Laxyo Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: ₹1,500 million (Fresh only, no OFS)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Laxyo Limited

Incorporated in April 2007, Laxyo Limited is an integrated Engineering, Procurement and Construction (EPC) player primarily focused on railway infrastructure projects. The company possesses comprehensive capabilities in Railway Infrastructure EPC, Mining Services, Raise Boring Operations, Dredging and Reclamation, as well as Operations & Maintenance (O&M) services for Industrial and Thermal Plants. As of January 31, 2026, the company had an order book value of ₹6,330 million.

Laxyo Limited IPO Overview

Laxyo Limited filed its Draft Red Herring Prospectus with SEBI on March 23, 2026, for a book-built IPO aggregating up to ₹1,500 million. The issue is entirely a fresh issue of equity shares with no offer for sale (OFS) component. The company may consider a pre-IPO placement of up to ₹300 million. The fresh issue proceeds will be used for: repayment/prepayment of certain outstanding borrowings (₹700 million), capital expenditure for purchase of equipment (₹97.5 million), funding working capital requirements (₹230 million), and general corporate purposes. Pre-issue promoter holding is to be updated post-DRHP filing. Lead manager: Indorient Financial Services Ltd. Registrar: MUFG Intime India Pvt. Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Laxyo Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	[.] shares (agg. up to ₹150 Cr)
Fresh Issue	[.] shares (agg. up to ₹150 Cr)
Offer for Sale (OFS)	—
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	4,36,07,300 shares
Shareholding post-issue	TBA

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Laxyo Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Net Issue
Retail Shares Offered	Not more than 10% of the Net Issue
NII (HNI) Shares Offered	Not more than 15% of the Net Issue

Laxyo Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹1.43
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	9.89%
Net Asset Value (NAV)	₹441.68
Return on Equity (RoE)	9.89%
Return on Capital Employed (RoCE)	8.97%
EBITDA Margin	13.10%
PAT Margin	5.63%
Debt-to-Equity Ratio	1.30x

Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Repayment/prepayment of certain outstanding borrowings	700.00
Capital expenditure towards purchase of equipment	97.50
Funding the working capital requirements	230.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of the Gross Proceeds.

Laxyo Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	2,008.79	1,485.61	1,382.96	1,281.93
Revenue	1,107.82	2,111.05	1,743.09	1,338.07
Profit After Tax	62.33	116.53	63.26	49.26
Reserves and Surplus	649.25	586.86	470.35	407.08
Total Borrowings	863.62	531.75	454.50	423.27
Total Liabilities	1344.50	883.71	897.57	859.81

 Financial Status of Laxyo Limited

SWOT Analysis of Laxyo Limited

Strengths	Opportunities
Among top players in India owning PQRS machine for CTR projects	India’s railway capex expected to grow to ₹2.8 trillion in FY27
Well diversified across railway EPC, mining, dredging & O&M	Strategic entry into African markets with Zambia contract
Strong long-standing relationships with Indian Railways and PSUs	Government’s focus on track renewal (4,000-5,000 km annual target)
Strategic diversification into mining services and raise boring	Expansion into Tier-2 and Tier-3 cities under railway modernisation
Robust infrastructure with sizable fleet of specialised heavy equipment	Growing demand for non-explosive raise boring in mining sector
Experienced promoters with over 25 years of industry expertise	Development of inland waterways requiring dredging services
One of only ~5 players with indigenous raise bore machine capability	Namami Gange Mission and Sagarmala Project creating dredging demand
Skilled workforce of 49 permanent employees and 77 total personnel	Increasing private sector participation in railway infrastructure
Revenue grew at 26% CAGR from FY23-FY25 with expanding margins	Pre-IPO placement of up to ₹300 million to reduce dilution
High dependence on government and PSU clients (68.88% of revenue)	Intense competition from larger railway EPC players like IRCON, RITES
Significant revenue concentration in Madhya Pradesh (44.20% of H1 FY26)	Delays in government payment cycles affecting working capital
Debt to equity ratio of 0.88 and total borrowings of ₹863.62 million	Fluctuations in raw material prices impacting project margins
Moderate PAT margin of 5.52% compared to larger EPC peers	Geopolitical risks associated with African market expansion
Order book of ₹6,330 million requires sustained execution capability	Regulatory changes in mining and environmental clearance processes
Dredging revenue declined from ₹57.97 million (FY24) to ₹23.73 million (FY25)	Slowdown in government infrastructure spending could impact order inflow
Working capital cycle pressures due to project-based revenue model	Competition from global players like Master Drilling in raise boring
Limited geographical diversification beyond central and western India	Technological obsolescence requiring continuous capex investment
Small scale compared to listed railway EPC peers	Rising interest rates increasing cost of debt servicing

