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InnerKore IPO
AbridgedLast filing 17 Sep 2026

Safety controls and Devices Limited

CIN
Source documents

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 available
    Not yetThe price band isn't out, so P/E and price-to-book can't be worked out.
  • GrowthLooks fine
    46.4% a yearSales FY23 to FY25; latest year +129.4%.p.62
  • ProfitabilityLook closer
    8.8% net marginFY25; operating margin slipping.p.62
  • DebtLook closer
    0.8x equity₹33.8 crore borrowed at the end of FY25.p.62
  • -83% of profitOperations brought in ₹-7.4 crore against ₹9 crore of profit in FY25.p.62
  • One-off incomeLooks fine
    8% of profitOther and one-off income is 8% of pre-tax profit.
  • All new money100% is new shares issued by the company. 16% of the new money repays debt.p.95
  • Red flagsLooks fine
    None 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.

Original draft not analysed yet. We have one filing for this company, but not its full draft prospectus. The amendments below are shown on their own until it is added.

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.

Draft under SEBI review

Price band and dates are announced only once the RHP is filed.

Fresh issue
60 lakh shares
Amount set at the price band
Offer for sale
Nil
Not part of this offer: the whole offer is new shares
Price band
To be announced
Announced with the RHP
Shares today
Not stated
Before the IPO
Face value
₹10
Listing on
BSESME
Lead managers
SOBHAGYA CAPITAL OPTIONS
Registrar
INM000008571 MAASHITLA SECURITIES
Read from p.1p.85

Where the money goes

Earmarked for specific objects
₹38 Cr

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 yetn/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

Promoters hold before the IPO
66.5%

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.

Sales FY25
₹103 Cr
+129.4% vs FY24
Net profit FY25
₹9.0 Cr
8.8% net margin
Net worth
₹42 Cr
Debt / equity 0.80x
Operating cash flow FY25
−₹7.4 Cr
Business consumed cash
₹ crore · Standalone · FY = year ended 31 MarchSource p.60p.62p.63
MetricFY23FY24FY25
Profit & loss
Sales4845103
Sales growth–-6.6%129.4%
Operating profit2.68.317
Operating margin5.5%18.5%16.8%
Other income1.40.990.94
Interest3.33.76.0
Depreciation0.160.150.32
Profit before tax0.585.412
Profit before tax excl. other & one-off income-0.804.411
Other & one-off income as % of PBT236.3%18.4%7.9%
Tax rate26.2%25.7%24.4%
Net profit0.434.09.0
Net margin0.9%9.0%8.8%
Balance sheet
Net worth121742
Borrowings193034
Total assets6675120
Debt / equity1.48x1.70x0.80x
Return on equity3.5%22.9%21.3%
Cash flow
Cash from operations-13-11-7.4
Cash from investing132.1-6.4
Cash from financing0.578.614

How they earn

Where the revenue comes from. Each split adds up to the reported sales.

Revenue breakdown

₹ crore · Source p.29
SegmentFY23FY24FY25Share of FY25
Solar Projects133.56765.1%
Substations24362423.1%
Ayush Projects7.71.61010.1%
Fire Protection2.82.51.91.8%
Others0.410.640.000.0%

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.62
Line itemFY23FY24FY25
Revenue from operations4845103
Other income1.40.990.94
4946104
Finance Costs3.33.76.0
Depreciation and amortisation Expense0.160.150.32
494092
PROFIT BEFORE EXCEPTIONAL & EXTRAORDINARY ITEMS & TAX0.585.412
Exceptional/Prior Period Items0.000.000.00
PROFIT BEFORE TAX0.585.412
0.151.42.9
Profit for the year0.434.09.0
0.454.016.98
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.60p.61
Line itemFY23FY24FY25
121742
Long-Term Borrowings2.47.65.7
2.67.86.0
Short-term borrowings162228
0.700.840.41
Total outstanding dues other than micro enterprise and small enterprise251519
515072
TOTAL EQUITY & LIABILITIES6675120
Property, Plant and Equipment and Intangible Assets Tangible assets0.470.324.7
151420
Trade Receivables394787
Inventories4.71012
5261100
TOTAL ASSETS6675120
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.63p.64p.66
Line itemFY23FY24FY25
Profit before tax, as restated0.585.412
Operating profit before working capital changes3.38.317
-13-11-7.4
132.1-6.4
0.578.614
Cash and cash equivalents at the beginning of the period/ year0.130.060.14
0.060.140.04

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.

% / yr
years
% / yr
Worth today (10 years of cash)
₹142 Cr
Per share
–
Needs the price band.
Top of the price band
–
0204060Year 1: ₹11 Cr projected, ₹9.7 Cr in today's money1Year 2: ₹13 Cr projected, ₹11 Cr in today's money2Year 3: ₹16 Cr projected, ₹11 Cr in today's money3Year 4: ₹19 Cr projected, ₹12 Cr in today's money4Year 5: ₹22 Cr projected, ₹13 Cr in today's money5Year 6: ₹27 Cr projected, ₹14 Cr in today's money6Year 7: ₹32 Cr projected, ₹16 Cr in today's money7Year 8: ₹39 Cr projected, ₹17 Cr in today's money8Year 9: ₹46 Cr projected, ₹18 Cr in today's money9Year 10: ₹56 Cr projected, ₹20 Cr in today's money10
Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now

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.

AI-written summary of Safety controls and Devices Limited's filings. Verify against the source documents.

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% confidence
    What the filing says

    The Promoter Group includes individuals related by blood or marriage, such as spouses, parents, and children, who hold shares in the company.

    What we found

    No 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% confidence
    What the filing says

    Anjali Chopra has 9 years of experience in the operations of the Company and has been serving as a Director since incorporation.

    What we found

    No 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% confidence
    What the filing says

    Rajnish Chopra is the Promoter, Chairman, and Managing Director, with 27 years of experience in Fire Safety, EPC, and Civil Constructions business.

    What we found

    No 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% confidence
    What the filing says

    Abhishek Chopra holds 49,000 equity shares, representing 0.35% of the shareholding.

    What we found

    No 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% confidence
    What the filing says

    Anjali Chopra holds 1,000 equity shares, representing 0.01% of the shareholding.

    What we found

    No 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% confidence
    What the filing says

    Rajnish Chopra holds 91,49,305 equity shares, representing 66.17% of the shareholding.

    What we found

    No 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.

  1. DLoFDraft letter of offer· 379 pagesOpen document

    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.

DocumentSource
DLoFDraft letter of offer
Safety controls and Devices Limited · 17 Sep 2026
PDF
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