Published on Sunday, June 14, 2026 by Jasmeen Chopra
Incorporated in 2005 and headquartered in Bengaluru, Leapfrog Engineering Services Limited (LESL) is engaged in the execution of integrated engineering, procurement, construction, and commissioning (EPCC) contracts, with a specialised focus on electrical, instrumentation, fire safety, modular substation, and automation systems.
The company provides EPCC services for a wide range of industries, including Oil and Gas, Food Processing, Pharmaceuticals, Metals, Chemicals & Fertilisers and Renewable Energy. Its operations extend across multiple states within India and internationally, with active project delivery across countries in the Middle East including Kuwait, Bahrain, UAE, and Nigeria
A defining characteristic of LESL's business model is its high proportion of export revenue.
In Fiscal 2024, exports constituted 88.94% of total revenue from operations, amounting to ā¹ 14,040.18 lakhs.
In Fiscal 2025, export revenue stood at ā¹ 8,938.31 lakhs, representing 66.38% of total revenue, with Kuwait and Bahrain as the dominant international markets.
For the nine months ended December 31, 2025, exports at ā¹ 6,643.64 lakhs accounted for 65.77% of revenue, with Kuwait contributing ā¹ 3,844.97 lakhs and UAE contributing ā¹ 2,798.67 lakhs.
|
Revenue bifurcation in domestic and exports sales (amount in ā¹ Lakhs) |
Dec 31, 2025 Amount |
% of Total |
Mar 31, 2025 Amount |
% of Total |
|
Domestic |
3,457.64 |
34.23% |
4,527.93 |
33.62% |
|
Exports |
6,643.64 |
65.77% |
8,938.31 |
66.38% |
|
Total |
10,101.28 |
100% |
13,466.24 |
100% |
Over the last two financial years, the company has executed export orders worth over ā¹ 229 crore. Across more than a decade of international operations, LESL has completed various , cementing its foothold in the Middle East EPCC market.
LESL's service portfolio covers six integrated engineering disciplines delivered under EPCC contracts.
As a trusted partner in EPCC contracts, our company manages a wide range of services designed to meet the diverse needs of our clients. These services include:
ā Electrical Solutions
ā Instrumentation & Industrial Automation
ā Fire Protection & Safety System
ā Building Automation System
ā Modular Substation Solutions
ā Enterprise Solutions
Its Electrical Solutions vertical covers engineering consultancy, design, and EPC turnkey installations for electrical networks including substations up to 220 KV, switchgears, MV/LV drives, power system studies, and cabling.
The Instrumentation and Industrial Automation vertical encompasses SCADA, DCS/PLC panels, field instruments, drives, and industrial process automation using robotics.
The Fire Protection and Safety Systems vertical provides fire detection and alarm systems, fire suppression systems across water, gas, and portable formats, and structural fire protection.
The Building Automation System vertical covers HVAC controls, access control, biometric systems, IP and analog video surveillance solutions, and intruder alarm systems.
The Modular Substation Solutions vertical specialises in E-House substations prefabricated, self-contained power distribution units built off-site, encompassing structural design using STAAD Pro and ANSYS, Lifting and Transportation Analysis, and ingress protection across single, split, multi-storey, trailer-mounted, and offshore application variants.
The Enterprise Solutions vertical delivers operational efficiency and process optimisation services tailored to industry-specific requirements
LESL's revenue from operations grew from ā¹ 10,417.86 lakhs in Fiscal 2023 to ā¹ 15,785.42 lakhs in Fiscal 2024, before settling at ā¹ 13,466.24 lakhs in Fiscal 2025. For the nine months ended December 31, 2025, revenue from operations stood at ā¹ 10,101.28 lakhs.
