Pranav Constructions IPO is a ₹351.03 crore mainboard issue that will open for subscription on September 7, 2026, and close on September 9, 2026. The IPO has a price band of ₹118 to ₹124 per equity share and comprises a fresh issue of ₹315.60 crore and an offer for sale of ₹35.43 crore. Pranav Constructions is a Mumbai-focused real estate developer specialising in redeveloping cooperative housing societies within the Municipal Corporation of Greater Mumbai (MCGM) region, particularly the Western Suburbs. The company reported 19.70% year-on-year revenue growth and 14.55% growth in net profit in FY26, while its EBITDA margin expanded to 17.18%.
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Table of Contents
- Pranav Constructions IPO Details
- Pranav Constructions IPO Date and Timeline
- Pranav Constructions IPO Price Band and Lot Size
- Pranav Constructions IPO Issue Structure
- Pranav Constructions Business Model and Market Position
- Pranav Constructions Project Portfolio
- Pranav Constructions Financial Performance
- Pranav Constructions IPO Valuation
- Pranav Constructions IPO Peer Comparison
- Use of Pranav Constructions IPO Proceeds
- Pranav Constructions IPO Strengths
- Pranav Constructions IPO Risks
- Pranav Constructions IPO Review
- Pranav Constructions IPO FAQs
Pranav Constructions Limited is launching its mainboard IPO with an issue size of ₹351.03 crore. The issue consists of 2,83,08,481 equity shares with a face value of ₹10 each. The price band has been fixed at ₹118 to ₹124 per share.
At the upper end of the price band, the company will raise ₹351.03 crore. The fresh issue will contribute ₹315.60 crore, while the remaining ₹35.43 crore will come through an offer for sale by BioUrja India Infra Private Limited.
| IPO Detail |
Information |
| Company |
Pranav Constructions Limited |
| IPO Size |
₹351.03 crore |
| Price Band |
₹118 to ₹124 |
| Face Value |
₹10 per share |
| IPO Type |
Mainboard |
| Fresh Issue |
₹315.60 crore |
| Offer for Sale |
₹35.43 crore |
| Listing |
BSE and NSE |
| Minimum Lot |
120 shares |
| Retail Investment at Upper Band |
₹14,880 |
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Get the latest details on the Pranav Constructions IPO, including its issue size, price band, lot size, subscription dates, and listing timeline.
The Pranav Constructions IPO date for public subscription is September 7, 2026. The issue will remain open for three days and close on September 9, 2026. The basis of allotment is scheduled for September 10, followed by initiation of refunds and demat credit on September 11.
The shares are scheduled to be listed on both BSE and NSE on September 15, 2026.
| IPO Event |
Date |
| IPO Opens |
September 7, 2026 |
| IPO Closes |
September 9, 2026 |
| Basis of Allotment |
September 10, 2026 |
| Refunds / Demat Credit |
September 11, 2026 |
| Tentative Listing |
September 15, 2026 |
The Pranav Constructions IPO price has been set between ₹118 and ₹124 per share. Retail investors must apply for at least 120 shares, which means a minimum investment of ₹14,880 at the upper price of ₹124.
Retail investors can apply in multiples of 120 shares. The maximum retail application is 13 lots, or 1,560 shares, requiring ₹1,93,440 at the upper band.
| Investor Detail |
Requirement |
| Price Band |
₹118 to ₹124 per share |
| Minimum Lot |
120 shares |
| Minimum Investment |
₹14,880 |
| Maximum Retail Lot |
13 lots |
| Maximum Retail Shares |
1,560 shares |
| Maximum Retail Investment |
₹1,93,440 |
The IPO combines a fresh issue with an offer for sale. The majority of the issue is fresh capital, meaning the company will receive the proceeds attributable to the fresh issue, while the OFS proceeds will go to the selling shareholder.
The fresh issue comprises 2,54,51,612 equity shares, while the OFS consists of 28,56,869 equity shares.
| Issue Component |
Shares / Amount |
| Fresh Issue |
2,54,51,612 shares / ₹315.60 crore |
| OFS by BioUrja India Infra |
28,56,869 shares / ₹35.43 crore |
| Total Issue |
2,83,08,481 shares / ₹351.03 crore |
The IPO is divided among investor categories with not less than 40% reserved for QIBs, not more than 15% for NIIs, and not more than 45% for retail individual investors.
