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based Pentacle Consultants (I) Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) and stock exchange, BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”) for its Initial Public Offering (IPO).

The IPO, with a face value of Rs 10, is a fresh issue for up to Rs 106.69 crore and an offer-for-sale for up to 21,25,000 equity shares by promoter - Pallavi Mahendra More.

The proceeds from its fresh issuance worth Rs 22.16 crore will be utilised for funding payment of cash purchase consideration for the proposed acquisition of Segmental Infrastructure Development Limited (“SIDL”), Rs 6.5 crore for repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company, Rs 19.93 crore for funding its incremental working capital requirements and remaining for funding inorganic growth through unidentified acquisitions, general corporate purposes and offer related expenses.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Incorporated in 2006, the company is a consultancy company providing design engineering, project management consultancy and specialised advisory services across India and international markets. Its services span the infrastructure lifecycle, including conceptualisation, feasibility studies, planning, detailed design and engineering, project management, execution support, construction supervision and specialised technical advisory services. Its portfolio includes over 28 ongoing assignments and 35 completed projects.

The company has been ranked third among 56 DPR consultants, with a rating of 79.67, pursuant to the rating of DPR consultants published by the National Highways Authority of India (NHAI) under the framework prescribed by the Ministry of Road Transport and Highways (MoRTH).

Its notable project experience includes the Nagpur–Mumbai Super Communication Expressway (Samruddhi Mahamarg), Versova–Bandra Sea Link, Uttan–Virar Sea Link, Pune Ring Road and Greenfield Konkan Expressway.

Its consolidated order book stands at approximately Rs 246.8 crore, representing the estimated contract value of the unexecuted portion of ongoing projects. Its order book comprises infrastructure consultancy assignments across sectors such as transportation, marine and port infrastructure, urban development, residential and commercial real estate, and specialised structures, and includes services such as studies and planning, design engineering, specialised services and project and programme management.

SIDL has experience across transportation infrastructure projects, including roads, highways, bridges, tunnels, railways and other civil infrastructure projects. SIDL has completed over 39 infrastructure consultancy assignments and have 18 ongoing projects, with aggregate estimated consultancy fees of approximately Rs 176.61 crore. These assignments have been undertaken for national and state-level infrastructure authorities, government bodies and public sector organisations.

India’s infrastructure market increased from ?20,105 billion in CY21 to ?35,091 billion crore in CY25, registering a compounded annual growth (CAGR) of 14.9%, and is projected to reach ?65,601 billion by CY31P at a CAGR of 11.0%. This growth is supported by higher infrastructure spending, with India’s budgetary allocation towards key infrastructure sectors increasing from ?1.44 trillion or ?1,44,321 crore in FY20 to an estimated ?6.2 trillion or Rs 6,21,072 crore in FY27.

Correspondingly, the infrastructure consultancy market in India is expected to expand from ?221,705 million or Rs 22,170.5 crore in CY25 to ?509,162 million or Rs ?50,916.2 crore by CY31P at a CAGR of approximately 15%, with growth across design and engineering, project management consultancy, strategy and planning, financial advisory, risk and compliance and other advisory services. Transportation is expected to remain a significant segment of the consultancy market, with growth across roads, bridges, ports, railways, airports and bus terminals, while energy and power, urban infrastructure, industrial and logistics, data centres and social and community infrastructure are also expected to contribute to market expansion.

The underlying infrastructure sectors are themselves expected to witness continued investment including roads, road bridges, ports, railways, airports and urban infrastructure, supported by government capital expenditure, public-private partnership pipelines, Sagarmala projects, the Urban Challenge Fund, capital mobilisation through REITs and InvITs, renewable energy capacity expansion, growth in data centres and increasing ESG-related requirements.

Through its multidisciplinary capabilities, the company focuses on delivering technically sound, efficient and sustainable infrastructure solutions that support economic development and long-term community needs.

Its business process is structured into 13 phases, market scanning and opportunity identification, preliminary opportunity assessment, market and competitive intelligence, strategic go/no-go assessment, participation and partner strategy, development of bid strategy, commercial and bid-price strategy, bid preparation, review and submission, bid evaluation and contract award, project mobilization and execution, project and commercial monitoring, project completion and contractual closure, and continuous feedback, competitive intelligence and portfolio evaluation.

Additionally, the company’s operational model is supported by a skilled team, institutional knowledge systems, structured delivery processes and proprietary methodologies, which promote consistency, quality, cost efficiency and design flexibility. It leverages long-standing relationships with government authorities, public sector undertakings and private clients, while adopting advanced technologies such as 5D BIM, geospatial analytics, digital project management platforms and drone/ UAV-based surveying to enhance project planning, execution, monitoring and reporting, with continued focus on safety, sustainability and operational excellence.

Its revenue from operations was Rs 91.7 crore during FY26 as compared to Rs 30.3 crore during FY24. Its net profit was Rs 28.9 crore during FY26 as compared to Rs 2.9 crore during FY24.

Socradamus Capital Private Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited.

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