Pranav Constructions IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Pranav Constructions

Price band

₹118 – ₹124

Lot size

120 shares

Min investment

₹14,880

Issue size

₹351.03 Cr

About the company

Pranav Constructions Limited was started in July 2003 and became a public limited company in July 2024. It is a real estate company that works only on redevelopment projects in the Municipal Corporation of Greater Mumbai region, with most of its work in the Western Suburbs. Redevelopment means pulling down an old housing society building and constructing a new one in its place. The society members get new flats, and the developer earns from the extra flats it is allowed to build and sell. The company signs redevelopment agreements directly with co-operative housing societies, which means it does not have to buy expensive land first. It builds homes in three segments, which it calls Economical, Mid and Mass, and Aspirational. As on 31 March 2026 its portfolio had 65 redevelopment projects across the Greater Mumbai region, made up of 28 completed projects, 20 under construction and 17 upcoming, adding up to a total developable area of about 5.01 million square feet. It handles the work in house across the stages of a project, covering tendering, pre-construction, construction and post-construction. It has been doing redevelopment work since 2012. As on 31 March 2026 it had 198 permanent employees.

Pranav Constructions Limited is a pure-play redevelopment real estate company working in the Greater Mumbai region, mainly the Western Suburbs. As on 31 March 2026 it had 65 redevelopment projects covering about 5.01 million square feet, of which 28 were completed, 20 under construction and 17 upcoming.

IPO details

Issue price: ₹124
Price band: ₹118 – ₹124
Face value: ₹10
Lot size: 120
Min investment: ₹14,880
Issue size: ₹351.03 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7943
NSE symbol: PRANAV.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	120	₹14,880
Retail (Max)	13	1,560	₹1,93,440
S-HNI (Min)	14	1,680	₹2,08,320
B-HNI (Min)	68	8,160	₹10,11,840

Investor reservation

CATEGORY	RESERVED
QIB	Not less than 40% of the Offer
Retail	Not more than 45% of the Offer
NII	Not more than 15% of the Offer

Objects of the issue

1Funding costs towards obtaining government and statutory approvals and purchase of additional FSI and cost towards Compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of the Under-construction Redevelopment Projects, and certain of the Upcoming Redevelopment Projects (Funding Redevelopment Expenses145.72

2Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company91.50

3Funding acquisition of future redevelopment projects and general corporate purposes.

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	1,799.19	1,246.29	966.80
Total Income	763.93	638.24	449.75
Profit After Tax	71.32	62.25	39.62
EBITDA	130.83	98.54	59.73
NET Worth	246.70	175.59	88.37
Reserves and Surplus	159.52	88.41	84.70
Total Borrowing	258.44	196.50	99.34

Key performance indicators

P/E Ratio

19.59

EPS (₹)

6.33

RoE

33.78%

RoCE

24.34%

RoNW

33.78%

PAT Margin

9.37%

EBITDA Margin

17.18%

Debt / Equity

1.08

NAV (₹)

28.30

✓ Strengths

• Profit has grown every year, from Rs 39.62 crore in FY2024 to Rs 62.25 crore in FY2025 and Rs 71.32 crore in FY2026.

• Sales have grown strongly, from Rs 449.75 crore in FY2024 to Rs 638.24 crore in FY2025 and Rs 763.93 crore in FY2026.

• EBITDA has more than doubled in two years, from Rs 59.73 crore in FY2024 to Rs 130.83 crore in FY2026.

• Return on net worth is high at 47.17%, with RoCE of 24.83% and a PAT margin of 9.78%.

• The issue is priced moderately at about 19.59 times earnings on an EPS of Rs 6.33.

• The redevelopment model is capital efficient. The company signs agreements with housing societies instead of buying costly Mumbai land upfront.

• The project pipeline is large and visible, with 65 projects covering about 5.01 million square feet, of which 20 are under construction and 17 upcoming.

• It has a long record, having been set up in 2003 and doing redevelopment work since 2012, and handles tendering through to post-construction with its own teams.

• Net worth grew from Rs 88.37 crore in FY2024 to Rs 246.70 crore in FY2026, and Rs 91.50 crore of the issue money will repay borrowings.

⚠ Risks

• Borrowing has risen steadily and is now higher than the own funds. It went from Rs 99.34 crore in FY2024 to Rs 196.50 crore in FY2025 and Rs 258.44 crore in FY2026, against a net worth of Rs 246.70 crore.

• Profit is growing slower than sales. In FY2026 income rose 20% but profit after tax rose only 15%, so the margin has come down a little.

• Redevelopment depends on many approvals. Government and statutory clearances, extra FSI and the consent of society members can each hold up a project for a long time.

• The company has to pay society members for alternate accommodation and hardship while the new building comes up. Rs 145.72 crore of the issue money is set aside for redevelopment expenses of this kind, which is cash going out well before any flat is sold.

• The whole business is in one market, the Greater Mumbai region with a focus on the Western Suburbs. Any slowdown, policy change or rule change in that one market affects everything.

• A part of the money is for acquiring future redevelopment projects along with general corporate purposes, and no specific project has been named.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Promoter holding falls from 63.35% to 48.54% after the issue, which leaves the promoters below a half share.

• Real estate demand moves with interest rates. A rise in home loan rates slows bookings and delays cash coming in.

Promoters & holding

Pranav Kiran Ashar and Ravi Ramalingam

Pre-issue promoter holding

63.35%

Post-issue promoter holding

48.54%

Data refreshed 07 Nov 2026, 05:00 pm IST. GMP is unofficial market sentiment, not investment advice.