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Safety Controls & Devices IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Safety Controls & Devices Limited is an EPC (Engineering, Procurement and Construction) company engaged in infrastructure and safety-related projects. Initially focused on fire protection systems, the company has diversified into power transmission, solar energy, EV charging infrastructure, and hospital construction projects. It earns revenue mainly through execution of government and private sector EPC contracts, where it provides end-to-end project services from design to commissioning.
Safety Controls an Book Built Issue, amounting to ₹
48.00 Crore,consisting entirely an fresh issue of
0.60 crore shares of ₹
48.00 crores.The subscription period for the Safety Controls IPO opens on April 06, 2026, and closes on April 08, 2026. The allotment is expected to be finalized on or about April 09 2026, Thursday, and the shares will be listed on the BSE SME with a tentative listing date set on or about Monday, April 13, 2026.
The Share Price Band of Safety Controls IPO is set at ₹75 to ₹80 per share per equity share. The Market Capitalisation of the Safety Controls at IPO price of ₹80 per equity share will be ₹
158.62 Cr. The lot size of the IPO is
1,600 shares. Retail investors are required to invest a minimum of ₹
256,000,
2 lots (
3,200 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
4,800 shares), amounting to ₹
384,000.
SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED, the book running lead manager of the Safety Controls. while MAASHITLA SECURITIES PRIVATE LIMITED is the registrar for the issue.The Market Maker of the company is NNM Securities Private Limited
Safety Controls Limited IPO GMP Today
The Grey Market Premium of Safety Controls IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Safety Controls Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on April 08, 2026, the Safety Controls IPO live subscription status shows that the IPO subscribed 1.28 times on its Final Day of subscription period. Check the Safety Controls IPO Live Subscription Status Today at BSE.
Safety Controls Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Safety Controls IPO allotment date is April 09 2026, Thursday, Safety Controls IPO Allotment will be out on April 09 2026, Thursday, and will be live on Registrar Website from the allotment date.
MAASHITLA SECURITIES PRIVATE LIMITED IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Safety Controls IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Safety Controls Limited IPO
Safety Controls to utilise the Net Proceeds towards the following objects:
1. ₹600.00 Lakhs is required for Repayment/prepayment, in part or full of certain of our borrowings
2. ₹3,150.00 Lakhs is required for Funding the Working Capital Requirements of our Company
3. General Corporate Expenses
Refer to Safety Controls Limited RHP for more details about the Company.
Safety Controls & Devices Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| March 30, 2026 | ₹ 80 | ₹ 80 | ₹0(0.0%) | 30 March 2026; 11:14 AM |
Safety Controls & Devices IPO Details
| Market Capitalization | ₹158.62 Cr. |
| IPO Date | April 06, 2026 to April 08, 2026 |
| Listing Date | April 13, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹75 to ₹80 per share |
| Issue Price | ₹80 per share |
| Employee Discount | NA |
| Lot Size | 1600 Equity Shares |
| Total Issue Size | 60,00,000 Equity Shares (aggregating to ₹48.00 Cr) |
| Fresh Issue | 60,00,000 Equity Shares (aggregating to ₹48.00 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share holding pre issue | 1,38,26,999 |
| Share holding post issue | 1,98,26,999 |
| Rating | Avoid |
Safety Controls & Devices IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Safety Controls & Devices IPO Timeline (Tentative Schedule)
| IPO Open Date | Mon, Apr 6, 2026 |
| IPO Close Date | Wed, Apr 8, 2026 |
| Basis of Allotment | Thu, Apr 9, 2026 |
| Initiation of Refunds | Fri, Apr 10, 2026 |
| Credit of Shares to Demat | Fri, Apr 10, 2026 |
| Listing Date | Mon, Apr 13, 2026 |
| Cut-off time for UPI mandate confirmation | Thu, Apr 9, 2026 |
Safety Controls & Devices IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 2,848,000 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 854,400 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 1,993,600 | Not more than 35% of the Net Offer |
| Market Maker Portion | 304,000 | - |
Safety Controls & Devices IPO Promoter Holding
| Share Holding Pre Issue | 66.53% |
| Share Holding Post Issue | 46.40% |
Safety Controls & Devices IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹256,000 |
| Retail (Max) | 2 | 3,200 | ₹256,000 |
| S-HNI (Min) | 3 | 4,800 | ₹384,000 |
| S-HNI (Max) | 7 | 11,200 | ₹896,000 |
| B-HNI (Min) | 8 | 12,800 | ₹1,024,000 |
Safety Controls & Devices IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 2,848,000 | 15,76,000 | 0.55x | 09 April 2026; 12:17 PM |
| Non Institutional Investors(NIIS) | 1,158,400 | 21,18,400 | 1.83x | 09 April 2026; 12:17 PM |
| Retail Individual Investors (RIIs) | 1,993,600 | 15,61,600 | 0.78x | 09 April 2026; 12:17 PM |
| Total | 6,000,000 | 52,56,000 | 0.88x | 09 April 2026; 12:17 PM |
About Safety Controls & Devices Limited
Safety Controls & Devices Limited is an EPC (Engineering, Procurement and Construction) company engaged in infrastructure and safety-related projects. Initially focused on fire protection systems, the company has diversified into power transmission, solar energy, EV charging infrastructure, and hospital construction projects. It earns revenue mainly through execution of government and private sector EPC contracts, where it provides end-to-end project services from design to commissioning.
