Mahendra Realtors & Infrastructure Limited IPO

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Mahendra Realtors & Infrastructure Limited, originally incorporated as a private limited company in 2007, is a Mumbai-based infrastructure and civil engineering firm. Its registered office is located in Malad (West), Mumbai. The company is engaged in multiple infrastructure service verticals including structural repairs, retrofitting, waterproofing, corporate interiors, BOT (Build-Operate-Transfer) projects, maintenance, general construction, and infrastructure restoration.

1. Structural Repairs & Retrofitting
Mahendra undertakes restoration of damaged RCC structures using methods like jacketing, polymer-modified mortar, micro-concreting, fibre wrapping, and grouting. These techniques enhance structural strength and stability. Notable projects include repairs at CIDCO Vashi, Belapur stations, and SBI Harbour Heights.

2. Waterproofing Solutions
The company offers waterproofing for roofs, terraces, and foundations using methods such as Brickbat Coba, PU coatings, cementitious layers, EPDM membranes, and injection grouting to prevent water ingress and enhance durability.

3. Corporate Interiors
Mahendra delivers turnkey corporate interior projects including civil, electrical, HVAC, and furniture setup. Their clients include high-profile institutions like Begumpet Airport, VVIP Circuit House Pune, IIT Bombay, and Air India’s office.

4. BOT (Build-Operate-Transfer) Projects
The company develops and manages BOT projects, handling design, construction, and operations before transferring assets to public authorities. A key project is the “Center Point” commercial complex for Pen Municipal Council.

5. Maintenance Services
Mahendra provides routine and preventive maintenance for buildings and bridges, ensuring proper functioning through regular inspections, minor repairs, and budget-managed upkeep to extend asset life.

Construction Contracts & Infrastructure Restoration

The company undertakes government-awarded construction projects, managing end-to-end execution—from approvals and planning to procurement, labor deployment, and quality-controlled construction delivery. Mahendra also restores and retrofits infrastructure such as bridges and flyovers under live traffic conditions. A notable project includes restoring the “Dr. Babasaheb Ambedkar Flyover” in Surat, which involved complex girder lifting and bearing replacement work.

Track Record

Mahendra Realtors & Infrastructure Limited has successfully completed over 200 projects, catering to a diverse clientele of more than 50 organizations. The company maintains a strong track record of timely project execution and high client satisfaction, reflecting its commitment to quality, efficiency, and professional service delivery.

Objects of the Mahendra Realtors & Infrastructure Limited IPO:

Company proposes to utilize the fresh issue towards following objects: 1. Working Capital requirements of the Company (₹30.4 cr) 2. General Corporate Purposes 3. Issue Expenses

Mahendra Realtors & Infrastructure Limited IPO Details:

Open Date: Aug 12 2025
Close Date: Aug 14 2025
Total Shares: 58,17,600
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 49.45 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 75-85 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

1. Mr. Hemanshu Shah – Promoter & Managing Director, 47, is the Promoter and Managing Director of the company. A Diploma holder in Civil Engineering, he brings over 18 years of experience in infrastructure, redevelopment, and BOT projects. He has led the company to win accolades like the India 500 Quality Leader Award and recognition from Pen Municipal Corporation. He has been associated with the company since its inception in June 2007. 2. Mr. Bhavesh Mahendrakumar Shah – Promoter & Whole-Time Director, 45, is the Promoter and Whole-Time Director with 17+ years of experience in BOT and redevelopment projects. He is responsible for financial planning, budgeting, and investment activities, ensuring stability and growth. His operational and financial expertise plays a key role in driving the company's strategic initiatives. 3. Ms. Hetal Bhavesh Shah – Non-Executive Director, 44, is a Non-Executive Director of the company. She has completed secondary education and has administrative experience from Mahendra Realtors & Infrastructure Ltd. Skilled in coordination and office management, she contributes to operational efficiency and supports strategic business functions.

Financials of Mahendra Realtors & Infrastructure Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 124.77 101.48 63.02
EBITDA 21.89 16.99 9.03
EBITDA Margins 17.55% 16.75% 14.34%
PAT 14.86 11.57 4.04
PAT Margins 11.91% 11.41% 6.41%
ROCE 30.56% 29.87% 19.72%
Debt to Equity Ratio(In Times) 0.22 0.09 0.73
Operating Cash Flows -5.62 21.82 9.95

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Mahendra Realtors & Infrastructure Limited 124.77 17.55% 11.91% 30.56% 0.22 187.88 12.64
AB Infrabuild Limited 208 16% 7.60% 19.80% 0.58 1,175 70.8
Maruti Infrastructure Limited 50.73 7% 3.80% 8.21% 0.65 131 68

Lead Manager of Mahendra Realtors & Infrastructure Limited IPO:

  1. Fast Track Finsec Private Limited

Registrar of Mahendra Realtors & Infrastructure Limited IPO:

  1. MUFG Intime India Private Limited

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