Company Overview

Mayasheel Ventures Limited is a leading EPC contractor specializing in infrastructure development, particularly in the construction of roads and highways for NHIDCL and other government departments. Incorporated in May 2008, the company is recognized as a "Class A" contractor by the Uttar Pradesh Public Works Department (U.P.P.W.D.), holding the capability to execute large-scale infrastructure projects.

The company engages in constructing, altering, and developing complex projects like expressways, highways, flyovers, and bridges, undertaking projects on an EPC (Engineering, Procurement, and Construction) and BOQ (Bill of Quantity) basis. As of 31 March 2025, Mayasheel Ventures Limited had a total of 294 permanent employees.

Business Segments and Services

Mayasheel Ventures operates primarily in two key segments:

- Construction Works: The company's construction portfolio includes roads, highways, bridges, flyovers, and drainage systems.

- Electrical Infrastructure: Mayasheel Ventures also engages in electrical infrastructure projects such as power houses, transmission lines, and streetlight installation.

Revenue Bifurcation for FY25:

- Construction Segment: 99.35%

- Electrical Works Segment: 0.65%

Over the years, the company has steadily expanded its execution capabilities and successfully completed more than 65 projects. As on March 31, 2025, the company has an order book of an aggregate amount of ₹20,160.89 lakhs.

Recent IPO and Market Performance

Mayasheel Ventures Limited had its IPO bidding period from June 20, 2025, to June 24, 2025. The shares were listed on the NSE SME platform on June 27, 2025, at an IPO price of ₹47 per share.

The company made a strong debut, listing at ₹58 per share, which is 23.4% higher than its IPO price. This performance was driven by heavy investor interest, with the IPO being subscribed 232.73 times during its bidding period.

The IPO was a bookbuilding issue worth ₹27.28 crores, consisting entirely of a fresh issue of 58.05 lakh shares. The company achieved a market capitalization of ₹134 Cr as of June 27, 2025.

Financial Performance

FY25 Financial Highlights

In FY25, the company's revenue from operations stood at ₹171 crore, while profit after tax (PAT) was ₹11.33 crore.

- Revenue Growth: Revenue from operations climbed 31.19% to ₹172.05 crore in FY2024-25, compared to ₹131.14 crore in the previous year.

- Profit Growth: Profit after tax (PAT) surged 74% to ₹11.33 crore in FY25, up from ₹6.51 crore in FY24.

Key Financial Metrics (FY25)

- Revenue: ₹172.05 crore

- Profit After Tax (PAT): ₹11.33 crore

- EBITDA: ₹25.67 crore

- Net Worth: ₹28.84 crore

- Total Assets: ₹99.10 crore (as of March 2025)

Financial Ratios and Performance Indicators

The Mayasheel Ventures IPO prospectus highlights several key financial ratios:

- Return on Equity (ROE): 15% (FY25)

- Return on Assets (ROA): 12% (FY25)

- EBITDA Margin: 18% (FY25)

- Annual Revenue Growth: 31%

- Pre-tax Margin: 9%

- ROE (Overall): 39%

Note: The company shows a high debt-to-equity ratio of 113%, which is a point of concern.

Market Position and Growth Drivers

Mayasheel Ventures Limited is well-positioned to capitalize on India's expanding infrastructure sector. Key growth drivers include:

- Urbanization: India's urban population is projected to reach 600 million by 2030, driving demand for improved road infrastructure.

- Vehicle Growth: The surge in private and commercial vehicles necessitates the development of multi-lane highways, expressways, and bypass roads.

- National Highways Significance: National Highways, despite comprising only 2% of India's road length, carry over 40% of total traffic, indicating high utilization and need for expansion.

- Government Initiatives: Programs like the Bharatmala Pariyojana and the National Infrastructure Pipeline create significant opportunities for infrastructure companies.

Equipment and Operational Capabilities

Mayasheel Ventures possesses a substantial fleet of owned and leased machinery, crucial for its large-scale project execution.

- Owned Equipment: Over 80 types of equipment including excavators, rock breakers, graders, compactors, batching plants, transit mixers, crushers, hot mix plants, pavers, DG sets, dumpers, etc.

- Leased Equipment: Additional excavators, tippers, and water tankers procured from third parties to meet project demands.

Use of IPO Proceeds

The funds raised through the IPO are allocated as follows:

- ₹4 crore: Purchase of new machinery and equipment to enhance operational capabilities and support future expansion.

- ₹14 crore: Working capital needs to ensure smooth day-to-day operations and timely project execution.

- Remaining Proceeds: General corporate purposes.

Corporate Structure and Leadership

- Promoters: Mr. Amit Garg, Ms. Meenu Garg, and Mr. Prabhat Rajpoot.

- Promoter Pledging: There is no promoter pledging in Mayasheel Ventures Ltd.

- Classification: As per Value Research classification, it is a Small Cap company.

Mayasheel Ventures Limited represents a well-established infrastructure construction company with strong government relationships, robust financial performance, and significant growth potential. The company's successful IPO debut and strong subscription response reflect market confidence in its business model and future prospects within India's expanding infrastructure sector.