Safety Controls IPO plans to raise ₹48 crore through a completely fresh issue of shares, meaning no existing shareholders are selling their stake. The IPO will open for subscription on April 6, 2026, and close on April 8, 2026. The allotment of shares is expected to be finalised on April 9, and the company is likely to list on the BSE SME platform on April 13, 2026.
The price band for the issue has been fixed at ₹75 to ₹80 per share. Investors must apply for a minimum of 1,600 shares per lot. For retail investors, the minimum investment requirement is ₹2,56,000 (2 lots at the upper price band), while high net-worth individuals (HNIs) need to apply for at least 3 lots (4,800 shares), amounting to ₹3,84,000.
The IPO is being managed by Sobhagya Capital Options Pvt. Ltd., while Maashitla Securities Pvt. Ltd. is handling the allotment and investor records.
Safety Controls & Devices IPO Objectives
- The company will allocate up to ₹600 Lakhs to repay or prepay existing borrowings, which stood at ₹3,384.48 Lakhs as of March 31, 2025. This move is designed to lower debt servicing costs, improve the debt-equity ratio, and allow internal accruals to be redirected toward business expansion.
- As operations scale from fire protection to complex 220 KV and 400 KV substation and solar projects, additional liquidity is required to manage the project cycles of government and private utilities. These funds will cover the incremental costs of engineering, procurement, and construction to drive overall profitability.
- A portion of the proceeds (capped at 15% of the gross proceeds or ₹1,000 Lakhs) will be used for day-to-day operational expenses such as salaries, rent, and business development. This provides the management with the necessary flexibility to address tax obligations, maintenance, and unforeseen business exigencies.
About Safety Controls & Devices
Safety Controls & Devices Private Limited was incorporated in 2015 and later became a public company in 2023. Based in Lucknow, it operates as an engineering and EPC (Engineering, Procurement, and Construction) company.
The company initially started by providing fire safety equipment and systems, but gradually expanded into larger infrastructure projects. Today, it works across multiple sectors such as power transmission, solar energy, EV charging infrastructure, fire protection systems, and hospital construction projects for the Ministry of Ayush.
It specialises in designing, supplying, installing, and commissioning substations, including high-voltage projects up to 400 KV. Over time, the company has successfully executed turnkey projects and commissioned 19 substations for government and private clients.
A large part of its business comes from government contracts, including state and central power utilities. With ISO 9001:2015 certification, the company focuses on quality, safety, and efficient project execution, aiming to strengthen its presence in India’s EPC and infrastructure space.
Industry Outlook
- India is on a rapid trajectory to diversify its energy mix, having increased its installed non-fossil fuel capacity by 396% in the last 8.5 years. With an enhanced COP26 target of 500 GW by 2030, the industry is transitioning from a fossil-fuel-dependent model to one where non-fossil sources already constitute 42-44% of total capacity.
- The sector shows immediate growth potential, with installed renewable capacity projected to reach 170 GW by March 2025 (up from 135 GW in late 2023). This is supported by consistent year-on-year growth in electricity generation, which saw an 8.87% increase in 2022-23.
- The industry is highly attractive to global capital due to 100% automatic FDI approval, requiring no prior government intervention. This has solidified renewable energy's position in the national economy, accounting for a 2.72% share of total FDI inflows between 2000 and 2024.
- Through initiatives like the International Solar Alliance, the industry is not just a domestic priority but a global one. The collaboration with over 120 signatory countries positions Indian renewable energy players to benefit from international technology transfers and cross-border infrastructure project.
How To Apply for the Safety Controls & DevicesIPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Safety Controls & DevicesIPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Safety Controls & Devices IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Safety Controls & Devices
Registered office: C-43/28/1, Nawal Kishore Road, Hazratganj, Lucknow, Uttar Pradesh, 226001
Phone: +91 05224026070
E-mail:cs@safetygroup.in
Safety Controls & Devices IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
Safety Controls & Devices IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual Investors (Retail) (Min) | 2 | 3,200 | ₹2,56,000 |
| Individual Investors (Retail) (Max) | 2 | 3,200 | ₹2,56,000 |
| S-HNI (Min) | 3 | 4,800 | ₹3,84,000 |
| S-HNI (Max) | 7 | 11,200 | ₹8,96,000 |
| B-HNI (Min) | 8 | 12,800 | ₹10,24,000 |
Safety Controls & Devices IPO Promoter Holding
The promoters of the company include Rajnish Chopra, Anjali Chopra and Abhishek Chopra.
