• IPO and shareholding: The ₹427 crore IPO comprises a ₹258 crore fresh issue and a ₹170 crore offer for sale, leaving promoters with a 90% stake that will be reduced to 75% over the next three years.
• Revenue mix: The water sector accounts for 80% of total revenue across irrigation, drinking water supply, and desalination, while the remaining 20% is derived from metro, railway, mining, and renewable energy projects.
• Proceeds utilization: The company plans to use ₹180 crore of the fresh issue proceeds to pay down debt, allocating the remainder toward funding future growth.
• Margin protection: All project tenders include built-in price escalation clauses, allowing the company to pass on fluctuations in raw material costs like steel and cement.
• Water sector outlook: Long-term growth is expected to be driven by rising per capita consumption, river interlinking initiatives, and substantial water demand from data center cooling, nuclear plants, and ethanol-related crop irrigation.