# Leapfrog Engineering Services Limited: IPO analysis > Leapfrog Engineering Services Limited (CIN U74210KA2005PLC036274) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 3,46,08,000 shares and an offer for sale of 38.76 lakh shares. In FY25 it reported revenue of ₹135 Cr (-14.7% on FY24) and a net profit of ₹16 Cr. Promoters hold 87.0% before the IPO. Our fact-check of its claims found no medium or high concerns across 39 claims checked. - Page: https://ipo.innerkore.com/company/U74210KA2005PLC036274/leapfrog-engineering-services-limited/ - CIN: U74210KA2005PLC036274 - Last updated: 11 Jun 2026 ## Key facts - **Company:** Leapfrog Engineering Services Limited - **CIN:** U74210KA2005PLC036274 - **Filing stage:** RHP - **Latest SEBI filing:** 11 Jun 2026 - **Offer for sale:** 38,76,000 shares - **Bidding opens:** 17 Jun 2026 - **Bidding closes:** 19 Jun 2026 - **Listing on:** BSE - **Revenue FY25:** ₹135 Cr - **Revenue growth:** -14.7% - **Net profit FY25:** ₹16 Cr - **Revenue CAGR FY23 to FY25:** 13.7% - **Promoter holding (pre-IPO):** 87.0% - **Registrar:** FINSHORE MANAGEMENT SERVICES LIMITED - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (look closer): 13.7% a year. Sales FY23 to FY25; latest year -14.7%. - **Profitability** (looks fine): 12.1% net margin. FY25; operating margin improving. - **Profit into cash** (concern): -106% of profit. Operations brought in ₹-17.2 crore against ₹16.2 crore of profit in FY25. - **One-off income** (look closer): 12% of profit. Other and one-off income is 12% of pre-tax profit. - **Where the money goes** (looks fine): 10% for sale. 90% is new shares issued by the company. - **Red flags** (looks fine): None serious. 39 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY23 | FY24 | FY25 | 9M Dec-25 | |---|---:|---:|---:|---:| | Sales | 104 | 158 | 135 | 101 | | Sales growth | – | 51.5% | -14.7% | – | | Operating profit | 1.0 | 20 | 22 | 20 | | Operating margin | 1.0% | 12.9% | 16.0% | 20.0% | | Net profit | 0.28 | 16 | 16 | 14 | | Net margin | 0.3% | 10.4% | 12.1% | 14.0% | | Net worth | 4.8 | 21 | 43 | 57 | | Return on equity | 5.9% | 77.2% | 38.1% | – | ## Fact-checked claims - **NONE** (PromoterBackground): The Board is authorized to borrow money, with the total outstanding amount not to exceed ₹ 100 Crores, based on a special resolution passed by members on August 05, 2024.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the Draft Red Herring Prospectus. - **NONE** (PromoterBackground): Krishnamurthy Salekoppa Parameshawarabhatta is an Independent Director appointed on May 24, 2024, and is a qualified Chartered Accountant with over 30 years of experience.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Krishnamurthy Salekoppa Parameshawarabhatta. - **NONE** (PromoterBackground): Vijay Kumar Sajjan is an Independent Director appointed on May 24, 2024, and is qualified as a Company Secretary and Chartered Accountant (Intermediate).. No web search results were found for the claim regarding Vijay Kumar Sajjan's appointment and qualifications as an Independent Director, Company Secretary, and Chartered Accountant. - **NONE** (PromoterBackground): Kommanhalli Giridhar is the Non-Executive Director and Chairman of the Board, appointed on May 24, 2024, and re-designated as Chairman from June 10, 2026 for a six-month term.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Kommanhalli Giridhar's directorship and chairmanship changes. - **NONE** (PromoterBackground): Sapna Raghavendra is the Whole-Time Director (Finance) and Chief Financial Officer (CFO) of the company and holds qualifications including Bachelor of Commerce (2001), Master of Commerce (2006), and Chartered Accountancy (Intermediate) (2004).. No web search results were found to corroborate, contradict, or provide any information regarding the claim about Sapna Raghavendra's directorship and qualifications. - **NONE** (SubsidiaryPerformance): The company received domestic orders exceeding INR 40 crore in 2019 from PSU and government agencies.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Leapfrog Engineering Services Limited received domestic orders exceeding INR 40 crore in 2019 from PSU and government agencies. - **NONE** (SubsidiaryPerformance): The company has secured various projects, including an award for electrical works for the Early Production Facility (EPF50) project in 2006 and received orders from a USA-based entity in 2009-2012.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about the company securing projects for the EPF50 project in 2006 or receiving orders from a USA-based entity between 2009 and 2012. - **NONE** (SubsidiaryPerformance): Amendments to the Memorandum of Association included changes to the name on January 23, 2009, and alterations to the Authorized Share Capital on October 03, 2012 and February 26, 2024.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about amendments to the Memorandum of Association and share capital alterations for Leapfrog Engineering Services Limited. - **NONE** (SubsidiaryPerformance): The Registered Office address has changed multiple times since incorporation, with the last change noted in March 2024 for spelling correction.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Registered Office address of Leapfrog Engineering Services Limited has changed multiple times, with the last change noted in March 2024 for spelling correction. - **NONE** (SubsidiaryPerformance): Tonnage tax benefits are extended to inland vessels under the Indian Vessels Act, 2021, supporting inland water transport.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that tonnage tax benefits are extended to inland vessels under the Indian Vessels Act, 2021. - **NONE** (SubsidiaryPerformance): The government will facilitate the setting up of Day Care Cancer Centres in all district hospitals in the next three years, with 200 Centres established in 2025-26.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP about the government facilitating the setting up of Day Care Cancer Centres. - **NONE** (SubsidiaryPerformance): The government is focusing on achieving 40% of its energy from non-fossil sources by 2030.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the government's focus on achieving 40% of energy from non-fossil sources by 2030. ## Common questions ### How big is the Leapfrog Engineering Services Limited IPO? Leapfrog Engineering Services Limited's IPO comprises a fresh issue of 3,46,08,000 shares and an offer for sale of 38.76 lakh shares, according to its Red Herring Prospectus. The price band is not stated in that document. ### What are Leapfrog Engineering Services Limited's revenue and profit? Leapfrog Engineering Services Limited reported revenue from operations of ₹135 Cr in FY25, -14.7% versus FY24. Net profit was ₹16 Cr (FY24: ₹16 Cr). Revenue grew at a compound rate of 13.7% a year from FY23 to FY25. Figures are read from the RHP, as printed there. ### How much do promoters own in Leapfrog Engineering Services Limited? Promoters hold 87.0% of Leapfrog Engineering Services Limited before the IPO. ### What are the red flags in Leapfrog Engineering Services Limited's RHP? We fact-checked 39 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Leapfrog Engineering Services Limited do? The biggest red flag in the Leapfrog Engineering Services Limited IPO filing is this: no current web search results could corroborate, contradict, or even provide any update on the claims made in the Draft Red Herring Prospectus. This silence surrounding the documentation raises serious questions about the… ### Who manages the Leapfrog Engineering Services Limited IPO? Registrar to the offer: FINSHORE MANAGEMENT SERVICES LIMITED. Shares are proposed to list on BSE. ### Where can I read the original Leapfrog Engineering Services Limited IPO documents? All 1 filing for Leapfrog Engineering Services Limited (RHP) 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 - [Leapfrog Engineering Services Limited](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781177415072_1284.pdf) (Red Herring Prospectus, filed 11 Jun 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.