Established in 2008, SRM Contractors Limited is a construction and development company primarily engaged in the construction of roads (including bridges), tunnels, slope stabilization works, and other construction activities in the Union Territories of Jammu and Kashmir and Ladakh.
The company operates as an EPC contractor and on a unit-price basis for infrastructure projects and subcontracts infrastructure construction projects.
The company has these major business verticals:
- Road projects: planning and construction of realignment, widening, upgradation, restoration, and/or strengthening and improvement of roads, bridges, and highways and their maintenance in the Union Territories of Jammu and Kashmir and Ladakh.
- Tunner projects: design and construction of new tunnels, cut-and-cover tunnels for avalanche and landslide protection and caverns; also includes expansion, upgradation, restoration and/or strengthening and improvement, including creation of niches/alterations in niches and stabilization of existing tunnels in the Union Territories of Jammu and Kashmir and Ladakh.
- Slop stabilization works: planning and construction of reinforced embankment structures as part of slope stabilization work.
- Other miscellaneous civil construction activities: construction of government housing and residential units, drainage work as well as irrigation and flood protection work.
As of March 2024, the company has completed 37 infrastructure construction projects with a total contract value of Rs. 77,088.00 lakhs including 31 road construction projects, 3 tunnel projects, 1 slope stabilization project, and 2 miscellaneous construction works. Out of the 37 projects 29 infrastructure construction projects, including sub-contracts, were undertaken by the company independently and 8 projects were undertaken through project-specific joint ventures.
As on January 31, 2024, the company employed 275 full-time employees, consisting of specialists and workers.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure requirements for the purchase of equipment/machinery; | — |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company; | — |
| Funding the working capital requirements of the company; | — |
| Investment in Project Specific Joint Venture Projects; and | — |
| General Corporate Purpose. | — |
| Metric | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Total Assets | 169 | 137 | 120 |
| Revenue | 242 | 301 | 266 |
| PAT | 21 | 19 | 18 |
| Net Worth | 37 | 63 | 44 |
| Reserves | 67 | 46 | 43 |
| Total Borrowing | 42 | 47 | 32 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 3,100,000 (50%) | — |
| NII / HNI | — | 930,000 (15%) | — |
| Retail (RII) | — | 2,170,000 (35%) | — |
| Total | — | 6,200,000 (100%) | — |
* Amount calculated at upper price band (₹210) · ** Total includes all investor categories
- 1 Initiation of Refund 02 Apr 2024
- 2 Credit of Shares to Demat 02 Apr 2024
- 3 Lock-in Period (30%) May 1, 2024
- 4 Lock-in Period (50%) June 30, 2024
- Retail allocation is good at 35% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 50%.
- The IPO P/E of 17x reflects a good valuation relative to typical market ranges.
- Pre-issue EPS of ₹11 compares to post-issue EPS of ₹12 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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