Skytech Infinite Platform Limited
This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Skytech Infinite Platform Limited , dated August 09, 2026, and is intended for general market and financial education purposes only.
1. IPO Snapshot
| Particulars | Details |
|---|---|
| Company Name | Skytech Infinite Platform Limited |
| IPO Type | Book-built IPO |
| Fresh Issue | Up to 29,45,600 Equity Shares |
| Offer for Sale | Nil |
| Total Issue Size | Up to 29,45,600 Equity Shares; ₹22.68 crore at ₹77 |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹73–₹77 per Equity Share |
| Issue Price | To be determined through Book Building |
| Lot Size | 1,600 Equity Shares |
| Minimum Individual Investor Application | 3,200 shares / 2 lots |
| Listing Exchange | NSE EMERGE |
| Registrar | Integrated Registry Management Services (P) Limited |
| Book Running Lead Manager | Finshore Management Services Limited |
2. IPO Details
The RHP provides for a fresh issue of up to 29,45,600 equity shares. Of the total issue, 1,48,800 shares are reserved for the market maker and 27,96,800 shares constitute the net issue to the public. At the published price band of ₹73–₹77, the total issue size is approximately ₹21.47 crore at the floor price and ₹22.68 crore at the cap price.
Investor reservation from the final issue structure is:
| Category | Shares | % of Net Issue |
|---|---|---|
| QIB | 28,800 | 1.03% |
| NII | 13,72,800 | 49.08% |
| Retail / Individual Investors | 13,95,200 | 49.89% |
| Total Net Issue | 27,96,800 | 100.00% |
| Market Maker Reservation | 1,48,800 | Separate reservation |
3. IPO Timetable
| Event | Date |
|---|---|
| IPO Opens | 14 August 2026 |
| IPO Closes | 18 August 2026 |
| Basis of Allotment | 19 August 2026 |
| Refund / Fund Unblocking | 20 August 2026 |
| Credit of Shares | 20 August 2026 |
| Listing | 21 August 2026 |
4. IPO Lot Size
| Investor Category | Lots | Shares | Amount at ₹73 | Amount at ₹77 |
|---|---|---|---|---|
| Individual Investor – Minimum | 2 | 3,200 | ₹2,33,600 | ₹2,46,400 |
| S-HNI – Minimum | 3 | 4,800 | ₹3,50,400 | ₹3,69,600 |
| S-HNI – Maximum | 8 | 12,800 | ₹9,34,400 | ₹9,85,600 |
| B-HNI – Minimum | 9 | 14,400 | ₹10,51,200 | ₹11,08,800 |
5. About the Company
Skytech Infinite Platform Limited was incorporated on 28 May 2009. It was originally incorporated as a private company and was subsequently converted into a public limited company, with the name changed to Skytech Infinite Platform Limited on 9 July 2024.
The company provides turnkey industrial automation solutions covering design, engineering, supply, installation and commissioning, and maintenance. Its core activity is the manufacturing and integration of automation control panels using programmable logic controllers, drive systems, switchgear, sensors and related components.
The company's solutions are designed to centralise the control and monitoring of industrial machinery and processes. Its business spans project engineering, control-panel manufacturing, system integration, commissioning and after-sales maintenance.
Major product categories include PCC panels, MCC panels, integrated MCC-cum-PCC panels, APFC panels, PLC panels, control desk panels, VFD panels, FLP panels and PDB panels. The company also undertakes migration / upgradation work and AMC and other services.
The company operates from Bangalore, Karnataka. Its registered office and factory are located at Lingarajapuram, Bangalore, while it also has a warehouse facility in Bangalore. The RHP states that the business does not measure manufacturing capacity through conventional MTPA-style metrics because the output is project-specific and depends on the number, size and complexity of automation assignments.
The company has authorised relationships with Mitsubishi Electric India Private Limited, Endress + Hauser (India) Private Limited, Exor India Private Limited and Euroteck Environmental Private Limited.
Services / Products
Revenue from the company's activities is principally generated through EPC contracts, supply of products, and AMC and migration services.
| Business Activity | FY2026 Revenue (₹ lakh) | % of Turnover |
|---|---|---|
| EPC Contracts | 4,126.21 | 79.90% |
| Supply of Products | 769.96 | 14.91% |
| Services – AMC & Migration | 268.34 | 5.20% |
| Total | 5,164.50 | 100.00% |
Competitive Strengths
The RHP identifies the following competitive strengths:
- Diversified product portfolio across PLC, MCC, VFD, PCC, APFC and control-desk panels.
- Experienced promoters and execution personnel in automation and project delivery.
