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Sanghvi Housing and Infrastructure Limited filed a draft red herring prospectus (DRHP) with SEBI on October 5, 2026. The proposed IPO is a fresh issue of up to 60 lakh equity shares, but the draft does not state the rupee issue size, price band or opening and closing dates. A DRHP filing is not SEBI approval, a confirmed timetable or a guarantee that the shares will list.
What is the status of the Sanghvi Housing IPO?
SEBI’s public-issues record lists the company’s DRHP as filed on October 5, 2026. The linked draft abridged prospectus is dated September 29, 2026, and says the document will be updated upon filing with the Registrar of Companies. This is an offer document at the draft stage, not a finalized IPO schedule.
The issuer 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 warns that there has been no formal market for the shares and that the eventual issue price should not be treated as an indication of the post-listing market price. SEBI public-issues record · Draft abridged prospectus
What is the Sanghvi Housing IPO issue size and structure?
The draft proposes 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, so the proposed issue is entirely new shares rather than shares sold by existing shareholders. The aggregate rupee amount is left blank; the price band and designated stock exchange are also placeholders. The draft proposes listing on BSE and NSE. Proposed issue details · Draft issue terms
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| Term | What the draft says |
|---|---|
| Issue type | 100% book-built fresh issue |
| Maximum shares | Up to 60,00,000 equity shares |
| Face value | ₹10 per share |
| Offer for sale | None |
| Aggregate rupee issue size | Not stated; the draft leaves this field as a placeholder |
| Price band and bid dates | Not stated in the draft summary |
| Proposed listing | BSE and NSE; designated stock exchange not yet specified |
When will the Sanghvi Housing IPO open?
The draft summary does not give an IPO opening date or closing date. It also does not provide a price band, so investors cannot determine the final offer price or rupee issue size from this document. Those terms require a subsequent official filing or exchange notice; do not treat the DRHP filing date as the IPO opening date.
What does Sanghvi Housing and Infrastructure do?
The company describes itself as a real estate developer operating across the Mumbai Metropolitan Region (MMR) and Thane district in Maharashtra, with a concentration in Mumbai’s western suburbs. Its core activity is redevelopment of existing residential properties and housing societies, including rehabilitation premises for eligible existing occupants. It also undertakes selective greenfield development on acquired land. Company and business overview
The issuer identifies redevelopment experience and local market knowledge as strengths. Its stated plans include converting development rights into project launches, increasing the scale of individual projects, and expanding in premium and ultra-luxury MMR segments. These are the company’s descriptions and ambitions in the draft, not independently verified performance findings.
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How does the company plan to use the IPO 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—through subsidiaries and associates. It also lists funding future project acquisitions and general corporate purposes, but the amounts for those uses are to be finalized after the issue price is determined. Use of proceeds
What do the disclosed financials show?
The following figures are selected restated consolidated results reported in the company’s draft, in ₹ lakh. They are issuer disclosures, 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) |
Revenue and profit rose in each of the three reported fiscal years, but net operating cash flow was negative throughout and total borrowings increased. For FY2026, the draft 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. Financial results and key performance indicators
The cash-flow pattern matters in a redevelopment business because project spending can happen before sale proceeds are received, as the draft itself notes. Profit growth alone therefore does not answer whether the company can fund construction, service debt and complete projects on schedule; readers should assess cash generation alongside earnings and borrowings.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteWhat risks does the Sanghvi Housing DRHP disclose?
The draft highlights risks linked to the company’s concentrated geography and project model, as well as funding, sales and execution. Its principal disclosed risks include:
- Geographic concentration: Operations are concentrated in MMR and Thane, leaving the business exposed to conditions and execution outcomes in those markets.
- Redevelopment dependence: The company depends on winning housing-society redevelopment projects and securing the necessary development rights.
- Long project timelines and cost overruns: Projects can have long gestation periods and may cost more or take longer than expected, including the risk of missing RERA completion timelines.
- Sales and inventory: Timely sales of units are important to project funding. At March 31, 2026, the company reported 56 unsold units in completed projects and 434 in ongoing projects; those counts do not establish how quickly units can sell or at what prices.
- Reliance on group entities: The proposed proceeds for named projects would flow through subsidiaries and associates, and the draft identifies dependence on these entities as a risk.
- Debt and liquidity: The company discloses indebtedness, negative operating cash flows and unsecured loans that lenders may recall.
- Collateral enforcement: Secured borrowings carry the risk that lenders could enforce security if the company does not meet its obligations.
The abridged litigation table summarizes proceedings involving the company, promoters, directors and subsidiaries, with amounts shown for some categories. It is not a substitute for the case-by-case disclosures in the full DRHP; readers assessing legal exposure should consult that section for each matter’s nature and status. Risk factors and inventory disclosures · Litigation summary
What should investors check when final IPO terms are published?
The draft does not provide enough pricing or timetable information to assess the offer’s valuation. Once official final terms are available, compare the price and implied valuation with disclosed earnings and book value, and weigh those against the company’s debt, operating cash generation, unsold inventory, project completion obligations and the stated use of fresh-issue proceeds. These are analytical checks, not a buy or sell recommendation.
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