Sanwariya Multiventures Limited IPO

01At a glance

What the company does: provides civil construction and maintenance, on-site fabrication and erection, internal infrastructure such as roads, railway lines and drainage, and transport of staff and workers and earthmoving for industrial clients in mining, cement and steel (DRHP p.139, DRHP p.140).

Who pays it: a handful of industrial customers, none named. The largest customer brought 92.52% of FY26 revenue, 98.13% of FY25 and 97.96% of FY24 (DRHP p.25). The mines and minerals industry was 93.02% of FY26 revenue (DRHP p.26), and Rajasthan 93.33% (DRHP p.26).

Why it is raising money: ₹35.0 crore of the fresh issue is for working capital, ₹15.0 crore for trucks, tippers, excavators and a concrete batching plant, and ₹5.0 crore for an equipment yard on land at Bijainagar, Ajmer; the general corporate purposes amount is blank (DRHP p.84). The promoter Rajaram Vaishnav is also selling 12,00,000 shares (DRHP p.71).

How fast it has grown: revenue from ₹7.9 crore in FY24 to ₹100.9 crore in FY26, about 256.6% a year, and profit after tax from ₹0.16 crore to ₹10.1 crore, about 682.9% a year (our arithmetic, DRHP p.54).

The one thing to understand: almost all of the business is one customer. Customer 1 paid the company ₹93.3 crore of FY26 revenue of ₹100.9 crore, 92.52%, and the company served ten customers in FY26, three in FY25 and two in FY24 (DRHP p.151, DRHP p.25, DRHP p.101). The customer is not named.

02The business, in plain words

What Sanwariya Multiventures does

Sanwariya Multiventures works inside big industrial sites, mostly mines. It builds and repairs civil structures to the client's plans, paints and waterproofs them, and takes some EPC contracts end to end (DRHP p.139). It fabricates and erects equipment on site (DRHP p.140). It builds the roads, railway lines, pathways, pipes, drains and tailing dams a large site needs (DRHP p.140). And it runs cars and buses with drivers to move staff and workers between shifts, and dumpers for earthmoving (DRHP p.140). The document adds that it has done "unrelated minor trading of soft stone" (DRHP p.140).

A mining, cement or steel company puts out a tender or an enquiry → the company bids, often in a reverse auction for large clients → it deploys its own workers, hired vehicles and machines and subcontractors at the client's site → it raises monthly invoices on measured work (DRHP p.148, DRHP p.149).

The company says it follows an asset light model: all equipment, machinery and vehicles are taken on rent (DRHP p.140). It says it outsources most of its civil construction to subcontractors (DRHP p.140). In FY26 subcontractors cost ₹29.7 crore and equipment and vehicle hire ₹10.6 crore, together 80.53% of direct expenses (DRHP p.238). It had 703 workers at August 31, 2026: 56 permanent staff and 647 engaged for particular projects (DRHP p.153).

It was incorporated on September 29, 2022 as Sanwariya Multiventures International Private Limited and became a public company on September 8, 2025 (DRHP p.2). The registered office moved from Bhilwara to Udaipur in April 2026 (DRHP p.167). It has branch offices in Jharkhand, Maharashtra and Chhattisgarh (DRHP p.150). A wholly owned subsidiary, Sanwariya Resources Private Limited, was incorporated in Nepal on April 23, 2026 to look at mining work there (DRHP p.171).

Its approvals include contract labour registrations for work at Hindustan Zinc Limited's Sindesar Khurd mines in Rajasthan and at Bokaro, Jharkhand (DRHP p.256), and a guest house it rents is described as being for the Rampura Agucha mines site (DRHP p.154).

Earnings equation: Revenue = projects × billed work per project. The document gives the number of projects (three in FY24, nine in FY25, 22 in FY26) but not the value or margin of each, so the equation cannot be filled in from the filing (DRHP p.101).

03Where the money comes from

By service (₹ crore):

Source: DRHP p.140, DRHP p.141, converted from ₹ lakh. Civil construction and maintenance was 97.96% of FY24 revenue and 61.60% of FY26; logistics and earthmoving 25.47% of FY26 (DRHP p.141). The company does not give profit by service; it says its people and equipment move between segments, so costs cannot be split (DRHP p.227).

By industry, mining was 93.02% of FY26 revenue, 100.00% of FY25 and 97.96% of FY24; cement was 5.69% and steel 0.90% of FY26 (DRHP p.141). By state, Rajasthan was 93.33% of FY26 revenue and all of FY25 and FY24, Chhattisgarh 5.77% and Jharkhand 0.90% of FY26 (DRHP p.146). There is no export revenue (DRHP p.146).

