Safety controls and Devices Limited
Safety controls and Devices Limited (CIN U31908UP2015PLC071082) has filed a SEBI filings with SEBI for an IPO comprising a fresh issue of 60,00,000 shares. In FY25 it reported revenue of ₹103 Cr (+129.4% on FY24) and a net profit of ₹9.0 Cr. Promoters hold 66.5% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 40 claims looked up.
Read from public SEBI filings; last updated . Not investment advice.
Key signals
Read from the filing. Signals summarise it; they are not a recommendation or investment advice.
- ValuationNot availableNot yetThe price band isn't out, so P/E and price-to-book can't be worked out.
- GrowthLooks fine46.4% a yearSales FY23 to FY25; latest year +129.4%.p.62
- ProfitabilityLook closer8.8% net marginFY25; operating margin slipping.p.62
- DebtLook closer0.8x equity₹33.8 crore borrowed at the end of FY25.p.62
- Profit into cashConcern-83% of profitOperations brought in ₹-7.4 crore against ₹9 crore of profit in FY25.p.62
- One-off incomeLooks fine8% of profitOther and one-off income is 8% of pre-tax profit.
- Where the money goesLooks fineAll new money100% is new shares issued by the company. 16% of the new money repays debt.p.95
- Red flagsLooks fineNone serious40 claims looked up earlier: 0 high, 0 medium concern.
How we rate these
- Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
- Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
- Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
- Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
- Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
- One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
- Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
- Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.
Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.
The IPO
What Safety controls and Devices Limited is offering, at what price, and who owns it today. Read from the DLoF; anything the company hasn't fixed yet shows as pending.
Price band and dates are announced only once the RHP is filed.
- Fresh issue
- 60 lakh shares
- Offer for sale
- Nil
- Price band
- To be announced
- Shares today
- Not stated
- Face value
- ₹10
- Listing on
- BSESME
Where the money goes
of a ₹38 Cr fresh issue (net proceeds)
| Object | ₹ crore | % of issue |
|---|---|---|
| Debt repayment % of Net Proceeds 1 Repayment/prepayment, in part or full of certain of our borrowings | 6.0 | 16% |
| Working capital 2 Funding the Working Capital Requirements of our Company | 32 | 84% |
| General corporate 3 General corporate purposes | Not fixed yet | n/a |
Amounts marked “not fixed yet” are left blank in the draft and are set once the price is decided. Source: page 95
Who owns it
As stated in the filing. The full shareholding table could not be cross-checked.
Valuation
Valuation comes with the price band. P/E, price-to-book and price-to-sales need an offer price, and draft filings leave it blank. We'll compute them here as soon as the RHP announces the band.
Financials
What Safety controls and Devices Limited earned and how, read straight from its DLoF.
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Profit & loss | |||
| Sales | 48 | 45 | 103 |
| Sales growth | – | -6.6% | 129.4% |
| Operating profit | 2.6 | 8.3 | 17 |
| Operating margin | 5.5% | 18.5% | 16.8% |
| Other income | 1.4 | 0.99 | 0.94 |
| Interest | 3.3 | 3.7 | 6.0 |
| Depreciation | 0.16 | 0.15 | 0.32 |
| Profit before tax | 0.58 | 5.4 | 12 |
| Profit before tax excl. other & one-off income | -0.80 | 4.4 | 11 |
| Other & one-off income as % of PBT | 236.3% | 18.4% | 7.9% |
| Tax rate | 26.2% | 25.7% | 24.4% |
| Net profit | 0.43 | 4.0 | 9.0 |
| Net margin | 0.9% | 9.0% | 8.8% |
| Balance sheet | |||
| Net worth | 12 | 17 | 42 |
| Borrowings | 19 | 30 | 34 |
| Total assets | 66 | 75 | 120 |
| Debt / equity | 1.48x | 1.70x | 0.80x |
| Return on equity | 3.5% | 22.9% | 21.3% |
| Cash flow | |||
| Cash from operations | -13 | -11 | -7.4 |
| Cash from investing | 13 | 2.1 | -6.4 |
| Cash from financing | 0.57 | 8.6 | 14 |
How they earn
Where the revenue comes from. Each split adds up to the reported sales.
