MARC Technocrats

• MARC Technocrats is coming out with an initial public offering (IPO) of 45,79,200 shares in a price band of Rs 88-93 per equity share. 
• The issue will open on December 17, 2025 and will close on December 19, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 8.80 times of its face value on the lower side and 9.30 times on the higher side.
• Book running lead manager to the issue is Narnolia Financial Services.
• Compliance Officer for the issue is Chetna.

Profile of the company

MARC Technocrats is engaged in the business of infrastructure consultancy services, comprising Supervision and Quality Control (SQC), preparation of Detailed Project Reports (DPRs), Third-Party Techno-Financial Auditor and Pre-Bid Advisory services. The company provides its services for the infrastructure projects, such as roads and highways, railways, buildings, and water resources. The company primarily operates on a Business-to-Government (B2G) model, with the majority of its revenue derived from delivering its services to government department and ministries such as Ministry of Road Transport and Highways (MoRTH), National Highways and Infrastructure Development Corporation Limited (NHIDCL), National Highways Authority of India (NHAI), Public Works Departments (PWDs) and Railways.

The company provides comprehensive consultancy services throughout the entire lifecycle of infrastructure projects, from concept to commissioning. It conducts detailed supervision of the construction projects to assess the progress, quality, and safety of the construction activities. Further, it ensures that the activities are carried out as per the approved plan. The company prepares detailed project report which includes detailed design, working drawings, detailed cost estimates, economic and financial viability analysis, environmental and social impact assessment, for the Infrastructure Projects. 

Under -- Third-Party Techno-Financial Auditor, the company examines that the projects adhere to approved technical specifications, designs, and construction standards while maintaining the required quality in materials and workmanship. Further, it reviews the project’s costs, expenditures, and financial documentation to confirm that they are consistent with the approved budget and agreements. Further, the company provides advisory services to the clients and helps them to prepare for competitive bidding by analysing the technical, financial, and contractual aspects of an infrastructure project.

Proceed is being used for:

• Funding capital expenditure requirements for the purchase of equipment/machineries
• Meeting expenses of working capital requirement
• Meeting general corporate purposes

Industry Overview

Infrastructure is a key enabler in helping India become a $26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs. Prime Minister Narendra Modi also recently reiterated that infrastructure is a crucial pillar to ensure good governance across sectors. The government’s focus on building infrastructure of the future has been evident given the slew of initiatives launched recently. The $1.3 trillion national master plan for infrastructure, Gati Shakti, has been a forerunner bring about systemic and effective reforms in the sector, and has already shown a significant headway. Infrastructure support to the nation’s manufacturers also remains one of the top agendas as it will significantly transform goods and exports movement making freight delivery effective and economical.

Starting with 6,835 projects, the NIP project count now stands at 9,142 covering 34 sub-sectors, as per news reports. Under the initiative, 2476 projects are under the development phase with an estimated investment of $1.9 trillion. Nearly half of the under-development projects are in the transportation sector, and 3,906 are in the roads and bridges sub-sector. During FY24, Total revenue of Indian Railways stands at $28.89 billion (Rs 2.40 Lakh crore) as on March 15. Last year on 15th March, total Revenue was $26.84 billion (Rs 2.23 Lakh crore). The India Residential Real Estate Market size is estimated at Rs. 2,439,381 crore ($283.55 billion) in 2025 and is expected to reach Rs. 73,76,212 crore ($857.40 billion) by 2030, at a CAGR of 24.77%.

With a 37% increase in the current fiscal year, capital expenditures (CAPEX) are on the rise, which bolsters ongoing infrastructure development and fits with 2027 goals for India's economic growth to become a $5 trillion economy. The infrastructure sector has become the biggest focus area for the Government of India. India's GDP is expected to grow by 8% over the next three fiscal years, one of the quickest rates among major, developing economies. India and Japan have joined hands for infrastructure development in India's Northeast states and are also setting up an India-Japan Coordination Forum for development of Northeast to undertake strategic infrastructure projects for the region. India being a developing nation is set to take full advantage of the opportunity for the expansion of the infrastructure sector, and it is reasonable to conclude that India's infrastructure has a bright future ahead of it. 

Pros and strengths

Wide range of services: The company has a service portfolio ranging from concept to commissioning in an infrastructure and construction project lifecycle. Basically, it provides end to end service of civil engineering solutions, whether its Survey, Master plans and other Technical Evaluation Studies, Planning, Designing, Project Costing, Operation & Maintenance (O&M) Studies, conducting Engineering, social and economic studies and analysis, Supervision, Testing & Commissioning, Project Management, Quality Management, and Safety. In addition to existing sectors, its management continuously experiments with adoption of newer technologies in existing and adjacent sectors with growing business potential.