Sanwariya Multiventures customers: how concentrated the revenue is

Source: DRHP p.25, DRHP p.101, DRHP p.151. Revenue depends on one customer: Customer 1 paid ₹93.3 crore in FY26, ₹22.7 crore in FY25 and ₹7.8 crore in FY24 (DRHP p.151). Customer 2 paid ₹5.7 crore in FY26 and the other eight together about ₹1.8 crore (our arithmetic, DRHP p.151). No customer is named. All revenue in all three years came from repeat clients (DRHP p.101). Projects are won mainly through competitive bidding (DRHP p.27).

Read from the filing: Customer 2's FY26 amount, ₹573.62 lakh, is the same figure as the FY26 revenue from the cement industry (DRHP p.151, DRHP p.141).

On the supply side, the top five suppliers came to ₹29.7 crore and the top ten to ₹38.7 crore in FY26 (DRHP p.31). The document gives these as amounts, not as shares of purchases, and says the company has no contracts with its suppliers (DRHP p.31).

04The growth record

Sanwariya Multiventures financials: revenue, profit and margins

Source: DRHP p.52, DRHP p.54, DRHP p.55, DRHP p.100, converted from ₹ lakh. Revenue went from ₹7.9 crore in FY24 to ₹100.9 crore in FY26 (DRHP p.54). Profit after tax went from ₹0.16 crore to ₹10.1 crore (DRHP p.54).

Our arithmetic over FY24 to FY26:

• Revenue grew about 256.6% a year (our arithmetic, DRHP p.54); the company's own figure is 256.58% (DRHP p.100).
• EBITDA grew about 404.3% a year (our arithmetic, DRHP p.100).
• Profit after tax grew about 682.9% a year, from a base under ₹0.2 crore (our arithmetic, DRHP p.54).
• EBITDA margin moved from 6.88% to 13.76%, up 688 basis points, so from 6.9% to 13.8% rounded (DRHP p.100).

The return ratios are on the company's own definitions, using average equity and average capital employed (DRHP p.100). The restated ratio note, using year-end figures, gives return on equity of 77.18% and return on capital employed of 85.53% for FY26 (DRHP p.224).

The year ends on March 31 throughout. The restatement lowered earlier profits: gratuity and leave encashment were not provided for in the audited FY24 and FY25 accounts, and a FY25 depreciation error was corrected (DRHP p.231). FY24 profit was ₹0.25 crore as audited and ₹0.16 crore as restated; FY25 ₹2.0 crore audited and ₹1.8 crore restated; FY26 ₹10.07 crore audited and ₹10.1 crore restated (DRHP p.231).

What sits around the record:

• Cash: operating cash flow was −₹0.41 crore in FY26, ₹0.42 crore in FY25 and ₹1.6 crore in FY24 (DRHP p.55). In FY26 trade receivables absorbed ₹17.7 crore and loans and advances ₹8.0 crore (DRHP p.55).
• Other income was ₹0.13 crore, about 1.0% of FY26 profit before tax of ₹13.5 crore (our arithmetic, DRHP p.54).
• Debt: borrowings were ₹2.8 crore at March 31, 2026 (DRHP p.246), debt to equity 0.21 times, about 0.2× (DRHP p.233), and net of cash of ₹0.16 crore about 0.2× FY26 EBITDA (our arithmetic, DRHP p.52, DRHP p.100).
• Customers: the largest customer was 92.52% of FY26 revenue, so 92.5% rounded (DRHP p.25); the top five 99.47%, so 99.5% (DRHP p.25); the top ten 100.00%, so 100.0% (DRHP p.25). Mining was 93.02% of FY26 revenue, so 93.0% rounded (DRHP p.26).
• Returns: return on capital employed was 172.95% in FY26 on the company's definition, so 173.0% rounded (DRHP p.100).
• Contingent liabilities: bank guarantees given through State Bank of India of ₹5.5 crore at March 31, 2026, 42.05% of net worth (DRHP p.30).
• Order book: ₹192.3 crore unexecuted at August 31, 2026, as the company states it (DRHP p.29).
• Employees: employee benefit expense was ₹18.3 crore in FY26, 18.10% of total expenses (DRHP p.28).
• Use of the issue: ₹35.0 crore of the fresh issue is for working capital and ₹15.0 crore for machinery (DRHP p.84).
• Industry: the company places itself in structural maintenance and industrial support services, under a report titled "Industry Report on Structural Maintenance Services" (DRHP p.108, DRHP p.137).