Laxyo Limited IPO Strengths

Among Top Players in India to Own PQRS Machine for CTR Projects

Laxyo Limited operates in a space with small and medium players and is one of the few companies (~5 players) in India that possesses the Plasser Quick Relaying System (PQRS) machine for Complete Track Renewal (CTR) projects. The company’s specialized PQRS machine enables efficient track renewal and maintenance, positioning it as a niche player in the railway infrastructure EPC segment. The annual target in Track Renewal (CTR) is estimated to be around 4,000-5,000 km, ensuring consistent EPC demand.

Well Diversified Across Businesses

Laxyo Limited is an integrated EPC player with strategic capabilities across multiple verticals: Railway Infrastructure, Mining Services and Raise Boring Operations, Dredging and Reclamation, and O&M of Industrial and Thermal Plants. The company’s ability to deliver end-to-end solutions across multiple sectors reduces inter-contractor dependencies for clients and enables single-window accountability. This diversification cushions the company against sector-specific downturns and creates cross-sectoral synergies.

Strong Relationships with Clients

Laxyo Limited has developed strong relationships with various Indian Railways, power utilities, governmental organizations, and private sector entities. These clients include public sector undertakings and private sector clients. The company has also established strong relationships with large EPC companies. These strong client relationships enable the company to better understand client requirements and better evaluate the scope of work and risks involved in projects it bids for.

Strategic Diversification into Mining Services and Raise Boring

Laxyo Limited has successfully diversified its operations into the domain of mining services and raise boring. The company has undertaken the technically intricate and highly specialized discipline of raise boring, becoming one of the first Indian enterprises to both own and operate a Raise Bore Machine, establishing a singular benchmark of indigenous capability. The company is the 2nd largest raise boring operator with 22% market share in India.

Experienced Promoters and Management Team with Strong Domain Expertise

Laxyo Limited is led by promoters with over 25 years of industry experience, who have been instrumental in the company’s growth. The company has a diversified Board of Directors supported by a capable senior management team with significant experience in the railway EPC sector. The company employs over 75 people, including civil and mechanical engineers, site supervisors, and dredger operators, bringing together technical acumen and on-ground experience.

Robust Infrastructure and Asset Base

Laxyo Limited’s asset base includes a sizable fleet of technical equipment, including PQRS machines, hydraulic and mechanical excavators, dredgers, hydraulic mobile cranes, earthmovers, tippers and dumpers, and batching and mixing plants. This robust infrastructure ensures operational readiness, rapid deployment, and optimization of assets — key factors in minimizing project delays and cost overruns. By managing its logistics internally, the company gains a critical edge in cost control and project execution speed.

Other IPO Pages Linking

More About Laxyo Limited

Laxyo Limited, originally incorporated as “Laxyo Energy Private Limited” on April 16, 2007, in Madhya Pradesh, was converted into a public limited company in March 2013.

Business Verticals

• Railway Infrastructure: Track laying, earthwork, OHE, minor bridge works, and O&M contracts with Indian Railways.
• Mining Services and Raise Boring Operations: Opencast and selective mining for limestone, coal, and bauxite; raise boring for vertical shaft development.
• Dredging and Reclamation: Capital and maintenance dredging for harbours, rivers, and canals (since 2017).
• Operation and Maintenance (O&M): O&M services across power plants, material handling systems, and mining equipment.

Customer and Geographic Presence

• Revenue derived 68.88% from government clients and 31.12% from non-government entities (six months ended Sep 2025).
• Geographic presence across Madhya Pradesh (44.20%), Maharashtra, Rajasthan, Gujarat, Haryana, Odisha, Delhi, Kerala, Uttar Pradesh, and Goa.
• International presence: secured contract in Zambia, marking entry into African markets.

Order Book and Recent Developments

• Order book value of ₹6,330 million as of January 2026.
• Secured a 10-year contract with Western Railway, Ratlam Division for developing and operating a mini mall at Ratlam Railway Station.
• Entered into a contract agreement in Zambia, competing with global players such as Master Drilling, Murray & Roberts, and Redpath.

