Arisinfra Solutions Limited – IPO Reviews 2025, Analysis and Notes

Recommendation: Neutral

Key Highlights

Company Background:

Arisinfra Solutions Limited is a fast-growing infrastructure solutions company headquartered in Mumbai, with a strong presence across key segments of the construction value chain. Established in 2021, the company operates through multiple subsidiaries engaged in trading and distribution of construction materials, EPC services, and real estate development. Arisinfra leverages technology, supply-chain integration, and customer-centric execution to provide end-to-end solutions to developers, contractors, and infrastructure players. It has rapidly evolved into a professionally managed, multi-vertical organization backed by experienced promoters.

Market Opportunity:

India’s construction sector is witnessing strong growth, opening up a massive opportunity for players like Arisinfra. The construction raw materials market, valued at USD 235–275 billion, is projected to reach USD 310–360 billion by 2029. Infrastructure and real estate B2B segments are also expected to grow significantly during this period. Despite this expansion, the market remains highly fragmented and inefficient, leaving a USD 35–45 billion profit pool ripe for disruption. Government initiatives like the ₹11 lakh crore capex in FY25 and schemes like PM GatiShakti further strengthen long-term visibility. With digital penetration still under 3%, Arisinfra is well-positioned to capture value by modernizing supply chains and procurement practices.

Tech-led Disruption in Supply Chain:

It is uniquely positioned to disrupt India’s fragmented construction materials sector by leveraging technology to streamline supply chains, reduce inefficiencies, and bring transparency to procurement. The company’s digital-first approach, integrated platforms, and scalable operations enable it to serve a rapidly growing addressable market with agility. Its expanding customer and supplier network creates strong network effects, reinforcing competitive advantages and driving long-term value. Backed by a visionary promoter group and a seasoned leadership team with deep industry expertise, it is well-equipped to seize the massive infrastructure and real estate opportunity unfolding in India.

Driving Efficiency, Scale, and Margin Expansion:

Company is focused on driving profitable and scalable growth through a multi-pronged strategy. By optimizing the product mix across construction materials, the company aims to improve margin profiles while addressing diverse customer needs. Strategic partnerships on both the supply and demand side are central to this effort—broadening the portfolio of third-party materials and deepening market reach. Enhancing working capital efficiency remains a key focus to sustain momentum without compromising financial discipline. Simultaneously, the company continues to invest in technology to streamline operations, deliver a superior user experience, and unlock new efficiencies across its value chain.

Financials:

The company’s revenue have grown at a CAGR of 24% respectively over the last 2 years from ₹452.34 crore in FY22 to ₹696.84 crore in FY24, on the back of strong demand. In the same period, EBITDA has increased 5.3 times from ₹7.2 crore in FY22 to ₹38.7 crore in FY25 on the back of expansion in margin. Based upon this healthy growth and improved efficiency company has turned profitable in Q3FY24.

Key Risks:

Company operates in a highly fragmented and price-sensitive construction materials market, where demand cycles are closely tied to macroeconomic and infrastructure spending trends. Intense competition from unorganized players could pressure margins and growth. The company’s rapid scale-up also depends on maintaining supply chain efficiency and managing working capital prudently. Any delays in technology adoption or strategic execution may impact its ability to deliver consistent performance.

Issue Highlights

Offer Structure

Lead Book Running Managers

• JM Financial Limited

• IIFL Capital Services Ltd

• Nuvama Wealth Management Limited

Registrar to the Offer

• MUFG Intime India Private Limited

Research Analyst

Rajan Gupta
📧 rajan.gupta1@religare.com

Research Team

• Ajit Mishra – ajit.mishra@religare.com

• Abhijeet Banerjee – abhijeet.banerjee@religare.com

• Gaurav Sharma – gauravsharma2@religare.com

• Ashwani Harit – ashwani.harit@religare.com

• Divya Parmar – divya.parmar@religare.com

• Vinay Kalani – vinay.kalani1@religare.com

• Rajan Gupta – rajan.gupta1@religare.com

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• Author: Religare Broking
• Last Updated: June 18, 2025