Incorporated in July 2003, Pranav Constructions Limited is a real estate company primarily engaged in redevelopment projects in the Municipal Corporation of Greater Mumbai (MCGM) Region, with a predominant focus on the Western Suburbs. The Company was originally incorporated as Pranav Constructions Private Limited and was converted into a public limited company in July 2024.
The Company specializes in pure-play redevelopment and undertakes redevelopment projects across residential segments, including Economical, Mid and Mass, and Aspirational homes. As of March 31, 2026, its portfolio comprised 65 redevelopment projects across the MCGM Region, including 28 completed projects, 20 under-construction projects and 17 upcoming projects, with a combined Total Developable Area of approximately 5.01 million square feet.
The Company follows an integrated redevelopment model with in-house capabilities across various stages of project execution, including tendering, pre-construction, construction and post-construction activities. Its business model involves entering into redevelopment agreements with co-operative housing societies, supporting a capital-efficient approach to project development.
Pranav Constructions has been undertaking redevelopment projects since 2012 and has established a presence in Mumbai’s Western Suburbs.
As of March 31, 2026, the Company had 198 permanent employees, including whole-time directors, across functions such as construction management, sales and customer relationship management, architecture, legal and compliance, finance, administration and human resources.
Competitive Strengths
Pranav Constructions Ltd.’s revenue increased by 20% and profit after tax (PAT) rose by 15% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,799.19 | 1,246.29 | 966.80 |
| Total Income | 763.93 | 638.24 | 449.75 |
| Profit After Tax | 71.32 | 62.25 | 39.62 |
| EBITDA | 130.83 | 98.54 | 59.73 |
| NET Worth | 246.70 | 175.59 | 88.37 |
| Reserves and Surplus | 159.52 | 88.41 | 84.70 |
| Total Borrowing | 258.44 | 196.50 | 99.34 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Horizon Industrial Parks Ltd. | Mainboard | ₹2,600.00 Cr | ₹60 | -72.29 | ₹58.16 | -3.07% | ₹55.13 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding costs towards obtaining government and statutory approvals and purchase of additional FSI and cost towards Compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of the Under-construction Redevelopment Projects, and certain of the Upcoming Redevelopment Projects (Funding Redevelopment Expenses | 145.72 |
| 2 | Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company | 91.50 |
| 3 | Funding acquisition of future redevelopment projects and general corporate purposes. | |
| Total | 237.22 |
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 33.78% | 47.17% |
| ROCE | 24.34% | 24.83% |
| Debt/Equity | 1.08 | 1.15 |
| RoNW | 33.78% | 47.17% |
| PAT Margin | 9.37% | 9.78% |
| EBITDA Margin | 17.18% | 15.49% |
| NAV | 28.30 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 8.18 | 6.33 |
| P/E (x) | 15.16 | 19.59 |
| IPO Date | 7 to 9 Sep, 2026 |
| Listing Date | Tue, Sep 15, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹118 to ₹124 |
| Lot Size | 120 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,83,08,481 shares (agg. up to ₹351 Cr) |
| Fresh Issue | 2,54,51,612 shares (agg. up to ₹316 Cr) |
| Offer for Sale | 28,56,869 shares of ₹10 (agg. up to ₹35 Cr) |
| Share Holding Pre Issue | 8,71,71,170 shares |
| Share Holding Post Issue | 11,26,22,782 shares |
As per our analysis and Based on the information we have, this is the output.
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