Safety Controls & Devices IPO 2026: Dates, Price Band
Safety Controls & Devices IPO 2026 runs from April 6 to April 8, 2026, with a ₹75–₹80 price band and a ₹48 crore 100% fresh issue on BSE SME (EMERGE).
Safety Controls & Devices Limited is an Engineering, Procurement and Construction (EPC) company headquartered in Lucknow, executing turnkey projects in power substations, solar energy, EV charging infrastructure, fire protection systems, and hospital construction.
This guide covers everything you need before the issue closes issue details, company profile, objectives, financials, industry outlook.
Safety Controls & Devices IPO 2026 — Key Details
| IPO Parameter | Details |
| IPO Open Date | Monday, April 6, 2026 |
| IPO Close Date | Wednesday, April 8, 2026 |
| Allotment Date | Thursday, April 9, 2026 |
| Credit to Demat / Refund Initiation | Friday, April 10, 2026 |
| Listing Date | Monday, April 13, 2026 (BSE SME) |
| Anchor Investor Bidding Date | Thursday, April 2, 2026 |
| Price Band | ₹75 – ₹80 per share |
| 1 Lot | 1,600 shares |
| Minimum (2 lot) | 3,200 shares (₹2,56,000) |
| Total Issue Size | ₹48 Crores (Fresh Issue) |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager (BRLM) | Sobhagya Capital Options Private Limited |
| Exchange | BSE SME (EMERGE Platform) |
About Safety Controls & Devices Limited — Business Model & Operations
Safety Controls & Devices Limited was incorporated in 2015 and converted into a public limited company in 2023. The company is headquartered at C-43/28/1, Nawal Kishore Road, Hazratganj, Lucknow, Uttar Pradesh 226001. Rajnish Chopra leads the company as Chairman and Managing Director.
The company operates in the EPC (Engineering, Procurement and Construction) model. It designs, supplies, erects, tests, and commissions infrastructure projects. It also holds ISO 9001:2015 certification for quality management.
What the company executes (services)
The company’s core work includes:
- Transmission substations up to 400 KV
- Solar plant construction
- EV charging infrastructure
- Firefighting systems and fire alarms for substations and commercial facilities
- Hospital construction projects for the Ministry of Ayush
- Completed commissioning of 19 substations for government and private clients
Why EPC needs a different investor lens
EPC companies can show fast revenue growth, but investors should also track:
- Receivables (how quickly clients pay)
- Milestone billing and payment terms
- Retention money (cash held back until completion)
- Borrowings (used to fund project cycles)
A significant share of revenue comes from government-linked contracts, which can support volume but can also stretch payment cycles.
IPO Objectives
Since this is a 100% fresh issue, the proceeds are earmarked entirely for the company’s operational needs. The three stated objectives are:
- Debt repayment (₹600 lakhs): Borrowings stood at ₹3,384.48 lakhs as of March 31, 2025. Debt repayment can reduce interest pressure and improve leverage metrics.
- Working capital requirements: EPC contracts involve long cycles and material procurement. Government contracts can also extend payment timing.
- General corporate purposes (capped at 15% or ₹1,000 lakhs): Routine operating costs like salaries, rent, business development, tax needs, and contingencies.
Investor signal: The absence of an OFS means promoters are not selling shares in this IPO. That can be a positive confidence signal, but you should still evaluate cash flows and concentration risks.
Financial Performance — (FY23–FY25)
Safety Controls & Devices shows strong growth over FY23–FY25, with a major jump in FY25. . Here is a snapshot of the key financial metrics:
| Metric (₹ Crores) | FY 2023 | FY 2024 | FY 2025 |
| Total Revenue | 49.26 | 45.70 | 103.50 |
| Profit After Tax (PAT) | 0.43 | 4.01 | 8.99 |
| EBITDA | 2.63 | 8.27 | 17.27 |
Risks and Strengths – What Investors Need to Know
Key strengths
- Experienced management: Rajnish Chopra led the diversification from fire safety into high-voltage and renewable EPC.
- Multi-vertical execution: Work spans substations, solar, EV charging, fire safety, and healthcare projects.
- High-voltage capability: Execution up to 400 KV supports larger tender eligibility.
- Government relationships: Track record with state/central entities can support tender pipelines.
- ISO 9001:2015 certified: Helps in tender credibility and compliance requirements.
Material risks to assess
- Government contract dependency: Tender delays or policy shifts can impact revenue timing.
- Geographic concentration: Heavy dependence on Uttar Pradesh increases state-level risk.
- Client and supplier concentration: Top clients and suppliers contribute a large share of activity.
- Working capital intensity: EPC needs cash for materials and labour before collections come in.
- Earlier DRHP return: DRHP dated Nov 8, 2024 was returned under exchange guidelines; investors should read revised filings carefully.
- Name-scope mismatch: The company name does not reflect its expanded EPC scope, which may confuse first-time readers.
Conclusion
Safety Controls & Devices IPO 2026 offers exposure to a fast-growing EPC player aligned with India’s power and renewable infrastructure themes. FY25 revenue growth and EBITDA expansion show improving execution. The issue is a 100% fresh issue, and the funds target working capital and debt reduction, which are practical needs for EPC businesses.
At the same time, the risk profile is meaningful. The company shows geographic concentration, government contract dependence, working-capital intensity, and a history of negative operating cash flows in certain periods. The earlier DRHP return is another point that requires careful reading of the updated offer document. Opening-day GMP reporting near ₹0 suggests limited early grey market excitement.
If you apply, you should do one simple thing first: read the RHP, then decide based on cash-cycle comfort and your ability to hold an SME stock through volatility.
Disclaimer
This article is for informational purposes only and does not constitute financial or investment advice. Investments in the securities market are subject to market risks read all related documents carefully before investing. Please consult a SEBI-registered financial advisor before making any investment decisions. Past performance does not guarantee future results.
