Vardhman Airport Solutions IPO

About Vardhman Airport Solutions IPO

The public issue of the Vardhman Airport Solutions IPO, an SME IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA. The equity shares offered through the IPO are proposed to be listed on the NSE SME platform.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 0.51 crore equity shares. The offer for sale portion includes up to 0.11 crore equity shares. The total number of shares is 62,48,000 and the aggregate amount is yet to be finalised.

Vardhman Airport Solutions IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

The company was originally incorporated as Navuday International Private Limited in Delhi on January 20, 2014. In September 2017, the name of the company was changed to Vardhman Airport Solutions Private Limited, following which the company commenced operations in the aviation and airport infrastructure sector from October 2017. The company primarily operates on a Supply, Installation, Testing and Commissioning (SITC) and turnkey project execution model, pursuant to which it provides integrated aviation and infrastructure solutions.

Objectives of Vardhman Airport Solutions IPO

• Funding the incremental working capital requirements of the company.
  
• Repayment/pre-Payment, in full or in part, of certain outstanding borrowings availed by the company.
  
• General corporate purposes.
  

Industry Outlook

As of February 2026, 663 routes connecting 95 airports, heliports, and water aerodromes had been operationalised under UDAN, carrying over 1.62 crore passengers since inception. In March 2026, the Union Cabinet approved the Modified UDAN scheme with an outlay of Rs. 28,840 crores over ten years (FY2026-27 to FY2035-36), targeting 100 new airports and 200 helipads and extending viability gap funding support from three to five years. India's Infrastructure forms an integral part of the country's economic ecosystem. There has been a significant shift in the industry that is leading to the development of world-class facilities across the country in the areas of roads, waterways, railways, airports, and ports, among others. Between FY20 and FY25, India’s aviation infrastructure attracted over Rs. 96,000 crore in capital expenditure through the Airports Authority of India and public-private partnerships, with 100% FDI permitted in both greenfield and brownfield airport projects.

About Vardhman Airport Solutions

Vardhman Airport Solutions primarily operates on a Supply, Installation, Testing and Commissioning (SITC) and turnkey project execution model, pursuant to which it provides integrated aviation and infrastructure solutions. The scope of their activities includes design, development, engineering, assembly, system integration, supply, installation, testing, commissioning and maintenance of airfield ground lighting systems, navigational aids, aircraft docking systems, smart metering solutions and other allied infrastructure systems. Depending upon project requirements, the company deploys a combination of internally developed and assembled products together with third-party equipment and systems to deliver integrated solutions to customers. In addition, the company provides operation and maintenance services, annual maintenance contracts and other lifecycle support services across the infrastructure assets deployed by it.

The company primarily operates in the following business segments:

i. Airport lighting and airside infrastructure solutions
ii. Defense aviation infrastructure solutions
iii. Smart metering solutions for Military Engineer Services (MES)

Strengths of Vardhman Airport Solutions

• Experienced management team supported by in-house engineering and technical capabilities.
  
• Established execution track record with products and solutions deployed across 93 airports and defense locations.
  
• Make in India advantage through indigenous product development and Class-I supplier status.
  
• Products and solutions developed in accordance with applicable aviation standards and technical specifications.
  
• Products and solutions developed in accordance with applicable aviation standards and technical specifications.
  
• Integrated capabilities across product development, project execution and lifecycle services.
  

Risks of Vardhman Airport Solutions

• The company has received a show cause notice from the Military Engineer Services (MES), which is a significant customer segment for the business.
  
• They are dependent on and derive a major portion of their revenue from operations from their top 10 customers.
  
• They generate a major part of their revenue from operations from their Supply, Installation, Testing and Commissioning (SITC) and Operations and Maintenance (O&M services).
  
• They generate a portion of their business through competitive bidding and tendering processes.
  
• They have entered into contracts or purchase orders with their customers which contain Termination clauses.
  

Anchor Investor Bidding Date: TBA

Registrar Details
Bigshare Services Pvt.Ltd.
Email: ipo@bigshareonline.com
Tel.: 8657578989

Book Running Lead Manager
Holani Consultants Pvt.Ltd.

Vardhman Airport Solutions Contact Details 13/C and 13/3, Plot No. 13 Industrial Area, Najafgarh Road,
West Delhi, New Delhi, 110015
Email: cs@vardhmanairports.com
Phone: 011-45710588

Vardhman Airport Solutions Business Model

The company earns its revenue through operating on a Supply, Installation, Testing and Commissioning (SITC) and turnkey project execution model, pursuant to which it provides integrated aviation and infrastructure solutions.

Vardhman Airport Solutions Growth Trajectory

Vardhman Airport Solutions’s Total Income for FY25 was ₹54.89 crores, whereas in FY24 and FY23 it was ₹66.40 crores and ₹35.60 crores, respectively.

The Profit After Tax for FY25 was ₹3.50 crores, whereas in FY24 and FY23 it was ₹4.47 crores and ₹1.69 crores, respectively.

Their EBITDA for FY25 was ₹6.56 crores, whereas in FY24 and FY23 it was ₹7.85 crores and ₹3.74 crores, respectively.

Vardhman Airport Solutions Market Position

As on May 31, 2026, the company had an aggregate order book of ₹ 94.15 crores comprising airport lighting and airside infrastructure projects, defense aviation infrastructure projects and smart metering projects for Military Engineer Services.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹54.89 crores, ₹3.50 crores, and ₹6.56 crores, respectively.

How to apply for Vardhman Airport Solutions 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.