Mahendra Realtors IPO: Price, GMP, Analysis, And Details

Mahendra Realtors IPO- Company Analysis

Mahendra Realtors IPO under the SME IPO category is a bookbuilding issue of Rs. 49.45 Cr by Mahendra Realtors & Infrastructure Ltd, which was incorporated in 2007. Structural repairs, rehabilitation, retrofitting, waterproofing, corporate interiors, BOT projects, maintenance, construction, and infrastructure restoration are just a few of the services offered by Mahendra Realtors and Infrastructure Limited as of June.

The company has used cutting-edge methods like waterproofing, micro 138 concrete, and polymer-modified mortar to complete a number of structural rehabilitation projects for public agencies and government departments, such as CIDCO Vashi and Belapur Railway Stations. Steel jacketing, external repairs, and retrofitting were all part of the structural modifications at Ghatkopar that obtained a Stability Certificate from IIT Bombay. 

The following are among the services offered by the company:

• Structural restoration and repairs.

• To stop water from penetrating, waterproof walls, roofs, and other structures.

• With careful planning, Corporate Interior enhances business spaces by doing civil, carpentry, HVAC, firefighting, plumbing, painting, data networking, audiovisual, and furniture work.

• Create and run contractors for transfers.

• Upkeep of structures, bridges, infrastructure, etc.

• Bridges, culverts, and other infrastructure repairs and retrofits.

• Government-issued construction contracts are used to carry out construction projects.
  
  

Mahendra Realtors IPO Details

The Mahendra Realtors IPO date is on 12 August 2025, and its initial public offering will end on 14 Aug with IPO allotment on Aug 18, and refund initiation on Aug 19, 2025.

The Rs. 49.45 crore new SME IPO comprises a fresh issue of 47.26 lac Shares (Rs. 40.17 Cr) and an offer for sale (OFS) of 10.91 lac Shares (Rs. 9.28 Cr).

The Mahendra Realtors IPO listing date (expected) might be on Wednesday, Aug 20, 2025, and listing at the NSE and SME. 

The Mahendra Realtors IPO price band is Rs. 75 to Rs. 85.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Aug 12, 2025
IPO Closing Date	Aug 14, 2025
IPO Allotment Date	Aug 18, 2025
Refund Initiation	Aug 19, 2025
IPO Listing Date	Aug 20, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	137.54	93.01	98.21
Total Revenue	128.69	105.11	66.07
PAT	14.87	11.58	4.04
EBITDA	21.90	17	9.04
Net Worth	70.89	56.02	44.44
Reserves & Surplus	53.51	38.65	43.20
Borrowings	27.81	16.13	43.64

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(562.69)	2182.13	995.86
Net Cash Flow Investing Activities	(278.75)	(1,287.08)	972.42
Net Cash Flow Financing Activities	1,059.63	(2,868.13)	(387.58)

 

Revenue Bifurcation

Sector-wise Revenue Breakdown

 

State-wise Revenue Breakdown

(Amount in lac)

Service-wise Revenue Breakdown

(Source: RHP)

 

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Working capital needs. ~ Rs. 30.40 Cr.

• General corporate purposes.

• Issue expenses.
  
  

Listed Peers of Mahendra Realtors Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
AB Infrabuild Limited	10	3.36	53.54
Maruti Infrastructure Limited	2	0.21	66.29

 

Valuation

Metric	Value
ROE	23.43%
ROCE	30.56 %
Debt/Equity	0.22
RoNW	23.43%
PAT Margin	11.91%
Price to Book Value	2.08
EBITDA Margin	17.55%

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2024 with an EPS of Rs. 8.55 from the last year, the resulting P/E ratio is 9.94x (taking the upper price). When compared with the industry’s average P/E of 38.1x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

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IPO's Strengths

• Focuses on procurement, risk management, budget control, compliance, and fulfilling deadlines and quality standards by following ISO.

• Developing connections in government contracts demonstrates the special skills and knowledge needed to land and complete projects.

• Solid ties and connections with business partners as well as within government organizations.

• Preserving financial stability to make project investments, control expenses, and weather difficult or changing economic times.

 

 

IPO’s Weaknesses 

• Reliance on government contracts.

• Difficulties with bureaucracy.

• A lack of innovation.

• Dependence on key persons.

• Reliance on government funding.

 

Mahendra Realtors IPO GMP (Grey Market Premium)

Mahendra Realtors IPO GMP today is Rs. 6 as of 08 Aug 2025 at the time of writing this information. Hence, the Mahendra Realtors IPO listing price (estimated) might be Rs. 91 (upper price + current GMP or grey market premium).

Mahendra Realtors IPO Summary

The Mahendra Realtors & Infrastructure IPO has a market maker portion size of 2,91,200 Shares (Rs. 2.48 Cr).

IPO Opening & Closing Date	12 Aug, 2025 to 14 Aug, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 75 to Rs. 85 per Share.
Lot Size	1600 Shares
Issue Size	58,17,600 Shares (Rs. 49.45 Cr)
Offer for Sale	10,91,200 Shares (Rs. 9.28 Cr)
Fresh Issue	44,35,200 Shares (Rs. 37.70 Cr)
Listing at	NSE, SME
Issue Type	Bookbuilding IPO
Registrar	MUFG Intime India Private Limited (Link Intime)

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (3200 Shares) for Rs. 2,72,000 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (4800 Shares) for Rs. 4,08,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	50%
Retail’s Portion	35%
Non-Institutional Portion	15%

 

Mahendra Realtors IPO Allotment Status

To check the Mahendra Realtors IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website - Link Intime IPO allotment status

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Mahendra Realtors Ltd.

• Mr. Hemanshu Shah

• Mr. Bhavesh Mahendrakumar Shah

• Ms. Chandrika Mahendra Shah

• Ms. Hetal Bhavesh Shah

• Ms. Varsha Hemanshu Shah.

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	73.68%

 

IPO Lead Managers

• Fast Track Finsec Pvt Ltd.

 

 

Dividend Policy

The company has not paid any dividends during the last three years.

 

Conclusion

A specialized presence in infrastructure rehabilitation, particularly in government and public sector projects, is demonstrated by Mahendra Realtors IPO. In comparison to its contemporaries, the IPO seems to be fairly valued due to its robust financial growth and appealing P/E ratio of 9.94x. However, there are hazards associated with bureaucracy and policy delays when there is a large reliance on government contracts and funding. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.