| Key Performance Indicators (amount in Lakhs) | 9MFY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
|
Total Income |
10,504.57 |
13,736.69 |
16,287.69 |
10,537.88 |
|
Revenue from Operation |
10,101.28 |
13,466.24 |
15,785.42 |
10,417.86 |
|
EBITDA (Operating Profit) |
2,018.01 |
2,156.50 |
1,973.07 |
100.51 |
|
EBITDA Margin (%) |
19.98% |
16.01% |
12.50% |
0.96% |
|
PAT |
1,418.40 |
1,622.47 |
1,639.27 |
28.3 |
|
PAT Margin (%) |
14.04% |
12.05% |
10.38% |
0.27% |
|
EPS (Basic & Diluted) - Restated |
1.32 |
1.57 |
341.51 |
5.9 |
|
Total Net Worth (TNW) |
6,744.08 |
5,325.66 |
2,171.03 |
531.76 |
|
ROCE (%) |
23.98% |
32.45% |
68.10% |
10.95% |
|
RONW (%) |
21.03% |
30.47% |
75.51% |
5.32% |
|
Debt Equity Ratio (Total Borrowing/TNW) |
0.48 |
0.38 |
0.63 |
2.45 |
The company's EBITDA margin expanded from 0.96% in Fiscal 2023 to 12.50% in Fiscal 2024 and further to 16.01% in Fiscal 2025, and to 19.98% for the nine months ended December 31, 2025.
Profit after tax grew from ā¹ 28.30 lakhs in Fiscal 2023 to ā¹ 1,639.27 lakhs in Fiscal 2024 and ā¹ 1,622.47 lakhs in Fiscal 2025, with ā¹ 1,418.40 lakhs recorded for the nine months ended December 31, 2025. Return on Net Worth, which stood at 5.32% in Fiscal 2023, expanded sharply to 75.51% in Fiscal 2024 and 30.47% in Fiscal 2025
The total net worth of LESL stood at ā¹ 6,744.08 lakhs as at December 31, 2025, up from ā¹ 5,325.66 lakhs as at March 31, 2025, ā¹ 2,171.03 lakhs as at March 31, 2024, and ā¹ 531.76 lakhs as at March 31, 2023.
|
Particulars |
31-12-2025 |
31-03-2025 |
31-03-2024 |
31-03-2023 |
|---|---|---|---|---|
|
Total Net Worth |
6,744.08 |
5,325.66 |
2,171.03 |
531.76 |
|
Total Revenue |
10,504.57 |
13,736.69 |
16,287.69 |
10,537.88 |
|
Profit After Tax |
1,418.40 |
1,622.47 |
1,639.27 |
28.3 |
|
EPS (Basic & Diluted) – Restated |
1.32 |
1.57 |
341.51 |
5.9 |
|
NAV per equity share – Restated |
6.29 |
4.97 |
452.3 |
110.78 |
Total fund-based borrowings stood at ā¹ 3,222.30 lakhs as at December 31, 2025, with a debt-to-equity ratio of 0.48. Trade receivables as at December 31, 2025 stood at ā¹ 9,523.52 lakhs, reflecting the capital-intensive, credit-extended nature of EPCC project delivery, where billing proceeds only upon completion and formal approval of engineering designs by the customer.
The company's working capital gap as at December 31, 2025 was ā¹ 9,410.23 lakhs, which is funded through a combination of fund-based working capital facilities of ā¹ 3,075.00 lakhs sanctioned from banks as at December 31, 2025, internal accruals, and NBFC borrowing
The company operates with a highly diversified client base across sectors to mitigate concentration risk. In Fiscal 2024, Oil and Gas accounted for 90.85% of revenue from operations at ā¹ 14,341.65 lakhs.
By Fiscal 2025, the sector composition had diversified significantly Metal and Minerals at 48.70% (ā¹ 6,557.89 lakhs), Infrastructure at 37.23% (ā¹ 5,013.94 lakhs), and Oil and Gas at 11.29% (ā¹ 1,520.48 lakhs).