05What the growth is made of

Revenue rose ₹93.0 crore from FY24 to FY26 (our arithmetic, DRHP p.54).

The largest customer: Customer 1's billing rose from ₹7.8 crore in FY24 to ₹93.3 crore in FY26, about ₹85.6 crore of the increase (our arithmetic, DRHP p.151).

More projects and customers: projects undertaken went from three in FY24 to nine in FY25 and 22 in FY26, and customers from two to ten (DRHP p.101).

New service lines: logistics support and earthmoving, nil in FY25, brought ₹25.7 crore in FY26 (DRHP p.141). Internal infrastructure went from nil in FY24 to ₹11.7 crore in FY26 (DRHP p.141).

New industries and states: cement (₹5.7 crore) and steel (₹0.90 crore) customers, and work in Chhattisgarh and Jharkhand, began in FY26 (DRHP p.141, DRHP p.146).

How the work was done: subcontractor cost rose from ₹0.02 crore in FY24 to ₹29.7 crore in FY26, and equipment and vehicle hire from ₹0.20 crore to ₹10.6 crore (DRHP p.219).

The offer document does not disclose the value of each project, rates billed or volumes of work, so the increase cannot be separated into volume and price. That is the finding.

06Earnings quality

The item that needs explaining is short-term loans and advances. They went from ₹0.06 crore at March 2024 and ₹0.74 crore at March 2025 to ₹8.7 crore at March 2026: ₹6.5 crore of "business advances", ₹2.2 crore of advances to suppliers and ₹0.01 crore against expenses (DRHP p.216). The document does not say to whom the ₹6.5 crore of business advances was paid or for what; the risk factors list the same ₹6.5 crore as "Other Deposits & Advances" (DRHP p.30).

Trade receivables went from ₹1.4 crore at March 2024 to ₹22.7 crore at March 2026, ₹22.70 crore of it under six months old (DRHP p.52, DRHP p.215). Unbilled revenue, retention money and those other deposits and advances were 37.55% of current assets at March 2026 (DRHP p.30). Trade payables were ₹15.8 crore, of which ₹2.5 crore was one to two years old and ₹0.37 crore two to three years old; interest on dues to small suppliers has not been provided because reconciliation is pending (DRHP p.212). Interest on late payment of statutory dues was ₹0.04 crore in FY26 (DRHP p.220).

07The balance sheet

At March 31, 2026 total assets were ₹38.9 crore: trade receivables ₹22.7 crore, short-term loans and advances ₹8.7 crore, inventories of raw material ₹2.2 crore, property, plant and equipment ₹1.6 crore, other non-current assets ₹1.9 crore (₹1.4 crore of it fixed deposits held as margin against bank guarantees), mutual funds ₹0.77 crore and cash ₹0.16 crore (DRHP p.52, DRHP p.214, DRHP p.215). Against them: trade payables ₹15.8 crore, other current liabilities ₹4.8 crore (₹1.9 crore of statutory dues and ₹2.2 crore of employee dues), provisions ₹2.5 crore, borrowings ₹2.8 crore and net worth ₹13.1 crore (DRHP p.52, DRHP p.213).

Borrowings at March 31, 2026: a State Bank of India cash credit of ₹1.98 crore, a State Bank of India vehicle loan of ₹0.45 crore at 8.60%, and ₹0.33 crore of unsecured loans from the promoter Rajaram Vaishnav (DRHP p.211, DRHP p.246). The cash credit is secured on receivables and stock and on mortgages of residential property in Bhilwara in the names of Rajaram Vaishnav and Jagdish Prasad, and is guaranteed by Rajaram Vaishnav (DRHP p.211, DRHP p.190). On July 28, 2026 State Bank of India sanctioned a ₹2.85 crore working capital facility and a ₹5.5 crore bank guarantee limit, both guaranteed by Rajaram Vaishnav (DRHP p.190).

The company held ₹0.75 crore at cost in nine mutual fund schemes, including small cap index funds, at March 2026, with a market value of ₹0.72 crore (DRHP p.214). In FY26 it put ₹12.3 crore into mutual funds and took ₹11.8 crore out (DRHP p.55).

Source: DRHP p.52, DRHP p.84, DRHP p.233. The capitalisation statement leaves the post-issue column blank (DRHP p.233). No debt is to be repaid from the issue (DRHP p.84).

