Divya Agarwal
Bengaluru EPCC firm eyes manufacturing scale-up with public market debut
Bengaluru (Karnataka) [India], June 12: Leapfrog Engineering Services Limited is heading to the stock markets. The Bengaluru-based engineering contractor has set June 17–19 as its IPO window on the BSE SME platform, offering shares at ₹21–₹23 each.
The total raise is ₹88.51 crore. Of that, ₹79.60 crore comes from a fresh issue of 3.46 crore shares; the rest ₹8.91 crore is an offer for sale by existing shareholders. Promoters will hold just over 67% post-listing.
What the money is for
The bulk of the fresh issue proceeds have a clear destination. About ₹27 crore goes toward building a new assembly facility in Bengaluru’s Yelenahalli area, and ₹36 crore will shore up working capital. The rest covers issue costs and general corporate use.
The factory isn’t just about capacity, it’s about reducing the company’s reliance on outside vendors for panel assembly work, which has been a structural constraint as export orders grow.
Two decades of reinvention
Founded in 2005, Leapfrog began as an electrical engineering services provider and has evolved into a multidisciplinary engineering solutions company with expertise in electrical, instrumentation, automation and control systems. Over the last two decades, the Company has successfully delivered projects across India and international markets, including Kuwait, the United States, Germany, Nigeria and Canada, serving multinational corporations, public sector undertakings and global EPC contractors.
The Company’s journey has been marked by continuous expansion, technological advancement and operational excellence. Key milestones include the execution of large-scale oil & gas projects, establishment of an assembly unit, implementation of ERP systems, entry into the automation domain, receipt of multiple export excellence awards, conversion into a public limited company, and obtaining UL 508A certification. These achievements have strengthened Leapfrog’s position as a trusted engineering partner with a growing global footprint.
The numbers
FY25 revenue came in at ₹134.66 crore. EBITDA was ₹21.57 crore, a 16% margin, up sharply from the near-breakeven levels of FY23 when margins were barely touching 1%. PAT for the year was ₹16.22 crore.
The more recent data looks better still. For the nine months ended December 2025, EBITDA margins had climbed to nearly 20% and PAT margins crossed 14%. Whether that holds through a full year is the question, but the direction is clear.
Net worth has moved in a straight line upward from ₹5.32 crore in FY23 to ₹67.44 crore by December 2025. Debt-equity has come down from 2.45x in FY23 to 0.48x today, largely because the equity base was negligible back then rather than because the company was drowning in debt.
Order book tells the real story
The ₹384 crore order book as of March 2026 is the figure investors will likely anchor to. Exports make up ₹327 crore of that, most of it tied to ongoing and upcoming work in Kuwait, Bahrain, and the UAE.
The company has been working with Kuwait Oil Company clients for over 15 years, executing modular substation projects, SCADA systems, and electrical infrastructure across multiple oilfield facilities.
Leadership
Managing Director Prabhav Narasimha Rao has been at the helm since the beginning. His three decades in project management spanning large engineering firms and multinationals are reflected in the Middle East relationships that now define the company’s revenue profile.
CFO and Whole-Time Director Sapna Raghavendra oversees finances, while Kommanahalli Giridhar, a 42-year industry veteran, chairs the board as Non-Executive Director.
Valuation
At the top of the price band, the post-issue market cap works out to roughly ₹326 crore. On FY25 earnings, that’s about 14.6x P/E. As of December 2025 numbers (un-annualized), the P/E sits around 17.4x.
For a company of this size with export exposure, a visible order book, and improving margins, the pricing doesn’t look stretched though the heavy concentration in Kuwait and the working capital intensity of EPCC contracts are risks worth reading carefully in the prospectus.
Finshore Management Services, Kolkata, is the Book Running Lead Manager. Integrated Registry Management Services, Bengaluru, is the registrar.
Investors should read the Red Herring Prospectus and assess all risk factors before making any investment decision.
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