Telge Projects Q4 FY25 – 105% Revenue Growth, 21% PAT Margin, and a Global Design Outsourcing Detective Story
1. At a Glance
From Pune’s industrial lanes to projects in 11 countries, Telge Projects is packaging itself as the “Infosys of BIM & Structural Design” but on an SME IPO ticket size of ₹27.2 Cr. Revenue doubled in FY25, PAT margin sits at a cool 21%, and promoter Shraddha Telge is diluting from 97% to 71%. But here’s the twist: beneath the glossy “engineering design global presence” story lies a company where borrowings rose 3x in two years and the IPO funds are partly being used to… buy laptops.
2. Introduction
SME IPO season is like an OTT series — each new listing drops weekly, and every scriptwriter (a.k.a. promoter) promises drama. Telge Projects’ script is about outsourced engineering design. Instead of coding apps, their 166 employees spend nights drafting BIM models, structural drawings, material take-offs, and architectural designs for contractors worldwide.
What sets this apart? Not just the jargon. It’s the speedrun growth: ₹12.5 Cr revenue in FY24, ₹25.6 Cr in FY25. Doubling topline with international clientele is rare in SME space. But doubling also raises detective suspicion: is it sustainable scale or a one-off overseas binge?
The IPO wants ₹27.2 Cr, priced at ₹95–105, valuing them at ~₹103 Cr market cap. Anchors already chipped in ₹7.7 Cr, so the pre-show popcorn is sold. The question is whether retail viewers should buy a ticket to this binge.
3. Business Model – WTF Do They Even Do?
Detective translation: Telge is basically an engineering tuition teacher for EPC contractors worldwide.
BIM Services: Fancy 3D models so builders don’t end up with toilets opening into kitchens.
Structural Design: Making sure your mall doesn’t collapse before Black Friday sale.
2D Drafting & MTOs: The grunt work every contractor wants to outsource.
Architecture Services: Global CAD outsourcing — the desi ITES twist.
How they make money: Fixed contracts and hourly billing for overseas clients. Essentially KPO (Knowledge Process Outsourcing) disguised as “global engineering.”
So yes, this isn’t cement or construction — this is exporting design brains from Pune to Toronto.
Question for you: Would you trust your building’s safety to a CAD file emailed at 3 AM from India?
4. Financials Overview
Source table
Metric
FY25
FY24
FY23
YoY %
2Y %
Revenue
₹25.7 Cr
₹12.5 Cr
₹7.5 Cr
+105%
+242%
EBITDA
₹8.3 Cr
₹3.8 Cr
₹1.5 Cr
+117%
+467%
PAT
₹5.4 Cr
₹2.7 Cr
₹0.9 Cr
+103%
+498%
EPS (₹)
7.48
3.70
1.25
+102%
+498%
Commentary: These numbers look more like a startup pitch deck than an SME balance sheet. Triple-digit growth with fat margins. But EPS drops to 5.5 post-issue due to dilution, making valuations a tad tighter.
5. Valuation Discussion – Fair Value Range
a) P/E Method
Post-issue EPS: ₹5.50
Industry peers (global design outsourcing): 15–20x
Range: ₹82–₹110
b) EV/EBITDA
EBITDA FY25: ₹8.3 Cr
EV = MCap ~₹103 Cr + Debt ~₹9 Cr = ₹112 Cr
EV/EBITDA = 13.5x vs peers ~10–15x
Range: ₹90–₹120
c) DCF (simplified) Assume 25% CAGR for 5 yrs, PAT margin 20%, discount 12%. DCF gives ₹85–₹115.
