Pragyawan Technologies IPO

Incorporated in July 2011, Pragyawan Technologies Limited is a diversified solutions provider engaged in skill development, training products, utility solutions, and operations & maintenance (O&M) services across India. The company operates through two key business verticals—Skill Development, offering customized training toolkits, smart classrooms, educational labs, digital learning infrastructure, and IT-enabled services, and Utility Solutions, providing execution and O&M services for power, water, renewable energy, telecom, and allied infrastructure projects. The company follows an asset-light business model, leveraging contract manufacturing, system integration, procurement, and project execution capabilities to deliver large-scale, specification-driven projects for government and institutional clients.

Pragyawan Technologies Limited IPO Overview

Pragyawan Technologies Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 30, 2026 for a Book Built Issue IPO comprising a Fresh Issue of up to ₹4,000.00 million and an Offer for Sale (OFS) of up to 15,000,000 equity shares. Pantomath Capital Advisors Private Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar to the Offer. The equity shares with a face value of ₹2 each are proposed to be listed on BSE and NSE. Key details such as IPO dates, price bands, and lot sizes are yet to be announced. Pre-issue shareholding stands at 23,79,73,500 shares. The company proposes to utilise the Net Proceeds towards funding working capital requirements amounting to ₹3,041.60 million and general corporate purposes.

Pragyawan Technologies Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue of ₹4,000.00 million + OFS of up to 15,000,000 shares
Fresh Issue	₹4,000.00 million
Offer for Sale (OFS)	15,000,000 equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	23,79,73,500 shares
Shareholding post-issue	TBA

Pragyawan Technologies 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

Pragyawan Technologies 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

Pragyawan Technologies Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹4.16
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	52.25%
Net Asset Value (NAV)	₹7.97
Return on Equity (RoE)	94.28%
Return on Capital Employed (RoCE)	56.48%
EBITDA Margin	17.61%
PAT Margin	12.72%
Debt to Equity Ratio	0.34

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (₹ in million)
Funding the working capital requirements of the Company	3,041.60
General corporate purposes*	[●]

*To be finalized upon determination of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount utilized for general corporate purposes shall not exceed 25% of the Gross Proceeds.

Pragyawan Technologies Limited Financials (₹ in million)

Particulars	31 Dec 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	5,583.89	2,772.60	1,049.77	710.30
Revenue from Operations	7,770.79	3,593.65	2,117.37	673.03
Profit After Tax	990.90	398.81	240.70	88.44
Reserves and Surplus	1,420.35	811.22	502.60	261.81
Total Borrowings	642.99	375.84	8.61	—
Total Liabilities	3,687.59	1,866.19	541.88	443.20

Financial Status of Pragyawan Technologies Limited

Pragyawan Technologies Limited IPO Strengths

1. One of the Largest Suppliers of Customized Toolkits for Multiple Trades under PMVY

Pragyawan Technologies Limited is one of the largest suppliers of customized toolkits for multiple trades under the Pradhan Mantri Vishwakarma Yojana (PMVY) as on December 31, 2025. The company supplied 493,347 toolkits across various trades including metalsmith, sculptor, barber, armourer, fishing netmaker, boat maker, hammer and toolkit maker, potter, and washerman. The PM Vishwakarma Scheme has a financial allocation of INR 13,000 crore covering the period from FY2024 to FY2028.

2. Pan-India Operational Presence Supported by an Established Supply Chain and Localised Workforce

Pragyawan Technologies Limited has developed a pan-India operational footprint enabling execution of projects across diverse geographies and multiple customer segments. As of April 30, 2026, the company was executing projects across 1,448 project sites in India, supported by a network of 25 offices and 14 warehouses located across various regions. The company’s geographic footprint enables proximity to project locations, facilitates timely availability of materials and equipment, and supports effective coordination and monitoring at the local level.

3. Strong Execution Capabilities Supported by Consistent Financial Growth

Pragyawan Technologies Limited has delivered strong and consistent financial performance, reflecting the scalability of its business model and the effectiveness of its execution capabilities. Revenue from Operations increased substantially from ₹673.03 million in Fiscal 2023 to ₹3,593.65 million in Fiscal 2025, registering a CAGR of 131.07%. EBITDA increased from ₹118.01 million in Fiscal 2023 to ₹572.53 million in Fiscal 2025, registering a CAGR of 120.26%.

4. Asset-Light Business Model Enabling Operational Flexibility and Capital Efficiency

Pragyawan Technologies Limited operates an asset-light business model that enables execution of a higher volume of orders with relatively limited investment in fixed assets. For project execution, the company procures equipment and machinery on a rental basis from third-party lessors across various locations, depending on project-specific requirements. This approach enables lower fixed costs, reduced capital intensity, and enhanced flexibility in resource deployment. The fixed asset turnover ratio improved from 6.58 times in Fiscal 2023 to 23.77 times in Fiscal 2025.

