# Pranav Constructions Limited: IPO analysis

> Pranav Constructions Limited (CIN U70101MH2003PLC141547) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹316 Cr and an offer for sale of ₹35 Cr, priced at ₹118.00 to ₹124.00 per share. In FY26 it reported revenue of ₹762 Cr (+19.7% on FY25) and a net profit of ₹71 Cr. Promoters hold 63.4% before the IPO. Our fact-check of its claims found 6 medium or high concerns across 77 claims checked.

- Page: https://ipo.innerkore.com/company/U70101MH2003PLC141547/pranav-constructions-limited/
- CIN: U70101MH2003PLC141547
- Last updated: 10 Sep 2026

## Key facts

- **Company:** Pranav Constructions Limited
- **CIN:** U70101MH2003PLC141547
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 10 Sep 2026
- **Fresh issue:** ₹316 Cr
- **Offer for sale:** ₹35 Cr
- **Price band:** ₹118.00 to ₹124.00 per share
- **Final offer price:** ₹124.00 per share
- **Lot size:** 120 shares
- **Bidding opens:** 7 Sep 2026
- **Bidding closes:** 9 Sep 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹762 Cr
- **Revenue growth:** +19.7%
- **Net profit FY26:** ₹71 Cr
- **Revenue CAGR FY24 to FY26:** 30.5%
- **Promoter holding (pre-IPO):** 63.4%
- **Lead managers:** Centrum Broking Limited, Centrum Capital Limited, PNB Investment Services Limited
- **Registrar:** KFin Technologies Limited
- **Fact-check flags:** 0 high, 6 medium, 5 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (looks fine): 19.6x P/E. At the top of the band, on FY26 profit; 5.7x book value.
- **Growth** (looks fine): 30.5% a year. Sales FY24 to FY26; latest year +19.7%.
- **Profitability** (look closer): 9.4% net margin. FY26; operating margin improving.
- **Debt** (look closer): 1.05x equity. ₹258 crore borrowed at the end of FY26.
- **Profit into cash** (concern): -58% of profit. Operations brought in ₹-41.2 crore against ₹71.3 crore of profit in FY26.
- **One-off income** (look closer): 2% of profit. Other and one-off income is 2% of pre-tax profit; management describes 2 one-off items.
- **Where the money goes** (looks fine): 10% for sale. 90% is new shares issued by the company.
- **Red flags** (look closer): 6 to review. 77 claims checked: 0 high, 6 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 447 | 636 | 762 |
| Sales growth | – | 42.2% | 19.7% |
| Operating profit | 57 | 97 | 129 |
| Operating margin | 12.8% | 15.2% | 16.9% |
| Net profit | 40 | 62 | 71 |
| Net margin | 8.9% | 9.8% | 9.4% |
| Net worth | 88 | 176 | 247 |
| Borrowings | 99 | 197 | 258 |
| Return on equity | 44.8% | 35.5% | 28.9% |

## Non-recurring items (as described by management)

- Other income increased by 18.16% to ₹2.33 Crore in Fiscal 2026 from ₹1.97 Crore in Fiscal 2025, primarily due to increase in gain on termination of lease liability amounting to ₹21.50 Lakh in Fiscal 2026 from ₹0.70 Lakh in Fiscal 2025 and liability no longer required written back amounting to ₹78.50 Lakh in Fiscal 2026 from Nil in Fiscal 2025 (p.382)
- This was partially offset primarily by gain on sale of investments amounting to ₹60.30 Lakh in Fiscal 2025 from Nil in Fiscal 2024 and increase in interest on income tax refund amounting to ₹7.30 Lakh in Fiscal 2025 from Nil in Fiscal 2024 (p.384)

