PES Installations IPO

PES Installations Limited Initial Public Offering is a book building issue of 82.78 lakh equity shares, consisting of a fresh issue of up to 57.94 lakh equity shares and an offer for sale of up to 24.83 lakh equity shares.

The equity shares are proposed to be listed on NSE and BSE. Turnaround Corporate Advisors Private Limited is the book running lead manager, and KFin Technologies Limited is the registrar of the issue. Key details, such as the Initial Public Offering dates, price band, and lot size, are yet to be announced.

About PES Installations Limited

PES Installations Limited was originally incorporated as PES Installations Private Limited on November 23, 1995, under the provisions of the Companies Act, 1956. The company was subsequently converted into a public limited company pursuant to a shareholders' resolution passed on October 28, 2025, and received a fresh certificate of incorporation on December 2, 2025, under its present name, PES Installations Limited.

The company is engaged in the hospital infrastructure and medical engineering industry, providing specialised infrastructure solutions to healthcare facilities across India. Its operations include the design, engineering, procurement, manufacture, supply, installation, testing, and commissioning of hospital infrastructure systems, along with maintenance and support services.

The company offers a portfolio of hospital infrastructure solutions across four principal business segments: Medical Gas Pipeline Systems, Modular Operation Theatres, Pneumatic Tube Systems, and Nurse Call Systems. Its Medical Gas Pipeline Systems facilitate the distribution of medical gases, including oxygen, medical air, and nitrous oxide, across different hospital departments.

Its Modular Operation Theatres provide specialised, integrated environments for surgical procedures, while Pneumatic Tube Systems enable the automated transportation of medical supplies and other materials within healthcare facilities. Its Nurse Call Systems facilitate communication between patients and healthcare personnel.

Since its incorporation in 1995, the company has established its presence in the modular healthcare infrastructure segment, offering end-to-end solutions for specialised medical environments. A significant milestone in its business operations was the commencement of manufacturing activities in 2016. This enabled the company to manufacture certain components used in modular operation theatres, strengthen its control over product quality and consistency, improve operational flexibility, and enhance profitability margins.

The company has a pan-India presence and serves both government and private healthcare institutions. It undertakes projects either directly or through main contractors, Engineering, Procurement, and Construction (EPC) contractors, and other project execution entities. Its registered office is located in Northwest Delhi, while its manufacturing facility is situated in Rai, Sonepat, Haryana, spanning approximately 1,908 square metres. The company also undertakes projects in certain markets across the Indian subcontinent.

As of July 31, 2026, the company's order book stood at ₹22,163.92 lakh, comprising unexecuted projects for the design, supply, installation, and commissioning of medical gas pipeline systems, modular operation theatres, and other hospital infrastructure and equipment. Its revenue from operations stood at ₹11,056.40 lakh in Fiscal 2026, compared with ₹8,032.32 lakh in Fiscal 2025 and ₹9,724.05 lakh in Fiscal 2024. The company derived its entire revenue from operations from India during these three financial years. In Fiscal 2026, its top five customers contributed 64.46% of revenue from operations, while its top ten customers accounted for 78.33%.

Industry Outlook

• India's hospital infrastructure industry is witnessing structural expansion and modernisation, driven by the growing need to increase hospital capacity, strengthen critical-care infrastructure, and improve access to healthcare facilities. The demand extends beyond hospital beds to specialised facilities, including intensive care units, operating theatres, emergency departments, diagnostic centres, and associated engineering systems.
• Medical tourism is emerging as a significant growth driver for India's healthcare infrastructure industry. India's medical tourism market was estimated at USD 8.7 billion in 2025 and is projected to reach USD 16.2 billion by 2030, registering an estimated CAGR of approximately 13%. In 2025, around 5.07 lakh foreign nationals travelled to India for medical treatment. This is encouraging hospitals to invest in advanced medical facilities, specialised operating theatres, critical-care infrastructure, and internationally recognised healthcare standards.
• Government healthcare infrastructure initiatives are supporting the expansion of public healthcare facilities across the country. The Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) had an overall outlay of ₹64,180 crore for FY22–FY26. As of March 2026, the programme had approved 9,519 Ayushman Arogya Mandirs, 5,456 Urban Health Centres, 2,151 Block Public Health Units, 744 Integrated Public Health Laboratories, and over 600 Critical Care Hospital Blocks. These initiatives are generating demand for medical gas pipeline systems, hospital engineering installations, life-safety systems, and other specialised infrastructure.
• Demographic ageing and the rising burden of non-communicable diseases are increasing the requirement for specialised healthcare facilities. India's population aged 60 years and above is projected to increase from 10.1% in 2021 to approximately 20–21% by 2050, representing around 346 million people. Additionally, non-communicable diseases accounted for 60.1% of total deaths during 2022–2024. These developments are expected to increase demand for intensive care units, cardiac-care facilities, oncology centres, operating theatres, and advanced medical infrastructure.
• Expansion of organised healthcare into Tier-II and Tier-III cities is creating additional opportunities for hospital infrastructure providers. Corporate hospital chains are increasingly establishing multi-speciality and full-service hospitals in smaller cities, supported by rising incomes, urbanisation, greater health awareness, and improving insurance coverage. These facilities require modern operating theatres, intensive care units, medical gas systems, specialised heating, ventilation, and air-conditioning systems, electrical installations, and fire and life-safety infrastructure.
• Improving healthcare affordability and insurance penetration are supporting greater utilisation of organised healthcare facilities. Under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), eligible beneficiaries receive health coverage of up to ₹5 lakh per family annually for secondary and tertiary hospitalisation. As of June 2026, the scheme had authorised 12.69 crore hospital admissions worth ₹1.92 lakh crore through 37,413 public and private hospitals. Additionally, out-of-pocket expenditure declined from 62.6% of total health expenditure in FY15 to 43.4% in FY23, supporting greater access to hospital services.
• Increasing adoption of accreditation standards and modern hospital infrastructure is driving investments in specialised engineering systems. Hospitals seeking National Accreditation Board for Hospitals and Healthcare Providers (NABH) and Joint Commission International (JCI) accreditation are required to maintain higher standards of patient safety, infection control, facility management, and clinical infrastructure. This is encouraging investments in modular operating theatres, medical gas pipeline systems, specialised heating, ventilation, and air-conditioning systems, fire-safety installations, and other hospital engineering solutions. The modernisation of existing hospitals is also creating opportunities for renovation and infrastructure upgrades.
• The medical gas pipeline systems and modular operating theatre segments are expected to witness continued growth. India's medical gas pipeline systems market is projected to increase from USD 52–72 million in 2025 to USD 95–100 million by 2030, registering an estimated CAGR of 8–10%. Similarly, the modular operating theatre market is projected to grow from USD 150–160 million in 2025 to USD 300–310 million by 2030, representing an estimated CAGR of 14–15%. Growth in these segments is expected to be supported by new hospital construction, expansion of critical-care facilities, replacement of ageing infrastructure, and greater adoption of integrated hospital engineering systems.

PES Installations IPO Objectives

The company proposes to utilise the net proceeds from the issue towards the following objectives:

• Funding working capital requirements of the company.
• Towards general corporate purposes.

Financial Performance of PES Installations Limited

PES Installations Limited Peer Details Comparison