BVG India Ltd
India's largest integrated facility-management group, SEBI-cleared for a ₹300 Cr fresh issue plus OFS after growing revenue to ₹3,300 Cr.
Market cap
₹6,078 Cr
12.96 Cr shares
P/E ratio
32.75
Sector average 40
Book value
₹105.34
P/B 4.45
1-year return
+19.51%
52w ₹320 – ₹525
Currently 73% of the way through its 52-week range.
Indicative price history
1Y change
+19.51% ₹392 → ₹469
52-week band in this window: ₹385.12 – ₹525.79. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Consolidated revenue of about ₹3,302 Cr in FY25, up 17%, with PAT of roughly ₹186 Cr and net worth near ₹1,365 Cr.
- SEBI approved the IPO (₹300 Cr fresh issue + OFS of up to 2.85 Cr shares) on 23 January 2026.
- Backed by 3i Group since 2011; promoter Hanmantrao Gaikwad holds about 51%.
About BVG India
BVG India Ltd (Bharat Vikas Group) is a Pune-headquartered integrated services company founded by Hanmantrao Gaikwad. It operates three verticals: integrated facility management (housekeeping, mechanical and electrical maintenance, security and industrial services for factories, hospitals, airports, railways and government buildings), emergency response services (the 108/102 ambulance networks it runs for several state governments) and environment and sustainability services (municipal solid-waste collection, street sweeping and mechanised cleaning).
The company is one of the country's biggest private employers with a workforce of tens of thousands across 70-plus cities. Consolidated revenue grew from about ₹2,466 Cr in FY23 to ₹2,839 Cr in FY24 and ₹3,302 Cr in FY25, with profit after tax rising from roughly ₹128 Cr to ₹166 Cr and ₹186 Cr (restated) over the same period. Net worth stood near ₹1,365 Cr and borrowings at ₹483 Cr at the end of FY25.
3i Group, the UK private-equity investor, has backed the company since 2011 and holds a large minority stake; promoter Hanmantrao Gaikwad owns just over half the equity. BVG filed a draft red herring prospectus with SEBI in October 2025 for a fresh issue of ₹300 Cr and an offer for sale of up to 2.85 Cr shares, with ICICI Securities, JM Financial and HSBC as lead managers. SEBI issued its observations on 23 January 2026; the issue window and price band had not been announced at the time of writing.
The registry shows paid-up capital of ₹40.55 Cr, which appears to include capital other than the ordinary equity; the equity base used here (about 12.96 Cr shares of ₹2, consistent with reported EPS of ₹12.81 for FY24) and the 2023 price point (adjusted for the change in face value) are derived figures. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Integrated facility management62%
Housekeeping, M&E maintenance, security and industrial services
- Emergency response services22%
108/102 ambulance operations for state governments
- Environment & sustainability services12%
Municipal waste collection, sweeping and cleaning
- Other services4%
Logistics, projects and allied businesses
Products & services
Integrated facility management
Housekeeping, mechanical and electrical maintenance, security and industrial support for factories, hospitals, airports and public buildings.
Emergency response services
Operation of 108/102 emergency ambulance fleets and control rooms under state government contracts.
Environment & sustainability services
Municipal solid-waste collection and transport, mechanised sweeping and public-space cleaning.
What works
- • Scale leader in Indian facility management with a diversified base of government, PSU and private-sector clients on multi-year contracts.
- • Consistent growth: revenue up about 17% and PAT up double digits in FY25, with net worth of ~₹1,365 Cr and a debt-equity ratio below 0.4.
- • Institutional backing from 3i Group since 2011 and a SEBI-approved IPO give a visible liquidity event for unlisted holders.
What to watch
- • Thin margins (EBITDA ~11%) in a labour-intensive business exposed to minimum-wage revisions and statutory cost increases.
- • Heavy dependence on government and municipal contracts brings long receivable cycles and working-capital strain.
- • IPO timing and pricing are uncertain; unlisted quotes have moved between ₹320 and ₹525 in the past year and could correct if the issue is priced lower.