Raise Boring Capability

Laxyo is the 2nd largest raise boring operator with 22% market share in India as of FY2025. Raise boring is a non-explosive, precision drilling technique used to create vertical or inclined shafts between two levels. It offers a safer, faster, and more environmentally friendly alternative to conventional shaft sinking methods.

Industry Outlook

India’s railway infrastructure sector is undergoing a transformative phase with record capital expenditure allocations. The government’s railway infrastructure spend currently sits at approximately ₹1.4 lakh crore and is expected to reach ₹2.4 lakh crore by FY2031, growing at a CAGR of 9.4%. The capital expenditure is projected to grow from ₹2.6 lakh crore in FY2025 to ₹4.4 lakh crore by FY2031.

Key Growth Drivers:

• Track Renewal Demand: The annual target in Track Renewal (CTR) is estimated to be around 4,000-5,000 km, ensuring consistent EPC demand for network maintenance and safety.
• Government Initiatives: Namami Gange Mission, Sagarmala Project, and inland waterway development under the Ministry of Ports, Shipping and Waterways are creating significant opportunities in dredging and reclamation.
• Railway Capex Growth: An anticipated 10-12% rise in railway capex to nearly ₹2.8 trillion in FY2027 could translate into healthy order inflows across EPC, safety systems, track works, electrification, station redevelopment, and rolling stock.
• Mining Sector Demand: Raise boring, a non-explosive precision drilling technique, is gaining traction for mining and underground infrastructure projects including metro tunnels, hydropower stations, and underground bunkers.

EPC Sector Outlook:

• Revenues of entities operating in the Indian railway sector are expected to expand at a CAGR of 24% over the three years ending in FY2024.
• Industry experts highlight the importance of EPC firms in achieving India’s railway modernization goals, including electrification and high-speed rail projects.
• The raise boring market in India remains niche, with Laxyo being the 2nd largest operator (22% market share) after Master Drilling Private Limited.

How Will Laxyo Limited Benefit

• Laxyo Limited is strategically positioned to benefit from India’s railway capex growth from ₹2.6 lakh crore (FY2025) to ₹4.4 lakh crore (FY2031), with the company’s specialized PQRS machine for CTR projects enabling it to capture track renewal work.
• The company’s unique position as one of only ~5 players with PQRS machine capability in India gives it a competitive edge in bidding for track renewal contracts, where the annual target is 4,000-5,000 km.
• Laxyo’s strategic entry into African markets through the Zambia contract opens up new revenue streams and reduces geographical concentration risk, allowing it to compete with global players like Master Drilling.
• The company’s diversification into raise boring operations, where it holds a 22% market share as the 2nd largest operator in India, positions it to benefit from growing demand for non-explosive precision drilling in mining and underground infrastructure projects.
• Government initiatives such as Namami Gange Mission and Sagarmala Project are driving demand for dredging services. Laxyo’s in-house dredging capabilities enable it to participate in capital and maintenance dredging for harbours, rivers, and canals.
• The company’s ability to offer end-to-end EPC solutions across railway infrastructure, mining, and O&M creates cross-selling opportunities and enhances client stickiness through single-window accountability.
• With only 49 permanent employees and a project-based operational model, Laxyo maintains a lean cost structure, allowing it to scale operations efficiently as order book grows.

Peer Comparison

Name of Company	Face Value (₹/Share)	P/E (x)	EPS (₹)	RoNW (%)	NAV (₹/Share)	Total Income (₹ Million)
Laxyo Limited	10	[●]	2.67	19.36	13.80	2,127.70
Peer Group
Larsen & Toubro	2	31.46	109.36	15.94	839.18	2,598,592.70
Afcons Infrastructure	10	21.06	13.24	9.48	139.66	130,227.70
IRCON International	2	16.84	7.73	11.50	67.26	111,310.30
G R Infraprojects	5	8.80	104.88	11.94	878.97	75,901.25
Texmaco Rail & Engineering	1	14.77	6.24	8.79	70.85	51,642.47
Thermax	2	57.20	56.33	12.68	438.80	106,409.10
KP Energy	5	16.19	17.29	36.96	46.79	9,584.53
Dredging Corporation of India	10	(73.29)	(12.07)	(2.25)	436.25	11,479.73
Knowledge Marine & Engineering Works	10	33.09	46.12	22.56	203.58	2,059.09
Master Drilling India Private Limited*	10	NA^	132.19	27.97	472.63	1,602.26

 

Key Strategies for Laxyo Limited

Selective Pursuit of Large-Value and Complex Projects

Laxyo Limited focuses on the targeted identification and pursuit of high-value and complex Railway Infrastructure projects. Large-scale projects allow the company to allocate specialized resources and project-specific teams more effectively, leading to improved cost control and operating margins. Executing high-value assignments enhances the company’s brand equity and reinforces its reputation as a technically capable and execution-focused partner. Furthermore, high-value projects tend to span longer durations, naturally building long-term client relationships while competitors with limited technical or financial eligibility are unable to participate in such tenders.