For the nine months ended December 31, 2025, Oil and Gas returned to primacy at 65.77%, with Infrastructure contributing 17.57% and Metal and Minerals at 11.69%.
| Industry wise bifurcation | Dec 31, 2025 Amount | % of Total | Mar 31, 2025 Amount | % of Total | Mar 31, 2024 Amount | % of Total | Mar 31, 2023 Amount | % of Total |
|---|---|---|---|---|---|---|---|---|
|
Oil and Gas |
6,643.47 |
65.77% |
1,520.48 |
11.29% |
14,341.65 |
90.85% |
9,083.57 |
87.19% |
|
Metal and Minerals |
1,181.27 |
11.69% |
6,557.89 |
48.70% |
721.72 |
4.57% |
20.36 |
0.20% |
|
Infrastructure |
1,775.04 |
17.57% |
5,013.94 |
37.23% |
506.82 |
3.21% |
630.97 |
6.06% |
|
Chemical & Fertilizers |
159.83 |
1.58% |
7.47 |
0.06% |
178.7 |
1.13% |
372.28 |
3.57% |
|
Pharmaceuticals |
27.4 |
0.27% |
11.42 |
0.08% |
36.54 |
0.23% |
310.68 |
2.98% |
|
IT Solutions |
– |
– |
101.07 |
0.75% |
– |
– |
– |
– |
|
Renewable Energy |
314.1 |
3.11% |
253.98 |
1.89% |
– |
– |
– |
– |
|
Total |
10,101.28 |
100% |
13,466.24 |
100% |
15,785.42 |
100% |
10,417.86 |
100% |
The company's revenue model thus reflects active rotation across industrial verticals depending on project cycles and order inflows, rather than structural dependence on any single end-market.
LESL's order book as of March 31, 2026 stood at ā¹ 38,403.09 lakhs, comprising:
This order book constitutes the company's primary forward revenue visibility indicator and reflects its mix of globally recognised corporations, Indian industrial entities, and government-owned enterprises as clients.
The top customer accounted for 38.06% of revenue for the nine months ended December 31, 2025, while the top three customers collectively accounted for 73.99% and the top ten for 91.37% during the same period
| Particulars (in Lakhs) | Dec 31, 2025 (Amount) | In % | Mar 31, 2025 (Amount) | In % | Mar 31, 2024 (Amount) | In % | Mar 31, 2023 (Amount) | In % |
|---|---|---|---|---|---|---|---|---|
|
Top 1 Customer |
3,844.97 |
38.06% |
4,485.48 |
33.31% |
11,799.85 |
74.75% |
7,958.49 |
76.39% |
|
Top 3 Customers |
7,474.04 |
73.99% |
7,003.22 |
52.01% |
14,549.00 |
92.16% |
9,077.17 |
87.12% |
|
Top 5 Customers |
8,251.26 |
81.69% |
8,558.93 |
63.56% |
15,089.14 |
95.59% |
9,741.31 |
93.51% |
|
Top 10 Customers |
9,229.57 |
91.37% |
11,512.32 |
85.49% |
15,598.33 |
98.81% |
10,346.96 |
99.32% |
The company is managed by Mr. Prabhav Narasimha Rao, Managing Director, who holds an M.Tech degree and brings over 30 years of experience in project management across large engineering and multinational companies. Under his leadership, the company has evolved from a single-domain entity into a fully integrated engineering firm covering all major engineering disciplines.
The company has been recognised as the "Best Merchant Exporter Award" recipient for 2023 and 2024 by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) under the MSME category, and the "Best Services Exporter Award Information Technology Enabled Services (ITES) Medium Category Silver" for 2025, also by FKCCI.
