Srinibas Pradhan Constructions Lists at ₹100.05, Up 2.09%

Srinibas Pradhan Constructions Ltd, incorporated in 2020 engaged in infrastructure development specializing in roads, highways, bridges, electricity infrastructure, and mining infrastructure participating in competitive bidding processes across Odisha catering to state government departments, central and state PSUs, and private corporate clients with consolidated order book of ₹184.07 crore as of February 15, 2026, made a modest debut on NSE SME on Friday, March 13, 2026. The Srinibas Pradhan Constructions share price opened at ₹100.05 representing premium of 2.09% from issue price of ₹98.00, touched high of ₹105.00 (up 7.14%) before trading around ₹101.95 (up 4.03%).

Srinibas Pradhan Constructions Listing Details

Srinibas Pradhan Constructions launched its IPO at ₹98 per share with minimum investment of 2,400 shares costing ₹2,35,200. The IPO barely scraped through with subscription of only 1.13 times - retail investors undersubscribed at 0.69 times, NII at 1.57 times, QIB at 1.13 times.

First-Day Trading Performance

Listing Price: Srinibas Pradhan Constructions stock price opened at ₹100.05 representing premium of 2.09% from issue price, touched high of ₹105.00 (up 7.14%) before trading around ₹101.95 (up 4.03%), with VWAP at ₹100.24. The modest listing delivered marginal gains with turnover of ₹4.61 crore, traded volume of 4.60 lakh shares, delivery of 100%, and market capitalisation of ₹80.14 crore against pre-IPO market cap of ₹77.04 crore.

Growth Drivers and Challenges

Growth Drivers:

Strong Financial Growth: Revenue growing from ₹26.35 crore in FY23 to ₹89.73 crore in FY25, PAT growing from ₹1.48 crore to ₹6.59 crore, healthy ROE of 21.67%, ROCE of 29.79%, improving PAT margin of 9.01%.

Backward Integration: Strong backward integration with established reputation and experienced workforce enabling diverse portfolio execution across infrastructure segments.

Challenges:

Extremely Weak Subscription: Only 309 total applications with retail at 0.69x and sNII at 0.27x indicating minimal investor confidence with many information missing from offer documents as noted by analyst.

Aggressive Pricing: Analyst notes issue appears aggressively priced recommending to skip, small paid-up equity capital post-IPO hints at longer duration for mainboard migration.

Leverage Position: Debt-to-equity at 0.78 with total borrowings of ₹17.17 crore against net worth of ₹22.01 crore, significant promoter dilution from 85.27% to 62.1%.

Utilisation of IPO Proceeds

Working Capital: ₹11.55 crore for funding working capital requirements representing largest allocation supporting infrastructure project execution.

General Corporate Purpose: ₹2.21 crore for general corporate purposes.

Debt Repayment: ₹1.00 crore for repayment of portion of loan availed by company.

Financial Performance

Revenue: ₹45.63 crore for H1 FY26, ₹89.73 crore for FY25, significant growth from ₹35.27 crore in FY24 and ₹26.35 crore in FY23, reflecting expanding infrastructure construction operations across roads, highways, and bridges in Odisha.

Net Profit: ₹4.11 crore for H1 FY26, ₹6.59 crore in FY25, growth from ₹3.55 crore in FY24 and ₹1.48 crore in FY23, with post-IPO EPS of ₹10.45 and P/E of 9.37x.

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