Focus on Turnkey and End-to-End Offerings

Laxyo Limited’s strategy emphasizes turnkey project execution covering feasibility and site assessment, engineering design, procurement and logistics, civil and mechanical execution, testing and commissioning, and operation and maintenance. This comprehensive approach allows the company to maintain control over quality, timelines, and costs, with minimum dependency on third-party vendors. The single-window accountability approach also ensures higher client trust, as clients deal with a single accountable entity throughout the project lifecycle.

Focus on Deleveraging and Enhance Financial Flexibility

Laxyo Limited intends to reduce its borrowings and further rationalize its debt-to-equity ratio. As of the six-month period ended September 30, 2025, the company’s total fund-based borrowings stood at ₹567.76 million. Accordingly, the company intends to utilize a portion of the Net Proceeds (₹700 million) for the repayment of loans. Such repayment will help reduce outstanding indebtedness and debt servicing costs, assist in maintaining a better debt-to-equity ratio, and enable utilization of internal accruals for further investment in business growth and expansion. The improvement in the debt-to-equity ratio is intended to enable the company to raise further resources in the future.

Deployment of Raise Bore Machines for Mining and Infrastructure Projects

Laxyo Limited is leveraging advanced mechanized solutions to improve efficiency, safety, and productivity. Raise boring is a non-explosive, precision drilling technique used to create vertical or inclined shafts between two levels, offering a safer, faster, and more environmentally friendly alternative to conventional shaft sinking methods. The deployment of Raise Bore Machines enhances the company’s ability to offer turnkey solutions in mining and infrastructure, allowing it to bid for and execute complex underground projects with higher safety, lower environmental impact, and improved cost-effectiveness.

Deployment and Operation of Dredgers for Cleaning of Sea Shore and River Bed

Laxyo Limited has strategically expanded into the dredging and waterway management sector to support sustainable development and ecological restoration efforts. The company has invested in the deployment and operation of dredgers to carry out cleaning, desilting, and maintenance activities along sea shores, ports, harbors, and riverbeds across India. This step aligns with national priorities such as the Namami Gange Mission, Sagarmala Project, and inland waterway development under the Ministry of Ports, Shipping and Waterways. By integrating dredging services, the company is expanding its service offerings in water resource management and environmental engineering.

Enhancing Execution Efficiency, Cost Reduction and Training

Laxyo Limited intends to continue focusing on efficient project execution by adopting modern technology and systems and utilizing modern equipment to deliver quality projects to the satisfaction of its clients. The company aims to upgrade its information technology infrastructure and other internal processes to reduce manual intervention and enhance reliability and efficiency of its business operations. Additionally, the company intends to continue investing in modern technologies and systems in operations and modern construction equipment to ensure continuous and timely availability of equipment critical to its business, enabling enhanced control over the execution of its projects.

FAQs

How can I apply for Laxyo Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Laxyo Limited IPO?

The IPO is ₹1,500 million (₹150 crore), comprising entirely a fresh issue with no OFS component.

When is the Laxyo Limited IPO opening?

IPO dates (open, close, listing) are yet to be announced by the company.

On which exchanges will Laxyo Limited shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Laxyo Limited use the IPO proceeds?

Net proceeds will be used for debt repayment (₹700 mn), equipment purchase (₹97.5 mn), working capital (₹230 mn), and general corporate purposes.

Infographic Content

Laxyo Limited IPO Highlights

Laxyo Limited is an integrated EPC player focused on railway infrastructure, possessing specialized PQRS machine for CTR projects and raise boring capabilities, serving Indian Railways, PSUs, and private clients.

• Offer Size:₹1,500 million (entirely fresh issue; no OFS component)
• Purpose:Net proceeds from fresh issue will be used for debt repayment (₹700 mn), equipment purchase (₹97.5 mn), working capital (₹230 mn), and general corporate purposes.
• Financials (FY March 2025):Revenue ₹2,111.05 million; Profit After Tax ₹116.53 million; EPS 2.67
• Listing:Mainboard IPO on BSE & NSE