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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding working capital requirements
A portion of the fresh issue proceeds is earmarked to meet the company's incremental working capital needs for its ongoing road-construction contracts.
General corporate purposes
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(₹ in Crore)
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Udayshivakumar Infra Limited is a Karnataka-based civil construction company that builds and maintains roads under government contracts. Its project portfolio spans state highways, district roads, national highways, local roads in taluka towns, and urban road works carried out for municipal corporations, the Bruhat Bengaluru Mahanagara Palike, and projects under the central government's Smart City initiative. The company was incorporated in 2019 and holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, reflecting formalized quality, environmental, and workplace-safety systems. As of the end of December 2022, it carried an order book of roughly Rs 1,290 crore, indicating a substantial pipeline of contracted work relative to its annual revenue. The business model is centered on winning and executing public infrastructure tenders within Karnataka, giving it a concentrated geographic footprint but deep familiarity with the state's road-building ecosystem. Its revenue depends heavily on the pace of government road spending and timely payment cycles from public sector clients, factors that also shape its working capital needs.
Promoter Name is not available
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Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Strengths are not available
Inconsistent financial track record
The company's revenue and profit have moved unevenly across recent years rather than growing steadily, which makes future performance harder to predict.
Slow GST recovery from government clients
A large amount of goods and services tax was still owed back from government projects as of September 2022, tying up funds and creating collection risk.
High customer concentration
The top ten clients accounted for over 83% of total revenue, so the loss of even a few contracts could materially hurt the business.
Rich valuation on annualized earnings
Based on FY23 annualized earnings at the time of the offer, the issue was assessed as fully priced with limited valuation cushion.
No dividend history
The company had not paid any dividend in the periods covered by its financial disclosures, so it offered no track record of shareholder cash returns.
Udayshivakumar Infra Limited
# 1924/A-196, Manjukrupa, Banashankari Badavane, Near NH-4 Bypass, Davangere - 577005, Karnataka
View on Maps →MAS Services Limited
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