Sanghvi Housing and Infrastructure Limited has filed a draft red herring prospectus (DRHP) with SEBI for a proposed IPO. SEBI’s public-issues record lists the filing on October 5, 2026; the company’s draft abridged prospectus is dated September 29, 2026. This is a draft offer document—not SEBI approval, a confirmed opening date or a finalized issue size.
What is the proposed Sanghvi Housing IPO?
The issuer’s draft describes a 100% book-built fresh issue of up to 60,00,000 equity shares, each with a face value of ₹10. It does not include an offer for sale. The company proposes to list the shares on BSE and NSE, but the draft leaves the designated stock exchange as a placeholder. SEBI’s public-issues record lists the filing; the draft offer document remains subject to updates.
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| Proposed term | What the draft says |
|---|---|
| Issue type | 100% book-built fresh issue |
| Maximum shares offered | Up to 60,00,000 equity shares |
| Face value | ₹10 per share |
| Offer for sale | None |
| Aggregate issue amount | Not stated; the draft field is a placeholder |
| Price band and bid dates | Not provided in the draft summary |
| Proposed listing | BSE and NSE; designated exchange not yet specified |
The draft says the document will be updated upon filing with the Registrar of Companies. Until the company publishes final terms and an issue timetable, there is no confirmed price band, rupee issue size or date on which bidding will open.
When will the IPO open, and what is the issue size?
The draft summary does not state an opening or closing date, price band or aggregate rupee amount. It specifies only the proposed maximum share count—60 lakh shares—and says the designated stock exchange is yet to be identified. Those missing fields mean the IPO’s final issue size and schedule cannot be calculated or confirmed from this document. Check subsequent official filings and exchange notices for updates.
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What does Sanghvi Housing and Infrastructure do?
The company describes itself as a real estate developer operating across Mumbai Metropolitan Region (MMR) and Thane district in Maharashtra, with a concentration in Mumbai’s western suburbs. Its core business is redevelopment of existing residential properties and housing societies. Such projects include rehabilitation premises for eligible existing occupants; the company also undertakes selective greenfield development on acquired land.
The issuer presents redevelopment experience and local market knowledge as strengths. Its stated growth plans include turning development rights into project launches, increasing the scale of individual projects, and expanding in premium and ultra-luxury segments of MMR. These are strategies and claims in the company’s draft, not independently verified performance assessments.
How does the company plan to use the proceeds?
The draft earmarks ₹16,477.65 lakh of net proceeds toward part-funding development and construction costs for three ongoing projects: Sanghvi Horizon, Sanghvi Boulevard and Sanghvi Sapphire. The money would flow through subsidiaries and associates. The company also lists funding future project acquisitions and general corporate purposes, but the amounts for those categories are to be finalized after the issue price is determined.
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What do the draft financials show?
The following selected restated consolidated figures are disclosed by the issuer in its draft, in ₹ lakh. They are company-reported figures, not independent estimates.
| Fiscal year ended March 31 | Revenue from operations | EBITDA | Profit for year | Total borrowings | Net operating cash flow |
|---|---|---|---|---|---|
| 2024 | 6,264.44 | 1,288.16 | 760.45 | 10,283.12 | (315.95) |
| 2025 | 7,558.75 | 2,957.03 | 2,080.93 | 10,821.24 | (2,443.37) |
| 2026 | 10,183.86 | 3,586.77 | 2,626.36 | 11,524.75 | (3,726.06) |
The draft’s FY2026 key performance indicator table reports revenue growth of 34.73%, EBITDA margin of 35.22%, PAT margin of 25.79%, debt-to-equity of 1.61 and debt-to-EBITDA of 3.21. It also reports 11 projects under development as of March 31, 2026.
Profit growth alongside cash outflows
Revenue and profit rose in each of the three reported fiscal years, but net operating cash flow was negative throughout and total borrowings increased. That contrast matters in redevelopment: the draft notes that project spending can occur before sale proceeds are received. Earnings growth alone therefore does not show whether projects are converting into operating cash quickly enough to fund construction and other obligations.
Investors assessing the full prospectus can examine cash generation alongside debt, project progress and the planned use of fresh-issue proceeds. The draft figures should be checked against the full prospectus and its audited or restated statements before drawing conclusions.
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What risks does the DRHP disclose?
The draft identifies risks that could affect project delivery, sales, financing and the company’s concentrated operating footprint:
- Geographic concentration: operations are concentrated in MMR and Thane, particularly Mumbai’s western suburbs.
- Redevelopment dependence: the business depends on securing housing-society redevelopment projects and managing their long gestation periods.
- Execution and timing: cost overruns, delays and failure to meet RERA completion timelines could affect projects.
- Sales and inventory: the company relies on timely unit sales. At March 31, 2026, it reported 56 unsold units in completed projects and 434 in ongoing projects. Those counts do not establish how quickly units can be sold or the prices they may command.
- Debt and liquidity: the draft flags indebtedness, negative operating cash flows, possible recall of unsecured loans and the risk of lenders enforcing security over collateral.
- Subsidiaries and associates: the company relies on these entities, including for project development and the proposed use of proceeds.
The abridged litigation table records proceedings involving the company, promoters, directors and subsidiaries, with amounts shown for some categories. It is a summary; the full DRHP’s litigation section is needed to understand the nature and status of individual matters.
Does the filing mean SEBI has approved the IPO?
No. Filing a DRHP is not the same as receiving SEBI approval, and the filing itself does not guarantee that the IPO will proceed on a particular timetable. The issuer’s draft states: “The Equity Shares in the Issue have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of this Draft Red Herring Prospectus.”
The draft also says there has been no formal market for the shares and cautions that the eventual issue price should not be treated as indicative of the post-listing market price. A filing is not an assurance of listing or investment returns.
What to check when final IPO terms are published
Once the price band, dates and final issue terms are available, readers can assess them against the company’s disclosures by looking at:
- the final price and implied valuation compared with disclosed earnings and book value;
- borrowings and operating cash generation, not just revenue and profit;
- the concentration of projects in MMR and the company’s ability to execute redevelopment work;
- unsold inventory and project completion timelines; and
- how much of the fresh issue is ultimately allocated to the named projects, acquisitions and general corporate purposes.
These are analysis points, not a buy-or-sell recommendation. The draft is an initial disclosure document; final terms and the full prospectus are needed for a fuller assessment.
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