Vishnusurya Projects and Infra Limited IPO

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i. Vishnusurya Projects is in mining of rough stones and manufacturing of aggregates & Manufacture-sand by using Crushing Plants and Sand washing plants. In addition to mining activities, we are engaged in EPC Projects (construction and infrastructure) delivered across all key sectors such as water, transportation, rail, resource, and institutional development. The Company executed and delivered multiple real estate projects in past such as construction of villas, multi storied apartments, specific contracts like compound wall, renovation works, site formation, etc. and design and construction of various infrastructure projects for the government, autonomous and private bodies in state of Tamil Nadu. The Company is also engaged in buying, selling and providing integrated solutions for Drones as a Service for surveillance, mapping and surveying purposes.

ii. Their business operations are broadly divided into the following categories:

iii. They have been accredited as a Class I contractor with various departments and agencies viz. (1) Greater Chennai Corporation (“GCC”), (2) Government of Tamil Nadu Water Resources Department, (3) Tamil Nadu Water Supply and Drainage Board, (4) Highways Departments pursuant to which we are eligible to participate and undertake projects awarded by various other departments and agencies.

iv. They have executed a diverse range of construction and infrastructure projects in sectors such as roads and highway construction, railways, waterways, sewerage operation, building construction, etc. and successfully completed key projects across diverse market segments and have diversified exposures across property, civil, infrastructure, mining, and aggregates sectors.

v. They have executed 17 projects in the recent years, out of which 10 (Ten) are civil construction projects, 1 (One) is of road construction and 6 (Six) are infrastructure related projects with an aggregate value of Rs. 13,619.06 Lakhs.

Objects of the Vishnusurya Projects and Infra Limited IPO:

The company intends to utilize the net proceeds from the issue towards the funding of the following objects: i. Funding of working capital requirements of the Company. ii. Repayment / Prepayment, in part or full, of certain outstanding borrowings availed by the Company. iii. General Corporate Purposes.

Vishnusurya Projects and Infra Limited IPO Details:

Open Date: Sep 29 2023
Close Date: Oct 05 2023
Total Shares: 7,350,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 49.98 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 68 Per Equity Share
Listing At: NSE Emerge
Listing Date: Oct 09 2023

Promoters And Management:

Bhavani Jayaprakash is a Non – Executive Director cum Chairperson of the Company. She holds a Bachelor of Science (B.Sc.) Degree in Botany from University of Madras in the year 1985, a Master of Science (M.Sc) Degree in Botany from University of Madras in the year 1987, a Master of Philosophy (M.Phil) Degree in Botany from University of Madras in the year 1989 and a Bachelor of General Laws (General LL.B) Degree from the University of Madras in the year 1990. A. C. Thangam is an Executive Director and heads the Mining Division of the Company. He has completed his high school education from Government High School, Valavallan. He is a dynamic, energetic and enterprising professional, who has proved himself climbing ladders of leadership right from a plant operations executive to independently handling the whole mining division of the Company. He possesses 19 years of expertise in mining, mining related machineries and operation and maintenance of rough stone crusher and has worked for more than 10 years with Siva Blue Metals a partnership firm engaged in the business of mining and manufacturing of M-sand, jelly etc. He has been associated with the Company since February 12, 2015 as nonexecutive director and thereafter he has been designated as an executive director with effect from June 05,2020. Sanal Kumar V is an Executive Director and CEO of the Company. He holds the professional degree of Chartered Accountant from the Institute of Chartered Accountants of India. His primary responsibility focuses on aligning operations, across functions and integrating it with the company’s legacy of excellence. As a part of the Agni Group for over 15 years, he has contributed towards transforming the finance functions across the group through continuous analysis and review of the Group’s capital and investment activity. Strengthening group relationships, his efforts have facilitated win-win negotiations to fortify asset portfolios, optimizing the total capital use and management across commercial operations, investments, and funding, besides Capital Expenditure (CAPEX) procurement and business acquisition proposals for lease lines and financing. Driving and controlling the financial strategy he handles all the tax functions for real estate funds and balance sheet assets, besides managing tax structuring and compliance for the group portfolio