5. Experienced Promoters and Management Team with Deep Domain Expertise

Pragyawan Technologies Limited is guided by an experienced leadership team headed by Promoter, Chairman, Managing Director & Chief Executive Officer, Puneet Jain, who has over 21 years of experience in various industries. He holds a Doctor of Philosophy in Management from Mewar University and a Post-Graduate Diploma in Management from Indian Institute of Management Society, Lucknow. The company also benefits from the experience of Whole-Time Director Ashok Kumar Garg, who has over 45 years of experience in public sector undertakings.

More About Pragyawan Technologies Limited

1. Company Overview

Pragyawan Technologies Limited, incorporated in July 2011, is a diversified solutions provider engaged in skill development, training products, utility solutions, and operations & maintenance (O&M) services across India. The company operates through two key business verticals—Skill Development and Utility Solutions—and follows an asset-light business model leveraging contract manufacturing, system integration, procurement, and project execution capabilities.

2. Service Portfolio

The company delivers comprehensive solutions across two primary segments:

A. Skill Development
Customized training toolkits, smart classrooms, educational labs, digital learning infrastructure, IT-enabled services, capacity-building programs, and learning solutions. The company is one of the largest suppliers of customized toolkits under PMVY, having supplied 493,347 toolkits across various trades.

B. Utility Solutions
Execution and operations & maintenance (O&M) services for power, water, renewable energy, telecom, and allied infrastructure projects. The company provides Engineering, Procurement, Construction Management (EPCM), smart education solutions, digitization services, solar energy products, and telecom services across multiple sectors.

3. Geographical Presence

A. Pan-India operational presence across 24 states

B. 1,448 project sites as of April 30, 2026

C. 25 offices and 14 warehouses located across various regions

D. Localised workforce deployment strategy with recruitment and engagement of personnel in proximity to project sites

4. Workforce and Certifications

A. 121 permanent personnel across project management, operations, supply chain, finance, sales & marketing, legal, compliance, and corporate functions

B. 19 personnel at R&D laboratories, constituting 5.25% of total permanent employee strength

C. Equipment and devices adhere to strict quality control, international standards and certifications

5. Key Projects and Achievements

A. Over 2,500 smart classrooms

B. 300+ video studios

C. 1,600+ mathematics and science laboratories

D. 500,000+ artisan toolkits

E. Digitization of more than 70 million public records

F. Maintenance of over 40,000 km of optical fibre networks across multiple states

Industry Outlook

1. Indian Skill Development Market

India’s skill development ecosystem features flagship national programs focused on workforce upskilling, apprenticeships, and artisan enablement. The PM Vishwakarma Scheme, inaugurated on September 17, 2023, has a financial allocation of INR 13,000 crore covering FY2024 to FY2028. As of January 22, 2026, the scheme had attracted 2.72 crore applications and successfully registered around 30,00,000 artisans. A total of 11,48,667 toolkits have been delivered to beneficiaries across all trades up to December 31, 2025. India’s technology spending in the education sector is projected to rise sharply from INR 637.50 billion in FY2025 to INR 2,550.00 billion by FY2030F, reflecting a robust CAGR of 31.95%.

2. Smart Classroom Market

Smart classroom adoption across Indian schools is projected to surge through FY2030, led by government institutions, with rapid growth in aided and private schools driven by digital education initiatives. The Union Budget 2025-26 allocates ₹41,250 crore to the Samagra Shiksha scheme, supporting school EdTech initiatives nationwide including broadband connectivity for government secondary schools and 50,000 Atal Tinkering Labs. The India EdTech and Smart Classroom Market was estimated at USD 327 million in 2025 and is projected to reach USD 521 million by 2032, growing at a CAGR of 6.9%.

3. Indian Power Transmission and Distribution EPC Market

The India Power Transmission and Distribution EPC market was valued at approximately USD 14.68 billion in 2025 and is expected to grow to USD 35.20 billion by 2035, reflecting a CAGR of 9.34%. The RDSS, with an outlay of INR 3,040 billion, is the central driver of distribution infrastructure investment. The Smart Meter National Programme targets deployment of 250 million prepaid smart meters. Between FY2026E and FY2030E, the cumulative distribution network is projected to reach approximately 853,500 circuit kilometers with the overall opportunity estimated at INR ~36,500 billion.

