Leapfrog Engineering Services Limited is set to launch its Initial Public Offering (IPO).
It is an specialized provider of integrated engineering, procurement, construction, and commissioning (EPCC) contracts.
The company, which caters to critical sectors like Oil & Gas, Pharmaceuticals, and Metals, will open its subscription window on Thursday, April 23, 2026, and close on Monday, April 27, 2026. Track all IPOs of 2026 in the latest IPOs section.
The IPO aims to raise approximately ₹88.51 Crores through a mix of a Fresh Issue and an Offer for Sale (OFS), with a price band fixed at ₹21 to ₹23 per share.
In this article, you will find Leapfrog Engineering IPO GMP today, price band, and a detailed review with financial performance, strength and risks and more.
Briefs of Leapfrog Engineering IPO Details:
- Price Band: ₹21 – ₹23 per equity share
- Face Value: ₹1 per share
- IPO Open / Close Dates: April 23, 2026 – April 27, 2026
- Lot Size: 6,000 Shares (Note: Retail Minimum Application is 2 Lots / 12,000 Shares)
- Issue Size: 3,84,84,000 Equity Shares / ~₹88.51 Crores
- Fresh Issue: 3,46,08,000 Shares (~₹79.60 Cr)
- Offer for Sale (OFS): 38,76,000 Shares (~₹8.91 Cr)
- Registrar: Integrated Registry Management Services Pvt. Ltd.
- Listing Exchange: BSE SME
IPO Reservation:
- QIB Portion: Not more than 18,24,000 Equity Shares (Anchor Investors may be allocated up to 60% of this portion).
- NII (HNI) Portion: Not less than 1,64,34,000 Equity Shares.
- Retail (RII) Portion: Not less than 1,83,00,000 Equity Shares.
- Market Maker: 19,26,000 Equity Shares. (What is market maker in IPO, learn all the key IPO terms in our IPO glossary section)
What Is The Leapfrog Engineering IPO GMP Today?
GMP is dynamic and changes daily or multiple times daily. Track it at our updated gmp page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Track how gmp and listing are linked in our IPO GMP vs Listing Accuracy Study 2026
What Are The Important Leapfrog Engineering IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Thursday, April 23, 2026
- IPO Close Date: Monday, April 27, 2026
- Basis of Allotment Date: Tuesday, April 28, 2026
- Refund Initiation Date: Wednesday, April 29, 2026
- Credit of Shares: Wednesday, April 29, 2026
- Listing Date: Thursday, April 30, 2026
What Are The Objectives of Leapfrog Engineering IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Expenditure: Approximately ₹27.00 Crores is earmarked for setting up a state-of-the-art assembling unit in Bengaluru to integrate engineering components, reducing reliance on third-party manufacturers and improving margins.
- Working Capital: A significant portion of the funds will bridge the working capital gap required to execute the massive pending order book, fund earnest money deposits (EMDs), and secure performance bank guarantees.
- General Corporate Purposes: Capped at 15% of gross proceeds, these funds will meet ongoing operational contingencies and strategic initiatives.
(Note: The company will not receive any proceeds from the OFS portion).
How is The Financial Performance of Leapfrog Engineering?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
Period Ended | 31 Dec 25 (9M) | 31 Mar 25 | 31 Mar 2024 | 31 Mar 23 |
Total Income | 105.05 | 137.37 | 162.88 | 105.38 |
Profit After Tax (PAT) | 14.18 | 16.22 | 16.39 | 0.28 |
EBITDA | 20.18 | 21.57 | 19.73 | 1.01 |
Total Borrowing | 32.22 | 20.11 | 13.78 | 13.05 |
Assets | 156.04 | 149.17 | 51.11 | 66.45 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated significant revenue volatility, peaking at ₹162.88 Crores in FY24 before normalizing to ₹137.37 Crores in FY25.
The robust income of ₹105.05 Crores in the 9-month stub period of FY26 reflects a stabilized transition towards high-margin international EPCC contracts.
Profit After Tax (PAT):
Leapfrog experienced an extraordinary turnaround, with PAT skyrocketing from a mere ₹0.28 Crores in FY23 to ₹16.22 Crores in FY25.
The PAT margin expansion to 14.04% in 9M FY26 highlights the successful execution of lucrative export orders in the Middle East.
EBITDA:
Operational efficiency improved remarkably, with EBITDA jumping to ₹21.57 Crores in FY25 from just ₹1.01 Crores in FY23.
The EBITDA margin expansion to 19.98% in the recent period underscores the strong pricing power achieved in specialized engineering segments.
Total Borrowing:
Debt levels have steadily increased, reaching ₹32.22 Crores by December 2025. This rise is directly correlated with the intense working capital demands of executing large-scale, long-gestation EPCC projects and funding performance guarantees.