The company's promoter shareholding is expected to decline from 63.35% before the issue to 48.54% after the IPO.
Book running lead managers: Centrum Capital Limited and PNB Investment Services Limited.
Registrar to the offer: KFin Technologies Limited.
Pranav Constructions Limited was incorporated in 2003 and operates as a specialised real estate developer focused on co-operative housing society redevelopment.
Unlike a traditional developer model centred primarily on acquiring land and constructing new projects, the company's business model focuses on redevelopment opportunities within the MCGM region. Its activities cover the redevelopment lifecycle, including society tendering, society approvals, member compensation management, municipal clearances and possession delivery.
The company operates across economical, mid- and mass, and aspirational housing segments.
Its geographical concentration is primarily in Mumbai's Western Suburbs, including:
- Goregaon
- Malad
- Borivali
- Santacruz
This concentrated operating model gives Pranav Constructions a specialised position in Mumbai's redevelopment market. At the same time, the concentration means that its performance is closely linked to redevelopment activity and regulatory conditions within the MCGM region.
As of March 31, 2026, Pranav Constructions had a portfolio of 65 redevelopment projects within the MCGM region. These projects were spread across completed, under-construction and upcoming categories.
| Project Status |
Projects |
Developable Area |
| Completed |
28 |
1.42 million sq. ft. |
| Under Construction |
20 |
1.63 million sq. ft. |
| Upcoming |
17 |
1.96 million sq. ft. |
| Total |
65 |
5.01 million sq. ft. |
The portfolio provides a combination of completed developments and projects at different stages of execution. The 20 under-construction projects and 17 upcoming projects represent the company's active project pipeline within its redevelopment-focused business model.
Pranav Constructions delivered strong revenue growth between FY24 and FY26. Consolidated revenue from operations increased from ₹447.48 crore in FY24 to ₹636.27 crore in FY25 and further to ₹761.60 crore in FY26.
Revenue from operations grew 19.70% year on year in FY26, while net profit increased 14.55% to ₹71.32 crore.
Revenue and Profit Growth
The company's revenue and profitability improved consistently over the three-year period, with FY26 recording another year of double-digit growth.
FY24 Financial Performance
| Financial Metric |
FY24 |
| Revenue from Operations |
₹447.48 Cr |
| Total Revenue / Income |
₹447.48 Cr |
| Operating Expenses |
₹390.00 Cr |
| EBITDA |
₹59.74 Cr |
| Net Profit (PAT) |
₹39.63 Cr |
FY25 Financial Performance
| Financial Metric |
FY25 |
| Revenue from Operations |
₹636.27 Cr |
| Total Revenue / Income |
₹638.23 Cr |
| Operating Expenses |
₹539.69 Cr |
| EBITDA |
₹98.55 Cr |
| Net Profit (PAT) |
₹62.26 Cr |
FY26 Financial Performance
| Financial Metric |
FY26 |
| Revenue from Operations |
₹761.60 Cr |
| Total Revenue / Income |
₹761.60 Cr |
| Operating Expenses |
₹630.76 Cr |
| EBITDA |
₹130.84 Cr |
| Net Profit (PAT) |
₹71.32 Cr |
The company's revenue from operations increased by ₹125.33 crore between FY25 and FY26. EBITDA rose by ₹32.29 crore to ₹130.84 crore, representing growth of 32.76%.
PAT increased by ₹9.06 crore to ₹71.32 crore, translating into 14.55% year-on-year growth.
Over the two-year period from FY24 to FY26, revenue recorded a calculated CAGR of 30.45%, while PAT recorded a CAGR of 34.16%.
Margins and Return Ratios
The company's profitability and return ratios show a mixed trend in FY26. While EBITDA margin expanded significantly, PAT margin and return ratios moderated compared with FY25.
FY25 Margins and Return Ratios
| Metric |
FY25 |
| EBITDA Margin |
15.49% |
| PAT Margin |
9.78% |
| ROE / RoNW |
47.17% |
| ROCE |
24.83% |
| Debt-to-Equity |
1.15x |
FY26 Margins and Return Ratios
| Metric |
FY26 |
| EBITDA Margin |
17.18% |
| PAT Margin |
9.37% |
| ROE / RoNW |
33.78% |
| ROCE |
24.34% |
| Debt-to-Equity |
1.08x |
One notable feature of the FY26 results was the improvement in EBITDA margin from 15.49% to 17.18%, an expansion of 169 basis points. This indicates that EBITDA grew faster than revenue during the year.