## Fact-checked claims

- **MEDIUM** (LitigationStatus): Certification that no statement made in the Red Herring Prospectus is contrary to the provisions of the Companies Act, 2013, SCRA, SCRR, SEBI Act, or rules made thereunder.. The search results indicate that Pranav Constructions is involved in pending redevelopment suits, and a specific figure mentioned in the prospectus is noted as a plaintiffs' demand rather than a reported liability or court award. This suggests potential scrutiny regarding the accuracy of statements made in the prospectus.
- **MEDIUM** (LitigationStatus): The Chief Financial Officer (Dilkhush Motilal Malesha) certified compliance with relevant provisions of the Companies Act, 2013 and SEBI rules.. The search results indicate that Pranav Constructions faces pending redevelopment suits, and one result mentions a Rs 10 crore figure as a plaintiff's demand rather than a reported liability or court award. This suggests that the claim of certified compliance might be related to the context of these legal matters.
- **MEDIUM** (SubsidiaryPerformance): The company was originally incorporated as “Pranav Constructions Private Limited” under the Companies Act, 1956, with a certificate of incorporation dated July 31, 2003.. The search results suggest that the company's name was later changed to "Pranav Constructions Limited" upon conversion from a private limited to a public status, which contrasts with the claim about the original incorporation name and date. No direct corroboration for the specific incorporation details mentioned in the claim was found.
- **MEDIUM** (LitigationStatus): A declaration was made certifying compliance with provisions of the Companies Act, 2013 and rules/guidelines issued by the Government of India or SEBI.. The search results indicate that Pranav Constructions is involved in pending redevelopment suits and that a specific figure mentioned in the prospectus is a plaintiff's demand, not a reported liability or court award. This suggests potential compliance issues or litigation that might be relevant to the declaration mentioned in the DRHP.
- **MEDIUM** (LitigationStatus): A declaration was made certifying compliance with provisions of the Companies Act, 2013, SCRA, SCRR, SEBI Act, and rules/guidelines issued thereunder.. The search results indicate that Pranav Constructions faces pending redevelopment suits, with one result mentioning a Rs 10 crore figure as a plaintiffs' demand rather than a reported liability or court award. This suggests potential legal issues that might be relevant to the declaration of compliance.
- **MEDIUM** (LitigationStatus): The Director (Harish Gopinath Kale) certified compliance with relevant provisions of the Companies Act, 2013 and SEBI rules.. The search results mention pending redevelopment suits faced by Pranav Constructions and refer to a specific Rs 10 crore figure as a plaintiffs' demand rather than a reported liability or court award. This suggests that the claim regarding the Director's certification of compliance might be related to ongoing legal issues.
- **LOW** (SubsidiaryPerformance): The company launched a mid-size redevelopment project in 2020, namely, Pravesh Co-operative Housing Society Limited comprising 114 units.. Several search results corroborate the claim, indicating that the company launched a mid-size redevelopment project in 2020, specifically the Pravesh Co-operative Housing Society Limited comprising 114 units. The results mention this launch in relation to the company's activities.
- **LOW** (SubsidiaryPerformance): A foreign direct investment amounting to ₹45.00 Crore was received in 2019 from RiverCrest India Infrastructure Private Limited.. Search results corroborate the claim, indicating that a foreign direct investment was received from RiverCrest India Infrastructure Private Limited. One result mentions a foreign direct investment amounting to Rs 450.00 million from the same entity in 2019.
- **LOW** (SubsidiaryPerformance): Competitors in the same line of business include Keystone Realtors Limited, Godrej Properties Limited, Lodha Developers Limited, Suraj Estate Developers Limited, Kolte-Patil Developers Limited, and Arkade Developers Limited.. The search results confirm the existence and trading information for Keystone Realtors Limited, which is one of the competitors mentioned. However, the search results do not provide direct information about the specific business line of Pranav Constructions Limited or the exact nature of the competition mentioned in the DRHP.
- **LOW** (SubsidiaryPerformance): The company has funding arrangements with leading financial institutions such as Bajaj Housing Finance Limited, ICICI Home Finance Limited, Aditya Birla Finance Limited, Aditya Birla Housing Finance Limited, Kotak Bank Limited and Tata Capital Housing Finance Limited.. The search results confirm the existence and trading information for Bajaj Housing Finance Limited, which is one of the institutions mentioned in the claim. However, the search results do not explicitly detail a 'funding arrangement' between Pranav Constructions Limited and these financial institutions.
- **LOW** (PromoterBackground): A civil suit was initiated by Palak Ashutosh Joshi and Jigar Hemant Joshi against the Company and Priyadarshini Co-operative Housing Society Limited before the Hon’ble City Civil Court at Dindoshi.. One search result references the Priyadarshini Co-operative Housing Society Limited, which is related to the claim involving the same society. However, the search results do not explicitly confirm the initiation of a civil suit by Palak Ashutosh Joshi and Jigar Hemant Joshi against the Company and the Society in the manner described.
- **NONE** (PromoterBackground): The amount pertaining to criminal proceedings against Suneet J Desai is not quantifiable.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the amount pertaining to criminal proceedings against Suneet J Desai is not quantifiable.

## Common questions

### How big is the Pranav Constructions Limited IPO?

Pranav Constructions Limited's IPO comprises a fresh issue of ₹316 Cr and an offer for sale of ₹35 Cr, according to its Prospectus. The price band was ₹118.00 to ₹124.00 per share and the final offer price was ₹124.00 per share.

### What are Pranav Constructions Limited's revenue and profit?

Pranav Constructions Limited reported revenue from operations of ₹762 Cr in FY26, +19.7% versus FY25. Net profit was ₹71 Cr (FY25: ₹62 Cr). Revenue grew at a compound rate of 30.5% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.

### How much do promoters own in Pranav Constructions Limited?

Promoters and the promoter group hold 63.4% of Pranav Constructions Limited before the IPO.

### What are the red flags in Pranav Constructions Limited's Prospectus?

We fact-checked 77 claims from the filing against the open web: 0 raised a high concern, 6 medium and 5 low. The most notable: The search results indicate that Pranav Constructions is involved in pending redevelopment suits, and a specific figure mentioned in the prospectus is noted… The search results indicate that Pranav Constructions faces pending redevelopment suits, and one result mentions a Rs 10 crore figure as a plaintiff's demand… The search results suggest that the company's name was later changed to "Pranav Constructions Limited" upon conversion from a private limited to a public… This is an automated screen, not a verdict; each finding links to its sources.

### What does Pranav Constructions Limited do?

तो एक छोटी सी detail है, जो अक्सर नज़रअंदाज़ कर दी जाती है: Pranav Constructions Private Limited के IPO के समय, कंपनी का नाम बाद में 'Pranav Constructions Limited' में बदला गया था, जो इसके original incorporation date और name के claims से एक बड़ा विरोधाभास दिखाता है।

### Who manages the Pranav Constructions Limited IPO?

Book running lead managers: Centrum Broking Limited, Centrum Capital Limited, PNB Investment Services Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original Pranav Constructions Limited IPO documents?

All 3 filings for Pranav Constructions Limited (DAP, RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [Pranav Constructions Limited – Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789451089065.pdf) (Prospectus, filed 10 Sep 2026)
- [PRANAV CONSTRUCTIONS LIMITED - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/PRANAV%20CONSTRUCTIONS%20LIMITED%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 1 Sep 2026)
- [PRANAV CONSTRUCTIONS LIMITED - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788254751266.pdf) (Red Herring Prospectus, filed 1 Sep 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.