Sanghvi Housing & Infrastructure IPO

Sanghvi Housing & Infrastructure Limited IPO is a book build issue consisting solely of a fresh issue of up to 60 lakh equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India and the BSE. Aryaman Financial Services Limited is the book running lead manager, and Bigshare Services Private Limited is the registrar of the issue. Key details such as the IPO dates, IPO price band, and lot size are yet to be announced.

About Sanghvi Housing & Infrastructure Limited

Sanghvi Housing and Infrastructure Limited was incorporated in Mumbai in 2005 and has evolved into a real estate development company focused primarily on residential projects in the Mumbai Metropolitan Region (MMR) and Thane district. The company operates through the Company and a network of subsidiaries and associates, undertaking projects across the real estate development lifecycle, including identification of development opportunities, project structuring, planning and design, regulatory approvals, construction, marketing, sale, and completion. The company was converted from a private limited company to a public limited company in 2023.

The company is primarily engaged in the development of residential real estate, with select commercial developments. Its core business model is focused on the redevelopment of existing residential properties and housing societies, particularly in established urban locations, while it also undertakes greenfield development on suitable land parcels. Of its 31 projects across completed, ongoing, and upcoming stages, 28 are redevelopment projects and three are greenfield projects, highlighting redevelopment as the company’s principal area of expertise.

Sanghvi Housing and Infrastructure has developed a portfolio across several established residential micro-markets in Mumbai, including Santacruz, Girgaon, Vile Parle, Andheri, Bandra, Lalbaug, Jogeshwari, Borivali, Matunga, Goregaon, Malad, Dharavi, Mahim, Gamdevi, Tardeo, Worli, and Sion, as well as locations in Thane district. As of the DRHP, the company had 31 projects across completed, ongoing, and upcoming stages, with an aggregate developable area of approximately 54.83 lakh sq. ft. and saleable area of approximately 21.82 lakh sq. ft. Its portfolio is predominantly concentrated in the mid-market and economy segments, which together account for 25 projects and approximately 83.83% of aggregate saleable area.

Sanghvi Housing and Infrastructure follows a development model in which it identifies and evaluates properties, structures redevelopment or development arrangements, coordinates architects and consultants, obtains regulatory approvals, and manages construction through external contractors and other specialized resources. In redevelopment projects, the company works with existing occupants and housing societies and provides rehabilitation premises while developing the free-sale component. Sales and customer engagement are handled directly, with the company retaining oversight across the project lifecycle.

The company has established a presence in Mumbai's residential real estate market, with its share of total residential unit sales in Mumbai increasing from 0.02% in FY2023 to 0.10% in FY2025. Its residential unit sales grew at a CAGR of 134.5% between FY2023 and FY2025. The company has also demonstrated execution capabilities, having completed four projects ahead of their respective RERA completion dates, with completion occurring between approximately 14 months and 20 months ahead of the scheduled dates.

Financially, the company recorded revenue from operations of ₹101.84 crore in FY2026, compared with ₹75.59 crore in FY2025 and ₹62.64 crore in FY2024. Its restated consolidated PAT stood at ₹26.26 crore in FY2026, compared with ₹20.81 crore in FY2025 and ₹7.60 crore in FY2024. EBITDA increased to ₹35.87 crore in FY2026, with an EBITDA margin of 35.22%, while return on equity stood at 36.70%.

The company is led by promoters and a management team with experience across real estate development, project planning, execution, regulatory approvals, finance, sales, and marketing. Promoter and Chairman & Managing Director Pakshal Prithviraj Sanghvi has more than a decade of experience in the real estate sector and business development and holds qualifications in architecture and management.

Industry Outlook

• India’s real estate market was estimated at US$656.8 billion in CY25 and is projected to reach US$917.3 billion by CY30, implying a 6.9% CAGR. Growth is expected to be led by major metros, including the Mumbai Metropolitan Region (MMR).
• Residential real estate remains the dominant segment, accounting for 69% of India’s overall real estate market in CY25. Demand continues to be supported by urbanization, rising incomes, household formation, and sustained end-user housing requirements.
• The residential market entered a phase of moderation in FY26 after several years of strong growth. While housing sales remained healthy, elevated property prices and affordability concerns resulted in more cautious buying behavior, suggesting moderate near-term growth.
• In CY25, the top eight cities recorded 348,383 residential sales, down 0.7% YoY, while Mumbai remained the largest market with 97,237 units sold, up 1.0% YoY. In H1CY26, Mumbai sales increased another 1% YoY to 47,379 units, indicating relatively resilient demand.
• New supply is becoming more disciplined, with developers increasingly prioritizing premium, larger-format, and amenity-rich housing. Mumbai recorded 87,194 new launches in CY25, down 9.0% YoY, reflecting a measured approach to supply amid affordability considerations.
• MMR demand is gradually shifting towards suburban and peripheral corridors offering better connectivity and relatively lower entry prices. Extended Eastern Suburbs, Panvel, Thane, and Western Suburbs remained major sales markets, while infrastructure-led development is strengthening Navi Mumbai and other emerging corridors.
• Redevelopment is emerging as a structural growth opportunity in Mumbai, supported by aging housing stock and severe land constraints. Over 70% of MMR’s land is already built-up, while DCPR 2034 enables higher FSI and redevelopment incentives, making redevelopment an increasingly important source of new housing supply.
• The long-term outlook remains positive, supported by infrastructure investment, urbanization, and evolving housing preferences. The DRHP notes that India’s urban population is expected to reach 40% of the total population by 2036, while MMR’s metro, road, and airport connectivity improvements are expected to support residential demand, absorption, and price appreciation.

