Monomark Engineering (India) Limited IPO

Monomark Engineering (India) 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: 2,70,00,000 equity shares (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 Monomark Engineering (India) Limited

Incorporated in 2005, Monomark Engineering (India) Limited is engaged in providing industrial operations and maintenance (O&M) services, metal fabrication solutions, and industrial project execution services to clients across sectors such as metals, cement, ports, and engineering/OEMs. The company executes projects under two models—EPC and FEIC. As of February 28, 2026, the company has 28 ongoing projects, including 20 O&M and 8 execution projects, with an unexecuted order book of ₹1,09,535.03 lakh. It operates a manufacturing facility in Chittorgarh, Rajasthan, and has a total workforce of 6,381 employees.

Monomark Engineering (India) Limited IPO Overview

Monomark Engineering (India) Limited filed its DRHP with SEBI on March 30, 2026, for a book-built IPO comprising a fresh issue of up to 2,70,00,000 equity shares. The issue is entirely a fresh issue with no offer-for-sale (OFS) component. The company may consider a pre-IPO placement. Net proceeds from the fresh issue will be utilized for funding incremental working capital requirements (₹1,110 million) and general corporate purposes. Lead manager: Holani Consultants Pvt. Ltd.. Registrar: Bigshare Services Pvt. Ltd.. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Monomark Engineering (India) Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	2,70,00,000 equity shares
Fresh Issue	2,70,00,000 equity shares
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	6,90,41,200 shares
Shareholding post-issue	9,60,41,200 shares

Monomark Engineering (India) Limited 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

Monomark Engineering (India) Limited IPO Reservation 

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

 Monomark Engineering (India) Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹2.89
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	11.49%
Net Asset Value (NAV)	₹15.58
Return on Equity (RoE)	13.67%
Return on Capital Employed (RoCE)	10.72%
EBITDA Margin	9.19%
PAT Margin	4.79%
Debt to Equity Ratio	0.84

 Objectives of the IPO Proceeds

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

Particulars	Amount (₹ in million)
Funding the incremental working capital requirements	1,110.00
General corporate purposes*	[●]

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

Monomark Engineering (India) Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	3,434.57	2,935.24	2,408.12	2,188.16
Revenue from Operations	2,579.22	4,750.32	3,898.60	3,153.31
Profit After Tax	123.64	182.13	148.26	52.86
Reserves and Surplus	385.51	642.46	510.95	412.46
Total Borrowings	904.02	847.74	801.63	732.48
Total Liabilities	2,358.65	2,202.66	1,807.04	1,685.57

Financial Status of Monomark Engineering (India) Limited

SWOT Analysis of Monomark Engineering (India) Limited

Strengths and Opportunities	Weaknesses and Threats
Integrated engineering service capabilities across O&M, project execution, and metal fabrication	High customer concentration: top clients include Vedanta, Adani, Aditya Birla, JK Lakshmi Cement, L&T
Strong order book of ₹1,09,535.03 lakh providing revenue visibility	Revenue concentration: O&M services contributed 65% of FY2025 revenue
Experienced promoters with over 40 years of industry expertise	Geographic concentration: Rajasthan contributed 73.11% of H1 FY2026 revenue
In-house fabrication facility with 4,000 MT annual capacity	Reliance on project-based revenue with lumpy order flow
Established presence across 7 Indian states with expanding international footprint	Working capital intensive business model
Long-standing relationships with marquee clients including Vedanta Group and Adani Group	Intense competition from larger players like Thermax and Power Mech Projects
Compliance with quality and safety standards (ISO certifications)	Exposure to cyclicality in metals, cement, and infrastructure sectors
India’s industrial services market expected to reach USD 52.8 billion by 2031	Skilled workforce retention challenges in a competitive labour market
Government infrastructure spending driving demand for O&M and EPC services	Regulatory changes in industrial safety and environmental compliance

Monomark Engineering (India) Limited IPO Strengths

Experienced Promoters and Technically Skilled Workforce

Monomark Engineering is led by experienced promoters with extensive knowledge in the engineering sector. Founder and Director Narendra Chordia has around 40 years of experience across O&M, Industrial Project Execution, and Metal Fabrication. The company’s workforce comprises over 6,000 personnel, including engineers, project managers, technicians, and other technical staff. The company employs 167 Diploma in Engineering holders, 80 Bachelor of Technology graduates, and 70 Bachelor of Engineering graduates, enabling consistent service delivery and operational scalability.

Integrated Engineering Service Capabilities Across O&M, Project Execution and Metal Fabrication

Monomark Engineering’s service capabilities enable it to support clients across multiple stages of the industrial asset lifecycle. The company provides Industrial Operations and Maintenance (O&M) services, Industrial Project Execution services, and Metal Fabrication solutions. This integrated portfolio allows clients to engage the company for multiple operational and project-related requirements, reducing the need to coordinate with multiple service providers. The O&M segment contributed 65% of revenue in FY2025, while project execution accounted for 27%.

