Sanghvi Housing And Infrastructure Files DRHP For Fresh Issue Of 60 Lakh Shares

Sanghvi Housing and Infrastructure Limited has filed its draft red herring prospectus (DRHP) for a proposed initial public offering (IPO) comprising a fresh issue of up to 60 lakh equity shares.

The shares will have a face value of ₹10 each, while the final issue amount is yet to be determined. There is no offer for sale (OFS) component in the proposed issue.

The company is primarily engaged in residential and commercial real estate development across the Mumbai Metropolitan Region (MMR) and in Thane district. Its business has a particular focus on the redevelopment of existing residential properties and housing societies, alongside selective greenfield projects.

Sanghvi Housing And Infrastructure To Fund Three Ongoing Projects

The company has earmarked ₹164.77 crore from the Sanghvi Housing And Infrastructure IPO’s proceeds for investments in its subsidiaries. The funds will partly finance development and construction costs for three ongoing projects:

• Sanghvi Horizon

• Sanghvi Boulevard

• Sanghvi Sapphire

A portion of the proceeds will also be used to acquire future projects and for general corporate purposes. The prospectus states that the amount allocated to each of these purposes will not individually exceed 25% of the gross proceeds, while their combined allocation will not exceed 35% of gross proceeds. The exact amount will be finalised after the issue price is determined.

About Sanghvi Housing And Infrastructure

The company’s project portfolio is concentrated in the MMR, particularly its Western Suburbs, and it also operates in Thane district. Its stated strengths include its regional presence, redevelopment and tenant rehabilitation experience, project execution capabilities and promoter and management experience.

Its strategy includes converting development rights into project launches, increasing the scale of individual projects and expanding into premium and ultra-luxury segments in the MMR. The company also plans to strengthen its brand visibility through real estate projects.

As of Fiscal 2026, the company had 11 projects under development, with a total developable area of 9,67,430 square feet and a saleable area of 3,42,493 square feet. During the year, it commenced development of 3,76,000 square feet of developable area and 1,11,435 square feet of saleable area, with 172 units available for sale.

Sanghvi Housing And Infrastructure Financial Performance

The company reported revenue from operations of ₹101.84 crore in Fiscal 2026, up 34.73% from ₹75.59 crore in Fiscal 2025. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose to ₹35.87 crore from ₹29.57 crore, while profit for the year increased to ₹26.26 crore from ₹20.81 crore.

The company’s debt-to-equity ratio declined to 1.61 in Fiscal 2026 from 2.30 in Fiscal 2025 and 3.75 in Fiscal 2024. However, it reported negative operating cash flow of ₹37.26 crore in Fiscal 2026, compared with negative ₹24.43 crore in Fiscal 2025.

The company has identified geographic concentration, redevelopment project delays, unsold inventory, indebtedness and negative operating cash flows among its key risks. As of 31 March 2026, it had 56 unsold units in completed projects and 434 unsold units in ongoing projects.

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