- Domestic presence across multiple industrial sectors and Indian states.
- Long-standing relationships with customers and suppliers.
- Experience in design, engineering, installation, commissioning and maintenance.
- Quality assurance and control processes.
- Authorised relationships with selected OEMs and technology providers.
6. Company Financials — Restated Financial Information
| Particulars (₹ lakh) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 5,164.50 | 4,514.01 | 4,412.85 |
| Other Income | 49.60 | 6.80 | 2.00 |
| Total Income | 5,214.10 | 4,520.81 | 4,414.85 |
| EBITDA / Operating Profit | 664.66 | 612.68 | 308.72 |
| Depreciation & Amortisation | 59.56 | 43.25 | 48.49 |
| Finance Costs | 68.22 | 67.82 | 58.70 |
| Profit Before Tax | 586.49 | 508.41 | 203.53 |
| Profit After Tax | 420.47 | 371.41 | 135.09 |
| Basic & Diluted EPS | 6.12 | 5.40 | 21.61 |
| EPS – Post Bonus Retrospective | 6.12 | 5.40 | 1.96 |
| Net Worth | 1,901.94 | 1,481.46 | 1,110.05 |
| Total Borrowings | 925.45 | 539.06 | 389.68 |
| Total Assets | 4,756.84 | 3,004.56 | 2,599.95 |
| Inventories | 866.31 | 464.12 | 657.74 |
| Trade Receivables | 2,771.24 | 1,592.56 | 1,077.50 |
| Cash & Cash Equivalents | 329.13 | 183.49 | 64.11 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Income | ₹5,214.10 lakh | ₹4,520.81 lakh | ₹4,414.85 lakh |
| Total Income Growth | 15.34% | 2.40% | 25.58% |
| Revenue from Operations | ₹5,164.50 lakh | ₹4,514.01 lakh | ₹4,412.85 lakh |
| EBITDA | ₹664.66 lakh | ₹612.68 lakh | ₹308.72 lakh |
| EBITDA Margin | 12.87% | 13.57% | 7.00% |
| PAT | ₹420.47 lakh | ₹371.41 lakh | ₹135.09 lakh |
| PAT Margin | 8.14% | 8.23% | 3.06% |
| EPS – Restated | ₹6.12 | ₹5.40 | ₹21.61 |
| EPS – Post Bonus Retrospective | ₹6.12 | ₹5.40 | ₹1.96 |
| Total Borrowings | ₹925.45 lakh | ₹539.06 lakh | ₹389.68 lakh |
| Net Worth | ₹1,901.94 lakh | ₹1,481.46 lakh | ₹1,110.05 lakh |
| RoNW | 22.11% | 25.07% | 12.17% |
| ROCE | 25.45% | 33.10% | 17.48% |
| Debt / Equity | 0.49 | 0.36 | 0.35 |
8. IPO Valuation
| Valuation Metric | Floor | Cap |
|---|---|---|
| Price Band | ₹73 | ₹77 |
| FY2026 EPS – Restated | ₹6.12 | ₹6.12 |
| Indicative P/E using FY2026 EPS | 11.93x | 12.58x |
| Post-issue Shares | 98,20,600 | 98,20,600 |
| Indicative Market Capitalisation | ₹71.70 crore | ₹75.62 crore |
| NAV as of FY2026 | ₹27.66 | ₹27.66 |
The RHP reports a FY2026 RoNW of 22.11%, weighted average RoNW of 21.44%, and NAV of ₹27.66 per share.
9. Shareholding Structure
Pre-issue, the company has 68,75,000 equity shares. Promoters hold 68,74,945 shares, representing 100% when rounded in the RHP's shareholding table, while five public shareholders together hold 55 shares.
| Promoter / Shareholder | Pre-issue Shares | Pre-issue % |
|---|---|---|
| Suma Deiveekan | 41,24,945 | 60.00% |
| Paramashivam Deiveekan | 27,50,000 | 40.00% |
| Total Promoters | 68,74,945 | 100.00% |
| Public – Other Shareholders | 55 | 0.00% |
| Total | 68,75,000 | 100.00% |
Post issue, assuming the full issue is subscribed, the share capital rises to 98,20,600 shares. The promoters' absolute shareholding remains 68,74,945 shares, while their percentage holding reduces to approximately 70.00% based on the disclosed post-issue share count.
The authorised share capital is ₹10 crore comprising 1 crore equity shares of ₹10 each. Paid-up capital before the issue is ₹6.875 crore and post-issue paid-up capital is ₹9.8206 crore, assuming full subscription.
