A Pune-based STEM-and-robotics edtech company opens its Rs 31.09 crore BSE SME issue on September 21
Robokidz Eduventures Ltd (REL) operates in the K-12 education-technology space — providing technology-enabled learning and skill-development solutions in Robotics, Artificial Intelligence (AI), Coding, Electronics and STEM (Science, Technology, Engineering and Mathematics).
It sells primarily to schools and educational institutions through laboratory-setup projects, subscription-based learning programmes and allied educational services — a play on the growing demand for experiential, future-skills learning in Indian schools.
The model is a two-tier revenue architecture, which is the core of the pitch. First, Educational Laboratory Setup Projects establish the initial engagement — the design, supply, installation and commissioning of Robotics, AI and STEM labs, plus robotics/AI/electronics learning kits and DIY project kits (Autobotix, Mechbotix, AIoT, Grabot, Paper Circuits, Renewable Energy, 3D Pen), along with curriculum, teacher training and maintenance.
Second, Subscription Services & Other Educational Services convert that initial engagement into a recurring relationship — via the Young Engineers Garage (YEG) subscription model, plus workshops, boot camps, summer camps and skill-development programs. The aim is to turn a one-time lab installation into sustained, recurring revenue.
The offering is backed by a proprietary digital ecosystem. REL provides its Drag-on.ai coding platform, a Learning Management System (LMS) for learning, assessments and progress tracking, and the Robokidz RC mobile app for controlling Wi-Fi-enabled robotics kits — combining lab infrastructure, practical learning resources and digital tools to support hands-on learning.
It had just 24 employees as of March 31, 2026 (a very lean team), and the promoter is Sagar Lalit Sanghvi.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 21, 2026 |
| Issue Closes | September 23, 2026 |
| Listing | BSE SME |
| Listing Date | September 28, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 100 – Rs 106 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 31.09 crore (29,32,800 shares, entirely fresh) |
| Min. Application | 2,400 shares (2 lots; multiples of 1,200 thereafter) |
| Min. Retail Investment | Rs 2,54,400 |
| Post-IPO Market Cap | Rs 115.11 crore |
| IPO as % of Post-IPO Capital | 27.01% |
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Market Maker | B.N. Rathi Securities Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
The issue is entirely a fresh issue. From the net proceeds, REL will utilise Rs 23.46 crore for working capital, Rs 2.20 crore for repayment or prepayment of certain borrowings, and the rest for general corporate purposes.
Note the working-capital-heavy use (~75% of proceeds), which reflects the receivables intensity of the school-institution business.
Post-IPO, paid-up equity rises from Rs 7.93 crore to Rs 10.86 crore.
Price Band
At the upper band of Rs 106, on FY26 earnings the issue is valued at a P/E of about 11.45x, with a P/BV of 2.97 on the March 31, 2026 NAV of Rs 35.74 (post-IPO NAV disclosure is missing). On the cleaner FY25 base the P/E is about 23.14x — so on recent average earnings, analysts read the issue as fully priced
GMP Watch
Grey-market interest has been building. The Robokidz Eduventures IPO GMP climbed from around ₹15 in mid-September to about ₹45–51.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 38.31 | 59.16 | 93.72 |
| Net Profit (PAT) | 2.42 | 4.98 | 10.06 |
| PAT Margin (%) | 6.35 | 8.47 | 10.79 |
| RoCE (%) | 25.18 | 33.46 | 29.64 |
Total income more than doubled from Rs 38.31 crore in FY24 to Rs 93.72 crore in FY26 (up ~58% in FY26), and PAT more than quadrupled from Rs 2.42 crore to Rs 10.06 crore, with PAT margin expanding steadily from 6.35% to 10.79%. Return ratios are strong (RoCE ~30%, average RoNW ~49%).
There has been a sharp FY26 profit jump in the immediate pre-IPO year. Second, and more concretely, trade receivables stood at a striking Rs 71.28 crore as of March 31, 2026. The company reported an average EPS of about Rs 17.39. It has no dividend history.
Peer Comparison
As per the offer document, the company has no listed peers to compare with — no directly comparable listed K-12 robotics/STEM-education company — so the valuation stands without a clean like-for-like anchor, resting on the company’s own growth and margins.
Risks to Consider
Very high receivables are the headline concern. Trade receivables of Rs 71.28 crore as of March 31, 2026 — exceeding full-year FY26 revenue — point to a serious cash-conversion problem, heavy dependence on school/institution collections (which can be slow), and the need to keep funding working capital; this is the single biggest red flag.
Margin sustainability. The sharp FY26 profit surge in the pre-IPO year looks like possible window dressing, so the durability of both the growth and the recently-expanded margins is uncertain.
Working-capital dependence. Around 75% of proceeds funds working capital, and with high receivables and only Rs 2.20 crore going to debt repayment, borrowings may remain meaningful — an inventory/receivables-heavy model needing continued external funding.
Customer concentration and institutional dependence. Revenue depends on schools and educational institutions (project-based lab setups), so demand is tied to school budgets, procurement cycles and renewals of subscription relationships.
