Business Profile of Vishvaraj Environment Limited
Vishvaraj Environment was incorporated in 2008 and it is a leading company in water utility and wastewater management, focusing on recycling treated sewage water for industrial use. The company provides complete water and wastewater solutions, including Water Treatment Plants (WTPs), Sewage Treatment Plants (STPs), Industrial water reuse projects, and Water distribution networks. The company works on various models, including Public-Private Partnership (PPP), Hybrid Annuity Model (HAM), Engineering, Procurement and Construction (EPC), and Operations and Maintenance (O&M). As of March 31, 2025, it sell 240 MLD of treated sewage water through two PPP projects and have 300 MLD under development. As of March 31, 2025, the company has an Order Book of Rs 160,113.44 million and Assets Under Management (AUM) of Rs 66,779.00 million.
Objective of Vishvaraj Environment Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨5.00 each aggregating up to ₹ 12,500.00 million and OFS consists XXXX shares at face value of ₨ 5.00 each aggregating up to Rs 10,000.00 million. There are fresh shares issues and OFS by company and main objective of company is re-payment of outstanding borrowings, investment in subsidiaries and general corporate purposes.
Details of Vishvaraj Environment Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹5.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 22,500 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 12,500 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 10,000 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Vishvaraj Environment Limited IPO: Issue Price & Size
The issue price of VISHVARAJ ENVIRONMENT LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ 22,500 million at the price of ₨XXXX.
Launch Date of Vishvaraj Environment Limited IPO
The IPO opening date of VISHVARAJ ENVIRONMENT LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Vishvaraj Environment Limited
| Particulars | March 31 ,2025 | March 31 , 2024 | March 31 , 2023 |
| Revenue from operations | 17,587.11 | 12,554.41 | 6,699.92 |
| Other income | 219.39 | 364.09 | 231.60 |
| Total income ( I + II ) | 17,806.50 | 12,918.50 | 6,931.52 |
| Expenses | |||
| ( a ) Cost of purchases and contract expenses | 11,361.76 | 9,155.40 | 4,646.87 |
| ( b ) Changes in inventories of stock | 490.08 | ( 491.55 ) | ( 387.20 ) |
| ( c ) Employee benefits expense | 975.71 | 771.73 | 512.96 |
| ( d ) Finance costs | 832.30 | 761.81 | 519.99 |
| ( e ) Depreciation and amortisation expense | 61.22 | 52.46 | 26.47 |
| ( f ) Other expenses | 519.95 | 432.77 | 309.01 |
| Total | 14,241.02 | 10,682.62 | 5,628.10 |
| Restated profit before tax ( III – IV ) | 3,565.48 | 2,235.88 | 1,303.42 |
| Tax expenses | |||
| ( a ) Current tax | 655.02 | 351.66 | 124.82 |
| ( b ) Deferred tax | 247.77 | 226.36 | 218.02 |
| Total tax expense | 902.79 | 578.02 | 342.84 |
| Restated profit after tax ( V – VI ) | 2,662.69 | 1,657.86 | 960.58 |
Key financial ratios of Vishvaraj Environment Limited
| Particulars | Units | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| Order Book | Millions | 160,113.44 | 34,534.32 | 42,717.33 |
| Assets Under Management ( AUM ) | Millions | 66,779.00 | 14,517.40 | 14,517.40 |
| Revenue from Operations | Millions | 17,587.11 | 12,554.41 | 6,699.92 |
| YoY Revenue Growth | % | 40.09 % | 87.38 % | NA |
| EBITDA | Millions | 4,239.61 | 2,686.06 | 1,618.28 |
| EBITDA Margin | % | 24.11 % | 21.40 % | 24.15 % |
| PAT | Millions | 2,662.69 | 1,657.86 | 960.58 |
| YoY PAT Growth | % | 60.61 % | 72.59 % | NA |
| PAT Margin | % | 14.95 % | 12.83 % | 13.86 % |
| Net Debt | Millions | 7,692.74 | 2,791.73 | 4,252.53 |
| Total Equity | Millions | 7,821.57 | 5,559.23 | 4,301.36 |
| Net Debt to Total Equity Ratio : | Times | 0.98 | 0.50 | 0.99 |
| ROCE | % | 24.04 % | 26.81 % | 18.07 % |
| ROE | % | 39.80 % | 33.63 % | 25.58 % |
| Debtor Days | Days | 115.01 | 98.37 | 151.28 |
| Cash Conversion Cycle | Days | NM * | NM * | 46.67 |
Promoters & Shareholding Vishvaraj Environment Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | 355,000,000 | 100 |
| Public | 0 | 0 |
| Total (A+B) | 355,000,000 | 100.00 |
Should You Subscribe To Vishvaraj Environment Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Vishvaraj Environment Limited IPO
