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Telge Projects 

• Telge Projects is coming out with an initial public offering (IPO) of 25,94,400 equity shares in a price band of Rs 95-105 per equity share.
• The issue will open on September 25, 2025 and will close on September 29, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 10.50 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors. 
• Compliance Officer for the issue is Barkha Mohit Bharuka. 

Profile of the company

Incorporated on January 16, 2018, the company is presently engaged in comprehensive range of engineering design services, such as building information modeling (BIM), structural engineering design, material take-offs (MTO), 2D drafting and architectural design to ensure seamless project execution. Its services emphasize the use of modern methodologies over traditional approaches. Traditional approach in the AEC (Architecture, Engineering, and Construction) industry is based on manual process which is prone to the errors and potential for miscommunication. It relies on 2D model for visualization and designing of engineering projects. Hence this method is time consuming and results in delay in completion of projects with compromised quality which negatively impacts project outcome, while modern methodology is based on BIM (Building Information Modeling) digital process used in the architecture, engineering and construction (AEC) industries. BIM utilizes a 3D digital model with integrated data and collaborative workflows. Hence modern methodology is cost effective as it eliminates various layers which are used in traditional method which leads to competition of projects in timely manner. Further the company serves to EPC (Engineering, Procurement, and Construction) firms, fabricators, and contractors by delivering accurate, cost-effective engineering services in a timely manner. 

The company is certified with ISO 9001:2015 committed to 3D modelling & detailing of precast structure and steel structure for civil and construction industry. The company’s projects include two types of contracts namely fixed-price contracts and time-and-material (T&M) contracts. Under fixed-price contracts, it determines the prices for its services based on various parameters, including market demand, supply and it varies for customer to customer based on various parameter such as size of projects, payment terms, supply schedule etc. In contrast, its time-and-material contracts are based on an agreed hourly or daily rate, where clients are billed for the actual time and resources expended on the project. Once the project is completed, the company hands over the finalized designs without participating in the actual construction process. Its renowned project designs include Mangalwar Peth Metro Station in Pune India, Everton Stadium in United Kingdom, Richland Performing Art Centre in Columbia – South America.

Proceed is being used for:

• Funding of capital expenditure towards purchase of additional office premises at Pune, Maharashtra.
• Funding of capital expenditure requirements towards Purchase of computers, laptops, other related accessories and Purchase of software subscriptions.
• Hiring of Manpower in the company.
• Investment in subsidiary for hiring Manpower in Telge Projects Inc.
• General Corporate Purpose.

Industry Overview

India building information modeling market size is projected to exhibit a growth rate (CAGR) of 11.50% during 2025-2033. The elevating integration of advanced software solutions and cloud-based platforms is enhancing the efficiency of collaborative efforts among architects, engineers, and construction professionals throughout the project lifecycle, which is primarily driving the market growth. Building information modeling (BIM) constitutes a digital portrayal of a building's functional and physical attributes, providing a platform for architects, engineers, and construction professionals to collaborate seamlessly throughout the project's life cycle. The merits of employing BIM encompass heightened project coordination and minimized clashes among various systems, ultimately enhancing overall project efficiency. The system facilitates real-time collaboration, expediting decision-making processes and streamlining workflows. Furthermore, building information modeling empowers stakeholders with a 3D visualization of the building, fostering improved communication and comprehension of intricate designs. Additionally, it plays a crucial role in elevating the accuracy of cost estimations, thereby mitigating the risk of project budget overruns. Various BIM types, such as level 1, level 2, and level 3, cater to distinct purposes, showcasing the versatility of BIM applications in the architecture, engineering, and construction domains.

The India building information modeling market is undergoing a significant transformation, propelled by a confluence of factors that underscore the evolution of the construction and architecture industries. Primarily, technological advancements across the country have emerged as key drivers, reshaping the BIM landscape. Additionally, stakeholders in India are leveraging building information modeling to design and construct environmentally friendly structures, adhering to green building standards. This eco-centric approach aligns with the emerging trend toward sustainable and energy-efficient construction practices. Furthermore, the visualization capabilities of building information modeling in a 3D environment are becoming increasingly pivotal. This feature enhances communication and comprehension of complex architectural designs among project participants, which is acting as another significant growth-inducing factor. Additionally, BIM's role in improving cost estimation accuracy is a noteworthy trend, helping mitigate financial risks and ensuring projects stay within budget constraints. Apart from this, technological advancements, real-time collaboration, and enhanced visualization are anticipated to fuel the market growth across the country in the coming years. 

Pros and strengths

Deep domain expertise with software capabilities: Over the years, the company has built significant expertise in an engineering design services and software capabilities. Its team of skilled engineers specializes in engineering design and Building Information Modeling (BIM). It has a workforce of 166 permanent employees out of which it has a delivery workforce of 148 trained and skilled engineers. Further, its team adopts modern methodology which emphasizes 3D modeling, offering greater precision and visualization than traditional 2D methods. Further, it operates through a digital platform, leveraging industry-standard software tools such as Tekla Structures, Bluebeam, Enercalc, AutoCAD, SDS2, Autodesk Revit Structure, and Cads RC. To support seamless business operations across departments, it also utilizes Zoho for accounting, GreytHR for HR and payroll, Mitroz for project management, and Whiz-Sales (CRM) for business development.

Long standing relationships with customers globally: The company’s long-standing relationship with its customers has been one of the most significant factors contributing to its revenue from business. Its commitments to timely delivery and quality of project services have been strong contributing factors to its robust customer relations and their satisfaction. Even though it does not have any long-term service agreements with them, it is continually receiving repeated business from many of its customers. This indicates their level of confidence in its ability to deliver the services. This has helped it to maintain a long-term working relationship with its customers. Its existing relationship with its clients represents a competitive advantage in gaining new clients. Its long-term relationships have helped it to expand its service offerings in diverse geographical reach. 

