Business Profile of Eldeco Infrastructure & Properties Limited
Eldeco Infrastructure & Properties Ltd. was incorporated in 2000 and operates as a real estate developer in North India with a strong presence in Delhi-NCR and tier II and tier III cities. The presence of company present in multiple cities of North India such as Delhi, Noida, Greater Noida in Uttar Pradesh; Haryana; Punjab; Himachal Pradesh; Rajasthan and Uttarakhand. Further, as on March 31, 2025, the Company has 19 Ongoing Projects amounting to a Saleable Area of 7.24 msf and 18 Forthcoming Projects amounting to a Saleable Area of 7.37 msf, in 14 cities. The ongoing projects of company include (i) Eldeco Fairway Reserve in Sector 80, Gurugram, and (ii) Eldeco La Vida Bella at Greater Noida, which provides seamless connectivity with the Noida-Greater Noida Link Road.
Objective of Eldeco Infrastructure & Properties 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 ₹ 8,000.00 million and OFS consists XXXX shares at face value of ₨ 5.00 each aggregating up to ₨ 2,000.00 million. There are fresh shares issues and OFS by company and main objective of company is prepayment of certain outstanding borrowing and general corporate purposes.
Details of Eldeco Infrastructure & Properties 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 ₨ 10,000.00 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 8,000.00 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 2,000.00 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Eldeco Infrastructure & Properties Limited IPO: Issue Price & Size
The issue price of ELDECO INFRASTRUCTURE & PROPERTIES 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 ₹ 10,000.00 million at the price of ₨XXXX.
Launch Date of Eldeco Infrastructure & Properties Limited IPO
The IPO opening date of Eldeco Infrastructure & Properties LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Eldeco Infrastructure & Properties Limited
| Particulars | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Income | |||
| Revenue from operations | 6,949.78 | 2,407.27 | 2,877.57 |
| Other income | 701.05 | 375.30 | 178.98 |
| Total Income | 7,650.83 | 2,782.57 | 3,056.55 |
| Expenses | |||
| Cost of Material Consumed | 12,712.44 | 5,795.26 | 3,675.86 |
| Changes in inventories of raw materials | (7,386.33) | (5,342.32) | (1,757.72) |
| Employee benefits expense | 327.09 | 243.11 | 200.88 |
| Finance costs | 1,012.32 | 1,143.85 | 383.16 |
| Depreciation and amortization expenses | 151.69 | 113.32 | 34.61 |
| Other expenses | 855.34 | 480.06 | 398.74 |
| Total Expenses | 7,672.55 | 2,433.28 | 2,935.53 |
| Profit /Loss before share of profit in JVs and Associates and tax | (21.72) | 349.29 | 121.02 |
| Share of profit of JVs and Associates | 8.02 | 1.55 | 5.21 |
| Exceptional item | (184.57) | – | (217.10) |
| Profit / ( Loss ) before tax | (198.27) | 350.84 | (90.87) |
| Tax expense : | |||
| ( 1 ) Current tax | 461.12 | 242.42 | 157.22 |
| ( 2 ) Income tax – earlier years | 3.58 | ( 1.01 ) | 0.71 |
| ( 3 ) Deferred tax | (25.34) | 8.31 | (42.51) |
| Profit / ( Loss ) for the year | (637.63) | 101.12 | (206.29) |
Key financial ratios of Eldeco Infrastructure & Properties Limited
| Key Performance Indicators ( KPIs ) | Unit | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Financial KPIs | ||||
| Revenue from operations | million | 6,949.78 | 2,407.27 | 2,877.57 |
| EBITDA | million | 1,142.29 | 1,606.46 | 538.79 |
| EBITDA Margin | % | 16.44 % | 66.73 % | 18.72 % |
| Profit Before Tax | million | ( 21.72 ) | 349.29 | 121.02 |
| Profit Before Tax Margin | % | ( 0.31 % ) | 14.51 % | 4.21 % |
| Profit After Tax | million | ( 637.63 ) | 101.12 | ( 206.29 ) |
| Profit After Tax Margin | % | ( 9.17 % ) | 4.20 % | ( 7.17 % ) |
| Net Debt | million | 17,279.94 | 9,268.64 | 7,448.84 |
| Total Equity | million | 4,267.96 | 4,941.04 | 4,877.64 |
| Net Debt / Equity Ratio | Times | 4.05x | 1.88 x | 1.53x |
| Cash Flow from Operations | million | ( 3,907.50 ) | ( 1,051.43 ) | ( 844.60 ) |
| Operational KPIs | ||||
| Sales value | million | 21,022.67 | 7,267.93 | 8,679.64 |
| Sales Area | msf | 2.34 | 2.08 | 2.48 |
| Sales Units | No. of units | 1,273 | 911 | 1,280 |
| Gross collections | million | 11,348.80 | 10,015.35 | 5,247.17 |
| Launches | msf | 3.14 | 0.65 | 0.12 |
| Deliveries | msf | 1.38 | 0.90 | 0.22 |
| Average sale price | / sq . ft . | 10,973.41 | 6,544.43 | 5,253.50 |
Promoters & Shareholding Eldeco Infrastructure & Properties Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 99.99% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | ||
| Pankaj Bajaj | 33,125,100 | 51.00 |
| Bandana Kohli | 31,825,350 | 48.99 |
| Total (A) | 6,49,50,4 62 | 99.99 |
| Public | 600 | 0.01 |
| Total (A+B) | 6,49,51,0 62 | 100.00 |
