Vishvaraj Environment Limited (VEL) is specialized in water‑utility and wastewater‑management projects, with a core focus on recycling treated sewage water for industrial use.
It operates across the full water value chain: water supply, sewage treatment, wastewater recycling, and distribution networks.
VEL operates in 30 cities with 30 water treatment plants with a total capacity of ~2,090 MLD along with 60 sewage treatment plants having total capacity of ~1,706.6 MLD, delivering services that touch “over 44 million people as declared by the company.
VEL has filed DRHP to raise funds via IPO for ₹ 2,250 Crore which includes Fresh issue of ₹ 1,250 Crore & Offer-for-sale (OFS) of ₹ 1,000 Crore.
Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.
| Issue Size: | ₹ 2,250 Crore |
| Fresh Issue: | ₹ 1,250 Crore |
| Offer for Sale: | ₹ 1,000 Crore |
| Price Range: | TBA |
| Lot Size: | TBA |
Vishvaraj Environment Limited important data points:
Revenue, PAT, EBITDA
| Year | Fiscal 2025 |
| Networth | ₹ 782.2 Cr |
| Revenue: | ₹ 1758.7 Cr |
| EBITDA | ₹ 424 Cr |
| PAT | ₹ 266.3 Cr |
| EBITDA Margin: | ~24.11% |
| PAT Margin | ~14.95% |
| Face Value: | ₹ 05 per Eq. Share |
IPO important dates
| Open Date: | TBA |
| Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Use of Proceeds
| Purpose | Amount |
| Borrowing payment | ~ ₹ 545 Cr |
| Investment in subsidiaries infrastructure | ~ ₹ 415.45 Cr |
| General Corporate Purpose | Balance |
| Technology & Infrastructure | – |
Vishvaraj Environment Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 670.0 | ₹ 1,255.4 | ₹ 1,758.7 |
| Profit (₹ Cr) | ₹ 96.1 | ₹ 165.8 | ₹ 266.3 |
| Asset (₹ Cr) | ₹ 1,424.1 | ₹ 1,892.4 | ₹ 3,004.6 |
| Net Worth (₹ Cr) | ₹ 430.1 | ₹ 555.9 | ₹ 782.2 |
Vishvaraj Environment IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 28-Dec | ₹ – | ₹ – | ₹ – |
| 27-Dec | ₹ – | ₹ – | ₹ – |
| 26-Dec | ₹ – | ₹ – | ₹ – |
| 25-Dec | ₹ – | ₹ – | ₹ – |
| 24-Dec | ₹ – | ₹ – | ₹ – |
Vishvaraj Environment Limited Promoters – Pre offer equity (Approx)
| Premier Financial Services Pvt. Ltd. | 100% |
Vishvaraj Environment Limited IPO Pros & Cons
Strengths:
- Strong growth in water and wastewater management sector boosted with government push for sanitation and water reuse.
- Robust order book of ₹16,011 crore ensures near-term clear growing revenue.
- Diversified revenue model: EPC, O&M, HAM, PPP, reducing project risk concentration.
- Proven operational footprint across 30 cities with 90+ plants & 9,984 km pipeline network.
- Consistent financial growth in terms of Revenue, PAT, EBITDA for the past three years
Risks:
- IPO pricing and subscription dates not finalized, creating short-term uncertainty.
- Heavy dependence on government contracts & policies may expose to payment delays or legal issues.
- High capital expenditure and debt-funded projects may strain cash flow.
- Competitive water treatment and infrastructure sector could squeeze margins.
- Limited presence outside India restricts diversification and international growth opportunities.
Vishvaraj Environment Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Lead Managers / Registrars of Vishvaraj Environment Limited
| Lead / Book Running Lead Managers | JM Financial Limited, Axis Capital Limited, DAM Capital Advisors Limited |
| Registrar (RTA) | MUFG Intime India Pvt Ltd |
Founding Year of Vishvaraj Environment Limited & Managing Director
Vishvaraj Environment Limited was incorporated on 22 September 2008.
Mr. Arun Lakhani is the Managing Director of the company.
Vishvaraj Environment Limited FAQ
- Q1. What is the business of Vishvaraj Environment Limited?
It is a water‑utility and wastewater‑management company delivering services such as water supply, sewage/wastewater treatment, sewage‑water recycling for industrial use, water distribution networks, and operations & maintenance. - Q2. Why is the company raising funds via IPO?
VEL is raising funds via IPO to repay borrowings of subsidiaries, fund expansion via new water/wastewater treatment and a solar‑power project and support general corporate needs. - Q3. What is the size of the issue and where will it list?
The issue size of the IPO is approx ₹ 2,250 crore. And it will be listed on the BSE & NSE platform. - Q4. What are the risks to an investor?
Risks to investing in the IPO includes project execution delays, dependence on government contracts, regulatory/policy changes, capital intensive business and debt load, sector competition might affect margins typical for infrastructure firms in water/wastewater management. - Q5. What are the potential upsides?
The potential upsides of investing in the IPO is its large order‑book (₹ ~16,011 crore), rising demand for water / wastewater services, diversified service model (PPP, EPC, O&M), growth via new plant + solar‑energy projects, and steady margin growth in recent years. - Q6. How to apply for the IPO?
You can apply for the IPO via your brokerage/demat/ASBA using net banking / UPI account when the IPO opens - Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.
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