08What the money is for

Sanwariya Multiventures IPO objects: what the money is for

Source: DRHP p.84, DRHP p.85. The rupee size of the fresh issue depends on a price not yet set, so the share of each object cannot be worked out (DRHP p.84).

Working capital, ₹35.0 crore: the company projects a working capital need of ₹24.4 crore in FY27 and ₹40.8 crore in FY28, assuming receivable days of 85 and 90 and payable days falling to 60 and 45 (DRHP p.86, DRHP p.87). The working capital table funds ₹10.0 crore in FY27 and ₹25.0 crore in FY28 from the issue, while the deployment schedule puts all ₹35.0 crore in FY27 (DRHP p.86, DRHP p.95).

Machinery, ₹15.0 crore: quotations dated September 22 to 29, 2026 for 24 Mahindra Blazo trucks and tippers (₹12.4 crore with taxes, of which the 15 tippers are ₹7.6 crore), five Hyundai excavators (₹3.75 crore), an ACE crane (₹0.61 crore) and backhoe loader (₹0.40 crore), and a SIMEM concrete batching plant (₹1.17 crore before GST) (DRHP p.88, DRHP p.89, DRHP p.90).

The quotations add up to about ₹18.3 crore (our arithmetic, DRHP p.88, DRHP p.89, DRHP p.90). The company will spend ₹15.0 crore from the issue and meet the rest from internal accruals, and will not use issue money for GST and TCS (DRHP p.85). No orders have been placed (DRHP p.40).

Equipment yard, ₹5.0 crore: a 24,000 square foot metal shed, flooring, road and boundary wall on two plots at Sathana, Bijainagar, Ajmer, bought on October 6, 2025 for ₹0.24 crore and about 20 km from the company's Agucha project site (DRHP p.91, DRHP p.92, DRHP p.93). The estimate is an architect's certificate dated September 30, 2026, of ₹5.0 crore including GST (DRHP p.92, DRHP p.93).

The architect's own note to it says a single escalation multiplier of 2.9045 was applied to market unit rates "on request to hit a target quote value", that the plain market-rate estimate is about ₹1.72 crore, and that the shed as sized would leave very little room for the wall, road and yard on the plot (DRHP p.93). The schedule spends ₹1.0 crore in FY27 and ₹4.0 crore in FY28 (DRHP p.95).

The objects have not been appraised by any bank or financial institution (DRHP p.95). A monitoring agency will be appointed (DRHP p.95).

Into the business the fresh issue of up to 49,00,000 shares, at a price not yet set (DRHP p.71). To selling shareholders the offer for sale of up to 12,00,000 shares by Rajaram Vaishnav, at a price not yet set (DRHP p.71).

09Who is selling

Sanwariya Multiventures IPO offer for sale: who is selling

Source: DRHP p.71, DRHP p.76, AP p.1; the last column is our arithmetic. The offer for sale is 12,00,000 of the 61,00,000 shares on offer, about 19.7% (our arithmetic, DRHP p.71). The promoter's weighted average cost of acquisition is ₹0.81 a share (DRHP p.78). The selling shareholder's consent letter is dated September 23, 2026 (DRHP p.51).

10Promoters

The promoter is Rajaram Vaishnav, who holds 98.96% of the company before the issue (DRHP p.188). Rajaram Vaishnav is 28, Chairman and Managing Director, with a B.Tech and a diploma in mechanical engineering, and has been with the company since 2022; before that, from 2017, Rajaram Vaishnav was manager of a proprietorship in a similar line of business (DRHP p.174). The KMP table names Sanwariya International as the previous employment (DRHP p.184). Sanwariya International is listed among related parties as an enterprise over which key managerial personnel exercise influence (DRHP p.58).

The document lists the promoter group relatives as stated there, including Jagdish Prasad Vaishnav (father), Lad Devi Vaishnav (mother), Arti Kumari Vaishnav (spouse) and Deepak Kumar Vaishnav (spouse's brother) (DRHP p.191). Arti Kumari Vaishnav was a director until May 1, 2026 (DRHP p.178).

Pay: Rajaram Vaishnav was paid ₹0.11 crore in FY24, ₹0.15 crore in FY25 and ₹0.32 crore in FY26; Arti Kumari Vaishnav ₹0.26 crore in FY26 (DRHP p.58). From March 31, 2026 the approved ceiling is ₹1.2 crore a year for five years (DRHP p.176). The company paid Rajaram Vaishnav rent of ₹0.05 crore in FY26 (DRHP p.59).