However, PAT margin declined from 9.78% to 9.37%. Similarly, ROE declined from 47.17% to 33.78%, while ROCE moderated slightly from 24.83% to 24.34%.
The debt-to-equity ratio improved from 1.15x to 1.08x, indicating some deleveraging.
The Pranav Constructions IPO valuation can be assessed using the company's FY26 earnings and the post-issue share count.
At the upper price band of ₹124, Pranav Constructions has a post-issue market capitalisation of ₹1,396.52 crore. Based on FY26 post-issue diluted EPS of ₹6.33, the IPO is valued at a P/E ratio of 19.59x.
Before the IPO, FY26 basic EPS stood at ₹8.18, implying a pre-IPO P/E multiple of 15.16x at the ₹124 cap price.
| Valuation Metric |
At ₹124 |
| Pre-IPO FY26 Basic EPS |
₹8.18 |
| Pre-IPO P/E |
15.16x |
| Post-IPO FY26 Diluted EPS |
₹6.33 |
| Post-IPO P/E |
19.59x |
| Post-Issue Market Cap |
₹1,396.52 Cr |
The difference between pre-issue and post-issue EPS reflects the impact of the additional shares issued through the fresh issue. Consequently, the P/E multiple based on post-issue diluted EPS is higher at 19.59x.
For investors assessing the Pranav Constructions IPO review, the valuation needs to be considered alongside the company's revenue growth, profitability, return ratios, redevelopment portfolio and the risks associated with its concentrated geographical footprint.
Pranav Constructions can be compared with listed real estate companies such as Keystone Realtors and Godrej Properties using selected FY26 financial and valuation metrics. Separate two-column tables make the comparison easier to read on mobile devices.
FY26 Revenue Comparison
| Company |
FY26 Revenue from Operations |
| Pranav Constructions |
₹761.60 Cr |
| Keystone Realtors |
₹2,634.54 Cr |
| Godrej Properties |
₹5,131.43 Cr |
Pranav Constructions is considerably smaller than both listed peers in terms of FY26 revenue. Keystone Realtors reported revenue from operations of ₹2,634.54 crore, while Godrej Properties reported ₹5,131.43 crore.
FY26 Valuation and Return Comparison
| Company |
P/E / ROE |
| Pranav Constructions |
19.59x / 33.78% |
| Keystone Realtors |
~64.86x / 3.34% |
| Godrej Properties |
~33.25x / 9.97% |
At the upper IPO price band, Pranav Constructions has a post-IPO P/E of 19.59x, which is lower than the approximately 64.86x multiple for Keystone Realtors and approximately 33.25x for Godrej Properties.
Pranav Constructions' FY26 ROE of 33.78% is also higher than the reported ROE of 3.34% for Keystone Realtors and 9.97% for Godrej Properties.
However, the comparison should be viewed in the context of differences in business scale, project portfolios, operating models and geographical exposure.
The fresh issue proceeds are intended to support the company's redevelopment operations, reduce debt and fund future growth.
The key objects of the fresh issue include:
1. Government and Statutory Approvals
A portion of the proceeds will be used to fund municipal costs, statutory clearance fees and additional Floor Space Index procurement associated with projects.
2. Member Accommodation and Hardship Compensation
The company plans to use funds towards tenant transit rent and hardship compensation obligations for under-construction and upcoming redevelopment projects.
3. Debt Repayment
The proceeds will also be used for the pre-payment or partial repayment of outstanding project debt. This is relevant to the company's leverage profile, given its FY25 debt-to-equity ratio of 1.15x, which declined to 1.08x in FY26.
4. Business Expansion
The company intends to use part of the funds for sourcing future redevelopment rights and land acquisition opportunities in the Mumbai Metropolitan Region.
5. General Corporate Purposes
The remaining proceeds will be used for general corporate purposes.
The company's investment case is supported by its specialised redevelopment model, project pipeline and financial performance.
1. Specialised Mumbai Redevelopment Position
Pranav Constructions is focused on cooperative housing society redevelopment within the MCGM region, with a particular presence in Mumbai's Western Suburbs. Its portfolio includes 65 projects as of March 31, 2026.