Strategic acquisitions: Strategic acquisitions have played a key role in strengthening the company’s capabilities, expanding its service offerings, and accelerating growth across global markets. These acquisitions are carefully aligned with its long-term vision, allowing it to integrate talent, technologies, and best practices into its operations. This not only improves its ability to deliver comprehensive, end-to-end solutions but also creates value for its clients through innovation, efficiency, and localized knowledge. Its growth and capabilities have been significantly strengthened by the acquisition of US-based companies Draftco Inc and Midwest Detailing LLC. These strategic moves have expanded its presence in the North American market while enhancing its expertise in detailing, BIM coordination, and construction documentation. Both firms bring a wealth of experience, technical excellence, and strong client relationships, which have seamlessly integrated into its operations. These acquisitions have not only increased its capacity but also enriched its service offerings, enabling it to deliver more comprehensive and localized solutions to clients across various sectors in the construction industry. 

Risks and concerns

Heavily reliant on Tekla Structures software: The company is heavily reliant on Tekla Structures software, a specialized Building Information Modeling (BIM) software, for the design, detailing, and management of its projects. A significant portion of its operational workflow from modelling and analysis to fabrication and construction documentation is conducted within this software environment. Any disruption in access to, or corruption or loss of, Tekla Structures model files whether caused by hardware failure, software malfunction, cyber security breach, user error, license expiry, or other unforeseen circumstance could have a material adverse effect on its business. While the company has not faced any instances of corruption, loss, or inaccessibility while operating Tekla Structures software that led to any adverse effect on its business or operations in Fiscals 2025, 2024 and 2023, there can be no assurance that such instances will not occur in the future. It maintains regular backups, implement control protocols, and provide training to minimize user error. It also uses version control systems and cloud-based collaboration platforms to safeguard data. However, there is no guarantee that these measures will be fully effective against all forms of data corruption or loss. 

Derives substantial portion of revenue from BIM services: The company currently derives a substantial portion of its revenue from BIM services. BIM is central to its value proposition and a key differentiator in the markets it serves. The acceptance and continued demand for BIM services are therefore critical to its growth and sustainability. A significant reliance on a single service vertical like BIM exposes it to concentration risk. If the market for BIM services fails to grow as anticipated, or if its clients or the broader construction and infrastructure industry shift towards alternative technologies, platforms, or methodologies, it could have a material adverse impact on its business, financial condition, cash flows, and future growth prospects. Additionally, changes in regulatory environments, a decline in construction activity, delays in project investments, or budget cuts in key geographies could further affect the demand for BIM services. Furthermore, competition is intensifying in the BIM services sector, both from global players with advanced technological capabilities and from low-cost regional providers. If the company fails to keep pace with technological advancements, software upgrades, or evolving customer expectations, it risks losing market share. The company’s ability to maintain a competitive edge is highly dependent on its technical expertise, continuous innovation, and ability to provide timely, cost-effective solutions. 

Depends on empanelled vendors for various software: The company sources various software such as designing and operating system software, database software, antivirus software and other allied software products from the empanelled vendors. Its business is, therefore, heavily dependent on its relationships with empanelled vendors. It does not enter into any long-term contracts with its vendors for supply of these softwares. It places purchase orders with vendors from time-to-time basis its requirements and prices for softwares are normally based on the quotes it receives from these vendors. Thus, any failure on part of its vendors to deliver softwares in necessary quantities, to adhere to delivery schedules or to meet specified quality standards or technical specifications, could adversely affect its ability to deliver orders on time to its clients. In order to avoid occurrence of such instances, it places orders with its vendors as soon as an LOI is awarded to it.

Outlook

Telge Projects is an integrated BIM company deeply connected with the AEC industry. Its expertise lies in identifying where and how BIM can create the most impact--what it calls ‘Connected Construction’. Headquartered in India, its diverse team of civil engineers combines creativity, technical skill, and innovation to redefine construction practices. Through global experience, rigorous R&D, and a passion for progress, it continues to shape the future of the built environment. To ensure smooth coordination and establish its presence in the global market, it has acquired a subsidiary Company in the USA named ‘Telge Projects Inc’ from its Promoter to engage with foreign clients and expand its worldwide business. This international reach not only enhances its ability to serve clients globally but also fosters innovation and knowledge sharing across borders, strengthening its position as a trusted partner in the construction industry. On the concern side, the company offers project-based services to its clients, and the timely execution of these projects is essential to its financial performance, resource optimization, and client satisfaction. However, project execution is inherently subject to several risks that can result in delays and cost escalations, ultimately impacting profitability.  

The company is coming out with a maiden IPO of 25,94,400 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 95-105 per equity share. The aggregate size of the offer is around Rs 24.65 crore to Rs 27.24 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations has increased by 102.11% from Rs 1,241.05 lakh in Fiscal 2024 to Rs 2,508.21 lakh in Fiscal 2025. In Fiscal 2025, the company reported a net profit of Rs 520.62 lakh attributable to owners, marking a significant increase from Rs 260.11 lakh in Fiscal 2024.

Meanwhile, the company proposes to develop a new office premise at Pune to build the company’s owned office/ infrastructure and create additional space for its business, enhance business opportunities and to increase its ability to accommodate additional skilled manpower. It aims to meet the growing demands of customers while expanding its customer base by enhancing its geographical reach. The company intends to improve operating efficiencies to achieve cost reductions to have a competitive edge over the peers.