Loans and guarantees: the promoter's unsecured loan to the company stood at ₹0.33 crore at March 2026, after ₹0.89 crore at March 2025 (DRHP p.59). The promoter personally guarantees the bank facilities, and family property is mortgaged as collateral (DRHP p.190, DRHP p.211). No promoter shares are pledged (DRHP p.77).

Other businesses: directorships in HRS Future Private Limited, Semicone Mine Resources Private Limited and the Nepal subsidiary (DRHP p.188). The document says there are no group companies (DRHP p.193).

Cases: no criminal, civil or regulatory cases against the promoter (DRHP p.248).

Promoter economics: Rajaram Vaishnav subscribed 9,500 shares at ₹10 at incorporation, received 2,28,000 bonus shares in May 2025, took 9,50,000 shares in a ₹10 rights issue in June 2025 and 1,06,87,455 bonus shares in September 2026 (DRHP p.77). The average cost works out to ₹0.81 a share (DRHP p.78). On July 23, 2025 Rajaram Vaishnav transferred one share each to five people at ₹40 (DRHP p.77, DRHP p.78).

11Who already owns it

Sanwariya Multiventures promoter holding before and after the IPO

Source: DRHP p.76, DRHP p.77, DRHP p.75. There are 1,20,00,000 shares of ₹10 before the issue and seven shareholders (DRHP p.71, DRHP p.83). If all 49,00,000 new shares are issued and the 12,00,000 offer shares sold, the total becomes 1,69,00,000 shares (our arithmetic, DRHP p.71) and Rajaram Vaishnav's holding goes from 98.96% to about 63.2%, so 99.0% → 63.2% (our arithmetic, DRHP p.77). Promoter and promoter group together go from 99.99% to about 63.9% (our arithmetic, DRHP p.77). The document leaves the after-issue holding blank (DRHP p.77).

The four other holders, Manas Ranjan Dash, Lopamudra Goswami, Mahendra Singh Chundawat and Jodhraj Malav, each hold ten shares from the July 2025 transfers and the 9:1 bonus (DRHP p.73, DRHP p.78). No fund or company outside the promoter group holds shares. The company has not considered any pre-IPO placement (DRHP p.74).

12What changed just before the IPO

• Revenue and profit: revenue went from ₹7.9 crore in FY24 to ₹100.9 crore in FY26 and profit after tax from ₹0.16 crore to ₹10.1 crore (DRHP p.54).
• Receivables: receivable days went from 66 in FY24 to 82 in FY26, after 85 in FY25 (DRHP p.86).
• Promoter pay went from ₹0.11 crore in FY24 to ₹0.32 crore in FY26 (DRHP p.58).
• Bonus issues: 24:1 on May 13, 2025, 2,40,000 shares, and 9:1 on September 10, 2026, 1,08,00,000 shares (DRHP p.72).
• Rights issue: 9,50,000 shares at ₹10 to Rajaram Vaishnav on June 2, 2025, ₹0.95 crore; this was the last allotment for cash before the IPO (DRHP p.72, DRHP p.103).
• Pre-IPO placement: none (DRHP p.74).
• Conversion: name changed in June 2025 and the company became public with a certificate dated September 8, 2025 (DRHP p.2).
• Auditor: A Bhutra & Associates, auditor from October 2022, resigned on March 20, 2026, citing other assignments and the lack of a peer review certificate; ANPM & Co. LLP was appointed on March 30, 2026 and audited FY26; Mittal Agarwal & Company was appointed on September 7, 2026 and examined the restated accounts (DRHP p.67, DRHP p.68, DRHP p.197).
• Board and officers: three independent directors joined on March 31, 2026; a company secretary and two senior managers joined on May 1, 2026; Jodhraj Malav was CFO from March 30 to August 25, 2026 and Piyush Kumar Vaishnav from August 26, 2026 (DRHP p.178, DRHP p.186).
• Land and property: two plots at Sathana, Bijainagar in October 2025 for ₹0.24 crore and a transit house at Gulabpura in April 2026 (DRHP p.93, DRHP p.154).
• Subsidiary: Sanwariya Resources Private Limited, Nepal, incorporated April 23, 2026 (DRHP p.171).
• Registered office moved to Udaipur on April 20, 2026 (DRHP p.167).
• Dividend: none in the last three years (DRHP p.194).

13Capacity and expansion

Source: DRHP p.217, DRHP p.154, DRHP p.88, DRHP p.89, DRHP p.90, DRHP p.95. Gross block at March 2026 was ₹2.7 crore, ₹1.05 crore of it scaffolding material and ₹0.62 crore vehicles (DRHP p.217). The company says that to grow faster and raise net margins it will need to own some equipment, machinery and vehicles (DRHP p.140).

