• Government revenue share: The company focuses on wastewater management under schemes such as AMRUT and Swachh Bharat across 6 states, with government contracts accounting for nearly 100% of revenue in FY26.
• Trade receivables status: Receivables stood at ₹118 crore out of ₹345 crore revenue in FY26 with debtor days between 92 and 120 days, which management attributed to temporary geopolitical payment disruptions that are now normalizing.
• IPO proceeds deployment: Out of the ₹250 crore offering (₹200 crore fresh issue), approximately ₹150 crore will be utilized for working capital to boost execution capacity and fund tender security deposits rather than retiring debt.
• Order book visibility: The company has an outstanding order book of ₹1,500 crore across 6 states, providing revenue visibility with a book-to-bill ratio of more than 4 times.