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Chiraharit Limited is an EPC company specializing in turnkey projects for water-based and renewable energy sectors. Its water-based segment focuses on the efficient movement of piped water for applications like solar module cleaning systems, agricultural irrigation, and water pipelines for industrial and residential use. The renewable energy segment involves the construction of Compressed Bio-Gas (CBG) plants. As part of the MALAXMI Group, Chiraharit leverages its expertise to deliver comprehensive and sustainable solutions.
Opening Date
Sep 29, 2025
Closing Date
Oct 03, 2025
Listing Date
Oct 08, 2025
IPO Type
SME
IPO Status
Closed
Issue Size
31.0716 Cr
Fresh Issue
31.07 Cr
Offer for Sale
—
Price Band
₹21 - ₹21
Lot Size
6000
The main objectives of the issue are to utilize the net proceeds for the following purposes:
Funding capital expenditure of ₹5.26 crores towards setting up a new HDPE Ball Valves and Fittings Manufacturing Unit to reduce import dependency and improve supply chain efficiency.
Repayment and/or pre-payment of certain borrowings availed by the company, amounting to ₹3.90 crores, to reduce outstanding indebtedness and debt servicing costs.
To meet the working capital requirements of the company, with an estimated allocation of ₹14.13 crores to fund business growth and expansion.
To fund general corporate purposes, including strategic initiatives, brand building, and meeting unforeseen business exigencies, with an allocation of ₹4.66 crores.
P/E Ratio
0.1
EPS
0.42
ROE
62.91%
ROCE
32.29%
RONW
62.91%
Debt to Equity Ratio
2.11
PAT Margin
10.1%
EBITDA Margin
16.36%
P/B
8.79
Diversified service portfolio across water management and renewable energy sectors.
Experienced promoters and senior management with extensive domain knowledge and a proven track record.
Robust order book valued at over ₹51.38 crores as of August 2025, ensuring revenue visibility.
Strong project execution capabilities demonstrated by successful completion of orders worth over ₹100 crores from FY22 to FY25.
Dependence on a limited number of customers for a significant portion of revenues.
High working capital intensity inherent in the EPC project business model.
Subject to restrictive covenants under existing financing arrangements which may limit operational flexibility.
High debt-to-equity ratio, which stood at 2.11 as of March 2025.
Growing demand for solar panel cleaning systems driven by the expansion of solar power projects in India.
Government initiatives like Jal Jeevan Mission and AMRUT 2.0 are expected to boost demand for water pipeline solutions.
Increasing focus on renewable energy creating significant opportunities in the construction of Compressed Bio-Gas (CBG) plants.
Backward integration by setting up a manufacturing unit for HDPE Ball Valves and Fittings to capture market share and reduce costs.
Increased competition from other established and new players in the EPC and renewable energy sectors.
Changes in government policies, regulations, or political instability could adversely affect project execution and business.
Economic slowdown in India could negatively impact demand for infrastructure and renewable energy projects.
Susceptibility to fluctuations in raw material prices, which could affect project costs and profitability.