Pragyawan Technologies IPO

About Pragyawan Technologies Limited

The public issue of the Pragyawan Technologies Limited IPO, a mainboard IPO, opens on TBA and closes on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to the eligible investors' demat accounts on TBA. The initiation of refunds will take place on TBA. The listing of shares is scheduled for TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of (TBA) equity shares aggregating up to ₹400 crore. The offer for sale comprises up to 1,50,00,000 equity shares by the promoter selling shareholders, aggregating up to (₹TBA). The total issue size will be announced closer to the IPO opening.

Pragyawan Technologies Limited’s IPO price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application is TBA shares. The minimum investment required for retail investors is ₹TBA (TBA shares). The minimum investment required for HNI investors is ₹TBA. Incorporated in 2011, Pragyawan Technologies Limited provides skill development and training products along with utility solutions for the power, water and renewable energy sectors. The company executes projects for government, public sector and enterprise customers in India.

Its offerings include power distribution infrastructure, water infrastructure solutions, renewable energy projects, digital classroom implementation and skill development programmes. The company also provides engineering, procurement, installation and project management services across these business segments.

Objectives Of Pragyawan Technologies IPO

• Funding the company's working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

India's infrastructure and skill development sectors are expected to benefit from higher public spending, manufacturing growth and government-led capacity-building initiatives. Programmes such as Make in India, the PLI Scheme, Jal Jeevan Mission, AMRUT 2.0 and various skill development schemes continue to support demand across power, water and training infrastructure.

Public capital expenditure has increased from ₹3.1 trillion in FY2019 to a budgeted ₹11.2 trillion in FY2026, reflecting a compounded annual growth rate (CAGR) of 20.1%. Continued investments in power transmission, water supply, sanitation and urban infrastructure are expected to create long-term opportunities for EPC and utility solution providers.

India is also strengthening its position as a global manufacturing hub through policy initiatives such as Make in India, Atmanirbhar Bharat and the PLI scheme. The country's manufacturing share is projected to increase from 13.9% in 2024 to 15.8% by 2030, driven by supply chain diversification and rising investments.

The skill development ecosystem is expanding rapidly through initiatives such as PMKVY 4.0, PM Vishwakarma and the Skill India Digital Hub. As of 2026, the Skill India Digital Hub had over 2 crore registrations, while more than 11,48,667 toolkits had been distributed under the PM Vishwakarma Scheme by 31 December 2025. These initiatives are expected to support sustained demand for skill development products and training solutions.

About Pragyawan Technologies Limited

Incorporated in 2011, Pragyawan Technologies Limited operates across Skill Development and Utility Solutions. The company provides technology-enabled training solutions and executes infrastructure projects in the power, water and renewable energy sectors across India.

The company has executed projects across 29 states and Union Territories. Its Skill Development business has enabled 2,500+ smart classrooms, established 300+ studios, supplied 47,000+ educational kits, set up 1,600+ mathematics and science labs, and delivered 5,00,000+ toolkits across nine trades under the PM Vishwakarma Yojana. It has also digitised 70 million+ pages for public sector organisations.

As of 30 April 2026, Pragyawan's outstanding order book stood at ₹2,052.25 crore, reflecting strong business visibility. The company recorded a 131.07% CAGR in Revenue from Operations between FY23 and FY25. It operates through 14 warehouses with a cumulative storage area of approximately 2.33 lakh sq. ft. Its pan-India execution network is supported by long-term customer relationships and repeat business from government and institutional clients.

Strengths Of Pragyawan Technologies Limited

• According to the Frost & Sullivan Report, the company is one of the largest suppliers of customised toolkits under the PM Vishwakarma Yojana. It supplied 4,93,347 toolkits across multiple trades as of 31 December 2025.
  
• The company has built long-term relationships with institutional customers across sectors. Repeat customers contributed 95.20% of revenue during the nine months ended 31 December 2025.
  
• The order book has grown consistently over the years. It increased from ₹229.67 crore in March 2023 to ₹2,052.25 crore as of 30 April 2026, providing strong revenue visibility.
  
• The company follows an asset-light operating model. It rents project equipment based on requirements, reducing capital expenditure and improving operational flexibility.
  
• Pragyawan is led by an experienced management team. The Managing Director has over 21 years of experience, while the Whole-time Director has over 45 years of industry experience.
  
• The company operates across Skill Development and Utility Solutions. This diversified business model reduces dependence on a single business segment.
  

Risks of Pragyawan Technologies Limited

• The company derives a significant share of its revenue from a limited customer base. The top 10 customers contributed over 99% of Revenue from Operations between FY23 and 9MFY26.
  
• Revenue is generated from government, public sector and private sector customers across both business verticals. Any slowdown in project awards or execution could affect business performance.
  
• The order book has grown significantly recently. However, project delays, cancellations or payment delays could impact revenue and cash flows.
  
• The business depends on the timely availability of materials and equipment. Supply disruptions or higher input costs could affect project execution and profitability.
  
• The company relies on third-party suppliers for materials and equipment. Most of these arrangements are not backed by long-term supply agreements.
  
• The business requires significant working capital to support its operations. Any shortfall in funding or higher working capital requirements may affect future growth.
  

Peer Comparison

As per the DRHP, there are no listed companies of this size and model in India or abroad. Hence, industry comparison is not provided.

Anchor Investor Bidding Date: TBA

Registrar Details
MUFG Intime India Private Limited
E-mail: pragyawan.ipo@in.mpms.mufg.com
Telephone: +91 81081 14949

Book Running Lead Manager
Pantomath Capital Advisors Private Limited

Pragyawan Technologies Limited Contact Details
Flat No. 2, 2nd Floor, Plot No. 70-A/31 Guru Nanak Pura,
Laxmi Nagar, Delhi - 110092, India
E-mail: cs@pragyawan.com
Telephone: +91 9193666299

Pragyawan Technologies Limited Business Model

Pragyawan Technologies Limited operates across the Skill Development and Utility Solutions segments. The company generates revenue by executing projects in power, water and renewable energy infrastructure, while also supplying customised training toolkits, smart classrooms and digital learning solutions.

Pragyawan Technologies Limited Growth Trajectory

Pragyawan Technologies Limited's Total Income for FY25 was ₹360.86 crore, whereas in FY24 and FY23 it was ₹212.80 crore and ₹67.89 crore, respectively.

The Profit After Tax for FY25 was ₹39.89 crore, whereas in FY24 and FY23 it was ₹24.07 crore and ₹8.84 crore, respectively.

Its EBITDA for FY25 was ₹57.25 crore, whereas in FY24 and FY23 it was ₹31.99 crore and ₹11.80 crore, respectively.

Pragyawan Technologies Limited Market Position

According to the Frost & Sullivan Report, Pragyawan Technologies is one of the largest suppliers of customised toolkits under the PM Vishwakarma Yojana. As of 31 December 2025, the company had supplied 4,93,347 toolkits across multiple trades.

The company has a pan-India presence across 29 states and Union Territories. As of 30 April 2026, it was executing projects across 1,448 project sites, supported by a network of 25 offices and 14 warehouses.

As of 31 March 2025, the company's Total Income, Profit After Tax and EBITDA stood at ₹360.86 crore, ₹39.89 crore and ₹57.25 crore, respectively.

How To Apply for Pragyawan Technologies IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.