Diversified Presence Across Multiple Industrial Sectors

Monomark Engineering’s services are deployed across multiple industrial sectors, including cement, ports, metals, and industrial engineering/OEM sectors. The company serves marquee clients including Vedanta Group, Adani Group, Aditya Birla Group, JK Lakshmi Cement Group, L&T Group, and Tata Group. This diversified sectoral presence allows the company to mitigate concentration risks and participate in opportunities across sectors with varying growth dynamics.

In-House Fabrication Facility

Monomark Engineering operates an in-house fabrication unit located in Chittorgarh, Rajasthan, with an annual capacity of 4,000 MT. The facility is equipped with advanced tools, in-house machinery, and skilled personnel, enabling the company to deliver customized fabrication solutions for both internal project needs and third-party clients. This captive capacity ensures prompt supply of critical components, minimizing reliance on external vendors and improving cost predictability.

Established Domestic Network with Expanding Global Reach

Monomark Engineering operates in 7 states across India, including Rajasthan, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, and the union territory of Dadra Nagar & Haveli and Daman & Diu. The company has also incorporated a subsidiary in the United Arab Emirates, namely Monomark Engineering FZE, to support and explore opportunities in international markets. Through this subsidiary, the company undertakes O&M services for Vedanta Limited in its subsidiary Fujairah Gold FZC in UAE.

Strong Order Book with Repeat Orders and Long-Standing Client Relationships

Monomark Engineering has a running unexecuted order book of ₹1,09,535.03 lakh as of February 28, 2026. The company has secured long-term O&M contracts with major groups including Vedanta, Adani, Aditya Birla, JK Lakshmi Cement, L&T, and Tata. Approximately 90.51% of revenue in H1 FY2026 was generated from repeat orders, underscoring the trust and long-term partnerships established with the clientele.

Other IPO Pages Linking

More About Monomark Engineering (India) Limited

Monomark Engineering (India) Limited, incorporated in 2005, has established itself as a comprehensive industrial services provider with a strong focus on O&M, project execution, and metal fabrication.

Business Verticals

• Industrial Operations and Maintenance (O&M): Plant operations, maintenance of equipment and mechanical systems, and support services across industrial facilities. Contributed 65% of FY2025 revenue.
• Industrial Project Execution: EPC and FEIC model projects including engineering, procurement, construction, erection, installation, and commissioning. Contributed 27% of FY2025 revenue.
• Metal Fabrication: Custom fabrication solutions for both internal project needs and third-party clients through an in-house facility with 4,000 MT annual capacity.

Manufacturing Facility

• Location: Chittorgarh, Rajasthan
• Annual Capacity: 4,000 MT
• Equipment: Advanced tools, in-house machinery, and skilled personnel

Geographic Presence

• Domestic: 7 states including Rajasthan (73.11% of H1 FY2026 revenue), Gujarat (8.88%), Madhya Pradesh (6.78%), Dadra Nagar & Haveli and Daman & Diu (7.57%), Maharashtra (2.26%), and Karnataka
• International: UAE subsidiary (Monomark Engineering FZE) providing O&M services to Vedanta Limited at Fujairah Gold FZC

Customer Base

• Marquee Clients: Vedanta Group, Adani Group, Aditya Birla Group, JK Lakshmi Cement Group, L&T Group, Tata Group
• Repeat Orders: 90.51% of H1 FY2026 revenue from repeat customers

Order Book

• Total Order Book: ₹1,09,535.03 lakh as of February 28, 2026
• Active Projects: 28 ongoing projects including 20 O&M and 8 execution projects

Workforce

• Total Employees: 6,381 (836 permanent, 5,545 project-based)

Industry Outlook

India’s industrial services and EPC market is poised for significant growth driven by infrastructure development, manufacturing expansion, and increasing complexity of industrial operations. The India industrial services market is expected to reach USD 52.8 billion by 2031, driven primarily by growing demand for specialized maintenance and repair services across multiple sectors such as manufacturing, energy & utilities, transport & logistics.

Key Growth Drivers:

• Infrastructure Investment: The Indian government’s continued focus on infrastructure development, including railways, roads, ports, and power transmission, is driving demand for O&M and EPC services. Total EPC awards in India remain robust, with the sector expected to see revenue growth of 6-8% in 2026-27.
• Industrial Capacity Expansion: Rapid industrialization and capacity addition across metals, cement, and power sectors are creating sustained demand for plant maintenance and operational support services.
• O&M Market Growth: The Indian Maintenance, Repair, and Operations (MRO) market is expected to witness steady growth, driven by increasing industrialization and the need for asset reliability and operational efficiency. Demand for MRO services in India is expected to grow to $5.7 billion by 2030 from $4.4 billion in 2025.
• Asset Lifecycle Management: Industrial clients are increasingly outsourcing O&M services to specialized providers to improve operational efficiency, minimize downtime, and enhance asset reliability throughout the lifecycle of industrial assets.
• Government Initiatives: Programs like “Make in India” and production-linked incentives (PLI) are boosting domestic manufacturing, creating opportunities for industrial service providers.

