Sabari Constructions Technologies Limited has filed a draft red herring prospectus (DRHP) for a proposed IPO on NSE Emerge, with the filing reported on September 30, 2026. This is a preliminary filing—not confirmation that the offer has been approved, will open, or will result in a stock-market listing. The issue price band and offer calendar were not stated in the contemporaneous report.
What the DRHP filing means
A DRHP is a draft offer document that sets out information about the issuer and proposed offering. The reported filing date and proposed exchange are from IPOPlatform’s October 1, 2026 summary; the filing itself does not establish that the IPO will proceed. The company’s DRHP says there is no assurance the current offer will go ahead. IPOPlatform, October 1, 2026 · SEBI issuer DRHP
According to the DRHP extract, Sabari previously filed draft prospectuses for NSE Emerge on February 7, 2011 and June 5, 2017, then withdrew those proposals because of unfavourable market conditions. The company also identifies adverse macroeconomic conditions as a risk to its business, results and financial condition. These are company disclosures, not predictions about the current filing. SEBI issuer DRHP
What Sabari Constructions does
IPOPlatform describes Sabari as an integrated engineering, procurement and construction (EPC) and infrastructure turnkey contractor. Its reported work spans healthcare, hospitality, residential, education, railways, industrial and commercial projects, including design-and-build services. The report also describes concrete-block and ready-mix concrete production facilities in Coimbatore and Chennai, and government EPC work secured through tenders. These are descriptions attributed to the company and draft materials, rather than an independent assessment of its capabilities. IPOPlatform, October 1, 2026
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The same report says the business began as a partnership in 1998, became a private limited company in 2011 and adopted its current name in August 2026. It also reports expansion from one state in FY2012 to ten states in FY2026. The company’s project counterparties are described as including government departments, metro rail corporations, public-sector undertakings and private organisations. IPOPlatform, October 1, 2026 · Sangri Times Spotlight, October 3, 2026
Reported projects and order book
IPOPlatform reports an order book of 19 projects as of March 31, 2026. Examples include redevelopment of Rameswaram Railway Station through the Sabari URC joint venture, JIPMER Karaikal Hospital in Puducherry, and Regional Institute of Education/NCERT building and campus works in Andhra Pradesh. The report also mentions metro-station construction. IPOPlatform, October 1, 2026 · Sangri Times Spotlight, October 3, 2026
The report says Rameswaram Railway Station redevelopment was 96.66% complete as of the DRHP date. The 19-project figure is a dated pipeline snapshot: it should not be read as guaranteed future revenue. Readers assessing the figure should consult the DRHP for how the company defines its order book and which contracts remained unexecuted at the relevant date. IPOPlatform, October 1, 2026
Financial figures reported for FY2024–FY2026
IPOPlatform’s October 1, 2026 summary attributes the following figures to the prospectus and presents them in ₹ crore. They are secondary-source transcriptions; the DRHP’s restated financial statements and notes are the appropriate place to confirm accounting basis and period labels.
| Metric (₹ crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from operations | 181.91 | 297.59 | 471.42 |
| EBITDA | 27.83 | 46.69 | 97.28 |
| Profit after tax (PAT) | 11.19 | 24.66 | 56.62 |
| Assets | 207.56 | 264.65 | 388.31 |
| Net worth | 40.26 | 64.93 | 121.56 |
Source for every table value: IPOPlatform’s October 1, 2026 summary of prospectus financials. A contemporaneous reproduction of a company press release gives FY2026 revenue of ₹47,142.25 lakh, EBITDA of ₹9,728.64 lakh and PAT of ₹5,662.67 lakh, broadly corresponding to the rounded crore figures above; it is not independent verification. The available summary also contains a conspicuous FY2025 total-debt figure of ₹10,690 crore, which is not reproduced here because it requires confirmation against the DRHP. IPOPlatform, October 1, 2026 · Sangri Times Spotlight, October 3, 2026
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Proposed use of proceeds and IPO terms
IPOPlatform reports that the draft proposes ₹30 crore for working capital and also lists general corporate purposes. The available reporting does not establish the final allocation or final issue terms. IPOPlatform, October 1, 2026
| Offer detail | What is reported |
|---|---|
| Proposed platform | NSE Emerge |
| Reported DRHP filing date | September 30, 2026 |
| Working-capital allocation | ₹30 crore, as reported from the draft |
| General corporate purposes | Listed as a proposed use; final allocation not established in the report |
| Price band and offer calendar | Not stated in the October 1, 2026 report; it says price-band details would be available after DRHP approval |
| Merchant banker | GYR Capital Advisors Private Limited |
| Registrar | Purva Sharegistry India Private Limited |
Offer details in the table are reported by IPOPlatform from the draft and should be checked against the current offer document. The available sources do not establish an issue size, price band, opening date, subscription figures or listing outcome. IPOPlatform, October 1, 2026
Quick Recap
What prospective readers should verify
- Check the latest issuer filing for whether the draft has progressed and whether final offer dates and pricing have been announced.
- Read the DRHP’s financial statements and notes for accounting basis, restatements, debt and other liabilities; do not rely on the anomalous debt transcription noted above.
- Review the order-book definition, contract execution status, project risks and customer concentration in the filing rather than treating the project count as assured revenue.
- Read the risk factors, including the issuer’s disclosed history of withdrawing earlier draft offers and its warning that the current offer may not proceed.
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