Pentacle Consultants (I) Limited
DRHP · filed 06 Oct 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Pentacle Consultants (I) Limited is a company that provides infrastructure services, with a business model that has shifted from a heavy reliance on government projects in India to a more diversified mix including overseas projects in the UAE. The IPO structure consists of a fresh issue of Rs 106.698 crore with no offer for sale component. The company's financial trajectory shows a significant increase in private sector revenue and overseas project revenue, though it remains highly concentrated in Maharashtra. The most material risks include a high dependence on government spending for infrastructure projects and a heavy concentration of revenue in Maharashtra, which could adversely impact the business if government expenditure decreases or the company's geographic focus shifts.
Partial analysis — some sections could not be read from the document (found: capitalisation, cover, litigation, objects, price_basis, promoters, related_party, risks).
What stands out
Criminal proceedings disclosed. Chandrashekhar Vaishnav v. Pritam Kumar Jolly & Others: In April 2016, the management committee of Ashish Building appointed the Company as a project management consultant for civil, structural repair and painting works. During the works, the Complainant raised concerns in relation to certain works,
Risk factor. A significant portion of revenue is derived from projects awarded by government and government-related entities, accounting for 99.25% of revenue from operations in Fiscal 2024, 58.61% in Fiscal 2025, and 30.64% in Fiscal 2026.
Risk factor. A significant portion of revenue is derived from projects undertaken in India, constituting 100.00% of revenue from operations in Fiscal 2024, 71.92% in Fiscal 2025, and 62.52% in Fiscal 2026.
Risk factor. During Fiscal 2026, Fiscal 2025, and Fiscal 2024, 50.05%, 69.54%, and 99.31%, respectively, of revenue from operations was derived from customers located in Maharashtra.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
How the offer is structured
Fresh issue
₹107 Cr
New capital into the company
OFS share
0%
- Funding payment of cash purchase consideration for the proposed acquisition of SIDL₹22.2 Cr
- Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by our Company₹6.5 Cr
- Funding our incremental working capital requirements₹19.9 Cr
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Promoters, litigation & related parties
Promoter (pre)
70.8%
Proceedings
1
Chandrashekhar Vaishnav v. Pritam Kumar Jolly & Others: In April 2016, the management committee of Ashish Building appointed the Company as a project management consultant for civil, structural repair and painting works. During the works, the Complainant raised concerns in relation to certain works, which the Company relayed to the management committee in writing.
Risks the company discloses
A significant portion of revenue is derived from projects awarded by government and government-related entities, accounting for 99.25% of revenue from operations in Fiscal 2024, 58.61% in Fiscal 2025, and 30.64% in Fiscal 2026.(Customer Concentration)
A significant portion of revenue is derived from projects undertaken in India, constituting 100.00% of revenue from operations in Fiscal 2024, 71.92% in Fiscal 2025, and 62.52% in Fiscal 2026.(Geographic Concentration)
During Fiscal 2026, Fiscal 2025, and Fiscal 2024, 50.05%, 69.54%, and 99.31%, respectively, of revenue from operations was derived from customers located in Maharashtra.(Geographic Concentration)
Revenue from projects undertaken overseas increased from ₹169.14 million (28.08% of revenue from operations) in Fiscal 2025 to ₹343.82 million (37.48% of revenue from operations) in Fiscal 2026, with no revenue from overseas projects in Fiscal 2024.(Geographic Concentration)
Revenue from the private sector increased from 0.75% of revenue from operations in Fiscal 2024 to 41.39% in Fiscal 2025 and further to 69.36% in Fiscal 2026, primarily due to the commencement and execution of overseas projects in the UAE.(Customer Concentration)
Revenue from projects undertaken in India decreased from 100.00% of revenue from operations in Fiscal 2024 to 62.52% in Fiscal 2026, with revenue from projects undertaken overseas increasing to 37.48% in Fiscal 2026.(Geographic Concentration)
Revenue from projects undertaken in Maharashtra decreased from 99.31% of revenue from operations in Fiscal 2024 to 50.05% in Fiscal 2026, with revenue from Madhya Pradesh increasing from 0.69% in Fiscal 2024 to 3.44% in Fiscal 2026.(Geographic Concentration)
The infrastructure sector in India relies significantly on government spending across transportation networks, energy systems, urban development, and logistics infrastructure, and any reduction in government expenditure on infrastructure projects may adversely affect the business.(Regulatory/Policy)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.