The document gives no measure of how many hired machines it uses, how much hire would be replaced by the new fleet or what the fleet would earn, so the step from new machines to revenue or cost cannot be made here.

14Market size and industry structure

Sanwariya Multiventures industry: market size and growth

As claimed: the industry chapter is drawn from the "Industry Report on Structural Maintenance Services" by Dun & Bradstreet Information Services India Private Limited, dated September 28, 2026, which the company commissioned and paid for in connection with the issue (DRHP p.108, DRHP p.38). The commissioned report does not put a size on the structural maintenance services market, on industrial operations and maintenance, or on services to mines. The largest related figures it gives are for construction as a whole: construction is said to contribute nearly 8% of India's GDP and to be valued at about USD 126 billion, citing Invest India (DRHP p.124).

The part that is addressable: the company's work is civil construction and maintenance, internal roads and works, fabrication and transport and earthmoving inside mining, cement and steel sites, mostly in Rajasthan (DRHP p.139, DRHP p.141). The chapter does not size this, nor mining support services in Rajasthan, nor the industry's revenue in any year.

What the company is today: because the chapter gives no addressable market figure, the company's FY26 revenue of ₹100.9 crore cannot be set against one (DRHP p.54).

Size over time: the chapter gives the economy and construction around the industry rather than the industry itself. Construction gross value added at constant prices went from ₹21.09 lakh crore in FY2023 to ₹23.18 lakh crore in FY2024, ₹24.87 lakh crore in FY2025 and ₹26.71 lakh crore in FY2026, growth of 9.9%, 7.3% and 7.4% (DRHP p.127).

Industrial capital investment, measured as gross fixed capital formation, rose from ₹7,486 billion in FY2018 to ₹13,345 billion in FY2024, about 10% a year (DRHP p.130). Manufacturing companies' capital expenditure was ₹2,45,963 crore in FY2025 and a provisional ₹2,98,329.7 crore in FY2026, with intended spending of ₹2,73,478.9 crore in FY2027 across 1,428 enterprises (DRHP p.131).

For the economy, the chapter cites IMF projections of India's growth at 6.5% in 2026 and 2027 (DRHP p.111); these are the report's quoted projections, not figures from the company's accounts.

Segments: the report lists the services in the industry as structural fabrication and erection, concrete repair and rehabilitation, strengthening and retrofit, corrosion protection and coating, mechanical operation and maintenance, pipeline erection and maintenance, scaffolding supply and erection, and inspection and testing (DRHP p.125). In its company profile it places the company in fabrication and erection, civil construction, scaffolding, painting, pipelines, manpower services, supply of industrial items, operation and maintenance and railway track laying (DRHP p.137). It does not give the size or share of any segment.

What drives demand: the chapter names an ageing base of more than 2.6 lakh registered factories (DRHP p.130); rising industrial and manufacturing capital spending (DRHP p.130, DRHP p.131); automation, which puts heavier loads on old buildings (DRHP p.131); stricter safety rules under the OSHWC Code, 2020 and the National Building Code (DRHP p.132); the National Infrastructure Pipeline of 9,288 projects worth about ₹108.88 lakh crore over 2020 to 2025 and a National Monetisation Pipeline of about ₹6 lakh crore of operating assets (DRHP p.132); and government capital spending budgeted at ₹12.2 lakh crore for FY2026-27 (DRHP p.132).

For the company's main customers, mining gross value added grew 5.15% in FY2026 against 11.69% in FY2025, and the mining production index fell 5.1% in April 2026 (DRHP p.113, DRHP p.115).

Structure: the chapter calls the industry highly fragmented, with many regional and unorganised contractors and intense price competition (DRHP p.133), and two pages later moderately fragmented, with competition driven more by execution and relationships than by price (DRHP p.135). It calls entry barriers moderate to high in technically demanding segments (DRHP p.136). No competitor is named in the chapter. The company itself says it competes with established national engineering companies in civil work and with smaller regional players in fabrication (DRHP p.42, DRHP p.152).

Inputs and trade: the inputs named are steel, cement, repair mortars, epoxy resins, coatings and specialty chemicals, whose prices move, along with labour costs (DRHP p.133). The company's own main raw materials are mild, stainless and carbon steel (DRHP p.149). The chapter gives no import or export figures for the industry, and the company has no export revenue (DRHP p.146).

