Updated on 13.04.2026|11:20 AM
Safety Controls & Devices Limited is set to launch its Initial Public Offering (IPO).
It is a Lucknow-based Engineering, Procurement, and Construction (EPC) contractor specialising in high-voltage substations, solar power plants, and EV charging infrastructure.
The public issue will open for subscription on Monday, April 6, 2026, and close on Wednesday, April 8, 2026.
Through this 100% book-built fresh issue, the company aims to raise approximately ₹48.00 Crores with a price band fixed at ₹75 to ₹80 per share. Find details of all the latest IPOs at our dedicated IPO section.
In this article, you will find Safety Controls & Devices IPO GMP today, price band, and a detailed review with all the key informations like financial performance, strength and weakness, industry outlook as well as valuation.
Briefs of Safety Controls & Devices IPO Details:
- Price Band: ₹75 – ₹80 per equity share
- Face Value: ₹10 per Equity Share
- IPO Open / Close Dates: April 6, 2026 – April 8, 2026
- Lot Size: 1,600 Shares (Note: Retail Minimum Application is 2 Lots / 3,200 Shares)
- Issue Size: 60,00,000 Equity Shares / ~₹48.00 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Maashitla Securities Pvt.Ltd.
- Listing Exchange: BSE SME (Learn all IPO terms like price band, lot size, and issue size in our detailed IPO glossary)
IPO Reservation:
The offering comprises a total of 60,00,000 shares, reserved as follows:
- QIB Portion: Not more than 27,84,000 Equity Shares (Including an Anchor Investor Portion of up to 15,84,000 Equity Shares).
- NII (HNI) Portion: Not less than 8,64,000 Equity Shares.
- Retail (RII) Portion: Not less than 20,48,000 Equity Shares.
- Market Maker: 3,04,000 Equity Shares.
What Is The Safety Controls & Devices IPO GMP Today?
Learn about what is gmp and its significance, and track gmps of all the latest IPOs at our daily 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.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 80.00 | 83.00 | 3.75 |
What Are The Important Safety Controls & Devices IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Monday, April 6, 2026
- IPO Close Date: Wednesday, April 8, 2026
- Basis of Allotment Date: Thursday, April 9, 2026
- Refund Initiation Date: Friday, April 10, 2026
- Credit of Shares: Friday, April 10, 2026
- Listing Date: Monday, April 13, 2026
What Are The Objectives of Safety Controls & Devices IPO?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Working Capital: A significant portion of ₹31.50 Crores is earmarked for meeting incremental working capital requirements. This is crucial for managing the long receivable cycles (5-6 months) and performance bank guarantees inherent in government EPC contracts.
- Debt Repayment: Approximately ₹6.00 Crores will be used to prepay or repay existing borrowings, aimed at improving the company's financial leverage and reducing interest costs.
- General Corporate Purposes: To fund ongoing operational needs and strategic initiatives (capped at 25% of gross proceeds).
How is The Financial Performance of Safety Controls & Devices?
The following table summarises the company's financial performance based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 31 Jan 26 (10M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 68.51 | 103.50 | 45.70 | 49.25 |
Profit After Tax (PAT) | 8.52 | 8.99 | 4.00 | 0.43 |
EBITDA | 16.21 | 17.27 | 8.27 | 2.63 |
Total Borrowing | 39.17 | 33.84 | 29.79 | 18.52 |
Assets | 164.41 | 120.28 | 74.99 | 66.36 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated exceptional growth, with Total Income surging from ₹45.70 Crores in FY24 to ₹103.50 Crores in FY25. The successful bidding and execution of high-value government infrastructure and solar projects drive this exponential rise.
Profit After Tax (PAT):
Profitability followed the revenue trajectory, with PAT more than doubling to ₹8.99 Crores in FY25 from ₹4.00 Crores in FY24. The 10-month stub period for Jan '26 already shows a PAT of ₹8.52 Crores, reflecting sustained margin expansion due to a shift towards higher-margin renewable energy contracts.
EBITDA:
Operational efficiency improved markedly, with EBITDA jumping to ₹17.27 Crores in FY25. The EBITDA margins expanded significantly from 5.49% in FY23 to 16.84% in FY25, indicating better cost absorption and execution capabilities.
Total Borrowing:
Debt levels have steadily increased, reaching ₹39.17 Crores by January 2026. This debt is primarily utilised to bridge the extended working capital cycles and fund earnest money deposits required for large-scale EPC tenders.