| Share Holding Pre-Issue | 66.53% |
| Share Holding Post Issue | 46.40% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Safety Controls & Devices IPO
| KPI | Mar 31, 2025 |
| ROE | 30.14% |
| ROCE | 37.39% |
| Debt/Equity | 0.80 |
| RoNW | 21.32% |
| PAT Margin | 8.77% |
| EBITDA Margin | 16.84% |
Safety Controls & Devices IPO Registrar and Lead Managers
Safety Controls & Devices IPO Lead Managers
Sobhagya Capital Options Pvt.Ltd.
Registrar for Safety Controls & Devices IPO
Maashitla Securities Pvt.Ltd.
Phone: +91-11-45121795-96
Email: ipo@maashitla.com
Financial Performance of Safety Controls & Devices
| Parameter | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 120.28 | 74.99 | 66.36 |
| Total Income | 103.50 | 45.70 | 49.26 |
| Profit After Tax | 8.99 | 4.01 | 0.43 |
| EBITDA | 17.27 | 8.27 | 2.63 |
| Net Worth | 42.17 | 17.48 | 12.47 |
Note: All figures are in ₹ Crore.
Safety Controls & Devices Peer Comparison
| Name of the Company | EPS (₹) | P/E Ratio | RONW (%) | NAV (₹ Per Share) |
|---|---|---|---|---|
| Safety Controls & Devices Limited | 7.47 | — | 22.47% | 32.17 |
| Viviana Power Tech Limited | 27.68 | 59.47 | 39.96% | 97.93 |
| Oriana Power Limited | 79.52 | 31.68 | 31.11% | 254.75 |
Strengths and Opportunities of Safety Controls & DevicesLimited
- The company is capable of executing projects up to 400kV AIS substations. This technical qualification allows them to compete for high-value tenders against large multinationals while maintaining lower overhead costs.
- A significant portion of revenue is derived from government-awarded contracts. Their track record with public sector undertakings (PSUs) provides a steady pipeline of projects through the formal tendering process.
- Long-standing associations with Original Equipment Manufacturers (OEMs) and dealers enable the procurement of quality components at competitive rates, which directly improves their bidding competitiveness.
- Unlike decentralized competitors, the company manages all decision-making—from raw material procurement to workforce deployment—centrally. This structure is designed to eliminate bottlenecks and accelerate project execution.
- By integrating Air-Insulated (AIS) and Gas-Insulated (GIS) technologies, the company is entering the niche Hybrid Substation market. These units use SF6 gas to reduce land requirements, addressing the critical industry challenge of urban space constraints.
- Their "one-stop-shop" approach spans power transmission, fire safety, renewable energy, and healthcare infrastructure (Ministry of Ayush). This diversification acts as a hedge against market fluctuations in any single sector.
- The operations are backed by a dedicated team of approximately 60 professionals, including specialised electrical and civil engineers and compliance experts.
Risks and Threats of Safety Controls & Devices
- The company has a history of negative cash flows from operating and investing activities. As of March 31, 2025, net cash from operating activities was negative ₹742.89 Lakhs, primarily due to a massive spike in trade receivables.
- The business is highly dependent on a few clients. In FY2025, the largest customer contributed 65.07% of total revenue, and the top 10 customers accounted for 100% of the company's revenue.
- Operations are restricted to a very narrow region. As of March 31, 2025, 98.68% of revenue was generated solely from Uttar Pradesh, making the company vulnerable to regional policy changes or economic downturns in that state.
- While diversifying, the company still relies heavily on the power sector. Solar Projects (65.05%) and Substations (23.05%) combined for over 88% of total revenue in FY2025, exposing the firm to risks in renewable energy spending.
- There has been a sharp increase in uncollected dues. Trade receivables jumped from ₹4,729.78 Lakhs in March 2024 to ₹8,732.46 Lakhs in March 2025, which severely strains liquidity and working capital.
- Most projects are with government entities. This leads to extended working capital cycles and makes the company vulnerable to shifts in political priorities, budget constraints, and bureaucratic delays in approvals.
- The National Stock Exchange (NSE) previously returned the company’s DRHP (dated Nov 08, 2024). The company failed to meet the eligibility criteria of maintaining positive Free Cash Flow to Equity (FCFE) in at least two of the three preceding financial years.