Key Clients & Facilities
The company is highly dependent on a limited client base, with its top 3 customers contributing over 90% of revenue and top 5 contributing ~98% in recent periods.
It does not own heavy manufacturing facilities as it operates as an EPC contractor. Projects are executed at client locations using workforce deployment. The company has a registered office in Lucknow with necessary IT and operational infrastructure.
Product Portfolio & Order Book
The company operates across segments such as fire safety systems, power infrastructure, solar projects, and EV charging solutions. These services are critical in the infrastructure lifecycle, from construction to safety compliance and energy management. The company executes projects based on orders received from clients, including government entities. Revenue visibility depends on project execution timelines, milestone-based payments, and retention clauses, which also impact cash flows and working capital cycles.
Expansion, Capex & Future Plans
The company plans to use IPO proceeds partly for working capital requirements, with ₹3,150 lakh allocated for funding future working capital gaps.
Its growth strategy focuses on expanding into new markets, improving customer relationships, and optimizing resource utilization. However, execution of expansion depends on timely implementation and availability of financial resources, and there is risk of cost overruns or delays in expansion plans.
Employees & Banker
Oct 31, 2025, the company had 77, full time employees. The Banker to the Company is ICICI Bank Limited.
Management & Growth Vision
The company is led by experienced promoters Rajnish Chopra, Anjali Chopra, and Abhishek Chopra, who play a key role in strategic decision-making and execution.
Management’s vision focuses on scaling operations in EPC infrastructure, strengthening client relationships, and entering new sectors such as renewable energy and EV infrastructure. The company aims to grow by leveraging its expertise in project execution and expanding its order pipeline.
For funding expansion and capex, the company plans to rely on a mix of IPO proceeds, internal accruals, and borrowings.
However, growth execution will require efficient capital allocation and strong working capital management due to the nature of EPC business.
Industry Overview
The company operates in the EPC (Engineering, Procurement and Construction) and infrastructure sector, particularly in power transmission, renewable energy, and safety systems.
- The Indian infrastructure sector is one of the largest, contributing significantly to GDP, with strong government push in power, renewable energy, and urban infrastructure.
- The power and EPC market in India is expected to grow at a CAGR of 8–10%, driven by investments in transmission, renewable energy, and electrification.
- Globally, the EPC market is valued at trillions of dollars, with growth supported by energy transition and infrastructure modernization.
- Key industry players include large EPC companies like L&T, KEC International, and Tata Projects.
Growth is supported by rising investments in solar energy, EV infrastructure, and smart grid systems, where the company is also expanding.
Key Risk Factors
1. High Client Concentration Risk
The company derives a significant portion of revenue from a few clients, with top 3 customers contributing over 90%. Loss of any major client can significantly impact revenue and profitability.
2. Working Capital Intensive Business
EPC projects require large working capital due to inventory, receivables, and retention money. Delays in payments can strain cash flows and affect operations.
3. Dependence on Government Contracts
A large portion of contracts are from government entities, leading to delayed payments and longer receivable cycles, which can impact liquidity and profitability.
4. Intense Industry Competition
The EPC sector is highly competitive with aggressive bidding practices, which can reduce margins and increase the risk of losing contracts to competitors.
5. Execution & Project Risks
Project delays, regulatory approvals, environmental issues, or contractor failures can impact project timelines and increase costs, affecting overall profitability.
6. Dependency on Skilled Workforce
The business depends heavily on experienced management and skilled employees. Loss of key personnel can disrupt operations and project execution.
7. Supplier Dependency Risk
A significant portion of raw materials is sourced from limited suppliers, and any disruption or dispute can impact project execution timelines and costs.
Key Strengths & Opportunities
1. Diversified Business Model
The company has diversified from fire safety into power, solar, EV infrastructure, and construction, reducing dependency on a single segment and increasing growth opportunities.
2. Strong Client Relationships
Long-term relationships with key clients ensure repeat business and stable revenue streams, especially in government and infrastructure projects.
3. Presence in High-Growth Sectors
Focus on renewable energy, EV charging, and power infrastructure positions the company to benefit from strong industry growth trends.