Should You Subscribe To Eldeco Infrastructure & Properties 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 Eldeco Infrastructure & Properties Limited IPO
Diversified north India housing portfolio
The company is established real estate developer in North India and as of March 31, 2025, they had a total of 82 residential Completed Projects in North India, aggregating to 20.16 msf of Saleable Area. They cater to a wide spectrum of price points and asset classes in residential projects. The ability to design high-quality, differentiated real estate projects across multiple price segments coupled with targeted marketing and branding strategies, has enabled company to successfully deliver projects across diverse micro-markets in North India.
Robust ongoing & upcoming project pipeline
As on March 31, 2025, company has 19 Ongoing Projects which are scheduled to be completed between Financial Years 2026 to 2031. They employ construction-linked payment schedules, allowing Ongoing Projects to be largely self funded from customer advances and enabling company to pre-pay or repay its debts availed from the lenders. This project launch strategy has contributed to a consistent project pipeline, prudent working capital management, and a healthy cash flow profile.
Pan–North India operating presence
The approach of company to enter new cities is dependent on its managements research and insight and is selected after due deliberation. Using this approach, Company has entered into seven cities in the last 10 years, and has commanded an early-mover advantage in such cities. While an early presence across Delhi NCR contributes to brand recognition and sustained focus on multiple cities across North India. This help company to enter at favorable cost structures delivers thoughtfully designed, value enhancing projects.
Strong Execution with Multi-Market Reach
The long term association of company with a wide network of reputed architects, consultants, and suppliers who have demonstrated a deep understanding of design philosophy, quality expectations, and execution standards, which enable company to establish a presence across North India by managing the complete project lifecycle starting from identifying and acquiring the land to construction with innovation to delivering quality project.
Risk Factors of Eldeco Infrastructure & Properties Limited IPO
High Dependence on Residential Segment
The business of company is significantly concentrated in the residential real estate segment. As a result, company performance is heavily dependent on the dynamics of the residential real estate market in Delhi NCR (defined below) and regions outside Delhi NCR such as Punjab, Haryana, Uttar Pradesh and Uttarakhand, including consumer demand, interest rates, housing affordability, regulatory policies and availability of home financing. Any failure to continually anticipate and respond to customer needs may affect business and results of operations.
Regional regulatory and political risks
During the Financial Years 2025, 2024 and 2023, 67.39%, 33.99% and 60.27%, respectively, of total revenue from operations was derived from sale of company projects situated within National Capital Region (“Delhi NCR”). It exposed company to risks originating from regulatory, socio-economic, political and other changes in this region. Any slowdown in construction activity in North India, or any circumstances that make projects in North India less economically beneficial, business, results of operations and financial condition may be adversely affected.
Negative cash flows
The company experienced negative cash flows in relation to operating activities during the Financial Years 2025, 2024 and 2023, primarily due to exceptional item, dividend income, interest income, changes in working capital and direct taxes paid and negative cash flows in relation to investing activities during the Financial Year 2025 and 2023. Any negative cash flows in the future could adversely affect cash flow requirements, which may adversely affect ability to operate company business and implement growth strategies.
Leverage and capital requirement risk
The company business is capital intensive and requires significant expenditure. If future cash flows from operations and other capital resources are insufficient to pay company debt obligations or contractual obligations, or to fund other liquidity needs, they may be forced to sell assets or restructure or refinance its existing indebtedness. Any inability to procure additional indebtedness could adversely affect ability to conduct business and operations or pursue company growth strategy.
Eldeco Infrastructure & Properties 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 ELDECO INFRASTRUCTURE & PROPERTIES 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.