4. Indian Water Infrastructure Market

Between FY2025 and FY2030, the water infrastructure market is projected to grow at a CAGR of around 14.5%, reaching approximately INR 1,948 billion by FY2030E. Programs such as Jal Jeevan Mission, AMRUT 2.0, and state-led water supply and wastewater projects are driving significant investment. India’s water and wastewater market is expected to grow at 11.6% CAGR, reaching $17.9 billion by FY29.

Key Growth Drivers:

A. Government initiatives like PM Vishwakarma, PMKVY 4.0, and Skill India Digital Hub

B. Increasing adoption of digital learning platforms and smart classrooms

C. Rising investments in power transmission and distribution infrastructure

D. Focus on renewable energy and grid modernisation

E. Growing demand for O&M services across utility infrastructure

F. Urbanization and infrastructure development driving water and sanitation projects

How Will Pragyawan Technologies Limited Benefit

1. The company is well-positioned to capitalize on the growing skill development market in India, with technology spending in the education sector projected to reach INR 2,550 billion by FY2030F at a robust CAGR of 31.95%, through its expertise in training toolkits, smart classrooms, and digital learning infrastructure.

2. The company’s position as one of the largest suppliers of customized PMVY toolkits in India positions it to benefit from continued government focus on traditional artisan upskilling, with the PM Vishwakarma Scheme having a financial allocation of INR 13,000 crore covering FY2024 to FY2028.

3. The Power Transmission and Distribution EPC market, valued at USD 14.68 billion in 2025 and expected to reach USD 35.20 billion by 2035 at a CAGR of 9.34%, presents significant growth opportunities for the company’s Utility Solutions vertical.

4. The company’s focus on expanding O&M services aligns with the growing demand for lifecycle management of infrastructure assets, with the water infrastructure market projected to grow at 14.5% CAGR to INR 1,948 billion by FY2030E.

5. The company’s asset-light business model, with fixed asset turnover ratio improving from 6.58 times to 23.77 times, enables scalable growth with limited incremental capital expenditure.

6. The company’s pan-India presence across 24 states with 25 offices and 14 warehouses positions it to capture opportunities from large-scale government and institutional projects across multiple geographies.

7. The growing demand for smart classrooms and digital learning infrastructure, with the market projected to reach USD 521 million by 2032 at 6.9% CAGR, creates significant opportunities for the company’s Skill Development vertical.

Peer Group Comparison

There are no listed companies in India or globally that operate under a comparable business model to that of Pragyawan Technologies Limited.

Key Strategies for Pragyawan Technologies Limited

Enhance Existing Portfolio to Scale Growth in Skill Development Vertical

Pragyawan Technologies Limited intends to further expand and strengthen its presence in the Skill Development vertical as a key driver of growth in revenue and profitability. Building on experience in executing large-scale institutional supply and program-based assignments, the company aims to position itself as an integrated solutions provider. The strategy is to expand portfolio across trade-specific toolkits, educational kits, smart classrooms, and technology-enabled training infrastructure, along with development and implementation of skill development centres, audio and video facilities, and content recording studios.

Augment Utility Solutions Vertical and Capitalize on Emerging Opportunities in O&M Services

Pragyawan Technologies Limited intends to strengthen its Utility Solutions vertical with strategic focus on expanding presence in operations and maintenance services across power, water, renewable energy and telecom infrastructure. The O&M segment offers recurring and stable revenue streams, primarily driven by service-led delivery models. The company aims to progressively increase share of O&M-led engagements to enhance revenue predictability and improve overall business quality. The strategy is to position the company as a reliable lifecycle partner by leveraging execution experience and field capabilities.

Backward Integration Through Selective In-House Manufacturing

Pragyawan Technologies Limited intends to further strengthen execution capabilities through selective backward integration for certain products, particularly within the Skill Development vertical where timely delivery, product standardisation and adherence to project specifications are critical. The company has commenced in-house manufacturing at its facility located in Greater Noida, Uttar Pradesh, operating under a lease arrangement covering the building, plant and machinery. This enables enhanced operational control without materially altering the flexibility and scalability of the asset-light business model.

Focus on Business Opportunities with Margin-Accretive Potential, Strong Cash Flow Generation and Limited Receivables Risk

Pragyawan Technologies Limited intends to continue its approach to project selection by focusing on opportunities that offer favourable commercial terms, margin-accretive potential, healthy cash flow generation, prudent receivables characteristics and alignment with operational strengths. Leveraging proven execution capabilities, pan-India operational presence and established relationships with customers, the company aims to selectively participate in projects and programmes that align with these parameters. The company has achieved and maintained healthy operating margins of 15.93% in Fiscal 2025.