4. Asset-Light EPC Model
The company operates without heavy manufacturing assets, reducing capital expenditure and allowing flexibility in project execution.
5. Strong Financial Performance Indicators
The company has shown improvement in profitability with PAT of ₹852 lakh (Jan 2026 period) and strong return ratios like ROCE ~33%.
6. Growth Through Order Book Expansion
Increasing project orders and expansion into new verticals provide visibility for future revenue growth, supported by government infrastructure spending.
Safety Controls & Devices Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Jan 31, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 4,063.82 | 2,887.01 | 698.14 | 297.30 |
| Total Assets | 16,441.23 | 12,028.29 | 7,499.34 | 6,636.40 |
| Total Borrowings | 3,917.87 | 3,384.48 | 2,979.22 | 1,852.21 |
| Fixed Assets | 445.96 | 472.70 | 32.28 | 46.69 |
| Cash | 27.97 | 3.54 | 13.99 | 5.51 |
| Cash flow from operating activities | -176.07 | -742.89 | -1,051.52 | -1,328.02 |
| Cash flows from investing activities | -145.74 | -641.87 | 204.71 | 1,263.49 |
| Cash flow from financing activities | 346.24 | 1,374.31 | 855.29 | 57.39 |
| Net Borrowing | 3,889.90 | 3,380.94 | 2,965.23 | 1,846.70 |
| Revenue | 6,851.34 | 10,350.21 | 4,570.30 | 4,925.58 |
| EBITDA | 1,621.26 | 1,727.44 | 827.02 | 263.07 |
| PAT | 852.30 | 899.04 | 400.83 | 43.08 |
| PAT Margin | 12.44% | 8.69% | 8.77% | 0.87% |
| EPS | 6.28 | 6.98 | 4.01 | 0.45 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 6.98 |
| EPS Post IPO (Rs.) | 4.53 |
| Adjusted 12M EPS Post IPO (Rs.) | 5.16 |
| P/E Pre IPO | 11.46 |
| P/E Post IPO | 17.64 |
| Adjusted 12M P/E Post IPO | 15.51 |
| ROE | 30.14% |
| ROCE | 37.39% |
| P/BV | 2.52 |
| Debt/Equity | 0.8 |
| RoNW | 21.32% |
| EBITDA Margin | 16.84% |
| PAT Margin | 8.69% |
Safety Controls & Devices Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Safety Controls | 4.53 | 17.64 | 30.14% | 37.39% | 2.52 | 0.8 | 21.32% |
| Viviana Power Tech | 10.99 | 61.27 | 46.5 % | 42.9 % | 8.47 | 0.93 | 10.53% |
| Oriana Power | 59.77 | 28.39 | 48.4 % | 42.3 % | 4.93 | 0.50 | 20.91% |
Safety Controls & Devices Limited Contact Details
Safety Controls Limited
Phone: +91 05224026070
Email: cs@safetygroup.in
Website: www. safetygroup.in
Safety Controls & Devices IPO Registrar and Lead Manager(s)
MAASHITLA SECURITIES PRIVATE LIMITED
Phone: 011-47581432
Email: ipo@maashitla.com
Website: http://www.maashitla.com/
SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED
Phone: : +91 9920379029/ 7836066001
Email: cs@sobhagyacap.com
Website: http://www.sobhagyacapital.com/
Safety Controls & Devices IPO Review
Safety Controls & Devices Limited is an EPC (Engineering, Procurement and Construction) company engaged in infrastructure and safety-related projects. Initially focused on fire protection systems, the company has diversified into power transmission, solar energy, EV charging infrastructure, and hospital construction projects. It earns revenue mainly through execution of government and private sector EPC contracts, where it provides end-to-end project services from design to commissioning.
The Company is led by Promoter, i.e.,MR. RAJNISH CHOPRA, MRS. ANJALI CHOPRA AND MR. ABHISHEK CHOPRA
The Revenues from operations for the Period ended on Jan 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 6,851.34 Lakh, ₹ 10,350.21 Lakh, ₹ 4,570.30 Lakh, and ₹ 4,925.58 Lakh, The EBITDA for the Period ended on Jan 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,621.26 Lakh, ₹ 1,727.44 Lakh, ₹ 827.02 Lakh, and ₹ 263.07 Lakh, The Profit after Tax for the Period ended on Jan 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 852.30 Lakh, ₹ 899.04 Lakh, ₹ 400.83 Lakh, and ₹ 43.08 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 6.98 and post-issue EPS of ₹ 4.53 for FY25. The pre-issue P/E ratio is 11.46x,while the post-issue P/E ratio is 17.64x against the Industry P/E ratio is 66.33x The company's ROE for FY25 is 30.14% and RoNW is 21.32%The Annualised EPS is ₹ 5.16x and P/E is ₹ 15.51x , These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Safety Controls showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Safety Controls Limited, IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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