Rules: the chapter lists the OSHWC Code, 2020, which takes in the Factories Act and the Mines Act, the National Building Code 2016, BIS structural standards, building regulations, and regulators including the Directorate General of Mines Safety (DRHP p.132, DRHP p.134). The company's approvals include contract labour registrations and labour, tax and ISO certificates; two shop and establishment registrations were pending when the document was filed (DRHP p.256, DRHP p.259).

What the chapter says can go wrong: fragmented markets and price competition that squeeze margins, a shortage of skilled engineers and workers, rising material and labour costs on fixed-price contracts, and the cost of new inspection technology for smaller firms (DRHP p.133). The general economic section adds the effect of the conflict involving the US, Israel and Iran on oil, freight and inflation (DRHP p.108, DRHP p.110). The risk factors add dependence on the mining industry's spending cycle (DRHP p.26). The MD&A says the business is not seasonal (DRHP p.245).

15Competitive position

Sanwariya Multiventures competitors

Source: DRHP p.101, DRHP p.99, DRHP p.246, converted from ₹ lakh. The document does not give the peer's borrowings or describe what it does, and says there is no listed company in the same business; the peer was picked because some activities relate (DRHP p.99).

What the company puts forward: an integrated service from one contractor, an asset light model, a ₹192.3 crore order book, a 703-person workforce and ISO 9001, 14001, 45001 and 50001 certificates (DRHP p.144, DRHP p.145, DRHP p.141, DRHP p.153). Against that: one customer is 92.52% of revenue, projects are won by competitive bidding, the company owns little equipment, and it has no registered trademark (DRHP p.25, DRHP p.27, DRHP p.140, DRHP p.37).

16Peers the company named

Peers named in the offer document: ANI Integrated Services Limited (DRHP p.98).

The document says no listed company does the same business and that ANI Integrated Services Limited was chosen because some activities relate (DRHP p.98). The peer had FY26 revenue of ₹239.8 crore, about 2.4 times the company's, and a PAT margin of 1.14% against the company's 10.01% (DRHP p.101). The peer's P/E is given as 25.79 times at ₹63.70 on September 30, 2026 (DRHP p.99).

The company's FY26 EPS is ₹86.58 on a weighted 11,65,929 shares, before the 9:1 bonus of September 2026 (DRHP p.221, DRHP p.72); on the 1,20,00,000 shares now in issue FY26 profit is about ₹8.41 a share (our arithmetic, DRHP p.54, DRHP p.71). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Sanwariya Multiventures IPO risks

Customers: the largest customer was 92.52% of FY26 revenue (DRHP p.25) → losing or shrinking that one contract would remove most of the business → it was ₹93.3 crore of ₹100.9 crore of FY26 revenue (DRHP p.151).

Business: one industry and one state: mining was 93.02% of FY26 revenue and Rajasthan 93.33% (DRHP p.26) → a slowdown in mining spending or a local disruption would hit almost all revenue → mining gross value added growth slowed to 5.15% in FY2026 in the industry chapter (DRHP p.113).

Financial: cash and advances: operating cash flow was −₹0.41 crore in FY26 while profit was ₹10.1 crore (DRHP p.55, DRHP p.54) → growth is being carried by suppliers' credit and the company's own advances → ₹6.5 crore of business advances at March 2026 are not explained (DRHP p.216).

Financial: guarantees: bank guarantees of ₹5.5 crore were 42.05% of net worth at March 2026 (DRHP p.30) → if invoked they become real liabilities → the limit was renewed at ₹5.5 crore in July 2026 (DRHP p.190).

Issue-specific: the yard estimate: the architect's note says the ₹5.0 crore estimate was scaled up 2.9045 times to reach a target value, against a plain estimate of about ₹1.72 crore (DRHP p.93) → the amount set aside may not match the cost of the works → the difference is about ₹3.3 crore (our arithmetic, DRHP p.93).

Issue-specific: machinery: no orders are placed and quotations run about ₹18.3 crore against ₹15.0 crore from the issue (DRHP p.40, our arithmetic, DRHP p.88) → the gap is to come from internal accruals (DRHP p.85).

Promoters: key person: the company depends on Rajaram Vaishnav, aged 28, who owns 98.96%, guarantees the bank lines and leads business development (DRHP p.37, DRHP p.188, DRHP p.152) → control stays with the promoter after the issue → about 63.2% after the issue if fully sold (our arithmetic, DRHP p.77).

Regulation: safety: the risk factor heading refers to fatalities that have occurred in the past, while the text says there was no material incident in the past three years (DRHP p.29) → site accidents can bring penalties and stoppages → the document gives no number of incidents.