Financials of Vishnusurya Projects and Infra Limited IPO:

Particulars ( In Lakhs )
Revenue from Operations 6,322 7,646 13,237
Other Income 17 1,958 89
Total Revenue 6,339 9,604 13,326
Direct Cost 4,172 3,827 6,528
Purchases of Stock-In-Trade 410 0 155
Changes in Inventories -328 328 -434
Employee benefits expenses 611 896 914
Other Expenses 639 1,000 2,845
EBITDA 836 3,553 3,319
Depreciation & Amortisation 182 354 673
Finance Cost 333 240 414
EBIT 654 3,199 2,646
OPM (%) 13.19% 37.00% 24.91%
PBT 321 2959 2231
Tax 92 800 495
PAT 229 2159 1737
NPM (%) 3.62% 22.48% 13.03%
No.of Shares 246.09 246.09 246.09
EPS 0.93 8.77 7.05

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Vishnusurya Projects and Infra Limited 132 17 7.05 9.6 68 167
Rachana Infrastructure Limited 64 2 1.21 84.1 99 184
Sonu Infratech Limited 64 3 3.48 17.3 60 47
A B Infrabuild Limited 123 8 5.95 20.3 27.6 122
* All the data is as per FY23.

Recommendation on Vishnusurya Projects and Infra Limited IPO:

Review and Recommendation of Vishnusurya SME IPO by IZ team is 2/10

Vishnusurya Projects: An In-depth Financial and Legal Analysis

Vishnusurya Projects operates in the domains of mining, manufacturing of aggregates, Manufacture-sand, and EPC (Engineering, Procurement, and Construction) projects. The company has a diverse portfolio, including real estate development and providing drone services for surveillance, mapping, and surveying. While the company's operational breadth is impressive, potential investors need to weigh various financial and legal factors before making an investment decision, particularly in light of the impending IPO.

Financial Liabilities and Short-term Loans

Vishnusurya Projects holds a substantial stake of around 19% in Agni Estates & Foundations Private Limited. The latter has been subjected to income tax search and seizure proceedings, with assessment orders totaling ₹376 Cr. This level of scrutiny and the corresponding financial penalties could significantly affect Agni Estates' financial stability and valuation, thereby indirectly affecting Vishnusurya's investment and balance sheet. Furthermore, Forthforce Surveillance Indo Private Limited ("FSIPL"), presumably a related entity, has been penalized ₹3 Cr following assessment proceedings under Section 153C of the Income Tax Act for the assessment years 2013-14 to 2018-19.

Financial Risk Exposure

Given that Vishnusurya has also extended a short-term loan of ₹16 Cr to Agni Estates, the financial risk is twofold. If Agni Estates faces challenges in settling its legal issues, not only does the value of Vishnusurya's investment risk depreciation, but the likelihood of loan repayment could also become uncertain.

Contingent Liabilities

Vishnusurya Projects itself has a contingent liability of ₹15 Cr, adding an additional layer of financial risk that needs to be accounted for.

Elevated Risk Profile

Given these financial and legal complexities, the risk profile for investing in Vishnusurya Projects is elevated. The ongoing income tax cases add an additional layer of uncertainty. Should these cases result in unfavorable outcomes, the repercussions could be severe for Vishnusurya Projects, potentially affecting their ability to repay short-term loans and impacting their overall financial health.


While the company's diverse operations may offer a varied revenue stream, the current financial and legal challenges cannot be overlooked. Investors must exercise caution and perhaps seek professional advisory services to fully understand the risks involved in investing in Vishnusurya Projects' IPO. This analysis aims to provide potential investors with a comprehensive view, but it is advisable to conduct your own due diligence or consult a financial advisor before making any investment decisions.

Lead Manager of Vishnusurya Projects and Infra Limited IPO:

  1. Khandwala Securities Limited

Registrar of Vishnusurya Projects and Infra Limited IPO:

  1. Cameo Corporate Services Limited

Company Address:

Vishnusurya Projects and Infra Limited 2 nd Floor, Qbas Temple Tower, No. 76/25, North Mada Street, Mylapore, Chennai - 600 004 Phone: +91 44 2495 0019 Email: Website:

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