About Integrity Infrabuild Developers
Integrity Infrabuild Developers Limited, established in 2017, is a Class-A civil contractor registered with the Government of Gujarat. The company primarily undertakes construction contracts for various government infrastructure projects in Gujarat and also subcontracts work to expand its operational presence. As of March 31, 2025, Integrity Infrabuild has secured ongoing contracts worth 20,598 lakhs, of which work worth 4,291 lakhs has been completed, and the remaining 16,307 lakhs is included in the active order book.
The company employs 53 full-time staff, including key managerial personnel, office staff, and field execution teams such as semi-skilled/unskilled workers and drivers. Integrity Infrabuild continues to strengthen its position in Gujarat's construction sector by actively participating in public sector development projects.
The IPO promoters are Keyurkumar Sheth, Rajendrakumar Sheth, and Disha Keyurkumar Sheth, with pre-issue promoter holding at 99.99%, which will reduce to 72.09% post-IPO.
Why To Invest in Integrity Infrabuild Developers
Strong Financial Growth: The company has shown a consistent increase in revenue and profit after tax over the years. Revenue has grown from 33.48 crore in FY22 to 68.97 crore (nine months ended Dec 2024).
High Return Ratios: Impressive Return on Equity (ROE) of 30.60% and Return on Capital Employed (ROCE) of 13.14% indicate efficient capital utilization and sound business performance.
Reasonable Valuation Post-IPO: The post-issue P/E ratio stands at 16.6, making the stock valuation more attractive compared to the pre-issue P/E of 32.68.
Robust Order Book: 16,307 lakhs worth of ongoing government infrastructure projects in the pipeline indicate revenue visibility and business continuity.
EPS Growth: EPS is projected to double post-IPO from 3.06 to 6.02, suggesting strong future earnings potential.
Strategic IPO Utilization: Proceeds will be used for machinery acquisition, working capital needs, and general corporate purposes, which could further boost the company's operational capacity.
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 33.35 | 20.68 | 15.25 | 13.06 |
| Revenue | 68.97 | 64.63 | 45.23 | 33.48 |
| Profit After Tax | 1.94 | 0.95 | 0.29 | 0.30 |
| Net Worth | 4.56 | 3.10 | 1.78 | 1.78 |
| Reserves and Surplus | 1.46 | 0.00 | 0.00 | 0.00 |
| Total Borrowing | 12.86 | 11.17 | 5.22 | 6.51 |
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