Legal and compliance: six late filings with the Registrar of Companies, up to 51 days late (DRHP p.35) → penalties are possible → the company says they were regularised with additional fees (DRHP p.35).

18Litigation and regulatory matters

Cases against Sanwariya Multiventures and its promoters

Criminal: none by or against the company, promoter, directors, key managerial personnel or senior management (DRHP p.247, DRHP p.248, DRHP p.249). Civil: none (DRHP p.247, DRHP p.248). Regulatory: no actions by statutory or regulatory authorities (DRHP p.247, DRHP p.248). Tax: one direct tax matter of ₹1,535 (DRHP p.249, DRHP p.250); the demand is dated April 27, 2021 for AY 2020-21, before the company was incorporated in September 2022, and the document does not explain this (DRHP p.250, DRHP p.2). Creditors: six material creditors were owed ₹9.1 crore at March 2026 (DRHP p.251). Corporate law: six late filings of forms with the Registrar (DRHP p.35).

19Related-party transactions

Source: DRHP p.58, DRHP p.59, converted from ₹ lakh. Piyush Kumar Vaishnav, the CFO since August 2026, was paid a salary of ₹0.02 crore in FY26 and is shown in the related-party note under relatives of key managerial personnel, while the management chapter says no directors and KMPs are related to each other (DRHP p.58, DRHP p.175). Smaller loans from relatives were repaid by FY26 (DRHP p.59). The company has made no loans to promoters, directors or related parties (DRHP p.228).

What appeared or changed in the two years before filing: the promoter lent the company ₹0.88 crore net in FY25 and was repaid ₹0.56 crore net in FY26; Jodhraj Malav's pay began in FY25-26 after joining in July 2025; Arti Kumari Vaishnav left the board on May 1, 2026; and the first purchase from Sanwariya International was in FY26 (DRHP p.58, DRHP p.178).

20What the offer document does not say

The largest customer is not named, though it is 92.52% of revenue (DRHP p.25). The value, duration and end date of the main contract are not given. The order book of ₹192.3 crore is not split by customer or by year of execution (DRHP p.29). Profit by service line is not given (DRHP p.227). Rates and volumes of work are not given, so growth cannot be split into volume and price.

Who received the ₹6.5 crore of business advances, and why, is not stated (DRHP p.216). The number and nature of past fatal accidents is not given (DRHP p.29). How much equipment is hired, and what owning the new fleet would save, is not stated. The industry report does not size the structural maintenance or mining services market and names no competitors (DRHP p.124, DRHP p.135).

What the peer ANI Integrated Services Limited does is not described. The issue size in rupees, the price band, general corporate purposes and offer expenses are blank (DRHP p.84). The after-issue shareholding is blank (DRHP p.77).

Some inconsistencies are recorded as document matters, not business ones: the working capital gap is given as ₹(36.94) lakh in FY24 and ₹988.13 lakh in FY26 in the text and ₹(83.34) lakh and ₹1,205.95 lakh in the table beside it (DRHP p.86); working capital money is spread over FY27 and FY28 in one table and all in FY27 in the deployment schedule (DRHP p.86, DRHP p.95);

the eligibility section dates incorporation September 09, 2022 while the rest of the document says September 29, 2022 (DRHP p.261, DRHP p.2); employee expense is ₹1,800.83 lakh in the business chapter and ₹1,826.21 lakh in the accounts (DRHP p.153, DRHP p.54); the industry chapter calls the market both highly and moderately fragmented (DRHP p.133, DRHP p.135); one promoter group company is spelled Semicone Mine Resources and Semicon Mine Resources (DRHP p.188, DRHP p.191);

and the one tax demand predates the company (DRHP p.250).

21Five questions for management

1. Which customer is Customer 1, what contract or contracts make up its ₹93.3 crore of FY26 billing, and when do they end?
2. To whom were the ₹6.5 crore of business advances at March 31, 2026 paid, for what, and how much has since been recovered?
3. How much of the ₹192.3 crore order book is with Customer 1, and how much is expected to be billed in FY27?
4. Why was the equipment yard estimate scaled up to about ₹5.0 crore from a plain estimate of about ₹1.72 crore, and what will the yard actually cost to build?
5. What did the company spend on hiring trucks and machines in FY26 for the kinds of equipment it plans to own, and what utilisation does the new fleet need to cover its depreciation?

1Sources and cited facts

This study was read from 1 document the company filed. The 180 figures it cites are listed under the document each came from, with the page and the sentence as printed.