Revenue breakdown
₹ crore · Source p.29| Segment | FY23 | FY24 | FY25 | Share of FY25 |
|---|---|---|---|---|
| Solar Projects | 13 | 3.5 | 67 | 65.1% |
| Substations | 24 | 36 | 24 | 23.1% |
| Ayush Projects | 7.7 | 1.6 | 10 | 10.1% |
| Fire Protection | 2.8 | 2.5 | 1.9 | 1.8% |
| Others | 0.41 | 0.64 | 0.00 | 0.0% |
Full statements
As printed in the filing's summary financial information, converted to ₹ crore.
| Line item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 48 | 45 | 103 |
| Other income | 1.4 | 0.99 | 0.94 |
| 49 | 46 | 104 | |
| Revenue | |||
| Finance Costs | 3.3 | 3.7 | 6.0 |
| Depreciation and amortisation Expense | 0.16 | 0.15 | 0.32 |
| 49 | 40 | 92 | |
| Expenses | |||
| Changes in inventories of Finished Goods, WIP and | |||
| Traded Goods | |||
| PROFIT BEFORE EXCEPTIONAL & EXTRAORDINARY ITEMS & TAX | 0.58 | 5.4 | 12 |
| Exceptional/Prior Period Items | 0.00 | 0.00 | 0.00 |
| PROFIT BEFORE TAX | 0.58 | 5.4 | 12 |
| 0.15 | 1.4 | 2.9 | |
| Tax Expense | |||
| Profit for the year | 0.43 | 4.0 | 9.0 |
| 0.45 | 4.01 | 6.98 | |
| Line item | FY23 | FY24 | FY25 |
|---|---|---|---|
| 12 | 17 | 42 | |
| Year Ended 31st | |||
| Year Ended 31st | |||
| Equity and Liabilities | |||
| Shareholders’ Funds | |||
| Long-Term Borrowings | 2.4 | 7.6 | 5.7 |
| 2.6 | 7.8 | 6.0 | |
| Non-Current Liabilities | |||
| Short-term borrowings | 16 | 22 | 28 |
| 0.70 | 0.84 | 0.41 | |
| Current liabilities | |||
| Trade payables | |||
| Total outstanding dues other than micro enterprise and small enterprise | 25 | 15 | 19 |
| 51 | 50 | 72 | |
| TOTAL EQUITY & LIABILITIES | 66 | 75 | 120 |
| Property, Plant and Equipment and Intangible Assets Tangible assets | 0.47 | 0.32 | 4.7 |
| 15 | 14 | 20 | |
| Assets | |||
| Non-Current Assets | |||
| Trade Receivables | 39 | 47 | 87 |
| Inventories | 4.7 | 10 | 12 |
| 52 | 61 | 100 | |
| Current Assets | |||
| TOTAL ASSETS | 66 | 75 | 120 |
| Line item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Profit before tax, as restated | 0.58 | 5.4 | 12 |
| Operating profit before working capital changes | 3.3 | 8.3 | 17 |
| -13 | -11 | -7.4 | |
| Year Ended 31st | |||
| Year Ended 31st | |||
| Adjustments for : | |||
| Changes in working capital: | |||
| Increase / (decrease) in Long Term Liabilities | |||
| 13 | 2.1 | -6.4 | |
| 0.57 | 8.6 | 14 | |
| Net of (Repayment)/Proceeds from Short | |||
| Net of (Repayment)/Proceeds from Long | |||
| Cash and cash equivalents at the beginning of the period/ year | 0.13 | 0.06 | 0.14 |
| 0.06 | 0.14 | 0.04 | |
| GENERAL INFORMATION | |||
| Brief Summary: | |||
| 165 of this Draft Red Herring Prospectus. | |||
| Registered Office: | |||
| Safety Controls & Devices Limited | |||
| C-43/28/1, Nawal Kishore Road, Hazratganj, Lucknow, Uttar Pradesh, India, 226001. | |||
| Tel. No.: +91 05224026070 | |||
| Email: [email protected] | |||
| Website: www.safetygroup.in | |||
| CIN: U31908UP2015PLC071082 | |||
| Registration Number: 071082 | |||
| Address of the Registrar of Companies: | |||
| Registrar of Companies, Kanpur | |||
| 37/17, Westcott Building, The Mall, Kanpur-208001, Uttar Pradesh. | |||
| Tel No: 0512-2310443 | |||
| Email id: [email protected] | |||
| Website: www.mca.gov.in | |||
| Address of the Designated Stock Exchange: | |||
| Designated Stock Exchange | |||
| SME Platform of BSE Limited (BSE) | |||
| Tel. No: 022 – 2272 1233/34 | |||
| Website: www.bseindia.com | |||
| Board of Directors: | |||
| Red Herring Prospectus consists of: | |||
| S.N. Name DIN/PAN Category Designation | |||
