026: the auditor changed twice, each time on the previous firm's resignation (RHP p.61, RHP p.62).
• October 2025: Asif Abdul Jamadar joined the board and Deenal Sagar Shah left it (RHP p.166).
• March 2026: the promoter sold 1,53,100 shares at ₹100 to 14 buyers, the company issued a 3-for-1 bonus of 52,50,000 shares, and it bought Robokidz Retails Private Limited from key managerial personnel for ₹517.14 lakh (RHP p.73, RHP p.70, RHP p.55).
• April 2026: ₹450.00 lakh of convertible debentures to three investors and 3,43,750 shares to the promoter at ₹80 (RHP p.72, RHP p.70).
• April 21, 2026: the company became a public limited company, and was renamed Robokidz Eduventures Limited (RHP p.2).
• May 22, 2026: the promoter transferred shares of Growingen Solutions Private Limited to the company, which now owns 50% of it (RHP p.174, RHP p.160).
• June 2026: two independent directors, a company secretary and a chief financial officer were appointed; that CFO resigned on June 18 and a new CFO took over on June 19 (RHP p.166, RHP p.172).
• September 5 to 11, 2026: the debentures converted into 5,82,900 shares at ₹77.20, and the promoter sold 7,38,050 shares at ₹77.50 and ₹80 to 19 buyers (RHP p.70, RHP p.73, RHP p.74).
• FY26: receivables rose from ₹1,429.62 lakh to ₹7,127.76 lakh and short-term borrowings from ₹1,416.18 lakh to ₹2,943.82 lakh (RHP p.51).

13Capacity and expansion

The prospectus says installed capacity and utilisation do not apply because the company operates in the service industry (RHP p.143). Kits are designed in-house, made by third-party vendors and assembled at a leased assembly centre in Hadapsar, Pune (RHP p.132, RHP p.145). Instead of capacity, the prospectus gives an order book: ₹8,280.27 lakh of confirmed orders at July 31, 2026, of which ₹7,528.91 lakh was still to be executed at September 3, 2026 (RHP p.139).

One order, for 775 Atal Tinkering Labs, is worth ₹5,812.50 lakh (RHP p.139). The issue does not fund any capital expenditure (RHP p.85). The prospectus does not say how many laboratories the company can install in a year.

14Market size and industry structure

As claimed: the global educational robot market was USD 1,377.8 million in 2024, citing Grand View Research, and the Indian edtech market ₹64,875 crore (US$ 7.5 billion), citing IBEF (RHP p.119, RHP p.122, RHP p.118). The company did not commission an industry report; the chapter is built from data available on the internet that the company has not verified (RHP p.42).

The part that is addressable: robotics, AI and STEM laboratories and courses for Indian schools, including government programmes such as Atal Tinkering Labs. The prospectus does not size this market.

What the company is today: FY26 revenue of ₹9,322.31 lakh (RHP p.52). With no Indian figure for school laboratories, its share cannot be worked out.

The prospectus links demand to the National Education Policy 2020 and government programmes (RHP p.124). It says payment cycles are longer where customers execute projects for government schools (RHP p.27), and that revenue is seasonal, following the academic year (RHP p.33).

15Competitive position

The prospectus names no competitor in India. It describes competition from education providers, technology-enabled learning companies and new entrants, and says customers choose on price, content quality, technology, service standards, delivery capability and brand (RHP p.34). The market report it quotes lists global educational robot makers such as LEGO Systems and SoftBank Robotics (RHP p.122).

The company holds 7 registered trademarks with 13 applications pending, and ISO certifications for quality, environment, education management and information security (RHP p.27, RHP p.124). It says its strengths are an end-to-end offering and project execution (RHP p.134). The prospectus does not give the market share or financials of any rival, so no comparison table can be built.

16Peers the company named

Peers named in the offer document: none. The prospectus says there are no listed companies that closely match its business model, offering and profile (RHP p.98).

It does not compare its KPIs with any listed company (RHP p.100), and the industry P/E line is left out for the same reason (RHP p.98).

17Risks, in plain words

Customers: the company has no binding long-term agreements with most customers (RHP p.25) → a few customers carry the revenue → the largest was 21.11% of FY26 revenue and the top ten 77.99% (RHP p.26).

Collections: projects are billed on completion and government-linked customers pay slowly (RHP p.27) → profit does not turn into cash → operating cash flow was negative in FY24, FY25 and FY26, and receivables were ₹7,127.76 lakh at March 2026 (RHP p.30, RHP p.51).

