Telge Projects IPO Details
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Telge Projects Limited is a Pune-based engineering design services company specializing in Building Information Modelling (BIM), structural engineering design, architectural drafting, and related services primarily serving the Architecture, Engineering, and Construction (AEC) industry. The company supports EPC (Engineering, Procurement, and Construction) firms globally through advanced technology-led engineering solutions. It operates with subsidiaries in the United States, expanding its international footprint.
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The company was originally incorporated in 2018 as a private limited and converted to a public limited company in January 2024. Telge Projects has demonstrated consistent growth with acquisitions in the US market via subsidiaries Midwest Detailing LLC and Draftco Inc.
Telge Projects IPO Details
- Issue Size: ₹27.24 Crores (25,94,400 equity shares)
- Issue Type: Fresh issue only, no offer for sale
- Face Value: ₹10 per share
- Price Band: ₹95 to ₹105 per share
- Minimum Lot Size: 1,200 shares (around ₹1.26 Lakhs minimum investment)
- Tentative Listing: October 3, 2025, on BSE SME platform
- Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd.
- Registrar: Bigshare Services Pvt. Ltd.
Financial Performance Highlights (FY 2023-24 to FY 2024-25 Consolidated)
| Metric | FY 2024-25 (₹ Cr) | FY 2023-24 (₹ Cr) | Growth |
| Revenue | 25.08 | 12.41 | 102% |
| EBITDA | 8.26 | 3.81 | 117% |
| EBITDA Margin (%) | 32.97% | 30.73% | ↑ |
| Profit After Tax (PAT) | 5.38 | 2.65 | 103% |
| PAT Margin (%) | 21.45% | 21.40% | Stable |
| Return on Capital Employed (ROCE) | 56.22% | 89.50% | Decline |
| Debt to Equity Ratio | 0.83 | 0.59 | ↑ |
| Earnings Per Share (Basic) | ₹7.60 | ₹4.43 | ↑ |
The company’s revenue and profitability have more than doubled from FY 2024 to FY 2025, indicating robust operational growth and market acceptance. EBITDA margins are healthy, and PAT margins remain stable around 21%, showcasing efficient cost management. Although ROCE declined, it remains at a high level, reflecting good capital utilization. The moderate increase in debt-to-equity ratio suggests measured use of leverage to support growth.
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Telge Projects IPO: Business Model & Opportunities
Telge Projects leverages modern technology-driven services such as BIM, structural engineering design, and software-enabled project management to reduce execution risks and improve timelines for construction and infrastructure projects. Its global operations and subsidiaries in the US market provide geographical diversification and access to international clients. The company also focuses on enhancing manpower and office infrastructure using IPO proceeds, supporting expansion plans.
The engineering design services sector, particularly BIM, is growing as the AEC industry increasingly adopts digital transformation, providing tailwinds to Telge Projects’ business model.
Telge Projects IPO Proceeds Utilization
The funds raised will primarily be used for:
- Working capital requirements to support ongoing and new projects.
- Capital expenditure including purchase of equipment and office premises expansion.
- Investment in manpower, particularly in subsidiaries.
- Repayment of certain borrowings to improve financial health.
- General corporate purposes including brand development and operational efficiency.
These uses align with growth and debt reduction strategies, strengthening the company’s balance sheet and operational readiness for scaling.
Risks and Considerations
- Market Listing: The IPO lists on the SME platform, which typically has lower liquidity than main exchanges, possibly impacting stock trading volumes.
- Industry Cyclicality: Revenue depends on capital expenditure cycles in construction and infrastructure sectors, which can be affected by economic downturns.
- International Exposure: Subsidiaries in the US expose the company to international economic and regulatory risks.
- Competitive Landscape: The engineering design services sector has several players with varying scale and capabilities.
Investors should weigh the high growth potential against these risks, keeping in mind the nascent public trading environment.
Peer Comparison Snapshot
| Company | EPS (₹) | P/E Ratio | RoNW (%) | Revenue (₹ Cr) | Price to Book Value |
| Telge Projects Ltd | 7.60 | 14.04 | 47.46 | 25.08 | 6.56 |
| Mold-Tek Technologies | 4.26 | 38.32 | 10.34 | 163.00 | N/A |
Telge Projects offers compelling return ratios and a reasonable P/E suggesting value, compared to peers with higher P/E and lower profitability ratios.
Is Telge Projects ltd IPO a Good Investment?
Telge Projects Limited presents a promising investment opportunity in a niche but growing engineering design services industry, particularly with its focus on technology-led BIM solutions. The company’s strong financial growth trajectory, high profitability, and international expansion via subsidiaries denote solid fundamentals. The IPO is reasonably priced based on earnings and offers an entry point for investors interested in AEC tech-solution providers.
However, investors should remain cautious about SME platform liquidity, sector cyclicality, and international risks. For medium to long-term investors with risk appetite for growth midcaps, Telge Projects IPO offers good potential. Conservative investors might await post-listing stock performance for price stability signals.
Disclaimers: This is my personal analysis. Not an investment advise. Please consult your investment advisor before investing.