The company further received the "Outstanding Achievement Award for Business Excellence" for 2024 from the Indian Economic Development and Research Association
The IPO is proposed to be listed on the SME Platform of BSE Limited, with a total issue of up to 3,84,84,000 equity shares of face value ā¹ 1/- each, comprising a fresh issue of up to 3,46,08,000 equity shares and an offer for sale of up to 38,76,000 equity shares by the promoter selling shareholder, constituting 27.14% of the post-issue paid-up equity share capital
IPO Subscription Opening: 17 June 2026
IPO Subscription Closing: 19 June 2026
Price Band: ā¹21-23
Allotment is expected to be finalized on 22 June 2026. The Lot size is 6,000 shares.
| Particulars | Pre IPO | Post IPO |
|---|---|---|
|
EPS (ā¹) |
1.51 |
1.33 |
|
P/E (x) |
15.19 |
17.24 |
|
Promoter Holding |
92.59% |
67.27% |
Book Running Lead Manager: Finshore Management Services Limited
Registrar of the Issue: Integrated Registry Management Services Private Limited
Market Maker: Anant Securities
| Particulars | Details |
|---|---|
|
Total Issue Size |
3,84,84,000 shares (agg. up to ā¹89 Cr) |
|
Reserved for Market Maker |
19,26,000 shares (agg. up to ā¹4 Cr) – Anant Securities |
|
Fresh Issue (Ex Market Maker) |
3,26,82,000 shares (agg. up to ā¹75 Cr) |
|
Offer for Sale (OFS) |
38,76,000 shares (agg. up to ā¹9 Cr) |
|
Net Offered to Public |
3,65,58,000 shares (agg. up to ā¹84 Cr) |
|
Share Holding (Pre Issue) |
10,71,84,000 shares |
|
Share Holding (Post Issue) |
14,17,92,000 shares |
The IPO proceeds, aggregating up to ā¹ 2,700.36 lakhs from capital expenditure funding and ā¹ 3,604.82 lakhs from working capital allocation, are proposed to be deployed towards the establishment of a new assembling unit at Site No. 11 and 12, Akshya Nagar, Yelenahalli, Begur, Bengaluru 560068, Karnataka, with an estimated total project cost of ā¹ 2,710.36 lakhs.
|
Sr. No. |
Particulars |
Estimated Amount (in ā¹ Lakhs) |
|---|---|---|
|
A |
Funding Capital Expenditure towards setting up Assembling Unit |
Up to 2,700.36 |
|
B |
Working Capital Requirements |
Up to 3,604.82 |
|
C |
General Corporate Expenses* |
[ā] |
|
Net Issue Proceeds* |
[ā] |
The proposed facility will focus on the integration and assembly of engineering components across the electrical, instrumentation, industrial automation, fire safety, building automation, HVAC, and modular substation verticals, and is designed to enhance LESL's operational efficiency, reduce costs, strengthen product quality controls, reduce dependence on external manufacturers, and improve delivery timelines.
Commercial operations at the assembling unit are targeted by March 2027, following trial runs planned for February 2027
The company holds a Class I Electrical Contractor Licence bearing No. 1CL00179BNG under the Electricity Act, 2023, issued by the Department of Electrical Inspectorate, valid from August 2023 to July 2028.
The engineering sector is the largest of the industrial sectors in India, accounting for 27% of total factories in the industrial sector and representing 63% of overall foreign collaborations in India. Engineering goods exports from India stood at US$ 109.22 billion during the financial year 2023-24, representing a 25.22% share of India's total exports for that period. In FY25 (until June 2024), exports of engineering goods stood at US$ 27.66 billion. The growth in engineering goods exports in recent years has been largely driven by the zero-duty Export Promotion Capital Goods (EPCG) scheme under the Foreign Trade Policy of the Government of India
India's infrastructure sector, a critical end market for EPCC service providers, is estimated to attract US$ 1.3 trillion in investments under the PM Gati Shakti national master plan. Capital investment outlay for infrastructure in the Interim Budget 2024-25 was increased by 11.1% to ā¹ 11.11 lakh crore, representing 3.4% of GDP. The electrical equipment market in India is expected to grow from US$ 52.98 billion in 2022 to US$ 125 billion by 2027, implying a CAGR of 11.68%, while the domestic electrical equipment market is projected to grow at an annual rate of 12% to reach US$ 72 billion by 2025
Jasmeen Chopra is a content specialist with expertise in financial topics, delivering detailed and insightful articles for readers.