Sanghvi Housing & Infrastructure IPO Objectives

The company proposes to utilize the net proceeds from the IPO for the following objectives:

• For investing in subsidiaries.
• Funding for acquisition of future projects.
• Towards general corporate purposes.

Financial Performance of Sanghvi Housing & Infrastructure Limited

Sanghvi Housing & Infrastructure Limited

 Peer Details Comparison 

Strengths and Opportunities of Sanghvi Housing & Infrastructure IPO

1. Sanghvi Housing has an established presence across the Mumbai Metropolitan Region, particularly Mumbai’s Western & Central Suburbs, South-Central Mumbai, and Thane, with projects located in established micro-markets and infrastructure-led growth corridors.
2. The company has significant redevelopment expertise, with 28 of its 31 projects being redevelopment projects. Its redevelopment portfolio spans 5 completed, 9 ongoing, and 14 upcoming projects, providing experience in tenant rehabilitation, society coordination, and redevelopment execution.
3. Sanghvi has built a sizeable project pipeline of 31 projects covering 54.83 lakh sq. ft. of developable area and 21.82 lakh sq. ft. of saleable area. Importantly, 15 upcoming projects alone account for 40.15 lakh sq. ft. of developable area and 16.55 lakh sq. ft. of saleable area, providing substantial visibility for future growth.
4. The company operates in a market where redevelopment offers a structural growth opportunity: 1,015 society redevelopment agreements were executed in MMR between 2020 and Q1 CY2026, unlocking 420.1 acres of land. Limited developable land and ageing housing stock further support redevelopment-led residential supply.
5. Sanghvi intends to move its secured upcoming projects into development in a phased manner, reducing dependence on fresh land acquisition. The upcoming portfolio has an average estimated saleable area of 1.10 lakh sq. ft. per project, compared with about 33,000 sq. ft. for completed and ongoing projects, indicating a shift towards larger projects.
6. The company sees an opportunity to move beyond its traditional mid-market and economy focus into premium and ultra-luxury housing. These segments currently represent only 6 of 31 projects, while the company believes prime-location redevelopment opportunities, limited land availability, and higher entry barriers can support this expansion.
7. Financial performance has strengthened materially, with revenue growing at a 27.50% CAGR between FY24 and FY26, while EBITDA grew at 66.86% CAGR and PAT at 85.84% CAGR. FY26 EBITDA margin stood at 35.22% and PAT margin at 25.79%, demonstrating improved profitability alongside business growth.

Risks and Threats of Sanghvi Housing & Infrastructure IPO

1. The company’s revenue is highly dependent on timely sales of residential inventory. As of March 31, 2026, it had 56 unsold units in completed projects and 434 unsold units in ongoing projects, which could lock up capital and affect cash flows if absorption slows.
2. Redevelopment projects expose Sanghvi to delays arising from tenant consent, rehabilitation, and vacant possession. The company had ₹17.55 crore of balance compensation payable for alternate accommodation and hardship compensation in three ongoing projects, which can increase further if projects are delayed.
3. Project execution remains exposed to regulatory approvals, land-title issues, legal proceedings, financing constraints, supply-chain disruptions, and changes in market demand. This is particularly relevant given the ₹401.50 crore developable area in 15 upcoming projects, most of which are yet to commence construction.
4. Delays in completing projects within their RERA timelines could increase project costs and create additional liabilities. The company itself notes that delays can extend project overheads, finance costs, and rent/rehabilitation payments, while potentially triggering interest or penalties under RERA.
5. A substantial portion of the business is concentrated in the Mumbai Metropolitan Region, particularly Mumbai’s Western and Central Suburbs, South-Central Mumbai, and Thane. This concentration exposes the company to local property prices, absorption rates, infrastructure conditions, and regulatory changes in these micro-markets.
6. The company depends significantly on its subsidiaries and associates for project execution and financial performance. These entities are separate legal entities and, in several cases, Sanghvi may not have absolute control over profit distributions, potentially affecting the timing and availability of cash at the parent level.
7. Sanghvi has reported negative operating cash flows in each of FY24, FY25, and FY26, at approximately ₹3.16 crore, ₹24.43 crore, and ₹37.26 crore, respectively. The deterioration was largely linked to funds tied up in inventories and other current assets, highlighting the working-capital intensity of its real estate business.

Sanghvi Housing & Infrastructure IPO Reservation