• The company is engaged in infra development and trading in steel.
• It posted erratic financial performances so far.
• Based on its recent financial data, the issue though at par, is fully priced.
• Quantum jump in post-RI equity base indicates its servicing issue going forward.
• There is no harm in skipping this at par but a risky bet.
PREFACE:
The company is coming out with its RI at par value of Rs. 5 per share and asking only 25% money on application and the rest by calls. Its offer document is dated January 30, 2026, and the record date is of February 05, 2026. However, its offer document was made available on BSE Website only on February 12, 2026, post noon i.e., just on the previous eve of the issue opening. Now a days, such things have turned a common practice, which does not augur well for the investors at large.
ABOUT COMPANY:
PVV Infra Ltd., (PIL) is engaged in infrastructure development, real estate activities and allied businesses, including land development, construction of commercial and residential complexes, technology parks and infrastructure projects. In addition, the Company has been actively involved in steel trading activities, which contributed meaningfully to revenue generation during the financial year 2024–25. The diversified nature of the Company’s operations provides multiple revenue streams; however, it also necessitates adequate working capital to support ongoing business activities.
The Company operates in sectors that are subject to cyclical demand, price volatility and execution risks, particularly in infrastructure, real estate and steel trading. Global economic uncertainties, fluctuations in raw material prices and evolving regulatory timelines continue to impact these sectors. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 98664284 equity shares of Rs. 5 each at par value to mobilize Rs. 49.33 cr. The RI has opened for subscription on February 13, 2026, and will close on February 19, 2026. The company is offering RI in the ratio of 6 for 7 to its eligible stakeholders as of the record date of February 05, 2026. The company is asking for Rs 1.25 (i.e., 25%) on application and the balance Rs. 3.75 per share by two or more subsequent calls from time to time at the discretion of the company. Post allotment, RI shares will be listed on BSE SME. The company is spending Rs. 4.94 cr. for this RI process, and from the net proceeds, it will utilize Rs. 34.53 cr. for working capital, and Rs. 9.86 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and Skyline Financial Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 57.55 cr. will stand enhanced to Rs. 106.89 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 106.89 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit, of Rs. 89.05 cr. / Rs. 3.09 cr. (FY24), Rs. 41.18 cr. / Rs. 5.48 cr. (FY25). As per BSE Website, for 3Qs of FY26 ended on December 31, 2025, it earned a net profit of Rs. 7.06 cr. on a total income of Rs. 35.00 cr. Its NAV stood at Rs. 5.32 as of September 30, 2025. The offer document has garbled financial data on page no. 61 of the offer document.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 536659 (FV Rs. 5).
The scrip last closed on cum-right basis at Rs. 5.08 on February 04, 2026, and opened on an ex-right basis at Rs. 5.14 on February 05, 2026. Since then, it has marked a high/low of Rs. 5.43 / Rs. 4.98. The scrip last closed at Rs. 5.31 as of February 12, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 5.66 / Rs. 2.02.
The promoters’ holding has been constant at 22.05% for the last three quarter ended December 31, 2025. The counter is currently well managed and traded above the RI price, to tempt investors.
Conclusion / Investment Strategy
PIL is engaged in infra development and trading in steel. It posted erratic financial performances so far. Based on its recent financial data, the issue though at par, is fully priced. Quantum jump in post-RI equity base indicates its servicing issue going forward. It is operating in a highly competitive and fragmented segment. There is no harm in skipping this at par but a risky bet.