2. Integrated In-House Execution
The company manages multiple stages of the redevelopment process internally. These include society tendering, approvals, member compensation, municipal clearances and possession delivery.
This integrated approach is an important part of its operating model because redevelopment projects involve multiple stakeholders and administrative processes.
3. Strong Revenue and EBITDA Growth
Revenue from operations increased from ₹447.48 crore in FY24 to ₹761.60 crore in FY26, representing a two-year CAGR of 30.45%.
Over the same period, PAT increased from ₹39.63 crore to ₹71.32 crore, representing a calculated CAGR of 34.16%.
EBITDA growth was particularly strong in FY26, rising 32.76% year on year, while EBITDA margin expanded by 169 basis points to 17.18%.
4. High Return Profile
The company reported FY26 ROE of 33.78% and ROCE of 24.34%. These figures indicate a strong return profile based on the supplied financial data.
5. Deleveraging
The debt-to-equity ratio declined from 1.15x in FY25 to 1.08x in FY26. The proposed use of IPO proceeds for debt repayment could further support the company's capital structure.
Despite its growth and return profile, the Pranav Constructions IPO analysis also needs to consider several structural risks.
1. Geographical Concentration
The company's operations are heavily concentrated in Mumbai's Western Suburbs within the MCGM region. As a result, changes in local real estate conditions, municipal policies or redevelopment activity in the Mumbai Metropolitan Region could affect its projects and cash flows.
2. Redevelopment Approval Risk
Housing society redevelopment depends on member consent, municipal approvals and timely procurement of FSI. Delays in any of these areas can affect project timelines.
Project delays can also increase member accommodation and hardship compensation expenses, potentially putting pressure on project economics and cash flows.
3. Working Capital Requirements
Redevelopment projects require capital commitments before the company receives the full benefit of pre-sales cash inflows. The company may need to fund FSI purchases and tenant accommodation during the development cycle.
This creates working capital requirements and makes efficient project execution important for maintaining cash flow.
The Pranav Constructions IPO 2026 presents a specialised Mumbai redevelopment business with a 65-project portfolio and strong financial growth between FY24 and FY26.
The company's revenue from operations grew at a calculated 30.45% CAGR over FY24-FY26, while PAT grew at a 34.16% CAGR. FY26 also saw EBITDA grow 32.76% and EBITDA margin expand to 17.18%. The debt-to-equity ratio improved from 1.15x to 1.08x.
From a valuation perspective, the IPO is priced at a post-issue P/E of 19.59x at the ₹124 cap price, based on FY26 diluted EPS of ₹6.33. The post-issue market capitalisation is ₹1,396.52 crore.
However, the company operates within a geographically concentrated market and remains exposed to redevelopment approvals, member consent, municipal clearances, FSI procurement, and upfront working capital requirements. The decline in FY26 ROE and PAT margin also warrants attention alongside the otherwise strong growth in revenue and EBITDA.
Overall, the key factors for evaluating the IPO are the company's specialised redevelopment position, execution of its under-construction and upcoming portfolio, ability to manage approval and working capital requirements, and the valuation implied by the ₹124 upper price band.
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1. What is the Pranav Constructions IPO date?
The Pranav Constructions IPO will open for public subscription on September 7, 2026, and close on September 9, 2026. The shares are scheduled to list on BSE and NSE on September 15, 2026.
2. What is the Pranav Constructions IPO price band?
The Pranav Constructions IPO price band is fixed at ₹118 to ₹124 per equity share, with a face value of ₹10 per share.
3. What is the minimum investment for the Pranav Constructions IPO?
The minimum application lot is 120 equity shares. At the upper price band of ₹124, retail investors need to invest ₹14,880 for one lot.
4. What is the Pranav Constructions IPO valuation?
At the upper price band of ₹124, Pranav Constructions has a post-issue market capitalisation of ₹1,396.52 crore. Based on FY26 post-issue diluted EPS of ₹6.33, the post-IPO P/E ratio is 19.59x.
5. What does Pranav Constructions do?
Pranav Constructions Limited is a real estate developer specialising in co-operative housing society redevelopment in the MCGM region, with a primary focus on Mumbai's Western Suburbs. As of March 31, 2026, it had 65 redevelopment projects, including 28 completed, 20 under construction and 17 upcoming projects.