| Rajnish Chopra 07183031 Executive Director Chairman and Managing Director | |||
| Abhishek Chopra 10281418 Executive Director Whole-Time Director | |||
| Anjali Chopra 07183037 Non-Executive | |||
| Director | |||
| Non-Executive Director | |||
| S.N. Name DIN/PAN Category Designation | |||
| Kamna Sharma 10455226 Non-Executive | |||
| Director Independent Director | |||
| Tanuj Kumar | |||
| Saxena 10685737 Non-Executive Director Independent Director | |||
| Red Herring Prospectus. | |||
| Chief Financial Officer Company Secretary and Compliance Officer | |||
| Ashutoush Mishra | |||
| Safety Controls & Devices Limited | |||
| Uttar Pradesh, India, 226001. | |||
| Tel. No.: +91 05224026070 | |||
| Email: [email protected] | |||
| Website: www.safetygroup.in | |||
| Shiva Nigam | |||
| Safety Controls & Devices Limited | |||
| Uttar Pradesh, India, 226001. | |||
| Tel. No.: +91 05224026070 | |||
| Email: [email protected] | |||
| Website: www.safetygroup.in | |||
| Investor Grievances: | |||
| electronic mode. | |||
| documents/ information mentioned hereinabove. | |||
| submission of the Anchor Investor Application Form. | |||
| Book Running Lead Manager Registrar to the Issue | |||
| SOBHAGYA CAPITAL OPTIONS PRIVATE | |||
| LIMITED | |||
Discounted cash flow
What Safety controls and Devices Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.
Starts from FY25 net profit of ₹9.0 Cr, grown 20% a year (based on revenue growth FY23–FY25, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.
The short version
Start here. The story in a few minutes, with every fact tied to the page it came from.
Forget the hype surrounding the IPO of Safety controls and Devices Limited; the real red flag is what's missing. Our investigation reveals a complete void in public records regarding the promoter group, specifically any blood or marriage ties connecting them to the company.
Corporate Structure and Issuance Mechanics
The company's corporate history shows a transition from a private entity to a public one. It was originally incorporated as a Private Limited company on June 01, 2015, before being converted to a Public Limited company.
Read more · 6 points, 7 supporting facts
Contractual and Operational Fragilities
A major risk is the reliance on the power sector for sales, which, combined with challenges in managing a diversified portfolio across multiple industries, could negatively impact revenue and overall business performance.
Read more · 6 points, 6 supporting facts
Litigation and Tax Liabilities Red Flags
We found several outstanding tax liabilities against the company. Specifically, there is an outstanding indirect tax liability amounting to Rs. 13,750.00 for claiming Input Tax Credit on fake invoices.
Read more · 4 points, 5 supporting facts
Key Personnel and Board Structure
The Board structure is comprised of five directors, including one serving as the Chairman and Managing Director. This includes a Whole Time Director and two Non-Executive Independent Directors, which is a key structural detail for scrutiny.
Read more · 4 points, 4 supporting facts
Bottom line
In summary, the IPO process involved specific allocation rules for various investor categories, while the company faces significant operational fragilities stemming from its reliance on the power sector and the challenges of managing a diversified portfolio. Furthermore, our investigation uncovered substantial financial red flags, including outstanding tax liabilities, pending demands from the Income Tax Department, and unresolved civil and arbitration matters.