Market Projections:

• India’s facility management market, which includes industrial O&M services, is projected to reach USD 60.97 billion by 2030 at a CAGR of 13.87%.
• The power transmission and distribution EPC market is expected to grow from USD 14.68 billion in 2025 to USD 35.20 billion by 2035 at a CAGR of 9.34%.
• India’s construction players are expected to witness revenue growth of 6-8% in 2026-27 after two challenging years.

How Will Monomark Engineering (India) Limited Benefit

• Monomark Engineering is strategically positioned to benefit from India’s industrial services market growing to USD 52.8 billion by 2031, with the company’s integrated O&M and project execution capabilities capturing value across the industrial asset lifecycle.
• The company’s strong order book of ₹1,09,535.03 lakh provides revenue visibility over the next 3-5 years, with long-term O&M contracts from marquee clients including Vedanta, Adani, and Aditya Birla ensuring stable and recurring revenue streams.
• Monomark Engineering’s diversified presence across 7 Indian states and expanding international footprint through its UAE subsidiary enables it to serve clients across multiple industrial regions, reducing geographic concentration risk.
• The company’s in-house fabrication facility with 4,000 MT annual capacity provides cost advantages, quality control, and supply chain reliability, supporting both internal project needs and external contracts.
• With India’s infrastructure spending driving demand for EPC services and the MRO market expected to reach $5.7 billion by 2030, Monomark Engineering’s integrated service portfolio positions it to capture a growing share of these expanding markets.
• The company’s strong repeat order rate of 90.51% reflects deep client relationships and high customer satisfaction, reducing customer acquisition costs and providing revenue stability.
• The IPO proceeds of ₹1,110 million for working capital requirements will strengthen the company’s financial flexibility, enabling it to bid for larger projects, manage extended credit cycles, and scale operations in line with growing demand.

Peer Group Comparison

Name of Company	Face Value (₹)	Total Revenue (₹ in lakh)	Basic EPS (₹)	Diluted EPS (₹)	NAV (₹)	P/E Ratio	RoNW (%)
Monomark Engineering (India) Limited	10.00	47,503.19	2.89	2.89	11.61	[●]	24.86%
Peer Group
ANI Integrated Services Limited	10.00	22,746.35	8.79	7.94	68.16	7.54	12.76%
Thejo Engineering Limited	10.00	55,273.55	46.07	46.04	295.33	33.89	16.33%
Power Mech Projects Limited	10.00	5,23,414.00	103.26	103.26	683.17	18.20	16.09%
Thermax Limited	2.00	10,38,869.00	56.33	56.31	438.79	56.68	12.68%

 Key Strategies for Monomark Engineering (India) Limited

Continue Deployment of Skilled Technical Workforce Across Client Facilities

Monomark Engineering intends to continue focusing on O&M and Industrial Project Execution verticals, which generated 93.05% of revenue in FY2025, while utilizing its workforce of over 6,000 employees to execute the current order book and participate in additional opportunities. The deployment of technical personnel at client sites enables the company to provide maintenance services and engineering assignments without extensive fixed infrastructure at each location, allowing flexibility across different industrial regions.

Enhancing Service Capabilities Across Industrial O&M and Project Execution Activities
Monomark Engineering intends to continue leveraging its integrated service offering to support the operational and project requirements of industrial clients. The availability of multiple engineering services under a single platform allows the company to undertake assignments relating to plant operations, maintenance, and project execution activities at industrial facilities. The company aims to participate in a range of engineering and maintenance assignments associated with industrial infrastructure and plant operations.

Expand Geographic Presence Across Domestic and Select International Markets
Monomark Engineering intends to continue expanding its operational presence across additional industrial regions in India where opportunities for plant maintenance services, engineering project execution, and related technical support services are available. In addition to domestic presence, the company has incorporated a subsidiary in the UAE to support and explore opportunities in international markets, undertaking O&M services for Vedanta Limited at Fujairah Gold FZC.

FAQs

How can I apply for Monomark Engineering (India) Limited IPO?

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

What is the total issue size of the Monomark Engineering IPO?

The IPO comprises a fresh issue of 2,70,00,000 equity shares, entirely a fresh issue with no OFS component.

When is the Monomark Engineering IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Monomark Engineering shares be listed?

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

How will Monomark Engineering use the IPO proceeds?

Proceeds will be used for funding incremental working capital requirements (₹1,110 million) and general corporate purposes.

Infographic Content

Monomark Engineering (India) Limited IPO Highlights

Monomark Engineering is an integrated industrial services provider offering O&M, project execution, and metal fabrication solutions to marquee clients including Vedanta, Adani, and Aditya Birla, with a ₹1,095 crore order book and pan-India presence.

• Offer Size:2,70,00,000 equity shares (entirely fresh issue; no OFS component)
• Purpose:Net proceeds will be used for funding incremental working capital requirements (₹1,110 million) and general corporate purposes.
• Financials (FY March 2025):Revenue ₹4,750.32 million; Profit After Tax ₹182.13 million; EPS ₹2.89
• Listing:Mainboard IPO on BSE & NSE