At a Glance
Mayasheel Ventures, a road construction company for government tenders, is laying the financial highway to NSE SME with a ₹27.28 crore IPO. Backed by spiking profits and some eyebrow-raising ROE figures, it’s hoping to build investor confidence one bridge at a time.
1. 🏗️ What Does Mayasheel Do? (Other Than Build a Fancy Name)
Mayasheel Ventures Ltd, founded in 2008, is:
- A B2G infra EPC contractor — basically, they bid on government tenders and build roads, flyovers, bridges, and electrical infrastructure.
- Operates on EPC and BOQ models — no tolls or annuities, just old-school contract payments.
- Focused on North Indian infra with projects from NHIDCL and other govt bodies.
- Also builds electrical power houses, installs meters, and sets up transmission lines.
👷 Employees: 294 (as of March 2025).
💼 Promoters: Amit Garg, Meenu Garg, and Prabhat Rajpoot — sounds like a family-run infra juggernaut.
2. 🧾 IPO Details – How Much for a Slice of This Highway?
| 🏷️ Component | Details |
|---|---|
| 💰 Issue Size | ₹27.28 Cr |
| 🆕 Fresh Issue | 58.05 lakh shares |
| 💸 Price Per Share | ₹47 |
| 📦 Lot Size | 3,000 shares |
| 🧾 Retail Investment | ₹1,41,000 (per lot) |
| 🛣️ Listing | NSE SME (June 27, 2025) |
| 🏛️ Lead Manager | Narnolia Financial Services |
| 🧾 Registrar | Maashitla Securities |
💼 Market Maker: Prabhat Financial Services Ltd (no, not a cousin, we checked… maybe).
3. 📊 Financials – Solid Foundation or Just Cemented Numbers?
| FY Ended | FY23 | FY24 | FY25 |
|---|---|---|---|
| 🔺 Revenue | ₹127 Cr | ₹131 Cr | ₹172 Cr |
| 💰 PAT | ₹4.75 Cr | ₹6.51 Cr | ₹11.33 Cr |
| 📊 Net Worth | ₹18.06 Cr | ₹24.09 Cr | ₹28.84 Cr |
| 💣 Debt | ₹33.23 Cr | ₹35.05 Cr | ₹34.06 Cr |
🏁 YOY Profit Growth: +74%
📈 Revenue Growth: +31%
👀 PAT Margin: 6.63%
🛠️ EBITDA Margin: 15.01%
💥 ROE: 42.83%
Yes, either they are engineering gods or just enjoying delayed project billing payments.
4. 💸 Valuation – Toll Booth or Speed Bump?
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 6.98 | 5.14 |
| P/E Ratio | 6.74x | 9.14x |
| Market Cap | – | ₹103.64 Cr |
| Price to Book | – | 2.65x |
🧠 FY25 PAT = ₹11.33 Cr
Post-issue shares = 2.20 Cr → EPS ~ ₹5.14
At ₹47, you get P/E ~ 9.14x — which is actually below most road infra peers.
🧮 Fair Value Range:
- Assume ₹11–12 Cr sustainable PAT.
- At 10x–12x P/E = ₹51–₹62 FV Range
💡 Verdict: Priced a bit on the conservative side. Not a moonshot, but not a trap either.
5. 🚦Strengths & Speed Breakers
✅ Strengths:
- 👷 Qualified management with solid infra background.
- 🚜 Strong order book (though exact figures not disclosed).
- 🔌 Electrical EPC arm diversifies risk.
- 📈 Strong profit growth in FY24–FY25.
❌ Risks:
- 🏗️ Infra = slow payments, working capital issues.
- 📉 High D/E ratio = 1.6x (moderately leveraged).
- 😐 Entire biz relies on government tenders. No private clients = dependency risk.
- 🚩 ROE jump could be one-off due to project delivery timing — not necessarily sustainable.
6. 🛠️ How Will the IPO Funds Be Used?
| Purpose | Amount (₹ Cr) |
|---|---|
| 🏗️ Capex (new machines) | ₹4.00 |
| 🔁 Working Capital | ₹14.00 |
| 🧳 General Corporate Purposes | Balance |
💭 Translation: Buy a few bulldozers, pay vendors, and keep the engine running.
7. 🧠 EduInvestor Verdict – Apply Brake or Accelerate?
🚦 Mayasheel Ventures is an honest SME infra play — no flashy branding, just asphalt, concrete, and balance sheets.
- ✔️ Financials look solid
- ✔️ Pricing seems fair
- ✔️ IPO is 5.32x subscribed (Retail: 5.90x)
But…
- ⚠️ No mega brand pull
- ⚠️ Entirely government-linked revenue
- ⚠️ High promoter holding post-issue = control remains tight
🧾 Final Take:
Not a multibagger out the gate. But if infra spending continues (thank you, PM Gati Shakti Yojana), this one could quietly rerate.
🏷️ Tags:
Mayasheel Ventures IPO, NSE SME IPO, Infra IPO 2025, EPC contractor IPO, road construction stock, government infra IPO, IPOs under ₹50, SME equity offerings, EduInvesting IPO picks
✍️ Written by Prashant | 📅 June 23, 2025