Assets:
The asset base expanded rapidly to ₹164.41 Crores by January 2026, up from ₹74.99 Crores in FY24. This growth is heavily weighted towards current assets like trade receivables and inventory, which is typical for a rapidly scaling EPC contractor managing multiple government projects.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹6.98, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 11.46x at the upper end of the price band (₹80).
P/E Ratio = ₹80(Price) / ₹6.98 (Earnings Per Share)
P/E Ratio 11.46x.
According to our IPO Valuation vs Listing Performance Study 2026 with IPOs listed till February 2026, IPOs with P/E below 15x delivered average listing gains of 11.69%, while higher valuation IPOs showed lower or volatile returns.
For a broader analysis of IPO trends and data studies, visit our IPO analytics page.
Peer Comparison Table (Recent Data):
| Company | P/E Ratio | RoNW (%) | EPS (₹) | NAV (₹) |
Safety Controls & Devices | 11.46 | 21.17 | 6.98 | 39.39 |
| Viviana Power Tech Ltd | 61.27 | 10.53 | 10.99 | 111.88 |
| Oriana Power Limited | 28.39 | 20.91 | 59.77 | 317.05 |
Analysis:
Safety Controls & Devices is entering the market at a P/E multiple of approximately 11.46x based on its FY25 EPS.
When compared to the industry average P/E of 66.33x and peers like Viviana Power Tech (61.27x) and Oriana Power (28.39x), the issue appears to be priced at a significant discount.
Furthermore, the company has a Return on Net Worth (RoNW) of 21.17%, suggesting highly efficient capital utilisation.
This combination of a low P/E and high RoNW presents a compelling value proposition relative to its peers.
What is The Industry Outlook of Safety Controls & Devices Limited?
Growth Potential:
India’s power sector is undergoing a massive transformation, driven by the government's push for 500 GW of non-fossil fuel capacity by 2030 and the rapid deployment of EV infrastructure.
Market Trends:
There is robust demand for EPC contractors capable of executing complex hybrid substations and solar power plants. Government spending in Uttar Pradesh and neighbouring states provides strong tailwinds for regional players like Safety Controls & Devices.
What Are The Strengths and Risks of Safety Controls IPO?
Strengths:
- Strong Order Book: With an unexecuted order book of over ₹139 Crores (including projects for RVNL and TUSCO), the company has clear revenue visibility.
- Favourable Tailwinds: Expansion into high-growth sectors like Solar and EV charging aligns perfectly with national infrastructure goals.
- High Return Ratios: A RoCE of 37.39% in FY25 indicates excellent management of deployed capital.
Risks:
- Customer Concentration: The top 5 customers accounted for nearly 98% of revenue in FY25, highlighting extreme dependency on a few government entities.
- Geographic Concentration: Almost 100% of recent revenue comes from a single state (Uttar Pradesh), exposing the company to regional political or economic shifts.
- Negative Cash Flows: The company has consistently reported negative operating cash flows due to the heavy working capital demands of government EPC contracts.
Key Considerations for Investors
This section is neutral and for informational purposes only.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,600 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (3,200 Shares), amounting to ₹2,56,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets Small-HNI investors.
- Valuation: At 11.5x P/E, the pricing offers a significant discount to the high-flying infrastructure and power sector averages.
- Risk Profile: While the growth and order book are strong, the negative cash flows and extreme customer/geographic concentration require careful consideration.
Key Takeaways
- IPO Price: ₹80 per share (Upper Band).
- Min Investment: ₹2,56,000 (3,200 Shares).
- Financials: Revenue ₹103 Cr (FY25);
- Allotment: April 9, 2026
- Listing: BSE SME platform on April 13, 2026.
FAQs on Safety Controls IPO
What is Safety Controls & Devices IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can track all the gmp of current ipos at our hub page.
What is Safety Controls & Devices IPO price band?
The price band is fixed at ₹75 to ₹80 per equity share.
What is Safety Controls & Devices IPO allotment date?
The allotment status is expected to be finalised on Thursday, April 9, 2026.
How to check Safety Controls & Devices IPO allotment status?
Investors can check the status on the website of the Registrar or via the BSE IPO allotment portal. You can also visit our allotment status page and get more details about this and other IPOs.
What is Safety Controls & Devices IPO listing date?
The shares are tentatively scheduled to list on Monday, April 13, 2026.
Investment Perspective on Safety Controls & Devices IPO
Safety Controls & Devices offers a high-growth opportunity in the booming power EPC sector at an attractive valuation relative to its peers.
However, the high ticket size for retail investors, persistent negative cash flows, and extreme customer concentration are critical risk factors that must be weighed carefully against its robust order book and return metrics.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
