Bengaluru, September 30, 2025 – Vishvaraj Environment Limited, a leading developer of water utility and wastewater management projects with a focus on the recycling of treated sewage water for industrial use has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The company’s initial public offering comprises a fresh issue of up to ₹ 1,250 crores and an offer for sale aggregating up to ₹ 1,000 crores by the promoter selling shareholder, Premier Financial Services Limited.
In consultation with the BRLMs, VEL may consider a Pre IPO aggregating up to Rs 250 cr prior to filing of its RHP. If undertaken the amount raised would be reduced from the fresh issue
The company proposes to utilize the net proceeds from the fresh issue to repay or prepay borrowings of its subsidiaries amounting to ₹545 crore, and to fund capital expenditure for three key projects: Phase 3 of a UF RO technology-based advanced water treatment plant with a capacity of 300 MLD at a cost of ₹178.5 crore, a 60 MLD sewage treatment plant (STP) and an 80 MLD tertiary treatment RO plant at a cost of ₹112.8 crore, and a 30 MW (AC) solar photovoltaic power project under the PM Kusum Scheme at a cost of ₹124.1 crore. The balance will be deployed towards general corporate purposes.
Vishvaraj Environment Limited (VEL) is a leading developer of water utility and wastewater management projects in India with a focus on recycling treated sewage water for industrial use. It has cultivated a strong client base comprising state and central government entities, urban local bodies, and power utilities.
Led by a Strong team of promoters, VEL operates under a diversified business model comprising Public Private Partnership (“PPP”), Hybrid Annuity Model (“HAM”), Engineering Procurement & Construction (“EPC”), and Operations & Maintenance (“O&M”).
The company pioneered the countries first full city 24×7 water supply PPP project in Nagpur, Maharashtra in 2011, which was subsequently divested in 2020. It has also commissioned India’s first and largest sewage wastewater reuse PPP project in Nagpur, comprising a 200 MLD STP commissioned in 2018 and a 190 MLD wastewater reuse project in 2020, supplying treated water to nearby thermal power plants and releasing 190 MLD of fresh water for city use.
As per its DRHP, Its portfolio across 30 cities includes 30 Water Treatment Plants (“WTPs”) with a combined treatment capacity of 2,090.10 MLD, including 19 O&M projects and a distribution network of 9,984 km of pipelines. The wastewater portfolio consisted of 60 Sewage Treatment Plants (“STPs”) with a total treatment capacity of 1,706.57 MLD, including 16 O&M projects.
As on March 31, 2025, the Company had an Order Book of ₹16,011.34 crores and Assets Under Management (“AUM”) of ₹6,677.90 crores comprising of three operational projects and three projects under construction in PPP amounting to ₹4,428.920 crores; three projects under construction in HAM amounting to ₹1,221.53 crores and four projects under construction in PPP renewable model amounting to ₹1,027.45 crores.
Some of its clients include Nagpur Municipal Corporation, Maharashtra State Power Generation Company, Maharashtra State Electricity Distribution Company Limited, Nagpur Metropolitan Region Development Authority, Bangalore Water Supply and Sewerage Board, Tapi Irrigation Development Corporation, Karnataka Rural Drinking Water & Sanitation Department, Maharashtra Jeevan Pradhikaran, and Pimpri-Chinchwad Municipal Corporation.
In FY 2025 it entered into the renewable energy business and are in the process of setting up solar power projects across Solapur, Amravati, Chandrapur, Nagpur, Yavatmal and Jalgaon districts in Maharashtra with an aggregate capacity of 201 megawatt (“MW”) (AC).
The company ranks second amongst its peers in terms of revenue growth, achieving a CAGR of 62% from Fiscal 2023 to Fiscal 2025. Its revenue from operations for the same period grew from Rs. 669 crore in FY23 to Rs 1759 crore in FY25. Its Restated profit grew from 96 crore to Rs 266 crore.
Indian waste and waste water treatment market is expected to surge from Rs 630 billion to Rs 650 billion between 2025 and 2029 primarily driven by increasing demand from municipal and industrial applications.