10. IPO Objects of the Issue
| Object | Amount | Timing / Notes |
|---|---|---|
| Working Capital | Up to ₹1,681.30 lakh | Up to ₹881.30 lakh in FY2026-27 and ₹800 lakh in FY2027-28 |
| General Corporate Purposes | To be finalised | Subject to 15% of gross proceeds or ₹10 crore, whichever is lower |
11. Risk Factors
1. High Dependence on Karnataka
75.39% of FY2026 sales came from Karnataka, up from 63.13% in FY2025 and 58.34% in FY2024.
Why it matters: The company is becoming increasingly dependent on one state for its revenue. Any slowdown in Karnataka's industrial activity, regulatory changes, stronger competition or disruption in the region could have a disproportionate impact on overall sales.
2. One Manufacturing Facility
The company operates through a single manufacturing facility in Bangalore.
Why it matters: There is limited backup capacity if the facility faces a fire, natural disaster, utility failure, equipment breakdown or other disruption. A prolonged shutdown could affect production, project timelines and customer deliveries.
3. Significant Customer Concentration
The top 10 customers contributed 47.23% of FY2026 revenue, compared with 64.99% in FY2025 and 46.41% in FY2024. Existing customers contributed 83.91% of FY2026 revenue.
Why it matters: Customer concentration has improved significantly from FY2025, which is positive. However, nearly half of revenue still comes from 10 customers. Losing a major account or receiving lower orders from key customers could affect revenue visibility.
4. Working Capital Is a Key Watch Point
As of 31 March 2026: • Trade receivables: ₹2,771.24 lakh • Inventory: ₹866.31 lakh
Why it matters: A large receivables balance means cash is still tied up with customers after revenue has been recorded. High inventory also locks up capital. If collections are delayed, the company may need additional working-capital borrowings, increasing interest costs and liquidity pressure.
5. Operating Cash Flow Turned Negative
Net cash from operating activities was:
| Financial Year | Operating Cash Flow |
|---|---|
| FY2024 | ₹302.38 lakh |
| FY2025 | ₹80.69 lakh |
| FY2026 | (₹165.61 lakh) |
Why it matters: The company moved from positive operating cash generation to negative ₹165.61 lakh in FY2026. When this is viewed together with rising receivables and inventory, it suggests that cash conversion needs attention.
6. Dependence on Key Suppliers & OEMs
The top supplier accounted for 13.91% of purchases, while the top three suppliers accounted for 26.10% in FY2026. The company also depends on third-party manufacturers/OEMs for components such as PLCs, drives and switchgear.
Why it matters: A supply disruption or increase in component prices could lead to project delays, higher costs and pressure on margins. Dependence on external OEMs also limits the company's control over availability and pricing.
7. Project Execution Can Affect Profitability
The company's projects involve engineering, installation and commissioning.
Why it matters: A project that runs late or develops technical problems can require additional manpower and material costs. It can also delay revenue, lead to customer disputes and affect the company's reputation.
8. Technology & Cybersecurity Dependence
The company relies on IT systems and stores confidential information relating to customers, vendors and employees.
Why it matters: System failures, cyber incidents or data loss could interrupt operations and potentially affect customer trust. As the company's operations become more technology-driven, the impact of such disruptions could increase.
9. Skilled Employees Are Critical
The company depends on engineers, programmers, technicians and project personnel to execute its automation projects.
Why it matters: Specialised employees can be difficult to replace. High employee turnover or difficulty hiring skilled personnel could result in project delays, higher costs and limits on future growth.
- Competition & Rapid Technology Changes
The company operates in a competitive automation industry where customers may prefer larger and established brands.
Why it matters: The company needs to continuously keep up with changing automation technologies. Failure to do so could result in loss of customers, pricing pressure or lower market share.
11. Regulatory & Compliance Matters
The company requires various statutory and regulatory approvals and has disclosed historical filing-related non-compliances and certain pending tax matters.
Why it matters: Any additional penalties, tax liabilities or regulatory action could result in unexpected costs and management attention.
12. Leased Factory & Office
The company's registered office and factory operate from leased premises.
Why it matters: If leases are not renewed on commercially acceptable terms, the company may have to relocate. This could result in additional costs and temporary operational disruption.
13. IPO Funds — Execution Matters
The company will have some discretion to revise the deployment of IPO proceeds within the permitted framework. The proposed objects have not been independently appraised.
Why it matters: The IPO provides capital for growth, but the eventual benefit to shareholders depends on how effectively those funds are deployed. Investors should track whether the proceeds generate capacity expansion, growth or better working-capital efficiency.