One large order: one order, for 775 Atal Tinkering Labs, makes up most of the order book (RHP p.139) → delay or cancellation would move revenue sharply → ₹5,812.50 lakh of the ₹8,280.27 lakh order book, 70.2% (our arithmetic, RHP p.139).

Suppliers: equipment comes from a few vendors without long-term contracts (RHP p.27) → a supply failure would stall installations → the largest supplier was 45.16% of FY26 purchases and 86.72% of FY25 (RHP p.27).

Geography: revenue is concentrated in Maharashtra (RHP p.24) → local policy or budget changes weigh on the whole company → 53.04% of FY26 revenue (RHP p.24).

Promoter and governance: the promoter served on this board in 2020 and 2021 while disqualified as a director (RHP p.25), and the company has pending compounding and adjudication applications for filing lapses (RHP p.31) → the compliance record under the current set-up is short → the audit committee dates from June 18, 2026, the chief financial officer changed twice in June 2026, and three different auditors signed the last three years' accounts (RHP p.167, RHP p.172, RHP p.182).

Debt: working capital is funded with bank and NBFC credit (RHP p.22) → interest absorbs part of the margin → finance costs were ₹294.82 lakh in FY26, including ₹48.14 lakh of interest on late statutory dues (RHP p.207).

Issue-specific: the price is blank (RHP p.2), no monitoring agency will oversee the proceeds (RHP p.42), general corporate purposes are unquantified (RHP p.85), and the promoter sold shares at ₹77.50 and ₹80 in the days before the prospectus (RHP p.102).

18Litigation and regulatory matters

The prospectus also lists clerical errors in statutory forms filed from 2017 to 2025 and says any penalty will be paid from internal accruals, not from the issue (RHP p.31, RHP p.33). Contingent liabilities were nil at March 2026 (RHP p.54). Four material creditors were owed ₹1,685.77 lakh of the ₹2,194.01 lakh of trade payables (RHP p.259).

19Related-party transactions

Source: RHP p.55, RHP p.56.

The prospectus does not name the group entity behind the sales; the FY24 amount equals the revenue it shows from the largest customer that year (RHP p.26, RHP p.55). A related-party trade receivable of ₹738.34 lakh was outstanding at March 2024 (RHP p.56).

Robokidz Retails had common directors with the company until March 29, 2026 and became a subsidiary the next day; the ₹517.14 lakh price was unpaid at March 31, 2026 (RHP p.55, RHP p.201). The director loan of ₹41.25 lakh at March 2026 is interest-free (RHP p.200). What disappeared: sales to the group entity, nil in FY26 (RHP p.55).

What appeared: the subsidiary, the Growingen associate, and the subsidiary's payment of ₹30.00 lakh to the promoter in FY26 (RHP p.165, RHP p.160).

20What the offer document does not say

The price band, issue price, lot size, issue size, gross proceeds, issue expenses and the amount for general corporate purposes are left blank (RHP p.2, RHP p.85, RHP p.94). The number of laboratories installed, schools served, students taught and subscribers is not disclosed for any year. The group entity that bought ₹3,375.05 lakh in FY25 is not named, nor what it bought (RHP p.55). Customers and suppliers are not named.

The margin on the 775-lab order and its payment terms are not given. What the company paid for its half of Growingen Solutions is not stated in the pages read. The litigation chapter points to a section on significant developments after March 31, 2026 (RHP p.259) that this reading did not find in the management discussion.

The management discussion's service revenue of ₹550.27 lakh and ₹2,112.40 lakh (RHP p.251) differs slightly from the restated ₹550.67 lakh and ₹2,120.64 lakh (RHP p.205); this study uses the restated figures.

21Five questions for management

1. Which group entity took ₹2,192.81 lakh of goods and services in FY24 and ₹3,375.05 lakh in FY25, what were they, and who were its end customers?
2. How much of the ₹7,127.76 lakh of receivables at March 31, 2026 has been collected, and how much of it is the subsidiary's?
3. How many laboratories did the company install, and how many subscribers did it serve, in each of FY24, FY25 and FY26, at what average value?
4. Why does the FY26 cash flow statement add ₹193.84 lakh of income tax to cash while the unpaid tax provision rose to ₹704.16 lakh, and when will that tax be paid?
5. On what milestones is the ₹5,812.50 lakh Atal Tinkering Lab order paid, and how much of the ₹2,345.73 lakh of working-capital money will it absorb?

1Sources and cited facts

This study was read from 1 document the company filed. The 110 figures it cites are listed under the document each came from, with the page and the sentence as printed.