Strong client base: The company’s major client includes department and Ministries of Government of India such as MoRTH, NHIDCL, NHAI, PWD’s and Railways. Further, the company also provides its services to various clients pertaining to the private sector. Its continued efforts enable the company to provide additional value to its existing clients and also increase its potential market.

Experienced management team: The company’s management team is well qualified and experienced in the infrastructure and civil engineering industry. It is led by its experienced promoters Hitender Kumar, Suman Rathee and Norang Rai Loohach, who are supported by its team of senior management, engineers and other personnel. Its Promoters, Hitender Kumar and Norang Rai Loohach, have experience of more than 15 Years and 39 years in the field of infrastructure and irrigation & water resources department respectively. Additionally, its management team has worked with government departments, which helps it to understand how to collaborate with them, sustain and expand its business and meet its commitments on time. This helps the company in the bidding process and increases its chances of winning contracts.

Risks and concerns

High customer concentration risk: The company derived a significant portion of its revenue from a limited number of clients. The company has garnered 40.09%, 59.98% and 75.14% of its revenue from top 10 customers in FY25, FY24 and FY23 respectively. This reliance on a small client base increases the volatility of its results and exposes it to risks associated with individual contracts. If the company fails to meet profit expectations or incur losses on these substantial contracts, it could adversely affect its business. The loss of any key client or failure to comply with contract obligations could lead to a reduction in the number of contracts awarded by that client in the future, significantly impacting its revenue and business performance.

Over-reliance on SQC segment for revenue generation: The company is majorly dependent on the services provided by it under Supervision and quality control (SQC) segment. The company has garnered 82.23%, 93.26% and 93.31% of its total revenue from SQC segment in FY25, FY24 and FY23 respectively. If the demand for this segment declines due to changes in market trends, customer preferences, or technological advancements, the company's revenue can be severely impacted, dependency on one segment makes the company's revenue stream highly volatile and sensitive to any disruptions in the product market.

Significant revenue dependence on select Indian states: The company’s business operations span various regions across India. Despite this diversified presence, the company has a significance dependency on Haryana, Uttar Pradesh, Bihar and Maharashtra which contributes 54.30%, 51.16%, 25.03%, and 16.71%, to its total revenue for the period ended on September 30, 2025 and the financial years ending on March 31, 2025, March 31, 2024 and March 31, 2023, respectively. Relying heavily on these states exposes the company to regional economic fluctuations, regulatory changes, and local market dynamics. Adverse conditions such as economic downturns, political instability, or natural disasters specific to that region could significantly impact its revenue stream and also any decline in the economic prosperity or changes in regulations within that particular region could negatively affect its financial performance.

Outlook

MARC Technocrats provides infrastructure consultancy services, including supervision and quality control, detailed project reports, techno-financial audits, and pre-bid advisory services. The company offers services from concept to commissioning in the infrastructure project lifecycle. On the concern side, the company’s revenue depends heavily on government-tendered projects and a few key clients. Any unfavourable changes in government policies or the loss of any major client could significantly impact its business and financial performance. Moreover, the company’s majority of revenue dependent on the services provided by it under Supervision and quality control (SQC) segment, any decline in the demand for these services can affect its revenue and result of operations.

The company is coming out with a maiden IPO of 45,79,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 88-93 per equity share. The aggregate size of the offer is around Rs 40.30 crore to Rs 42.59 crore based on lower and upper price band respectively. On performance front, net revenue from operations for the Financial Year March 31, 2025, stood at Rs 4,775.30 lakh whereas in Financial Year March 2024 it stood at Rs 2,603.83 lakh representing an increase of 83.40%. Moreover, the restated profit after tax for the Financial Year March 31, 2025, stood at Rs 747.68 lakh whereas in Financial Year 31st March 2024 it stood at Rs 345.22 lakh representing an increase of 116.58%.

The company intends to continue its focus on the core consultancy business, which provides further growth opportunities through the retention of existing clients and acquisition of new clients. The company’s inherent strength lies in the experience developed over the years in providing consultancy services to a variety of sectors. It shall make efforts to further strengthen its core consultancy business by deploying additional resources such as hiring sector specific experts and expanding its office network.