However, the debt-to-equity ratio remains highly comfortable at 0.48.
Assets:
The asset base more than doubled from ₹51.11 Crores in FY24 to ₹156.04 Crores by December 2025. This rapid expansion is primarily driven by mounting trade receivables and working capital lock-ups necessary to service the massive ₹420 Crores outstanding order book.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹1.57, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 14.65x at the upper end of the price band (₹23).
P/E Ratio = ₹23(Price) / ₹1.57 (Earnings Per Share)
P/E Ratio ≈ 14.65x. Find out more about IPO valuations and listing performance of IPOs in our IPO market analytic page.
Peer Comparison Table (FY 2025 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) |
Leapfrog Engineering | 14.65 | 30.47 | 1.57 |
Engineers India Ltd | 26.21 | 17.76 | 8.28 |
Konstelec Engineers Ltd | 14.82 | 4.34 | 2.83 |
Analysis:
Leapfrog Engineering is entering the market at a P/E multiple of approximately 14.65x based on its FY25 EPS. When compared to peers like Konstelec Engineers (14.82x) and industry giant Engineers India (26.21x), the issue is priced very competitively.
More importantly, Leapfrog has a high Return on Net Worth (RoNW) of 30.47%, outperforming its peers, which indicates highly efficient capital utilization despite its smaller revenue base.
What is the Industry Outlook of Leapfrog Engineering?
Growth Potential:
The Indian EPCC and capital goods sector is experiencing strong tailwinds due to massive capital expenditure cycles in the Oil & Gas, infrastructure, and renewable energy sectors.
Market Trends:
There is a growing demand for specialized electrical and instrumentation engineering in the Middle East. Leapfrog's successful pivot towards export markets positions it well to capture higher-margin international contracts, mitigating domestic market cyclicality.
What Are The Strengths and Risks of Leapfrog Engineering IPO?
Strengths:
- Massive Order Book: An outstanding order book of over ₹420 Crores (as of Jan 2026) provides excellent revenue visibility for the next 2-3 years.
- High-Margin Exports: Generating over 66% of revenue from exports in FY25 has been the primary catalyst for the exponential profit growth.
- Strong Return Ratios: A RoNW of over 30% demonstrates the management's capability to generate superior returns on shareholder equity.
Risks:
- Customer Concentration: The top 10 customers accounted for over 91% of revenue in the recent 9-month period, presenting a severe concentration risk.
- Negative Cash Flows: The company reported persistent negative operating cash flows (-₹17.14 Crores in FY25) due to high working capital locked in receivables.
- Contingent Liabilities: Significant contingent liabilities of ₹25.76 Crores (mostly bank guarantees) pose a potential liquidity threat if invoked.
Key Considerations for Investors
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 6,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (12,000 Shares), amounting to ₹2,76,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets HNI investors.
- Valuation: At 14.6x P/E, the pricing leaves significant room for upside when compared to industry averages and its high return ratios.
- Risk Profile: While the growth and order book are spectacular, the negative cash flows and extreme customer concentration are critical risk factors to monitor.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹23 per share (Upper Band).
- Min Investment: ₹2,76,000 (12,000 Shares).
- Financials: Revenue ₹137 Cr (FY25);
- Allotment: April 28, 2026
- Listing: BSE SME platform on April 30, 2026.
FAQs on Leapfrog Engineering IPO
What is Leapfrog Engineering IPO GMP today?
The GMP is a dynamic market sentiment indicator.
Check it at our daily updated gmp section.
What is Leapfrog Engineering IPO price band?
The price band is fixed at ₹21 to ₹23 per equity share.
What is Leapfrog Engineering IPO allotment date?
The allotment status is expected to be finalized on Tuesday, April 28, 2026.
How to check Leapfrog Engineering IPO allotment status?
Investors can check the status on the website of Integrated Registry Management Services Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Leapfrog Engineering IPO listing date?
The shares are tentatively scheduled to list on Thursday, April 30, 2026.
Investment Perspective on Leapfrog Engineering IPO
Leapfrog Engineering offers a compelling high-growth opportunity in the specialized EPCC sector, backed by a massive order book and lucrative export margins. The valuation multiples are favorable against the peer group. However, investors must carefully weigh the high minimum investment ticket size against the risks of negative operating cash flows and heavy client concentration.
Important IPO Resources:
1. IPO Allotment Status- Check details about IPO allotment status of recent IPOs.
2. Daywise IPO Subscription: Find details about daywise subscription of IPOs.
3. IPO Listing Performance Tracker 2026- Complete Dataset of IPO Listing Gains in India