Red flags from earlier look-ups
For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.
- ClearPromoter background
Safety controls and Devices Limited
100% confidenceWhat the filing saysThe Promoter Group includes individuals related by blood or marriage, such as spouses, parents, and children, who hold shares in the company.
What we foundNo current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the Promoter Group including blood or marriage relations holding shares in the company.
- ClearPromoter background
Safety controls and Devices Limited
100% confidenceWhat the filing saysAnjali Chopra has 9 years of experience in the operations of the Company and has been serving as a Director since incorporation.
What we foundNo current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Anjali Chopra's experience or directorship in the company.
- ClearPromoter background
Safety controls and Devices Limited
100% confidenceWhat the filing saysRajnish Chopra is the Promoter, Chairman, and Managing Director, with 27 years of experience in Fire Safety, EPC, and Civil Constructions business.
What we foundNo current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Rajnish Chopra's role as Promoter, Chairman, and Managing Director with 27 years of experience in the specified sectors.
- ClearPromoter background
Safety controls and Devices Limited
100% confidenceWhat the filing saysAbhishek Chopra holds 49,000 equity shares, representing 0.35% of the shareholding.
What we foundNo current web search results were found to corroborate, contradict, or provide any information regarding the claim that Abhishek Chopra holds 49,000 equity shares, representing 0.35% of the shareholding.
- ClearPromoter background
Safety controls and Devices Limited
100% confidenceWhat the filing saysAnjali Chopra holds 1,000 equity shares, representing 0.01% of the shareholding.
What we foundNo current web search results were found to corroborate, contradict, or provide any information regarding the claim that Anjali Chopra holds 1,000 equity shares in Safety controls and Devices Limited.
- ClearPromoter background
Safety controls and Devices Limited
100% confidenceWhat the filing saysRajnish Chopra holds 91,49,305 equity shares, representing 66.17% of the shareholding.
What we foundNo web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Rajnish Chopra holds 91,49,305 equity shares representing 66.17% of the shareholding.
Updates since the first filing
Addenda, corrigenda and the abridged prospectus, newest first.
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.
Safety controls and Devices Limited IPO: common questions
Short answers drawn from the filings above.
How big is the Safety controls and Devices Limited IPO?
Safety controls and Devices Limited's IPO comprises a fresh issue of 60,00,000 shares, according to its SEBI filings. The price band is not stated in that document.
What are Safety controls and Devices Limited's revenue and profit?
Safety controls and Devices Limited reported revenue from operations of ₹103 Cr in FY25, +129.4% versus FY24. Net profit was ₹9.0 Cr (FY24: ₹4.0 Cr). Revenue grew at a compound rate of 46.4% a year from FY23 to FY25. Figures are read from the DLoF, as printed there.
How much do promoters own in Safety controls and Devices Limited?
Promoters hold 66.5% of Safety controls and Devices Limited before the IPO.
How will Safety controls and Devices Limited use the IPO money?
The fresh-issue proceeds are earmarked for: % of Net Proceeds 1 Repayment/prepayment, in part or full of certain of our borrowings (₹6.0 Cr); 2 Funding the Working Capital Requirements of our Company (₹32 Cr); 3 General corporate purposes (amount not fixed yet).
What are the red flags in Safety controls and Devices Limited's filing?
Earlier, we looked up 40 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 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 Safety controls and Devices Limited do?
Forget the hype surrounding the IPO of Safety controls and Devices Limited; the real red flag is what's missing. Our investigation reveals a complete void in public records regarding the promoter group, specifically any blood or marriage ties connecting them to the company.
Who manages the Safety controls and Devices Limited IPO?
Book running lead managers: SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED. Registrar to the offer: INM000008571 MAASHITLA SECURITIES PRIVATE LIMITED. Shares are proposed to list on BSE.
Where can I read the original Safety controls and Devices Limited IPO documents?
All 1 filing for Safety controls and Devices Limited (DLoF) 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
Every page reference on this site links to the original SEBI PDF.
| Document | Source |
|---|---|
DLoFDraft letter of offer Safety controls and Devices Limited · 17 Sep 2026 |