14. Insurance May Not Cover Every Loss
The RHP states that insurance coverage may not fully protect the company against every potential risk.
Why it matters: A major uninsured or underinsured event could result in direct financial losses, even where insurance is maintained.
15. Broader Economic Risks
The company is also exposed to economic slowdown, inflation, regulatory changes, political instability, civil unrest, financial-system stress and changes in India's sovereign rating, among other external factors.
Why it matters: Industrial customers may reduce or postpone capital expenditure during weaker economic conditions, potentially affecting demand for automation projects.
12. Litigation and Contingent Liabilities
The company states that there are no outstanding criminal proceedings filed against it and no disciplinary actions initiated by SEBI or any stock exchange in the last five fiscal years.
The RHP discloses one criminal proceeding initiated by the company against RKP Drives India Private Limited and Theetharamada Nanjappa Uthaiah relating to an outstanding debt. The matter concerns a dishonoured cheque of ₹13,64,354 forming part of a claimed outstanding amount of ₹74,64,354. As of the RHP date, the matter was pending at the summons stage, with the next hearing scheduled for 24 September 2026.
The company also has a commercial suit against RKP Drives India Private Limited and others seeking recovery of ₹76,64,354 relating to unpaid invoices. As disclosed, the case was at the evidence stage and the next hearing was scheduled for 10 August 2026.
Historical corporate-record non-compliances are also disclosed relating to PAS-3 filings for allotments made in 2014, 2015 and 2021. Revised PAS-3 forms were filed in April 2025 and the adjudication matter remained pending with the Registrar of Companies as of the RHP date.
Tax disclosures include two direct-tax / TDS matters with a disclosed aggregate amount of ₹0.02 lakh in the summary table, and one GST matter involving ₹2.93 lakh. The GST assessment relates to interest and return / input-tax-credit mismatches. The company filed an appeal on 11 February 2026 after depositing ₹32,556, representing 10% of the disputed demand.
The RHP states that there are no outstanding criminal proceedings against the promoters and directors, no outstanding regulatory actions against them, and no material litigation against promoters/directors under the company's materiality policy.
Contingent liabilities include bank guarantees of ₹90.62 lakh as of 31 March 2026.
The company had 169 creditors with total outstanding trade payables of ₹1,474.71 lakh as of 31 March 2026. Of these, 92 were MSME creditors with dues of ₹595.14 lakh, 77 were other creditors with dues of ₹879.57 lakh, and three were classified as material creditors with dues of ₹471.02 lakh.
13. Management and Corporate Information
Board of Directors
| Name | Designation |
|---|---|
| Paramashivam Deiveekan | Managing Director |
| Suma Deiveekan | Executive Director |
| Ramaprasad Bellur Kumar | Non-Executive Director |
| Venumuddala Vivek Reddy | Independent Director |
| Raghu Vamsi Alampalli | Independent Director |
Key Management Personnel
Paramashivam Deiveekan – Managing Director Binil Kurikilamkattu Scaria – Chief Financial Officer Harish Kumar Sreekantan – Company Secretary and Compliance Officer
16. IPO Registrar
Integrated Registry Management Services (P) Limited No. 30, Ramana Residency, 4th Cross, Sampige Road, Malleswaram, Bengaluru – 560003, India Telephone: 080-23460815 / 816 / 817 / 818 Email: smeipol@integratedindia.in Website: www.integratedregistry.in Investor Grievance Email: giri@integratedindia.in Contact Person: S Giridhar SEBI Registration Number: INR000000544
15. IPO Lead Manager
Finshore Management Services Limited ‘Anandlok’, Block-A, 2nd Floor, Room No. 207, 227 A.J.C Bose Road, Kolkata – 700020, West Bengal Telephone: 033-2289 5101 / 4603 2561 Email: info@finshoregroup.com Website: www.finshoregroup.com Investor Grievance Email: investors@finshoregroup.com Contact Person: Mr. S. Ramakrishna Iyengar SEBI Registration No.: INM000012185
16. Company Contact Details
Registered Office & Factory:
No. 229/3, Oil Mill Compound, Oil Mill Road Saitpalya, Lingarajapuram, Bangalore, Karnataka – 560084 Contact Person: Harish Kumar Sreekantan Telephone: +91 9901303019 Email: harish@skytechinfinite.com Website: www.skytechinfinite.com
Warehouse:
No. 229, Sri Rama Oil Mill, Oil Mill Road, Sait Palya, St. Thomas Town, Bangalore – 560084 Contact Person: Raghupathi Vinothkumar Telephone: +91 96866 80898 Email: vinoth@skytechinfinite.com Website: www.skytechinfinite.com