About Vishvaraj Environment IPO
The Vishvaraj Environment IPO is a book-built issue that includes a fresh issue of up to ₹1,250 crore and an offer for sale (OFS) of up to ₹1,000 crore, with each equity share having a face value of ₹5. The company filed its DRHP with SEBI on Sep 29, 2025.
The price band and official date of subscription and listing will be announced by the company later, but the equity shares are proposed to be listed on the BSE and the NSE platforms. The book-running lead managers for this issue are JM Financial Ltd., Axis Capital Ltd. and DAM Capital Advisors Ltd., while the registrar of the issue is MUFG Intime India Private Ltd.
Company Background
Vishvaraj Environment Ltd. was incorporated as a private limited company on September 22, 2008. Since then, it has emerged as a significant player in the environmental infrastructure space, which was later converted into a public limited company in March 2025. Based in Mumbai, the company maintains its office in Nariman Point and its corporate office in Nagpur, Maharashtra. The company is involved in large-scale water utility projects as well as wastewater management, offering an integrated service in the water industry.
Operations & Product Range
The main business of Vishvaraj Environment Ltd. includes water and wastewater management and specializes in recycling sewage water. Recycling sewage water serves two purposes. Vishvaraj Environment Ltd. serves two purposes: one to address environmental issues and the other to cater to industry needs. For environmental issues, it solves the problem of pollution and conserves natural water resources. They provide the service of designing, constructing and running water treatment plants and sewage treatment plants.
Facilities & Capacity
Vishvaraj Environment Ltd. manages a diverse portfolio of projects across India. As of March 31, 2025, the company reported a substantial order book totaling ₹16,011.34 Cr. This extensive project pipeline indicates a significant operational capacity across municipal and industrial segments. This issue aims to use renewable energy to support its operations, as major funding will go straight to the solar project.
Brands & Market Presence
Vishvaraj Environment Ltd. has a significant presence both domestically and globally. The company is ranked 24th in the top 50 private water operators in the world. This indicates the company's size and excellence in terms of operations on a global scale. Although the company is based in India, but the ranking it achieved indicates its competition with global companies in the water utility business.
Revenue Streams & Business Model
The primary source of revenue for Vishvaraj Environment Ltd. is the water/wastewater management projects. The projects are long-term Operation & Maintenance (O&M) contracts, which generate regular revenue after the construction phase is completed. The business model of the company is to develop public-private partnerships/industrial water supply contracts, where the revenue is generated from the treatment of water and the supply of water.
Management & Shareholding
The promoters of Vishvaraj Environment Ltd. are Arun Hanumandas Lakhani, Vandana Arun Lakhani, Sidhaartha Arun Lakhanee, Sarang Arun Lakhanee and Premier Financial Services Private Ltd. Before the Vishvaraj Environment IPO, the company had a majority of its equity held by the promoters, but after the IPO, the promoters' stake will be diluted because of the offer for sale by Premier Financial Services Private Limited.
Board & Key Management
The board of Vishvaraj Environment Ltd. and the key management team combine operational expertise with financial discipline. Girish Dinanath Nadkarni (President & CFO) oversees the financial strategy that has delivered consistent profitability. The board is made up of both promoter and independent directors and there is an IPO committee that is in charge of the public issue process.
Vishvaraj Environment IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹ 5 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Fresh Issue + Offer for Sale (OFS) |
| Total Issue Size | Up to ₹ 2,250.00 Cr |
| Fresh Issue(Ex Market Maker) | Up to ₹ 1,250.00 Cr |
| Offer for Sale | Up to ₹ 1,000.00 Cr |
| Issue Type | 100 % Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 35,50,00,000 Equity Shares |
Vishvaraj Environment IPO Financial Information
Latest Revenue
1,780.65
₹ Crore
Profit After Tax
266.27
₹ Crore
Net Worth
782.16
₹ Crore
Total Borrowing
1,001.00
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 3,004.56 | 1,780.65 | 266.27 | 782.16 | 651.64 | 1,001.00 | |||
| 31 Mar 2024 | 1,892.39 | 1,291.85 | 165.79 | 555.92 | 447.68 | 490.16 | |||
| 31 Mar 2023 | 1,424.05 | 693.15 | 96.06 | 430.14 | 325.29 | 530.59 | |||
| Amount in ₹ Crore | |||||||||
Vishvaraj Environment Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 39.80% |
| ROCE | 24.04% |
| Debt/Equity | 0.98x |
| RoNW | 36.59% |
| PAT Margin | 14.95% |
| EBITDA Margin | 24.11% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹ 1.50 (Basic) | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company plans to use the proceeds of the Vishvaraj Environment IPO for the following purposes:
- • Funding the capital expenditure for "Project C," a solar power project
- • Repayment of debt (in part or in full)
- • General Corporate Purposes
Conclusion
Vishvaraj Environment IPO provides an opportunity for the shareholders to invest in a company that is growing and stable, along with the infrastructure segment, which has already proved itself to be among the top 25 companies in the world by working on large utility projects. It provides an opportunity for the shareholders to enhance the growth of the company by incorporating the concept of renewable energy into its portfolio, which aligns with the idea of reducing carbon emissions and using clean energy for water management.
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Competitive Strengths
24th largest private water operator in the world, reflecting scale and expertise.
A Strong order book with a project order book of over ₹16,000 crore in value.
Focus on integrated ESG through the recycling of wastewater.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 29/09/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
Vishvaraj Environment IPO Timeline
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | [.] | Over ₹10,00,000 |