Srinibas Pradhan Constructions Limited is engaged in infrastructure development across various domains, with a primary focus on Roads and Highways, including Rural, Major District, and Urban roads. In addition to roads, they focus on construction of Bridges and Steel Structures, both for bridges and sheds. Their Civil Construction Services encompass a wide spectrum, from Foundations and Superstructures to Multi-Storied Structures, Factories, and Industrial Facilities. They engage in competitive bidding processes by participating in tenders/bids/quotations and complete the process for getting contracts/work orders for diverse projects in the State of Odisha, such as Roads, Bridges, Irrigation & Canals, Civil, and Industrial construction. The Company operates in the State of Odisha and holds P.W.D. Contractors Registration Certificate as a 'B' Class contractor, enabling them to participate in tenders in the region. Additionally, their wholly-owned subsidiary holds P.W.D.Contractors Registration Certificate as an 'A' Class contractor, enabling them to participate in higher value tenders. As per financial performance, Srinibas Pradhan Constructions Limited has posted total income / net profits of Rs 26.35 / 1.48 Cr (FY23), Rs 35.27 / Rs 3.54 Cr (FY24), Rs 89.72 Cr / 6.58 Cr (FY25) and Rs 45.62 Cr / 4.10 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but trade receivables are around 33% of FY25 total sales and net cash flow is negative for FY23, FY25 and 6M FY26. As of February 15, 2026, their OrderBook, on a consolidated basis, was Rs 18,406.95 Lakhs, comprising 42 ongoing projects. Company has an average EPS of Rs 42.60 and average RoNW of 68.11% for last three fiscals. Issue is priced at a P/BV of 2.74 as per NAV of Rs 35.81/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 21.71, 11.70 and 9.37 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Novus Capital Advisors Private Limited is associated with this IPOs, and has handled 13 IPOs in last three fiscal years. From last 10 IPOs, two opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, six are trading below issue price and remaining all are trading above issue price or at par. (as on 25.02.26 ) As per financials, Srinibas Pradhan Constructions Limited has shown average results, RoNW is 55.76% and P/E is 21.71, 11.70 and 9.37 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. But, trade receivables are higher and cash flow is negative for FY23, FY25 and 6M FY26. Company is engaged in infrastructure development across various domains, with a primary focus on Roads and Highways, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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