Leading Developer of Wastewater Management
The company is leading developer of water utility and wastewater management projects with a focus on the recycling of treated sewage water for industrial use with an Order Book of ₹ 160,113.44 million, as of March 31, 2025. It provides solutions across the water cycle value chain in India and had an AUM of ₹ 66,779.00 million, as of March 31, 2025. Their track record in executing complex and diverse projects through different business models positions them well to capitalize on such industry tailwinds.
Asset Ownership Model
The company has established a diversified business over the years that enable them to deliver water utility and wastewater management solutions to address water scarcity issues faced in India. It focused on growing business through an asset ownership model where they develop and operate WTPs, STPs, industrial water reuse projects, and water distribution networks. The combination of such business models provides predictable cash flows and long-term financial stability enabling company to provide high quality services.
In-house EPC and O&M Capabilities
The end-to-end execution capabilities of company where they manage all aspects of project execution including obtaining relevant approvals, financial closure, design, engineering, procurement and construction and operations and maintenance. This comprehensive approach ensures that they handle projects from inception to completion, maintaining control over quality and timeline. The scale of company operations and growth strategy enables them to deploy its resources across any future projects in an efficient and timely manner, without affecting the scheduled timelines of project development.
Consistent Operational and Financial Performance
The consistent track record of company operational and financial performance that is attributable to its focused approach on profitable growth, strategic bidding and project execution. They have effectively utilized their resources to deliver consistent revenue growth and profitability. The financial strength of company is highlighted from a strong balance sheet characterized by a total equity of ₹ 7,821.57 million, as of March 31, 2025. The initiatives of company will enhance its working capital efficiency, reduce dependence on bank financing, and contribute positively to financial performance.
Risk Factors of Vishvaraj Environment Limited IPO
Heavy Reliance on Government Contracts
The company work with various Government entities to undertake projects pursuant to several Government schemes and it accounted for substantially all company revenues (99.61%, 99.31%, and 99.99% in Fiscals 2025, 2024 and 2023, respectively), and if such contracts were to be terminated, business, results of operations and financial condition may be adversely affected.
High Dependence on EPC Segment
The company provides end-to-end EPC services that involve designing, procuring materials, and constructing water and wastewater treatment plants, distribution networks, irrigation networks and renewable energy projects. Their revenue from EPC operations accounted for 81.34%, 77.79% and 64.24% of revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Consequently, any adverse developments may affect business, results of operations and financial condition.
Counter-Party Credit Risk
The operations of company involve extending credit to its clients and consequently they are exposed to counterparty credit risk from clients. Adverse changes in macroeconomic conditions or budgetary allocations could lead to financial difficulties for their clients and cause them to delay payment, request modifications of their payment terms which could lead to an increase in company receivables.
Geographic Constraint
The majority of company operational projects are located in the states of Maharashtra, Karnataka and Uttar Pradesh, contributing, 91.94%, 85.06% and 78.70% of revenue from operations during Fiscals 2025, 2024 and 2023, respectively) and any adverse developments in these regions may adversely affect company business, results of operations and financial condition.
Vishvaraj Environment Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the VISHVARAJ ENVIRONMENT LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
