srinibas-pradhan-constructions-ltd

Incorporated in 2020 and based in Jharsuguda, Odisha, SPCL is an infrastructure development company. It evolved from a proprietorship firm started by Mr. Srinibas Pradhan in 2001. The company specializes in EPC (Engineering, Procurement, and Construction) projects for government and semi-government bodies.

Business Verticals

• Roads & Highways: Construction of rural, district, and urban roads using bitumen and concrete.

• Bridges & Structures: Building high-level bridges and industrial steel structures/sheds.

• Civil Infrastructure: Execution of irrigation canals, water supply projects, and multi-storied industrial buildings.

• Service Model: Primarily operates in the B2G (Business-to-Government) space through competitive bidding.

Track Record

• Explosive Growth: Revenue surged by 154% to reach ₹89.73 Cr in FY25 (up from ₹35.27 Cr in FY24).

• Profitability: Reported a Profit After Tax (PAT) of ₹6.59 Cr in FY25, a significant jump from ₹3.55 Cr in the previous year.

• Order Book: Holds a consolidated order book of approx. ₹184 Cr as of February 2026, providing strong revenue visibility.

• High Efficiency: Maintains an impressive ROE of 41.88% and ROCE of 32.45% for FY25.

Srinibas Pradhan Constructions Ltd IPO GMP

As of March 3, 2026, the Grey Market Premium (GMP) is currently ₹0.

Note: A neutral GMP is common for specialized regional construction players before the bidding starts. The premium often reacts to the subscription numbers on Day 1 and Day 2.

Srinibas Pradhan Constructions Ltd IPO Allotment Status

The allotment is scheduled to be finalized on Mar 11, 2026.

Check SPCL Allotment Status To check your status online, visit: Check Allotment Status Here

You can verify your status via:

• Registrar's website (Maashitla Securities Pvt Ltd)

• NSE official portal

• Using your PAN number or Application ID

Strengths

• Experienced Promoters: Led by Mr. Srinibas Pradhan, who has over 23 years of hands-on experience in the Odisha infrastructure sector.

• Strong Order Book: Visibility of ₹184 Cr+ in projects ensures a steady pipeline for the next 18-24 months.

• Backward Integration: Owns/sources key raw materials like sand and aggregates, helping maintain cost control and project timelines.

• Financial Performance: Exceptional growth in top-line and bottom-line figures with healthy return ratios.

Weakness

• Geographical Concentration: Almost 100% of the company's projects are located in Odisha, making it highly vulnerable to state-specific policy or economic changes.

• Working Capital Intensive: Construction requires heavy upfront cash for materials and equipment; negative operating cash flows have been noted in the past.

• Bidding Risk: Revenue depends entirely on winning government tenders; a failure to secure new bids could halt growth.

• Related Party Transactions: Significant transactions with promoter-linked entities could be a point of concern for some investors.

How the Company Will Use IPO Money

The fresh issue proceeds (₹16.79 Cr) will be utilized for:

• Working Capital: ₹11.55 crores to fund the execution of the existing order book.

• Debt Repayment: ₹1.00 crore for the repayment of a portion of outstanding loans.

• General Corporate Purposes: Balance for operational growth and strategic initiatives.

Lead Manager & Registrar

• Lead Manager: Fast Track Finsec Private Limited

• Registrar: Maashitla Securities Pvt Ltd

• Phone: +91 11 4512 1795

• Email: Investor.ipo@maashitla.com

• Website: https://maashitla.com/