- MD says he was “born, brought up and educated in Gujarat” as engineering firm with a Vadodara footprint gears up for next growth phase through BSE SME listing
- Ongoing geopolitical turmoil and global supply-chain realignment create fresh opportunities for Indian EPCC players as Middle East nations diversify engineering partnerships
- ₹384-crore order book led by exports to Kuwait, Bahrain and UAE provides strong revenue visibility; IPO proceeds to fund new manufacturing facility and working capital
- Two-decade-old engineering specialist has evolved into a global EPCC solutions provider serving Oil & Gas, Chemicals, Power, Infrastructure and Automation sectors across multiple continents
- Improving profitability, declining leverage and expanding global presence position Leapfrog to capitalise on rising industrial investments and energy infrastructure spending worldwide
R MANICKAVASAGAM
AHMEDABAD, JUNE 12
As global geopolitical tensions reshape supply chains and compel energy-rich nations to diversify engineering partners, Bengaluru-headquartered Leapfrog Engineering Services Limited (LESL) believes the changing world order is opening unprecedented opportunities for Indian engineering companies with international execution capabilities.
The integrated Engineering, Procurement, Construction and Commissioning (EPCC) specialist on Friday announced its ₹88.51-crore Initial Public Offering (IPO), which will open for subscription from June 17 to June 19 on the BSE SME Platform, positioning itself to leverage the next wave of infrastructure and industrial investments across India and the Middle East.
Adding a strong Gujarat connect to its growth story, the company’s Managing Director Prabhav Narasimha Rao said he was “born, brought up and educated in Gujarat”—his Janmabhoomi, while the company has established one of its operational branches in Vadodara, a city regarded as one of India’s engineering and petrochemical hubs.
The company believes that the ongoing geopolitical churn, coupled with increasing investments in industrial infrastructure, manufacturing, automation, energy and process industries, is creating significant business opportunities for specialised engineering solution providers capable of delivering complex projects across borders.
Founded in 2005, Leapfrog Engineering Services has transformed itself from an electrical engineering services company into a multidisciplinary EPCC solutions provider with expertise spanning electrical systems, instrumentation, industrial automation, modular substations, fire detection and protection systems, and control engineering.
Today, its execution footprint stretches across India, Kuwait, the United States, Germany, Nigeria and Canada, serving multinational corporations, public sector enterprises and global EPC contractors.
Middle East Order Book Drives Growth
The company’s ₹384.03-crore order book as of March 31, 2026, offers strong revenue visibility, with nearly ₹327 crore coming from export projects, primarily across Kuwait, Bahrain and the UAE.
Having worked with Kuwait Oil Company-linked projects for over 15 years, Leapfrog has executed modular substations, SCADA systems and electrical infrastructure across multiple oilfield facilities, strengthening long-term client relationships in the region.
Industry observers believe that geopolitical realignments and the search for reliable engineering partners outside traditional markets are creating favourable conditions for Indian engineering exporters with proven execution capabilities.
IPO to Fund Expansion
The IPO comprises a Fresh Issue of 3.46 crore equity shares aggregating ₹79.60 crore and an Offer for Sale of 38.76 lakh shares worth ₹8.91 crore, taking the total issue size to ₹88.51 crore.
Priced between ₹21 and ₹23 per share, the issue requires a minimum application of 12,000 shares, translating into an investment of ₹2.76 lakh at the upper price band for retail investors.
The proceeds from the fresh issue will primarily be deployed towards expanding manufacturing capacity and strengthening working capital.
An estimated ₹27 crore has been earmarked for acquiring land, constructing a new facility and installing additional machinery at the proposed assembly unit in Bengaluru’s Yelenahalli area, while ₹36 crore will be utilised for working capital requirements.
The expansion is expected to reduce dependence on third-party vendors for panel assembly, improve operational efficiencies and enable the company to execute larger and more sophisticated projects.
The company will not receive any proceeds from the Offer for Sale component, which will accrue entirely to the selling shareholder.
Financial Performance Strengthens Investment Case
For FY2025, Leapfrog reported Revenue from Operations of ₹134.66 crore, EBITDA of ₹21.57 crore, and Profit After Tax of ₹16.22 crore, translating into an EBITDA margin of 16.01% and PAT margin of 12.05%.
The company also posted Return on Net Worth (RONW) of 30.47% and Return on Capital Employed (ROCE) of 32.45%, underlining improving operational efficiency.
Financial metrics have strengthened considerably over the past three years.
Net worth has risen from ₹5.32 crore in FY23 to ₹67.44 crore by December 2025, while the debt-equity ratio has reduced sharply from 2.45 times to 0.48 times, reflecting a stronger balance sheet.
The company’s profitability trajectory has also improved, with EBITDA margins approaching 20% and PAT margins exceeding 14% during the nine months ended December 2025.
Engineering Excellence Across Sectors
Leapfrog today provides integrated engineering solutions across Oil & Gas, Chemicals, Fertilisers, Pharmaceuticals, Food Processing, Metals & Minerals, Infrastructure and Power, offering end-to-end capabilities from engineering design and procurement to installation, commissioning and maintenance.
Its growth journey has been marked by entry into industrial automation, implementation of ERP systems, establishment of assembly facilities, receipt of export excellence awards, UL 508A certification and conversion into a public limited company.
Experienced Leadership
The company continues to be led by Managing Director Prabhav Narasimha Rao, who has steered the organisation since inception and brings nearly three decades of project management experience across leading engineering firms and multinational companies.
Finance operations are overseen by Whole-Time Director and CFO Sapna Raghavendra, while industry veteran Kommanahalli Giridhar, with over four decades of experience, serves as Non-Executive Chairman.
Valuation and Shareholding
At the upper price band, the company commands an implied post-issue market capitalisation of approximately ₹326.12 crore.
Following the IPO, promoter and promoter group shareholding will stand at around 67.26%, while public shareholding will increase to 32.74%.
The issue allocation includes Qualified Institutional Buyers (QIBs), Retail Individual Investors (RIIs), Non-Institutional Investors (NIIs) and a dedicated market maker portion.
Finshore Management Services Limited is acting as the Book Running Lead Manager, while Integrated Registry Management Services Private Limited is the Registrar to the Issue.
With a healthy export order pipeline, improving financials, expanding manufacturing capabilities and emerging opportunities arising from geopolitical realignment and global infrastructure spending, Leapfrog Engineering Services is positioning itself as an Indian engineering company ready to scale onto the global stage.
